Keystone Realtors edges higher after strong Q4 business update

Keystone Realtors rose 2.18% to Rs 687.05 after the company reported pre-sales of Rs 843 crore for Q4 FY24, thereby registering a growth of 37% on QoQ basis and 78% on YoY basis.

The companys collections for the period under review added up to Rs 670 crore, down 4% YoY but higher by 48% as compared with Q3 FY23.

Keystones sales volume for the quarter ended 31 December 2023 was 0.38 million square feet, up 37% YoY and up 3% QoQ.

During Q4 FY24, the company launched 2 projects (Panorama (Pali Hill) & Stella (Bandra East)) having gross development value (GDV) of Rs 735 crore. In that same period, the company added 4 more projects, with an estimated GDV of Rs 2,938 crore. The company completed 6 buildings in the fourth quarter of FY2023-24, with construction area of 1.46 million square feet.

Boman Irani, CMD of Keystone Realtors, said: The fiscal year FY24 has proven to be an eventful period for our company, marked by notable achievements across all key performance metrics including pre-sales, collections, launches, and new project additions.

Our performance metrics have surpassed the guidance in most of the parameters, exemplified by the remarkable achievement in pre-sales for FY24, which amounted to Rs 2,266 crore, reflecting a notable 41% YoY growth, well ahead of our projected 25% YoY.

Keystone Realtors is a flagship entity of the Rustomjee Group. KRL and its subsidiaries undertake residential and mixed-use projects in Mumbai Metropolitan Region (MMR) under the Rustomjee brand. The Rustomjee Group has a strong execution track record, which includes development of luxury residential real estate, affordable housing, shopping mall, schools and commercial spaces. Its execution track record is supported by the completed construction of over 20 million square feet area, under-construction projects comprising a saleable area of 6 million square feet and forthcoming developments of 27 million square feet in pipeline.

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