Keystone Realtors Reports 28% QoQ Growth in Collection Sales
Keystone Realtors Limited has announced a significant 28% quarter-on-quarter growth in collection sales for the first quarter of fiscal year 2025, marking a notable achievement amidst evolving market dynamics.
by Damodharan N
Updated Jul 10, 2024
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Table of Content
In Q1 FY25, Keystone Realtors recorded a collection of INR 4.85 billion, compared to INR 6.70 billion in the previous quarter (Q4 FY24), reflecting a 28% QoQ increase. This growth contrasts with a slight decline of 2% year-on-year (YoY) compared to Q1 FY24. The firm attributed this performance to strategic project launches and focused business development initiatives.
During the quarter, Keystone Realtors launched two significant projects: 180 Bayview in Matunga West and Ocean Vista in Versova. These projects, with a saleable area of 0.63 million square feet and an estimated Gross Development Value (GDV) of INR 20.17 billion, align closely with the company's strategy of launching two projects per quarter. Additionally, the firm added another redevelopment project, contributing a saleable area of 0.35 million square feet and an estimated GDV of INR 9.84 billion.
The successful completion of a fund raise totaling INR 8 billion through Qualified Institutional Placement (QIP) in May 2024 further bolsters Keystone Realtors' financial position.Keystone Realtors also received an upgraded credit rating from ICRA, moving from "ICRA A-" to "ICRA A" with a Positive outlook on the long-term rating.
Commenting on the Q1 FY25 performance, Mr. Boman Irani, CMD of Keystone Realtors Limited, emphasized the quarter's strategic significance in setting a positive trajectory for the fiscal year. He highlighted the company's strong momentum from FY24 and its ability to exceed expectations with a 22% YoY growth in Pre-Sales, totaling INR 6.11 billion.
Mr. Irani expressed confidence in Keystone Realtors' strategic direction, anticipating continued growth through acquisitions and efficient project launches.With a robust pipeline of projects and strengthened financial foundations, the company remains poised to deliver sustained value to its stakeholders in the upcoming quarters.
The figures given are subject to an audit. Read the full statement Here
Market Reaction
Keystone Realtors Limited witnessed a substantial surge in its stock price on July 9, 2024, following the company's impressive performance announcement for the quarter ended June 30, 2024. On July 9, 2024, Keystone Realtors' stock opened at INR 674.80 and reached a high of INR 709.00, showcasing robust intraday trading activity.
The closing price settled at INR 684.20, up significantly from the previous day's close of INR 670.05. The market's bullish response underscores investor optimism Trading data from July 9 reveals robust trading volume, with 2,24,999 shares exchanged, highlighting heightened investor interest and active participation in Keystone Realtors' stock. The trading value amounted to INR 15,42,14,434.50 data from the NSE shows.
Keystone Realtors Limited
Founded in 1995, Keystone Realtors Limited is a prominent player in the Mumbai real estate sector, known for its commitment to innovative design and sustainable construction practices.
The company has delivered over 20 million square feet of real estate space through 280+ buildings and 14,000+ homes across Mumbai. With a focus on quality and customer satisfaction, Keystone Realtors has also developed 2 township projects, contributing to its reputation for delivering diverse lifestyle solutions and setting benchmarks in urban development.
Keystone Realtors Reports 28% QoQ Growth in Collection Sales - FAQs
1. What was Keystone Realtors' collection sales growth in Q1 FY25?
Keystone Realtors reported a 28% quarter-on-quarter growth in collection sales.
2. How much did Keystone Realtors collect in Q1 FY25?
Keystone Realtors collected INR 4.85 billion in Q1 FY25.
3. What was the collection amount in the previous quarter (Q4 FY24)?
In Q4 FY24, Keystone Realtors collected INR 6.70 billion.
4. What was the year-on-year change in collection sales for Q1 FY25?
Collection sales declined by 2% year-on-year compared to Q1 FY24.
5. How many significant projects did Keystone Realtors launch in Q1 FY25?
Keystone Realtors launched two significant projects in Q1 FY25.
6. What is the saleable area of 180 Bayview and Ocean Vista projects combined?
The saleable area of 180 Bayview and Ocean Vista projects totals 0.63 million square feet.
7. What is the estimated Gross Development Value (GDV) of 180 Bayview and Ocean Vista projects?
The estimated GDV of 180 Bayview and Ocean Vista projects is INR 20.17 billion.
8. How much did Keystone Realtors raise through Qualified Institutional Placement (QIP) in May 2024?
Keystone Realtors raised INR 8 billion through QIP in May 2024.
9. What was the upgraded credit rating of Keystone Realtors by ICRA?
ICRA upgraded Keystone Realtors' credit rating to "ICRA "A" with a Positive outlook.
10. How much was the trading volume of Keystone Realtors' stock on July 9, 2024?
The trading volume on July 9, 2024, was 2,24,999 shares.
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