Keystone Realtors Limited , known for its RUSTOMJEE brand in the real estate sector, has announced a significant upcoming event that could impact its financial strategy. The company has scheduled a Board of Directors meeting for September 10 to consider and potentially approve raising funds through debentures.

Strong Pre-Sales Performance

Keystone Realtors has exceeded its annual pre-sales guidance, achieving over 25% in the first quarter with projects worth over ₹7,700.00 crore locked in against full-year guidance of ₹6,000.00 crore. Project launches in the April-June quarter were worth nearly ₹4,000.00 crore, indicating robust market demand for the company's offerings.

Financial Performance

Despite the strong pre-sales figures, the company's quarterly financial performance has shown a decline:

Board Meeting Details

The upcoming board meeting on September 10 will primarily focus on exploring the option of issuing debentures as a means of fundraising. This decision could have important implications for the company's financial structure and future growth plans.

Official Communication

Keystone Realtors has formally communicated this development to both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The company has ensured transparency by making this information publicly available.

Corporate Governance

The intimation was officially signed by Bimal K Nanda, the Company Secretary and Compliance Officer of Keystone Realtors Limited. This adherence to proper corporate governance procedures underscores the company's commitment to keeping its shareholders and the market informed of potential significant decisions.

Investor Information

For investors and stakeholders seeking more details, the company has made the full intimation available on its official website, www.rustomjee.com . This move allows for easy access to information and promotes transparency in the company's operations.

The outcome of this board meeting could potentially influence Keystone Realtors' financial position and may be of interest to investors and market analysts alike. Any decisions regarding fundraising through debentures will be subject to board approval and relevant regulatory compliances.

Stakeholders and interested parties are advised to keep an eye on further announcements from the company following the September 10 board meeting for any concrete decisions or additional details regarding the proposed fundraising initiative.

Keystone Realtors , a prominent player in the real estate sector, has made significant strides in expanding its project portfolio in Mumbai. The company has recently acquired three redevelopment projects with a combined revenue potential exceeding Rs 7,700 crore, marking a substantial expansion in its operations.

Record-Breaking Pre-Sales

Keystone Realtors reported record quarterly pre-sales of Rs 1,068.00 crore for the April-June period. This figure represents a remarkable 75% increase compared to the same quarter in the previous year, indicating strong market demand for the company's offerings.

New Project Acquisitions

The company's recent acquisitions include:

1. GTB Nagar Cluster redevelopment at Sion: A project with a revenue potential of Rs 4,521.00 crore
2. Lokhandwala Cluster project at Andheri West: Estimated revenue potential of Rs 2,956.00 crore
3. Redevelopment project at Goregaon East: Revenue potential of Rs 251.00 crore

These three projects collectively offer a total saleable area of 3.25 million square feet, significantly boosting Keystone Realtors' development pipeline.

Project Launches and Future Plans

Keystone Realtors has already launched three new projects with an estimated value of Rs 4,000.00 crore. This represents 57% of the company's Rs 7,000.00 crore launch target for the current fiscal year, demonstrating strong progress towards its annual goals.

CMD Boman Irani has indicated that the company plans to acquire more land parcels across the Mumbai Metropolitan Region. The management may revise its annual guidance after the second quarter.

Financial Performance

Despite the positive developments in project acquisitions and pre-sales, Keystone Realtors faced some challenges in its financial performance:

The decline in net profit and total income is attributed to lower income recognition under the project completion method. This accounting approach may result in fluctuations in reported income as it depends on the completion status of ongoing projects.

Keystone Realtors' strategic acquisitions and strong pre-sales performance indicate a positive outlook for the company, despite the temporary dip in financial metrics. The real estate market in Mumbai continues to show resilience, and Keystone Realtors appears well-positioned to capitalize on the opportunities in the redevelopment segment.