Keystone Realtors CMD Confident Of Surpassing Rs 3,000-Crore Pre-Sales Guidance In FY25
Boman Irani pointed out that even in the preceding fiscal, the real estate company had exceeded the pre-sales guidance given at that time, which was Rs 2,000 crore.
Keystone Realtors Ltd. is looking at surpassing its pre-sales guidance of Rs 3,000 crore this fiscal on the back of strong collections, according to Boman Irani, chairman and managing director.
Talking to NDTV Profit, he highlighted that the company's collection already stood at 80% of its pre-sales.
“We have done collections of Rs 1,037 crore. In the real estate industry, the first and fourth quarters are very strong. We are looking to surpass the guidance of Rs 3,000 crore this year,” he said.
The real estate company's top executive pointed out that even in the preceding fiscal, it exceeded the pre-sales guidance given at that time, which was Rs 2,000 crore.
“As far as the sales go, we expect a very strong comeback on the newer projects we have launched in this quarter. We have gone into plotted developments as well and that is seeing strong interest in the MMR (Mumbai Metropolitan Region) market area,” Irani added.
For the September quarter of the ongoing fiscal, Keystone Realtors Ltd.’s revenue from operations stood at Rs 533 crore, while profit-after-tax was Rs 66 crore.
The company’s pre-sales also more than doubled to Rs 700 crore in the second quarter of FY2024–25. However, the company's collections declined 6% year-on-year to Rs 484 crore.
Commenting on this, Irani told NDTV Profit that collections of the company rise whenever there is a bulk of project completion.
“We have had a lot of new launches this year and collections initially are always low but, as we go ahead, we will see a lot more work that will generate customer revenues coming in for us,” he said.
Irani expressed optimism that the company would find itself in a good curve going forward in the second half.
The Keystone Realty MD argued, “Eighteen percent collections at Rs 1,037 crore are not bad. Last year, they were extremely high as projects were nearing completion and those got reported at that time.”
He said that the collections are likely to add Rs 2,000 crore to the company’s cash flow.
“We are sitting on about Rs 950 crore of dry powder and we have got collections coming in which will give us about Rs 2,000 crore in terms of acquisition capital. We plan to keep growing our business development in areas that are newer,” Irani said.
Shares of Keystone Realtors Ltd. closed marginally higher at Rs 712 apiece on the NSE on Thursday, while the benchmark index Nifty 50 declined to end 0.72% lower at 23,349.9.
