By Staff Reporter
Mumbai, Aug 7, 2023: Keystone Realtors Limited, a prominent MMR based real-estate company engaged in the development of residential and commercial projects, announced Its financial results for Q1FY24.
- Best First Quarter Pre-Sales of ~INR 5.0 bn representing a YoY growth of 106%
- Collection in Q1FY24 stood at ~INR 4.9 bn representing a YoY growth of 23% Generated Operating Cash Flow (OCF) of ~INR 1.1 bn in Q1FY24.
- Added 3 new projects with GDV of ~INR 25 bn.
- Launched 2 new projects in Bandra East & Thane having GDV of INR 8.9 bn.
- Consolidated Revenue at 2.7 bn representing YOY growth of 61%
- EBITDA margin and PAT% at 26% and 17% respectively of revenue
Commenting on the company’s performance, Mr. Boman Irani, Chairman and ManagingDirector, Keystone Realtors Limited, said “we are pleased to announce the quarterly results for Q1FY24, which reflects a great start to the new financial year and want to thank our shareholders for their continued support and trust in us. We are thankful to our shareholders for their continued support and trust in us.
We are delighted to share that in Q1FY24 we have recorded Pre-Sales of INR 5.0 bn, signifying growth of 106% YoY as compared to Q1FY23 and our collections have been strong, standing at INR 4.9 bn, representing a 23% YoY growth as compared to Q1FY23. We have further strengthened our strategy of executing through our asset light expansion model with the successful addition of 3 new projects in prominent locations like Prabhadevi, Kandivali (W) and Pali Hill. The Government of Maharashtra’s ambitious infrastructure investments will transform the future of MMR, opening up many micro markets with immense potential for growth. Embracing this positive trajectory, we are committed to expand into select new micro markets, ensuring a healthy growth trajectory in our project portfolio on a year-on-year basis.”
Operational Highlights for Q1FY24
Pre-Sales INR 5.0 bn.
Collections INR 4.9 bn.
Area sold 0.29 mn sqft.
Operating Cash flows INR 1.1 bn.
Financial Highlights – Consolidated for Q1FY24
Revenues from Operations INR 2.7 bn.
EBITDA INR 0.7 bn.
Profit before Tax (PBT) INR 0.7 bn.
Profit After Tax (PAT) INR 0.5 bn.
New Additions and Launches Q1FY24
Chosen as the preferred development partner for 3 projects with GDV ~INR 25 bn; having saleable area of 1.02 mn sqft.
o All these 3 projects, are in line with our Asset light Model
o This further reinforces Rustomjee’s position as a leader in the (re)development segment.
Launched 2 projects, one each in Bandra (E) & Thane with an estimated GDV of INR 8.9 bn.
Awards and Recognitions in Q1FY24:
Green Crusader Award by Bhamla Foundation 2023.
Net debt during Q1FY24 reduced by INR 0.70 bn leading to Net Debt of NIL at the end of Q1FY24. Outlook
Mumbai Metropolitan Region (MMR) real estate industry is on a promising growth trajectory, offering abundant opportunities for the Rustomjee Group. With a strong focus on redevelopment, expansion within the MMR region, and the competitive advantage of our unique strengths, we are well-positioned for sustained success. Our asset-light business model, effective stakeholder management, customer-centric approach, technological advancements, reliable vendor relationships, and experienced leadership team will continue to drive growth and deliver exceptional value. Keystone, with its astute strategy of targeting niche micro-markets across a wide spectrum of housing segments, is confident continuing as a dominant developer and a preferred partner in (re)development projects.