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Keystone Realtors Limited, a prominent MMR based real estate developer hosted their 28th Annual General Meeting (AGM) on the 22nd of September, 2023. This AGM was particularly special as it marked the first since the company’s successful listing on the stock exchanges in November 2022.
The AGM, held at 4 PM, saw Keystone Realtors Limited reflect on its remarkable achievements in the financial year 2022-2023. These accomplishments underscored the company’s commitment to excellence and innovation in the real estate sector.
The AGM, held at 4 PM, saw Keystone Realtors Limited reflect on its remarkable achievements in the financial year 2022-2023. These accomplishments underscored the company’s commitment to excellence and innovation in the real estate sector.
Highlights of FY23:
– Keystone achieved pre-sales of INR 16 billion in FY23, with an area sold of 1.03 million square feet and the collections stood at INR 18.6 billion.- FY23 saw a substantial increase in Operating Cash Flows (OCF), growing 2.5 times to INR 4.6 billion compared to the previous fiscal year.- The company successfully reduced its Net Secured Debt to INR 0.19 billion in FY23 (D/E of 0.01:1), reflecting a robust capital structure.- Expansion and Redevelopment: In FY23, Keystone was chosen as a preferred redeveloper for five new projects, with an estimated Gross Development Value (GDV) of INR 34.3 billion. The company also launched four projects in key areas such as Virar, Thane, Juhu, and Bandra (East) during the fiscal year, further bolstering its presence.
Keystone Realtors Limited is poised for continued success in FY24. The company will maintain its focus on the Mumbai Metropolitan Region (MMR) market and will maintain its asset-light business model, with redevelopment projects playing a pivotal role.
The company is strategically looking to acquire projects with picturesque blue view or Green view and proximity to upcoming infrastructure. In this regard, Keystone ventured into three new micro markets – Mahim, Chembur, and Dombivili – in FY23. The business development pipeline remains robust, allowing for the continuous addition of new projects at an excellent year-on-year growth rate. Keystone’s robust capital structure and strong liquidity position will enable it to sustain this momentum in project acquisition.
Founded in 1995, Keystone Realtors Limited has become a leading real estate developer in MMR. With a diverse portfolio 13 ongoing projects and 22 forthcoming projects, Keystone caters to a wide range of price points, from affordable to super-premium. Having delivered over 20+ million square feet and with a pipeline of over 37+ million square feet as at 31-Mar-23, the company stands out for its asset-light approach, integrated real estate development model, and unwavering commitment to quality.
Keystone Realtors Limited continues to navigate through the ever-evolving real estate industry and unwavering commitment to excellence is committed to create long term value for its shareholders.
