Keystone Realtors net profit jumps over 9-fold to Rs 46.97 crore in Q1

Realty firm Keystone Realtors Ltd on Monday reported an over 9-fold jump in its consolidated net profit at Rs 46.97 crore for the June quarter on higher income.

Its net profit stood at Rs 4.97 crore in the year-ago period.

Total income increased to Rs 282.82 crore during the April-June period of 2023-24 fiscal from Rs 176 crore in the corresponding period of the previous year, according to a regulatory filing.

Keystone Realtors markets its properties under 'Rustomjee' brand.

Boman Irani, Chairman and Managing Director of Keystone Realtors, said the company has recorded pre-sales of Rs 500 crore during the first quarter of this fiscal, signifying growth of 106 per cent year-on-year.

"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," he added.

Incorporated in 1995, Keystone Realtors is one of the leading real estate developers in Mumbai Metropolitan Region (MMR).

The company has a substantial portfolio of projects across MMR, with 32 completed projects, 14 ongoing projects, and 24 forthcoming projects that cover all price points, from affordable to super premium.

So far, the company has delivered over 20 million square feet, with a pipeline of more than 39 million square feet in the works.