Keystone Realtors posts record pre-sales, project additions in April-June
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Realty developer Keystone Realtors has recorded its highest-ever quarterly pre-sales of Rs 1,068 crore in the quarter ended June, marking a 75% year-on-year increase. The company also added three new projects to its portfolio with an estimated Gross Development Value (GDV) of Rs 7,727 crore, exceeding its full-year business development target.During the quarter, the company launched three new projects with a combined GDV of Rs 3,967 crore, accounting for 57% of its full-year launch guidance.The three new project additions included two cluster redevelopment projects in the Mumbai Metropolitan Region Keystone Realtors stated that the total launch value for the quarter was double that of the same period last year.'This momentum is a clear reflection of the strength of our product portfolio and the resilience of overall strategy. In line with our proactive approach to business development, we added three new projects during the quarter. This reinforces the success of our asset-light, capital-efficient model with a sharp focus on redevelopment within the Mumbai region,' said Boman Irani, CMD, Keystone Realtors.According to him, with a healthy balance sheet and strong capitalization, the company remains well-equipped to pursue emerging opportunities and is confident of carrying forward this momentum of consistent growth.Total collections in the quarter stood at Rs 575 crore, reflecting a 19% growth over the previous year. Operating cash flow for the quarter was Rs 118 crore. Revenue from operations stood at Rs 273 crore. Profit after tax stood at Rs 16 crore for the quarter.As of the end of the quarter, the company's gross debt stood at Rs 304 crore, with a gross debt-to-equity ratio of 0.11. Net debt remained nil. The company continues to operate across various housing segments and has maintained an asset-light strategy with a focus on redevelopment in MMR.
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