Latest news with #KeystoneRealtors
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Business Standard
4 days ago
- Business
- Business Standard
Need to serve all asset classes across MMR: Keystone Realtors CMD
Boman Irani said that the company will launch a senior living project, get into data centers and will divest 3.35 per cent to meet Sebi norms to partially fund capex Mumbai Listen to This Article Despite a moderation in the demand for housing across the Mumbai metropolitan region (MMR), city-based Keystone Realtors, which operates the Rustomjee brand, expects growth to double over the next three to four years. Boman Irani, chairman and managing director, Rustomjee Group, in a face-to-face interview with Prachi Pisal, tells that the company will launch a living project for seniors, get into data centres and divest 3.35 per cent to meet Sebi norms, to partially fund capex. Edited excerpts: What does FY26 look like for the company compared to FY25? We have tied up 22 projects worth about Rs 17,800 crore
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Business Standard
18-05-2025
- Business
- Business Standard
Keystone Realtors aims 32% growth in housing sales booking in FY26: CMD
Realty firm Keystone Realtors Ltd targets to sell housing properties worth Rs 4,000 crore this fiscal, eying a 32 per cent annual growth, as demand continues to be strong especially for good brands, its CMD Boman Irani said. Mumbai-based Keystone Realtors, which sells properties under Rustomjee brand, is one of the leading real estate developers in the country. "We have achieved steady and consistent growth during the last 2024-25 fiscal and surpassed all our guidances," Irani told PTI in an interview when asked about the company's performance. He highlighted that the company's pre-sales or sales bookings rose 34 per cent to Rs 3,028 crore last fiscal year, beating the annual guidance of Rs 3,000 crore. The demand for apartments as well as residential plots remains strong especially in projects developed by reputed brands, Irani said, while exuding confidence of maintaining the company's growth momentum. Asked about the sales bookings target for 2025-26, Irani said, "We have given a pre-sales guidance of Rs 4,000 crore for the current fiscal and we are confident of achieving that." He said the company has already launched few projects in the last one-and-a-half months and the launch pipeline is robust for the remaining period of this fiscal to meet the demand, which has been quite strong post-COVID pandemic. In the last fiscal, Irani said the company launched projects worth Rs 5,000 crore and the number will surpass in 2025-26 financial year. Keystone Realtors will continue to invest in acquiring land parcels to expand its business. The expenditure on construction activities too will rise. In 2024-25, Keystone Realtors acquired 9 land parcels, which could generate sales potential of Rs 4,783 crore in the coming years. Irani said the company would continue to focus on Mumbai Metropolitan Region (MMR) and few other cities in Maharashtra state. Last week, Keystone Realtors reported a 69 per cent increase in consolidated net profit to Rs 188.13 crore during the last fiscal from Rs 111.03 crore in 2023-24. Total income fell to Rs 2,121.44 crore last fiscal from Rs 2,275.63 crore in the 2023-24 financial year. "This performance is a testament to the resilience of our strategy and the continued momentum we are experiencing," said Irani, who is also Chairman of realtors' apex body CREDAI. "The demand for our products remains robust. Our asset-light model, with a focus on redevelopment opportunities, particularly in MMR, continues to be a key driver of growth," he said. Keystone Realtors has completed 37 projects and is constructing 16 projects. So far, the company has delivered over 26 million square feet of construction area, with a pipeline of over 40 million square feet of construction area in the works.
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Business Standard
14-05-2025
- Business
- Business Standard
Rustomjee Q4 results: Profit more than doubles to ₹65 cr, revenue falls 28%
Mumbai-based Rustomjee (Keystone Realtors) reported a more than two-fold rise in profit (attributable to the owners of the parent) for the fourth quarter of the financial year 2025 (Q4 FY25) to ₹64.8 crore, compared to ₹30.7 crore in Q4 FY24. However, the builder's revenue from operations declined 27.93 per cent year-on-year (Y-o-Y) to ₹584.9 crore. Boman Irani, chairman and managing director, Keystone Realtors, clarified that the decline was due to the method of revenue recognition. 'We are allowed to recognise revenues only after we receive the occupation certificates (OCs) of projects. The number of OCs that we have received has led to this decrease,' he said. The company's total expenses during the quarter also declined 29.3 per cent Y-o-Y, to ₹553.73 crore. In Q4 FY25, the company added three projects with an estimated gross development value (GDV) of ₹1,487 crore. Its presales during the quarter stood at ₹854 crore, up 1 per cent Y-o-Y, while collections rose 11 per cent Y-o-Y to ₹746 crore. The company's earnings before interest, tax, depreciation and amortisation (Ebitda) in Q4 FY25 increased to ₹107 crore from ₹67 crore in the same period a year ago. During FY25, the company added nine projects with an estimated GDV of ₹4,783 crore, surpassing its annual guidance of ₹4,000 crore. Presales during the year stood at ₹3,028 crore, achieving its FY25 guidance of ₹3,000 crore. The company has guided presales of ₹4,000 crore for FY26, and Irani expressed confidence in achieving this with continued sales momentum. In FY25, the company's revenue stood at ₹2,004.1 crore, down 9.82 per cent Y-o-Y, while its profit grew 53.54 per cent to ₹171.96 crore, supported by project launches worth ₹5,019 crore during the year. 'The demand for our products remains robust, and we're excited about the strong pipeline of upcoming launches for FY26. Our asset-light model, with a focus on redevelopment opportunities, particularly in Mumbai MMR, continues to be a key driver of growth. As the most trusted partner in this space, we are strategically positioned to leverage the vast redevelopment potential in the region,' Irani added. Sequentially, the company's profit more than tripled, while revenue rose 26.1 per cent. Profit in Q3 FY25 stood at ₹15.1 crore, while revenue was ₹464.02 crore. Additionally, Rustomjee announced a dividend of ₹1.50 per equity share.
Time of India
14-05-2025
- Business
- Time of India
Keystone Realtors' profit up 69% to ₹188 crore in FY25
NEW DELHI: Realty firm Keystone Realtors Ltd on Wednesday reported a more than two-fold jump in its consolidated net profit to Rs 66.95 crore in the fourth quarter of the last financial year. Its net profit stood at Rs 30.47 crore in the year-ago period. Mumbai-based Keystone Realtors, which sells properties under Rustomjee brand, is one of the leading real estate developers in the country. The company's total income, however, declined to Rs 642.20 crore in January-March period of the last fiscal from Rs 826.15 crore in the corresponding period of the preceding year, according to a regulatory filing. During the 2024-25 fiscal, Keystone Realtors' profit rose 69 per cent to Rs 188.13 crore from Rs 111.03 crore in the preceding fiscal. Total income fell to Rs 2,121.44 crore last fiscal from Rs 2,275.63 crore in the 2023-24 financial year. Commenting on the company's performance, Keystone Realtors CMD Boman Irani said the company has achieved most of its guidance on operational parameters for the 2024-25 fiscal year. The company's pre-sales or sales bookings stood at Rs 3,028 crore last fiscal year, an increase of 34 per cent annually. "This performance is a testament to the resilience of our strategy and the continued momentum we are experiencing," said Irani, who is also Chairman of realtors' apex body CREDAI . In 2024-25, Keystone Realtors added 9 land parcels, which could generate sales potential of Rs 4,783 crore in the coming years. Irani said the Board of Directors has recommended a final dividend of Rs 1.50 per fully paid-up equity share for the financial year ended March 31, 2025. "The demand for our products remains robust, and we are excited about the strong pipeline of upcoming launches for FY26. Our asset-light model, with a focus on redevelopment opportunities, particularly in Mumbai MMR, continues to be a key driver of growth," he said. Keystone Realtors has completed 37 projects and is constructing 16 projects. So far, the company has delivered over 26 million square feet of construction area, with a pipeline of over 40 million square feet of construction area in the works.
Business Standard
14-05-2025
- Business
- Business Standard
Keystone Realtors consolidated net profit rises 111.21% in the March 2025 quarter
Sales decline 27.94% to Rs 584.85 crore Net profit of Keystone Realtors rose 111.21% to Rs 64.80 crore in the quarter ended March 2025 as against Rs 30.68 crore during the previous quarter ended March 2024. Sales declined 27.94% to Rs 584.85 crore in the quarter ended March 2025 as against Rs 811.56 crore during the previous quarter ended March 2024. For the full year,net profit rose 53.25% to Rs 171.96 crore in the year ended March 2025 as against Rs 112.21 crore during the previous year ended March 2024. Sales declined 9.82% to Rs 2004.10 crore in the year ended March 2025 as against Rs 2222.25 crore during the previous year ended March 2024. Particulars Quarter Ended Year Ended Mar. 2025 Mar. 2024 % Var. Mar. 2025 Mar. 2024 % Var. Sales 584.85811.56 -28 2004.102222.25 -10 OPM % 8.146.14 - 10.204.93 - PBDT 92.2744.74 106 270.22151.77 78 PBT 86.6242.14 106 256.98144.46 78 NP 64.8030.68 111 171.96112.21 53
