Keystone Realtors' net profit increased by 85 percent in Q4 FY23

During the quarter ending on March 31, 2023, Keystone Realtors recorded an impressive 85.05 percent increase in its net consolidated profit. The company announced a net profit of Rs 74.04 crore in the fourth quarter of fiscal year 2023, which is a significant increase from the Rs 40.01 crore it reported in the same quarter of the previous fiscal year, according to a filing with the Bombay Stock Exchange (BSE).

In Q4 FY23, the company reported a net consolidated total income of Rs 357.63 crore, which marks a substantial growth of 44.25 percent compared to the Rs 247.92 crore earned during the same quarter in the preceding year.

It’s recently launched AIF has received a commitment worth Rs 3.5 billion, which has significantly fortified the company's position. Boman Irani, the company's chairman and managing director, stated that the company's financial standing has enabled them to obtain growth capital for the purpose of strengthening and expanding their dominant presence in the MMR region.

In the fiscal year concluding on March 31, 2023, the enterprise has successfully accomplished an IPO of 11,737,521 equity shares with a par value of Rs 10 per share at a price of Rs 541 per share, resulting in a total sum of Rs 635 crore. This comprises a fresh issuance of 10,351,201 shares valued at Rs 560 crore as well as the sale of 1,386,320 shares by existing shareholders valued at Rs 75 crore.

Regarding the aforementioned initial public offering, the company has spent Rs 40.30 crore in expenses related to issuing shares, which have been divided between the company and the shareholders selling their shares based on the amount of proceeds received by each party from the IPO. Expenses incurred by the company totalling Rs 35.54 crore were reallocated to the securities premium, while the selling shareholders' expenses worth Rs 4.76 crore were subtracted from their IPO earnings.

As per the regulatory filing, the company has acquired a sum of Rs 524.46 crore (after deducting IPO expenses of Rs 35.54 crore) from the earnings generated through newly-issued equity shares.

Keystone Realtors attained an operating cash flow of Rs 4.6 billion thanks to their collections of Rs 7 billion in the fourth quarter of fiscal year 2023. Despite this, they still had a net debt of Rs. 0.19 billion. In the financial year 2023, the company achieved pre-sales amounting to Rs 16 billion, while Rs 1.03 million square feet of real estate were sold.

Keystone Realtors Limited is a public company that has been registered and listed since November 6, 1995. Rustomjee functions as a real estate enterprise under the name Keystone Realtors Private Limited. The firm engages in the construction and sale of residential dwellings, including single and multi-unit houses, apartments and condos, and also undertakes the development of commercial spaces and corporate centres. The individuals behind the formation of the company are Boman Rustom Irani, Percy Sorabji Chowdhry, and Chandresh Dinesh Mehta.

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Keystone Realtors' net profit increased by 85 percent in Q4 FY23

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