Latest news with #KeystoneRealtors
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Business Standard
a day ago
- Business
- Business Standard
Keystone Realtors buys 3 Mumbai land parcels to build homes worth ₹7,700 cr
Keystone Realtors Ltd has bagged three redevelopment projects in Mumbai during the latest June quarter with a revenue potential of more than Rs 7,700 crore and is looking to acquire more land parcels for growth of its residential real estate business, a top company official said. In an interview with PTI, the company's CMD Boman Irani highlighted that the company performed exceedingly well in the first quarter of this fiscal on key metrics like sales bookings, launches and new business development (acquisition of land parcels to build projects). Mumbai-based Keystone Realtors achieved the highest-ever quarterly pre-sales of Rs 1,068 crore in April-June period of 2025-26 fiscal, a rise of 75 per cent from the same quarter last year. On business development, he said, "We added 3 projects in the first quarter having an estimated GDV (gross development value) of Rs 7,727 crore," Irani said, adding that the company has already surpassed the target of adding projects worth Rs 6,000 crore during the current fiscal. He said the company is looking at acquiring more land parcels across Mumbai Metropolitan Region (MMR) to build housing projects. Irani said the company would consider revising its annual guidance after the second quarter of this fiscal. Keystone Realtors has become a major player in redevelopment of housing societies and cluster redevelopment. As per the latest investors presentation, the company has bagged a Rs 4,521 crore project for redevelopment of GTB Nagar Cluster at Sion in Mumbai. It secured a Rs 2,956 crore project for redevelopment of Lokhandwala Cluster at Andheri (West) and a Rs 251 crore redevelopment project at Goregaon (East). In these three redevelopment projects, the company would get a total saleable area of 3.25 million (32.5 lakh) square feet. Regarding fresh supply, Irani said the company launched three projects in the June quarter with an estimated GDV of nearly Rs 4,000 crore, which is 57 per cent of the targeted launch of Rs 7,000 crore for the current fiscal. On the financial front, Keystone Realtors Ltd reported a 44 per cent decline in consolidated net profit to Rs 14.51 crore for the quarter ended June on lower income. Its net profit stood at Rs 25.82 crore in the year-ago period. Total income fell to Rs 288.64 crore in the April-June period of this fiscal, from Rs 437.20 crore in the corresponding period of the preceding year. Irani said the company's total income and profit declined as it was not able to recognise revenue because of the project completion method. For new projects, he said the company is shifting to the percentage of completion method for recognising the revenue as this would "reflect a true picture" of the company's financial performance. Incorporated in 1995, Keystone Realtors Ltd, which sells under Rustomjee brand, is one of the leading real estate companies in the country.
Time of India
a day ago
- Business
- Time of India
Keystone Realtors adds three land parcels in Q1 across Mumbai to build homes worth Rs 7,700 cr
New Delhi: Keystone Realtors Ltd has bagged three redevelopment projects in Mumbai during the latest June quarter with a revenue potential of more than Rs 7,700 crore and is looking to acquire more land parcels for growth of its residential real estate business, a top company official said. In an interview with PTI, the company's CMD Boman Irani highlighted that the company performed exceedingly well in the first quarter of this fiscal on key metrics like sales bookings, launches and new business development (acquisition of land parcels to build projects). Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Mumbai-based Keystone Realtors achieved the highest-ever quarterly pre-sales of Rs 1,068 crore in April-June period of 2025-26 fiscal, a rise of 75 per cent from the same quarter last year. On business development, he said, "We added 3 projects in the first quarter having an estimated GDV ( gross development value ) of Rs 7,727 crore," Irani said, adding that the company has already surpassed the target of adding projects worth Rs 6,000 crore during the current fiscal. He said the company is looking at acquiring more land parcels across Mumbai Metropolitan Region (MMR) to build housing projects . Live Events Irani said the company would consider revising its annual guidance after the second quarter of this fiscal. Keystone Realtors has become a major player in redevelopment of housing societies and cluster redevelopment. As per the latest investors presentation, the company has bagged a Rs 4,521 crore project for redevelopment of GTB Nagar Cluster at Sion in Mumbai. It secured a Rs 2,956 crore project for redevelopment of Lokhandwala Cluster at Andheri (West) and a Rs 251 crore redevelopment project at Goregaon (East). In these three redevelopment projects, the company would get a total saleable area of 3.25 million (32.5 lakh) square feet. Regarding fresh supply, Irani said the company launched three projects in the June quarter with an estimated GDV of nearly Rs 4,000 crore, which is 57 per cent of the targeted launch of Rs 7,000 crore for the current fiscal. On the financial front, Keystone Realtors Ltd reported a 44 per cent decline in consolidated net profit to Rs 14.51 crore for the quarter ended June on lower income. Its net profit stood at Rs 25.82 crore in the year-ago period. Total income fell to Rs 288.64 crore in the April-June period of this fiscal, from Rs 437.20 crore in the corresponding period of the preceding year. Irani said the company's total income and profit declined as it was not able to recognise revenue because of the project completion method. For new projects, he said the company is shifting to the percentage of completion method for recognising the revenue as this would "reflect a true picture" of the company's financial performance. Incorporated in 1995, Keystone Realtors Ltd, which sells under Rustomjee brand, is one of the leading real estate companies in the country.
Time of India
7 days ago
- Business
- Time of India
Keystone Realtors' net profit declines 36.34% in Q1 FY26
NEW DELHI: Keystone Realtors reported a dip of 36.34 per cent in its net consolidated profit during the quarter ended June 30, 2025. Its profit after tax stood at ₹16.33 crore in Q1 FY26 as against ₹25.65 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing. The company's net consolidated total income stood at ₹288.64 crore in Q1 FY26, a dip of 33.98 per cent from ₹437.20 crore it recorded in the similar quarter last year. The company recorded 75% growth in pre-sales to ₹1,068 crore in Q1 FY26 while collections stood at ₹575 crore. It launched three projects in Q1 FY26 with a gross development value (GDV) of ₹3,967 crore in Q1 FY26 achieving 57% of the full-year FY26 guidance. Boman Irani , chairman and managing director of the company said, "In line with our proactive approach to business development, we added three new projects in Q1FY26 (including two cluster redevelopment projects) with a combined GDV of INR 77.27 billion, which exceeds our entire FY26 business development guidance by more than 1.25x. This reinforces the success of our asset-light, capital-efficient model with a sharp focus on redevelopment within Mumbai Metropolitan Region (MMR)." In Q1 FY26, the company added three projects with an estimated GDV of ₹7,727 crore, surpassing its FY26 guidance of ₹6,000 crore by more than 1.25 times. Gross Debt stood at ₹304 crore and gross debt/equity ratio is 0.11 as on Q1FY26. Net debt stands at NIL.
Hindustan Times
7 days ago
- Business
- Hindustan Times
Keystone Realtors records ₹1,068 crore presales in Q1FY26, net profit falls 44%
Mumbai-based real estate developer Keystone Realtors Ltd, also known as Rustomjee Group, reported its highest-ever quarterly pre-sales of ₹1,068 crore in Q1FY26, up 75% year-on-year. However, its consolidated net profit fell 44% to ₹14.51 crore from ₹25.82 crore in the same quarter last year. Mumbai-based Rustomjee Group, also known as Keystone Realtors, said it operates across a wide spectrum of housing segments and is confident of continuing as a dominant developer and a preferred partner in redevelopment projects (Picture for representational purposes only)(Rustomjee Group) Total income dropped to ₹288.64 crore in Q1FY26 from ₹437.20 crore a year ago. "Our company's net debt is zero, gross debt is above ₹300 crore, we have launched several large-scale projects, and have a good pipeline. Our credit rating has improved from A to A+. The income and profit declined as it was not able to recognise revenue because of the project completion method. For new projects, the company is shifting to the percentage of completion method for recognising the revenue as this would 'reflect a true picture' of the company's financial performance," Boman Irani, CMD, Keystone Realtors, said. Also Read: Mumbai real estate: Redevelopment is here to stay for more than 20 years, says Boman Irani of Keystone Realtors The company has completed 37 projects while it is constructing 18 projects, mostly in Mumbai Metropolitan Region (MMR). The company has delivered over 26 million square feet of construction area, with a pipeline of more than 47 million square feet of construction area in the works. Also Read: Rustomjee Group to redevelop eight housing societies in Mumbai's Andheri West, eyes ₹3,000 crore in revenue Outlook According to the company, the Mumbai Metropolitan Region (MMR) real estate market is on a strong growth path, offering significant opportunities. With a focus on redevelopment, regional expansion, and its competitive strengths, the company said it is well-positioned for sustained success. Also Read: Rustomjee Group adds three redevelopment projects worth ₹7,727 crore to its Mumbai portfolio "Our asset-light business model, effective stakeholder management, customer-centric approach, technological advancements, reliable vendor relationships, and experienced leadership team will continue to drive growth and deliver exceptional value. Keystone operates across a wide spectrum of housing segments and is confident of continuing as a dominant developer and a preferred partner in (re)development projects," the company said in a statement.
Time of India
7 days ago
- Business
- Time of India
Keystone Realtors posts record pre-sales, project additions in April-June
Keystone Realtors achieved record pre-sales of ₹1,068 crore in the June quarter, a 75% year-on-year surge. They added three new projects with a ₹7,727 crore GDV, exceeding their yearly target. Three new projects launched with a combined GDV of ₹3,967 crore. Collections reached ₹575 crore, up 19% year-on-year, with operating cash flow at ₹118 crore. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads 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 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 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 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 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 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.
