Keystone Realtors Limited, engaged in the development of residential and commercial projects, announces its financial results for the Fourth Quarter (Q4FY23) and for the full financial year ended March 31, 2023 (FY23). The collections for Q4FY23 were at ~INR 7 bn representing YoY growth of 53%. Collections for FY23 grew 36% to INR 18.6 bn.
In FY23, Operating Cash Flows (OCF) have grew 2.5 times at INR 4.6 bn compared to FY22. The Net Secured Debt reduced to INR 0.19 bn in FY23. In FY 23, recorded pre-sales of INR 16 bn, area sold stood at 1.03 mn sq. ft. Chosen as a preferred redeveloper for 5 new projects in FY23 of estimated GDV INR 34.3 bn. It launched 4 projects in Virar, Thane, Juhu and Bandra (E) in FY23. The company’s robust launch pipeline with plans of launching a project every quarter in FY24.
Commenting on the company’s performance, Boman Irani, Chairman and ManagingDirector, Keystone Realtors Limited, said “It is indeed a pleasure to be reporting our annual performance for the first time since our listing, I want to thank our shareholders for their continued support and trust in us. We are happy to announce that we acquired 5 new projects in FY23 of ~GDV of 34.3 bn, in line with our capital light expansion strategy. With the recent few acquisitions our company has entered new micro markets like Mahim, Chembur, Kalyan-Dombivli. Strong Operational Cash Flow (OCF) of INR 4.6 bn in FY23 and inflow of INR 7.3 bn from Pre-IPO/IPO, has helped reduce the Net Debt to INR 0.19 bn as at FY23.”
He further said, “Additionally, the commitment of INR 3.5 bn received towards recently launched AIF has further strengthened the company’s financial position and provided a growth apital to expand and bolster our dominant position in the MMR region. We take pride in ourself being a redevelopment pioneer and have carved a niche by rehousing 1400+ families in over 27 years of our existence. The Government of Maharashtra’s ambitious plan to implement substantial investments on public infrastructure projects will have a transformative impact on MMR's future and we believe that this will open multiple micro markets across MMR. We will continue to expand in these new micro markets to ensure healthy growth in pre-sales YoY basis.”
The Operational Highlights for FY-23 include operating cash flows stood at INR 4.6 bn. The collections stood at INR 18.6 bn. The total area sold stood at 1.03 mn sq.ft, The pre-sales stood at INR 16 bn. In line with our strategy to focus on the Mid-Mass and Aspirational segment, the percentage of pre sales from these segments have been 63% of the FY23 pre-sales compared to 57% in FY22. The operating cash flows stood at INR 1.8 bn. The collections stood at INR 7 bn. The total area sold stood at 0.28 mn sq.ft, where pre-sales stood at INR 4.7 bn.
The consolidated FY-23 financial performance where revenues from operations stood at INR 6.9 bn. The EBITDA INR stood at 1.4 bn. Profit before Tax (PBT) INR 1 bn. Profit After Tax (PAT) INR 0.8 bn. The consolidated Q4 FY-23 Financial Performance where the revenues from operations were INR 3.4 bn. The EBITDA INR 1.1 bn. Profit before Tax (PBT) INR 0.9 bn. Profit After Tax (PAT) INR 0.7 bn.
Despite a challenging macro-economic environment across the globe, India continues to be a bright spot with strong economic growth backed by infrastructure development. The country's real estate sector is likely to continue its upswing and while mortgage rates have shown a slight increase, the overall sentiment and demand for home ownership are likely to remain strong in the medium term. Keystone, with its astute strategy of targeting niche micro-markets across a wide spectrum of housing segments, is confident of becoming a dominant developer and a preferred partner in re-development projects.
