Keystone Realtors Sees 45% Drop in Net Profit Amid Higher Expenses in Q1 FY25
Realty firm Keystone Realtors reports 45% decline in net profit at Rs 25.82 crore for June quarter FY25, citing higher expenses. Total income rises to Rs 437.20 crore during April-June period.
Keystone RealtorsQ1 ResultsNet ProfitReal EstateRustomjeeReal Estate NewsAug 05, 2024
Total income increased to Rs 437.20 crore during the April-June period of this fiscal from Rs 282.82 crore in the corresponding period of the previous year. However, 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, said Chairman and Managing Director Boman Irani.
In June quarter, Irani 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. 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.
About Keystone Realtors Keystone Realtors is a leading real estate developer in India, known for its high-quality residential and commercial projects. The company was founded in 1995 and has since delivered numerous successful projects across Mumbai and its suburbs.
Keystone Realtors is a key player in the Indian real estate industry, with a focus on delivering high-quality projects that meet the needs of modern homebuyers. With a strong track record of success and a commitment to innovation, Keystone Realtors is poised for continued growth and success in the years to come.
Information Keystone Realtors is a publicly traded company listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The company has a strong presence in the Mumbai Metropolitan Region, with a portfolio of projects that cater to a wide range of customers.
Frequently Asked Questions
What is Keystone Realtors' net profit for Q1 FY25?
Keystone Realtors reported a net profit of Rs 25.82 crore for the June quarter of FY25.
What is the company's total income for Q1 FY25?
Keystone Realtors' total income increased to Rs 437.20 crore during the April-June period of this fiscal.
What is the company's pre-sales figure for Q1 FY25?
Rustomjee Group recorded pre-sales of Rs 611 crore, reflecting a robust 22 per cent year-on-year growth.
How many new projects did Keystone Realtors launch in Q1 FY25?
The company launched two new projects with an estimated GDV of Rs 2,017 crore in June quarter.
What is Keystone Realtors' growth strategy?
The successful fund raise of Rs 800 crore equity via QIP will play a pivotal role in driving the company's growth strategy, facilitating the acquisition of new projects and new launches.
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