Real estate firm Keystone Realtors Ltd, which is branded as Rustomjee, reported a mixed set of consolidated earnings for the July-September quarter. Consolidated revenue for the quarter came in at Rs 533.07 crore, lower than the Rs 618.04 crore reported a year back. On the other hand, the company posted a consolidated net profit of Rs 66.27 crore, which was significantly higher than the figure clocked last year.
The company, whose projects are primarily centred in the Mumbai metropolitan area, reported pre-sales of Rs 700 crore during the quarter, more than twice that of the same quarter last year. On the other hand, collections for the reported quarter stood at Rs 552 crore, marginally lower than the Rs 585 crore reported a year ago.
During the quarter, Rustomjee launched three projects with a gross development value of Rs 2,040 crore, including a plotted development project in Kasara, on the outskirts of Mumbai. Besides those projects, the company also added three projects to its launch pipeline, carrying a gross development value of Rs 1,333 crore.
In a release, Rustomjee Managing Director Boman Irani said that the company plans to continue its growth trajectory especially in the redevelopment space, with the company being one of the largest redevelopment players in the Mumbai market.
"We will continue to follow the asset-light model, with redevelopment serving as a key driver of growth. The redevelopment potential in Mumbai is vast, and as the most preferred partner in this space, we are strategically positioned to capitalise on the current momentum," Irani said.
At 2.12pm on November 11, Keystone Realtors shares traded 1.1 percent up at Rs 736.05 on the National Stock Exchange.
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