Keystone Realtors extends rally, soars 4%; reports robust collections in Q2

Keystone Realtors shares extended its rally from October 10, surging 3.6 percent in trade on October 11. The Rustomjee operator’s collections for the first half of FY24 stood at Rs 1,080 crore. This compared to collections of Rs 747 crore in H1FY23, showing a growth of 45 percent year-on-year (YoY).

Shares of the Rustomjee parent were trading at Rs 579.25 on the NSE, higher by 2.65 percent. On October 10, shares of the firm closed 5.45 percent higher.

The area sold in Q2 witnessed a notable decline of 44.8 percent from Q1FY24, at 0.16 million square feet. Pre-sales for Q2FY24 were reported at Rs 306 crore, indicating a YoY decline of 23 percent.

Follow our live blog for all the market action

On the other hand, collections rose sharply at Rs 585 crore, up from Rs 344 crore in the corresponding quarter. For the first half of FY24, Keystone Realtors reported collections of Rs 1,080 crore, higher by 44.5 percent YoY from H1FY23.

Boman Irani, CMD of Keystone Realtors, said “During this quarter, we have made good progress having completed 5 projects admeasuring 3.12 million sqft of construction area. Further, we have added 4 projects having estimated GDV of Rs 3,644 crore during the first half of FY24. With the onset of the festive season and with planned launch pipeline for the remaining half of FY24, we remain confident about our guidance for pre-sales growth”.

Stock price movement, shareholding pattern

Keystone Realtors debuted on the bourses on November 24, 2022. On BSE, the firm listed at Rs 558.7 apiece, from which the shares are currently trading 3.6 percent higher.

The promoters of the company own 86.7 percent in the company, with FIIs and DIIs holding 1.5 percent and 7.9 percent according to the June quarter shareholding. The public holds a 4 percent stake in the firm.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.