 "Keystone Realtors Q1 results: PAT down 45% at Rs 26 cr on higher expenses")
Keystone Realtors on Monday reported 45 per cent decline in consolidated net profit at Rs 25.82 crore for June quarter FY25 on higher expenses.
The company, which sells properties under Rustomjee brand, had posted a net profit of Rs 46.97 crore for the year-ago period.
Total income increased to Rs 437.20 crore during April-June period of this fiscal from Rs 282.82 crore in the corresponding period of the previous year.
Total expenses, including construction spend, surged to Rs 398.16 crore from Rs 216.54 crore during the period under review.
After a robust performance in 2023-24, Rustomjee Group continued its impressive performance in April-June quarter of 2024-25, recording pre-sales of Rs 611 crore, reflecting a robust 22 per cent year-on-year growth," Chairman and Managing Director Boman Irani said.
In June quarter, he said the company launched two new projects with an estimated GDV (gross development value) of Rs 2,017 crore, perfectly aligned with its guidance of launching two projects per quarter.
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Additionally, Irani said the company acquired one more project with an estimated GDV of Rs 984 crore, further strengthening its already robust project portfolio across MMR (Mumbai Metropolitan Region).
The successful fund raise of Rs 800 crore equity via QIP (qualified institutional placement) will play a pivotal role in driving the company's growth strategy, facilitating the acquisition of new projects and new launches, he added.
"With a promising pipeline of launches and our strategic foray into the plotted development in Kasara, we feel that we are at an inflection point to enter an era of high growth. We are poised for an exciting journey ahead, generating value for our stakeholders and enriching the urban living experience," Irani said.
Keystone Realtors has 34 completed projects, 15 ongoing projects and 27 forthcoming projects. So far, the company has delivered 25+ million square feet of construction area, with a pipeline of 43+ million square feet of construction area in the works.