Keystone Realtors Reports 85% Drop in Q2 Profit
New Delhi, Nov 12 (PTI) Keystone Realtors Ltd has reported an 85 per cent decline in consolidated net profit at Rs 9.89 crore for the second quarter of this fiscal year. This is a significant drop from the Rs 65.55 crore net profit recorded in the same period last year.
Total income fell to Rs 520.90 crore in the quarter, down from Rs 556.22 crore a year ago, according to a regulatory filing. The decrease in both net profit and total income highlights the challenges the real estate sector is facing, particularly in the Mumbai Metropolitan Region (MMR).
Keystone Realtors has a substantial portfolio of projects spanning the MMR. The company has completed 37 projects, has 19 ongoing projects, and is planning 24 forthcoming projects. To date, Keystone has delivered over 26 million square feet of construction area and has a pipeline of 47 million square feet.
The decline in profit is attributed to various factors, including a slowdown in the real estate market, increased competition, and regulatory changes. The company is taking proactive measures to mitigate these challenges, such as focusing on cost optimization and diversifying its project portfolio.
Despite the current downturn, Keystone Realtors remains committed to delivering high-quality projects and maintaining its strong presence in the MMR. The company's strategic initiatives and robust project pipeline are expected to drive future growth and profitability.
For investors and stakeholders, it is crucial to monitor the company's performance closely and stay informed about the broader economic and regulatory trends impacting the real estate sector. Keystone Realtors' ability to adapt and innovate will be key to its long-term success in a highly competitive market.
