Keystone Realtors Limited, a prominent MMR based real-estate company engaged in the development of residential and commercial projects, announced its financial results for Q3 FY24.Pre-Sales during Q3FY24 is INR 6.16 bn (up 101% QoQ) & INR 14.23 bn for YTD Q3FY24 (26% YoY) Collection during Q3FY24 is INR 4.52 bn & INR 15.33 bn for YTD Q3FY24 (32% YoY)
Launched 4 projects with an estimated GDV of ~INR 22.4 bn in YTD FY24
Added 5 projects having an estimated GDV of ~INR 51 bn in YTD FY24
Completed 6 RERA projects having a construction area of 3.36 mn sqft in YTD FY24
Generated Operating Cash Flow (OCF) of ~INR 3.55 bn in YTD FY24 representing a YoY growth of 27%
Commenting on the company’s performance Boman Irani, Chairman and Managing Director, Keystone Realtors Limited, said “For Q3FY24, the company has demonstrated good progress in terms of Pre-Sales, new project additions and new launches. We are thankful to all our stakeholders for their continued support and trust in us.
"In Q3FY24, Rustomjee Group delivered a remarkable performance, achieving a substantial increase in Pre-Sales, which rose to INR 6.16 bn, showcasing a remarkable 101% QoQ increase. Looking ahead, we estimate a sustained growth trajectory in Pre-Sales, fueled by our robust launch pipeline and the unwavering trust of our customers. Beyond the numbers, our commitment to excellence is evident in every facet of our operations. This financial Year has witnessed the launch of four projects, each meticulously curated to meet the diverse needs of our discerning customers. Moreover, the addition of five new projects in this year underscores our strategic focus on expanding our footprint and venturing into promising geographies. These projects, with an estimated GDV of ~INR 51 bn which surpassed acquisition done in previous year, reflect our dedication to creating spaces that transcend traditional notions of living. The fact that most of these projects are redevelopment projects further strengthens our position as redevelopment developers. Additionally, the inclusion of 2-3 large projects in the Aspirational/Mid and Mass segments reflects a continued focus on these specific market segments. In the realm of completions, we take pride in having delivered six RERA projects in YTD FY24.
This not only indicates our operational efficiency but also signifies the fulfillment of promises made to our homebuyers. As we navigate the growing dynamic real estate landscape, our focus remains steadfast on customer satisfaction, quality construction, and sustainable growth. With the promising launch pipeline, we are poised for an exciting journey ahead, creating value for our stakeholders and contributing to the vibrant tapestry of urban living."
During Q3 FY24, we added one more project with an estimated GD V of INR 14.53 Bn. With this, the company has added a total of 5 projects having estimated GDV of INR 51 bn and a saleable area of 2.20 mn sq. ft. during YTD FY 24.
In Jan24, the company entered into a JV with Ajmera Realty & Infra India Ltd to develop a project jointly having GDV of Rs. 7.6 Bn in addition to been chosen as redevelopment partner for 2 more societies located at Malad West having combined GDV of Rs. 12 Bn. With this, we have already added 8 projects in the current financial year having a GDV of Rs. 71 Bn.
