The shares of this prominent real estate developer gained up to 3 percent after the company announced the redevelopment of the plot and premises of 2 societies which will generate revenue of up to Rs 1200 crore.
With a market capitalization of Rs 7,930.25 crore, the shares of Keystone Realtors Ltd were trading at Rs 696.35 per share, decreasing around 0.59 percent as compared to the previous closing price of Rs 700.45 apiece.
According to the company filing, Keystone Realtors Ltd has been chosen as the developer to reconstruct the plot and premises of Veena Nagar Co-operative Housing Society Limited and NeelKamal Ghruh Cooperative Housing Society Limited on a combined land area of 12,120 square meters in Malad (W), Mumbai, Maharashtra.
In addition to the above paragraph, this renovation will result in a selling potential of 3,42,000 square feet of RERA carpet area, with a projected Gross Development Value (GDV) of Rs. 1200 crores.
Furthermore, This development is in line with Rustomjee’s strategy to build a diversified portfolio across ticket sizes and will further strengthen Rustomjee’s presence in the growing western suburbs of Mumbai.
Additionally, The project is expected to be launched in the next calendar year. With these additions, Rustomjee has already added 8 new projects in the current financial year with a total GDV of Rs. 7000 Crs.
The company’s revenue increased by 1,237.75 percent, from Rs 46.20 crore in Q2FY23 to Rs 618.04 crore in Q2FY24. During the same period, net profit also increased by 191 percent, from a loss of Rs 4.58 crore to a profit of Rs 4.17 crore.
Keystone Realtors Ltd reported return ratios in the recent financial year with a return on equity (ROE) of 6.11 percent and a return on capital employed (ROCE) of 5.48 percent.
Keystone Realtors Limited is a notable real estate developer. The firm is engaged in the business of real estate building, development, and other related operations in India.
Written by:- Abhishek Singh.
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
