Realty company Keystone Realtors announced Q3FY24 & 9MFY24 results: Pre-Sales during Q3FY24 is Rs 6.16 billion (up 101% QoQ) & Rs 14.23 billion for YTD Q3FY24 (26% YoY) Collection during Q3FY24 is Rs 4.52 billion & Rs 15.33 billion for YTD Q3FY24 (32% YoY) Launched 4 projects with an estimated GDV of ~Rs 22.4 billion in 9MFY24 Added 5 projects having an estimated GDV of ~Rs 51 billion in 9MFY24 Completed 6 RERA projects having a construction area of 3.36 mn sqft in 9MFY24 Generated Operating Cash Flow (OCF) of ~Rs 3.55 billion in 9MFY24 representing a YoY growth of 27% Commenting on the company’s performance, Boman Irani, Chairman and Managing Director, Keystone Realtors, said, “For Q3FY24, the company has demonstrated good progress in terms of Pre-Sales, new project additions and new launches. We are thankful to all our stakeholders for their continued support and trust in us. "In Q3FY24, Rustomjee Group delivered a remarkable performance, achieving a substantial increase in Pre-Sales, which rose to Rs 6.16 billion, showcasing a remarkable 101% QoQ increase. Looking ahead, we estimate a sustained growth trajectory in Pre-Sales, fueled by our robust launch pipeline and the unwavering trust of our customers. Beyond the numbers, our commitment to excellence is evident in every facet of our operations. This financial Year has witnessed the launch of four projects, each meticulously curated to meet the diverse needs of our discerning customers. Moreover, the addition of five new projects in this year underscores our strategic focus on expanding our footprint and venturing into promising geographies. These projects, with an estimated GDV of ~Rs 51 billion which surpassed acquisition done in previous year, reflect our dedication to creating spaces that transcend traditional notions of living. The fact that most of these projects are redevelopment projects further strengthens our position as redevelopment developers. Additionally, the inclusion of 2-3 large projects in the Aspirational/Mid and Mass segments reflects a continued focus on these specific market segments. In the realm of completions, we take pride in having delivered six RERA projects in 9MFY24. This not only indicates our operational efficiency but also signifies the fulfillment of promises made to our homebuyers. As we navigate the growing dynamic real estate landscape, our focus remains steadfast on customer satisfaction, quality construction, and sustainable growth. With the promising launch pipeline, we are poised for an exciting journey ahead, creating value for our stakeholders and contributing to the vibrant tapestry of urban living." Result PDF
Realty company Keystone Realtors announced Q1FY24 results: Best first quarter pre-sales of ~Rs 5.0 billion, representing a YoY growth of 106% Collection in Q1FY24 stood at ~Rs 4.9 billion, representing a YoY growth of 23% Generated Operating Cash Flow (OCF) of ~Rs 1.1 billion in Q1FY24. Added 3 new projects with GDV of ~Rs 25 billion. Launched 2 new projects in Bandra East & Thane, having a GDV of Rs 8.9 billion. Consolidated revenue at 2.7 billion, representing YoY growth of 61% EBITDA margin and PAT% at 26% and 17% respectively of revenue Commenting on the company’s performance, Boman Irani, Chairman, and ManagingDirector, Keystone Realtors, 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 recorded Pre-Sales of Rs 5.0 billion, signifying growth of 106% YoY as compared to Q1FY23 and our collections have been strong, standing at Rs 4.9 billion, 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 growth potential. Embracing this positive trajectory, we are committed to expanding into select new micro markets, ensuring a healthy growth trajectory in our project portfolio on a YoY basis.” Result PDF
Realty company Keystone Realtors announced Q4FY23 & FY23 results: Q4FY23: Operating Cash flows stood at Rs 1.8 billion Collections stood at Rs 7 billion Area sold stood at 0.28 million sq ft Pre-Sales stood at Rs 4.7 billion Revenues from Operations Rs 3.4 billion EBITDA Rs 1.1 billion Profit before Tax (PBT) Rs 0.9 billion Profit After Tax (PAT) Rs 0.7 billion FY23: Operating Cash flows stood at Rs 4.6 billion Collections stood at Rs 18.6 billion Area sold stood at 1.03 million sq ft Pre-Sales stood at Rs 16 billion In line with our strategy to focus on the Mid-Mass and Aspirational segment, the percentage of presales from these segments have been 63% of the FY23 pre-sales compared to 57% in FY22. Revenues from Operations ~Rs 6.9 billion EBITDA Rs 1.4 billion Profit before Tax (PBT) Rs 1 billion Profit After Tax (PAT) Rs 0.8 billion Commenting on the company’s performance, Boman Irani, Chairman and Managing Director, Keystone Realtors, said, “It is indeed a pleasure to be reporting our annual performance for the first time since our listing, I want to thank our shareholders for their continued support and trust in us. We are happy to announce that we acquired 5 new projects in FY23 of ~GDV of 34.3 billion, in line with our capital-light expansion strategy. With the recent few acquisitions, our company has entered new micro markets like Mahim, Chembur, and Kalyan-Dombivli. Strong Operational Cash Flow (OCF) of Rs 4.6 billion in FY23 and inflow of Rs 7.3 billion from Pre-IPO/IPO, has helped reduce the Net Debt to Rs 0.19 billion as of FY23. Additionally, the commitment of Rs 3.5 billion received towards the recently launched AIF has further strengthened the company’s financial position & provided growth Capital to expand and bolster our dominant position in the MMR region. We take pride in ourself being a redevelopment pioneer and have carved a niche by rehousing 1400+ families in over 27 years of our existence. The Government of Maharashtra’s ambitious plan to implement substantial investments on public infrastructure projects will have a transformative impact on MMR's future and we believe that this will open multiple micro markets across MMR. We will continue to expand in these new micro markets to ensure healthy growth in Pre-Sales YoY basis”. Result PDF
Realty firm Keystone Realtors announced Q3FY23 results: Consolidated Q3FY23: Revenues from operations Rs 1,265 million. EBITDA Rs 178 million. Profit Before Tax (PBT) Rs 95 million. Profit After Tax (PAT) Rs 58 million. Consolidated 9MFY23: Revenues from operations Rs 3,413 million. EBITDA Rs 329 million. Profit Before Tax (PBT) Rs 126 million. Profit After Tax (PAT) Rs 55 million. Our net debt stood at Rs 0.98 billion last quarter and the Net debt-to-equity ratio stood at 0.06:1 Commenting on the company’s performance, Mr. Boman Irani, Chairman and Managing Director, of Keystone Realtors Limited, said “It is indeed a pleasure to be reporting to our esteemed shareholders as a listed company, an event made possible due to the commitment and hard work of our team over the years aided by the fantastic support to the public issue from all of you. We are happy to announce that we acquired 3 new projects in the last quarter all of which are in line with our capital-light expansion strategy. Our ability to identify and capitalize on emerging trends in real estate has enabled us to establish prominence in several micro-markets in MMR. Despite the increase in interest rates, demand momentum is still strong, for branded real estate developers. Brand Rustomjee has created a niche for itself in the redevelopment space and the opportunity pipeline in a market like Mumbai places us in a unique position to cement our pre-eminent position in the years to come.” Result PDF