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NCR real estate news: M3M Group clears ₹2,473 crore debt backed by robust sales
Gurugram-based M3M Group’s outstanding debt decreased to ₹1,302 crore as of August 31, 2024, from ₹3,726 crore in the previous year
Gurugram-headquartered M3M Group said in a statement on October 5 that it has pared ₹2,473 crore worth of debt between April 2023 - August 2024. The Group’s outstanding debt since then stands at ₹1,302 crore.
According to the company statement, it has repaid accumulated debt to lenders such as Pragati Asia Group (PAG), ICICI Bank, IndusInd Bank, L&T Finance, Punjab National Bank, India bulls Housing Finance, STCI Finance, and Kotak Mahindra Bank.
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Between April 2023 - March 2024, the company reapid ₹1,700 crore, bringing its outstanding amount down to ₹2,026 crore.
“The debt repayment of ₹2473 crore over the past eighteen months is a testimony to M3M Group’s focus on reducing its debt burden and maintaining a healthy financial profile. This step is a significant milestone in the group's ongoing efforts to strengthen its financial position,” a company spokesperson said.
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“By reducing our debt burden and enhancing our financial flexibility, we are well-positioned to capitalize on future growth opportunities and continue to provide exceptional value to our customers,” the spokesperson added.
As per the company statement, the debt repayment is a direct result of the group's project deliveries, cost management, and sales momentum, which have collectively enabled the company to generate sufficient cash flows to repay its debt.
Business performance
M3M group recorded sales of ₹3,911 crore in the first quarter of the ongoing financial year, marking a 37% increase from ₹2,854 crore clocked in Q1 FY24.
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In the residential and plot development segment, the company clocked sales of ₹2,971 crore in Gurugram, Panipat, and Noida region during the first quarter of FY 2024-25, 46% up from ₹2,028 crore during the same period last year.
M3M India presently has 56 projects spread across retail, residential, offices, service apartments, and so on. Projects launched before 2019 have been delivered and the construction is in full swing in the rest of the projects, the company statement said.
