India's Keystone Realtors Q2 revenue dips but JV income lifts profit

Overview

• India real estate developer's Q2 consolidated revenue from operations dips to INR 4.97 bln

• Q2 consolidated net profit rose to INR 1.0 bln

Outlook

• Company did not provide specific guidance for future quarters or the full year in the press release

Result Drivers

• ASSOCIATES AND JOINT VENTURES – H1 profit before tax benefited from INR 743.2 mln share of profit, versus a loss yr ago

• HIGHER FINANCE COSTS – H1 finance costs roughly doubled, weighing on profit

• INVENTORY MOVEMENT – Expenses benefited from a INR 380.4 mln inventory reduction, versus a INR 923.4 mln increase a year earlier

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the real estate rental, development & operations peer group is "hold."

• Wall Street's median 12-month price target for Keystone Realtors Ltd is ₹616.00, about 71.9% above its November 3 closing price of ₹358.35

• The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 15 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)