Keystone Realtors has reported a growth of 85.05 per cent in its net consolidated profit during the quarter ended March 31, 2023. Its profit after tax stood at Rs 74.04 crore in Q4 FY23 as against Rs 40.01 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 357.63 crore in Q4 FY23, a growth of 44.25 per cent from Rs 247.92 crore it recorded in the similar quarter last year.
“The commitment of Rs 3.5 billion received towards recently launched AIF has further strengthened the company’s
financial position & provided a growth Capital to expand and bolster our dominant position in the MMR region,” said Boman Irani, chairman and managing director of the company.
During the year ended March 31, 2023, the company has completed its Initial Public Offer (IPO) of 11,737,521 equity shares of face value of Rs 10 each at an issue price of Rs 541 per share aggregating to Rs 635 crore, comprising of fresh issue of 10,351,201 shares aggregating to Rs 560 crore and offer for sale of 1,386,320 shares by selling shareholders aggregating to Rs 75 crore.
In respect of the aforesaid IPO, the company has incurred Rs 40.30 crore as share issue expenses, which has been allocated between the company and selling shareholders, in proportion to the proceeds of the IPO received by the company and respective selling shareholders. The company’s share of expenses amounting to Rs 35.54 crore has been adjusted to securities premium and that of selling shareholders amounting to Rs 4.76 crore were netted off from their proceeds of IPO.
The company has received an amount of Rs 524.46 crore (net off IPO expenses of Rs 35.54 crore) from proceeds out of fresh issue of equity shares, it said in the regulatory filing.
Keystone Realtors recorded net debt of Rs 0.19 billion backed by quarterly collections of Rs 7 billion in Q4 FY23 resulting in a operating cash flow of Rs 4.6 billion for FY23. In FY23, the company recorded pre-sales of Rs 16 billion, area sold stood at 1.03 million sq ft.