Keystone Realtors reports net profit of ₹30 crore in Q3, total income at ₹458 crore
Mumbai-based Keystone Realtors said that the company will continue to focus on the asset-light model, with a focus on redevelopment opportunities
Mumbai-based real estate developer Keystone Realtors, also known as Rustomjee Group, on February 11 reported a net profit of ₹30 crore for the quarter ended December, compared to ₹29.9 crore in the same period last year. The company’s total income for Q3 fell to ₹485.8 crore, down from ₹533.3 crore a year ago.
The company said in a regulatory filing that pre-sales in Q3 increased 40% to ₹863 crore due to five new launches worth ₹4057 crore.
“Our pre-sales for Q3FY25 have reached ₹863 crores, reflecting a 40% YoY growth. This performance is a testament to the resilience of our strategy and the continued momentum we’re experiencing. The fundamentals of our company remain strong, and we are confident in our ability to not only achieve our guidance but to surpass it,” said Boman Irani, chairman and managing director, Keystone Realtors.
In Q3FY25, the company added two new projects, contributing an additional Gross Development Value of ₹980 crores. “The demand for our products remains robust, and we’re excited about the strong pipeline of upcoming launches for the remainder of FY25. Our asset-light model, with a focus on redevelopment opportunities, particularly in Mumbai, continues to be a key driver of growth,” Irani added.
In Q3FY25, the company added two projects with an estimated GDV of ₹980 crores. During 9MFY25 it has added six projects with an estimated GDV of ₹3,297 crores.
During 9MFY25, it launched five RERA projects with an estimated GDV of ₹4,057 crore. “A healthy launch pipeline with launches for Q4 and FY25 are on track,” he said, adding, the company’s EBIDA increased from ₹96 crore to ₹225 crore which is an almost 133% growth and its PAT for the nine months grew from ₹81 crore to ₹121 crore which is a 51% increase.
During the Q2FY25 results, Irani had said that redevelopment will be there to stay in Mumbai for more than two decades and that such projects offer massive opportunities to new real estate developers wanting to enter the space from other cities.
Keystone Realtors Limited Incorporated in 1995 is a MMR-based real estate developer with a focus on the redevelopment space. The company has a portfolio of projects spanning the Mumbai Metropolitan Region (MMR), with 36 completed projects, 15 ongoing projects and 26 forthcoming projects that cover all price points from affordable to super premium. So far, the company has delivered over 25+ million square feet of construction area, with a pipeline of over 44+ million square feet of construction area in the works.