NEW DELHI: Keystone Realtors Ltd, a prominent real estate developer based in Mumbai, has announced a significant downturn in its financial performance for the December quarter. The company reported an 83 per cent decline in consolidated net profit, which dropped to Rs 5.08 crore in the third quarter of the current fiscal year. This marks a sharp contrast to the same period last year, when the net profit stood at a robust Rs 29.98 crore.
Steep Decline in Total Income
In addition to the profit slump, Keystone Realtors experienced a notable reduction in total income. For the quarter ending December, total income fell to Rs 293.95 crore, compared to Rs 485.82 crore in the corresponding period of the preceding fiscal year. This decline was disclosed by the company through a regulatory filing, highlighting the challenging economic environment impacting the real estate sector.
Nine-Month Performance Overview
The financial strain is further evident in the company's performance over the first nine months of this fiscal year. During the April-December period, Keystone Realtors' profit decreased to Rs 31.30 crore from Rs 121.18 crore in the year-ago period. Similarly, total income declined to Rs 1,103.49 crore from Rs 1,479.24 crore in the corresponding period of the preceding year, underscoring a sustained downward trend.
Company Background and Market Presence
Mumbai-based Keystone Realtors Ltd is recognized as one of the leading real estate developers in India, with a strong foothold in the Mumbai Metropolitan Region (MMR) property market. The company's extensive portfolio and strategic projects have positioned it as a key player in the industry, making these financial results particularly noteworthy for investors and market analysts.
The reported figures reflect broader market challenges, including fluctuating demand and regulatory changes, which have affected profitability across the real estate landscape. As Keystone Realtors navigates these headwinds, stakeholders are closely monitoring its strategies to rebound and sustain growth in the competitive property sector.
