August 8, 2023: MMR-based real estate company Keystone Realtors Limited on August 7, 2023, announces its financial results for the first three months of the financial year 2023-24 (Q1 FY24). During the quarter, it recorded pre-sales of Rs 5 billion, marking a YoY increase of 106%. Its collections in Q1 FY24 stood at around Rs 4.9 billion, up by 23% YoY. The company generated operating cash flow (OCF) of approximately Rs 1.1 billion and sold an area of 0.2 million square foot (msf) during these three months. Its consolidated revenue in Q1 FY24 stood at Rs 2.7 billion, marking a YoY increase of 61%.
In Q1 FY24, the firm’s EBITDA, profit before tax (PBT) and profit after tax (PAT) stood at Rs 0.7 billion, Rs 0.7 billion and Rs 0.5 billion, respectively. The net debt during these three months reduced by Rs 0.7 billion leading to zero net debt at the end of the quarter. During the Q1 FY24, Keystone Realtors Limited added three projects Prabhadevi, Kandivali (W) and Pali Hill with a potential gross development value (GDV) of Rs 25 billion and a saleable area of 1.02 msf. Additionally, it launched two new projects in Bandra East and Thane with a potential GDV of Rs 8.9 billion. The company also received the Green Crusader Award by Bhamla Foundation 2023.
Boman Irani, chairman and managing director, Keystone Realtors Limited, said, “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.”
