Leading Mumbai developer Keystone Realtors saw its net profit for FY24 increase 36.92% to INR 112.21 crore compared to the previous year, although profit dropped 60% in the fourth quarter. While Q4 profit fell to INR 30.68 crore from INR 76.59 crore year-on-year, total income jumped over 130% for the quarter. For the full year, total income witnessed strong growth of over 215% to INR 2,275.63 crore. Keystone Realtors operates under the Rustomjee brand with a development portfolio spanning MMR, including 34 completed and 35 ongoing/planned projects delivering over 23 million square feet to date.
Leading Mumbai-based real estate developer Keystone Realtors Ltd reported a 36.92% increase in its profit at INR 112.21 crore for the full year in FY24. Its net profit for the entire 2023 fiscal year witnessed a rise of 36.92% to INR 112.21 crore from INR 81.95 crore in 2022-23.
However, Keystone Realtors saw a 60% drop in its consolidated net profit for the fourth quarter ending March 2023. The company's net profit for the January to March period declined 60% to INR 30.68 crore compared to INR 76.59 crore in the corresponding quarter of the previous fiscal year 2021-22. While the fourth quarter profits were lower, the realty firm was able to increase its annual bottom line numbers significantly.
The total operating income of Keystone Realtors also jumped substantially in the last quarter of fiscal 2024. Its total income grew to INR 826.15 crore for the January to March period compared to INR 357.63 crore in the same quarter last year, marking a rise of over 130%. The total expenditure for the quarter under review climbed to INR 781.79 crore from INR 271.34 crore in the year-ago comparable period.
For the full financial year 2024, the company's total income witnessed a strong growth of over 215% to INR 2,275.63 crore from INR 724.90 crore in the previous fiscal 2022-23.
Mumbai-based Keystone Realtors sells its properties under Rustomjee brand. Incorporated in 1995, Keystone Realtors has a substantial portfolio of projects spanning the Mumbai Metropolitan Region (MMR), with 34 completed projects, 11 ongoing projects, and 25 forthcoming projects. So far, the company has delivered over 23 million square feet and 40 million square feet is in the works.
Despite facing short term challenges in the fourth quarter, Keystone Realtors was able to deliver full year growth through its diversified portfolio of residential and commercial projects. Going forward, the company is well positioned to benefit from the anticipated recovery in real estate demand across Mumbai Metropolitan Region with its extensive pipeline of upcoming projects.
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