Keystone Realtors Q2 net profit jumps over 15-fold to Rs 65.55 crore

Realty firm Keystone Realtors Ltd on Monday reported a multi-fold jump in its consolidated net profit to Rs 65.55 crore in the September 2024 quarter.
Its net profit stood at Rs 4.17 crore in the year-ago period.

Total income, however, declined to Rs 556.22 crore in the second quarter of this fiscal from Rs 633.33 crore in the corresponding period of the preceding year, according to a regulatory filing.

Total expenses also declined to Rs 465.09 crore from Rs 640.83 crore.

Boman Irani, Chairman and Managing Director of Keystone Realtors Ltd, said, the company has demonstrated remarkable progress in terms of pre-sales, collections, new project additions and new launches so far this fiscal.

"Building on the remarkable momentum from FY24, our pre-sales have soared to Rs 700 crore in Q2 FY25, which is more than doubled on a YoY (year-on-year) basis, a testament to our resilience and strategic vision," he said.

Further, he added that the company has witnessed strong demand for its properties in the past launches and with the festive season approaching, it is excited about a strong pipeline of launches for the rest of FY25.

"Going forward, we will continue to follow an asset-light model, with redevelopment serving as a key driver of growth. The redevelopment potential in Mumbai is vast, and as the most preferred partner in this space, we are strategically positioned to capitalise on the current momentum. With a strong balance sheet and robust capitalisation, we are fully prepared to seize these opportunities and drive sustainable value creation," Irani said.

Incorporated in 1995, Keystone Realtors Limited is one of the prominent real estate developers in the country. 

The company has a substantial portfolio of projects spanning the Mumbai Metropolitan Region (MMR), with 36 completed projects, 15 ongoing projects and 26 forthcoming projects that cover all price points from affordable to super premium.

So far, the company has delivered over 25 million square feet of construction area, with a pipeline of more than 43 million square feet of construction area in the works