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

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

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.

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.

Related Stories

Gold Stories

Next Story
Infrastructure Transport

MMRDA Targets Completion of Projects by December 2028

The Mumbai Metropolitan Region Development Authority (MMRDA) is targeting the completion of all its ongoing infrastructure projects by December 2028, a year ahead of its December 2029 deadline, Metropolitan Commissioner Dr Sanjay Mukherjee has said.Speaking at the sixth edition of the Real Estate & Infrastructure Investors' Summit (REIIS) 2026 in Mumbai, Mukherjee said the authority was developing an integrated network of roads, tunnels, sea links and Metro corridors under its broader vision of “Mumbai in 59 Minutes”.The objective is to improve east-west and north-south connectivity an..

Next Story
Building Material

High-Performance Façades Gain Ground in Indian Buildings

High-performance façades are gaining greater importance in Indian architecture as developers and architects increasingly focus on energy efficiency, thermal comfort and building performance, according to Shankar Fenestrations & Glasses.The company said modern façade systems are increasingly being considered as part of a building's overall performance strategy rather than being used primarily as aesthetic elements.High-performance glass, curtain wall systems and structural glazing can contribute to thermal regulation, solar control, daylight management and indoor comfort. Their growing ad..

Next Story
Technology

SPML Infra's 104.4 kWh BESS Battery Pack Clears Global Tests

SPML Infra has announced that its proprietary 104.4 kWh Battery Energy Storage System (BESS) battery pack has completed key international safety, performance and transportation testing and certification requirements, marking a step towards its commercial deployment.Developed under the company's own intellectual property, the battery pack has completed requirements under UL9540A, IEC 62619, IEC 63056, IEC 60730, IEC 61000-6-2, IEC 61000-6-4 and UN38.3 standards.The testing covers areas including thermal runaway safety, battery performance, system functional safety, electromagnetic compatibility..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code