Keystone Realtors Q1: After-tax profit drops to Rs 260 million due to higher costs
Business: Keystone Realtors on Monday reported that its consolidated net profit for the June quarter declined by 45 per cent to Rs 25.82 crore. The company said that it was Rs 25.82 crore in the June quarter due to increase in expenses. The property seller company, which sells properties under the Rustomjee brand, had posted a net profit of Rs 46.97 crore in the same period a year ago. Total income during the April-June period of this fiscal increased to Rs 437.20 crore from Rs 282.82 crore in the same period last year. Total expenditure, including construction expenditure, increased from Rs 216.54 crore to Rs 398.16 crore during the period under review. Following a strong performance in 2023-24, Rustomjee Group continued its impressive performance in the 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 the June quarter, he said the company launched two new projects with an estimated GDV (gross development value) of Rs 2,017 crore, which is fully aligned with its guidance of launching two projects per quarter. Further, Irani said the company secured another project with an estimated GDV of Rs 984 crore, further strengthening its already strong project portfolio in MMR (Mumbai Metropolitan Region). He said the successful fund raising of equity of Rs 800 crore through QIP (qualified institutional placement) played a key role in driving the company’s growth strategy, acquisition of new projects and facilitating new launches. Kasara, we believe we are at a turning point to enter an era of high growth. We are set for an exciting journey ahead, creating value for our stakeholders and enriching the urban living experience,” Irani said. Keystone Realtors has 34 completed projects, 15 ongoing projects and 27 upcoming projects. So far, the company has delivered 25+ million sq ft of construction area, and has a pipeline of 43+ million sq ft of construction area under construction.
