Keystone Realtors surges 6% on steady pre-sales growth in Q1; details here

Shares of Keystone Realtors surged up to 5.9  per cent at Rs 710.10 per share on the BSE in Tuesday’s intraday trade. The stock price soared after the company on Tuesday released early estimates of its financial performance in April-June quarter of fiscal year 2023-24 (Q1FY24).

The residential developer said in an exchange filing that it has recorded pre-sales of Rs 611 crore in the June quarter of FY25 as compared to Rs 502 crore in Q1FY24, showing a growth of 22 per cent on a year on year (YoY) basis. 

In terms of collections, the real estate company collected Rs 485 crore in Q1FY25 as compared to Rs 495 crore in Q1FY24, a dip of 2 per cent YoY. 

Keystone Realtors launched 2 projects in the June quarter (180 Bayview in Matunga West & Ocean Vista in Versova) having a saleable area of 0.63 million square feet and estimated gross development value of Rs 2,017 crore.

In terms of business development, the firm added one project in Q1FY25 having a saleable Area of 0.35 million square feet and with an estimated GDV of Rs 984 crore. This is a redevelopment project.

Earlier in May this year, Keystone Realtors successfully raised Rs 800 crore through QIP.

The company in an exchange filing said that the domestic credit rating agency ICRA has upgraded its credit rating “ICRA A” from “ICRA A-“. with a ‘positive’ long term outlook.

The smallcap firm has a total market capitalisation of Rs 8,617.20 crore with its shares currently trading at a price to earnings multiple of 75.74. The earning per share of the company stood at Rs 8.86, BSE data showed. 

At 02:00 PM; the stock of the company gave up most of its gains and was trading 1.92 per cent higher at Rs 683.85 per share on the BSE. In comparison the BSE Sensex rose 0.46 per cent to 80,326 levels.