Keystone Realtors Reports 19% Decrease in Net Profit Amid Rising Operating Expenses
Keystone Realtors Ltd, a prominent player in Mumbai's real estate scene, has reported a 19% decrease in its consolidated net profit, amounting to Rs 52.42 crore for the quarter ending in March. This decline can be attributed to rising operating expenses.
Key Highlights:
- Total Income Doubles: Keystone Realtors witnessed an impressive doubling of its total income to Rs 1,613.36 crore during the January-March quarter compared to the previous year.
- Operational Costs Surge: Despite the significant increase in total income, the company faced a substantial rise in operational costs, which increased to Rs 1,553.22 crore from Rs 552.73 crore.
- Construction Portfolio: Keystone Realtors, known for marketing residential properties under the 'Rustomjee' brand, has ongoing and forthcoming projects contributing to its substantial construction portfolio in the Mumbai Metropolitan Region.
The company's financial performance indicates a challenging market environment, with rising operating expenses posing a significant challenge to its profitability.