Keystone Realtors reports Q1 FY24 Results: Profit Soars, Reduced Debt

08 Aug 2023 CW Team

Keystone Realtors has announced a significant expansion in its net consolidated profit for the quarter ending on June 30, 2023. The company's post-tax profit for Q1 FY24 reached Rs 465.1 million, displaying a growth of 10.21 per cent compared to Rs 422 million reported in the corresponding quarter of the prior fiscal year. This update was disclosed in a filing with the Bombay Stock Exchange (BSE).

In terms of overall financial performance, Keystone Realtors observed a substantial rise in net consolidated total income. The figures stood at Rs 2.82 billion in Q1 FY24, reflecting a remarkable surge of 60.69 per cent from the previous year's amount of Rs 1.76 billion during the same quarter.

Boman Irani, the company's Chairman and Managing Director, commented on the results, emphasising the reinforcement of their asset-light expansion strategy. He noted that the company had successfully integrated 3 new projects into this approach.

During Q1 FY24, Keystone Realtors achieved notable milestones: pre-sales amounting to Rs 5 billion, indicating a remarkable year-on-year growth of 106 per cent. Collections reached Rs 4.9 billion, demonstrating a solid year-on-year growth of 23 per cent. The company also generated a substantial Operating Cash Flow (OCF) of Rs 1.1 billion in the same period.

Furthermore, Keystone Realtors effectively reduced its net debt during Q1 FY24 by Rs 0.70 billion, ultimately leading to a net debt balance of zero by the end of the quarter.

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