M3M Group Reduces Debt by ₹2,473 Crore with Strong Sales Performance

Gurugram-based M3M Group has successfully reduced its debt by ₹2,473 crore over the past 18 months, bringing its outstanding debt to ₹1,302 crore as of August 31, 2024.

M3m GroupReal EstateDebt ReductionSales PerformanceFinancial HealthReal Estate MumbaiOct 06, 2024

M3M Group Reduces Debt by ₹2,473 Crore with Strong Sales Performance

Real Estate Mumbai:Gurugram, October 5, 2024 - M3M Group, a leading real estate developer in Gurugram, has made significant strides in reducing its debt burden. According to a recent statement, the Group has successfully cleared ₹2,473 crore worth of debt between April 2023 and August 2024. This reduction brings the company's outstanding debt down to ₹1,302 crore, a significant improvement from ₹3,726 crore in the previous year.\n\nThe company has repaid its accumulated debt to various financial institutions, including Pragati Asia Group (PAG), ICICI Bank, IndusInd Bank, L&T Finance, Punjab National Bank, Indiabulls Housing Finance, STCI Finance, and Kotak Mahindra Bank. This achievement is a testament to M3M Group's commitment to maintaining a healthy financial profile and strengthening its position in the market.\n\nBetween April 2023 and March 2024, M3M Group managed to repay ₹1,700 crore, bringing its outstanding amount down to ₹2,026 crore. A company spokesperson remarked, 'The debt repayment of ₹2,473 crore over the past eighteen months is a significant milestone in our ongoing efforts to strengthen our financial position. 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.'\n\nThe debt repayment is a direct result of the company's robust project deliveries, effective cost management, and strong sales momentum. These factors have collectively enabled M3M Group to generate sufficient cash flows to make substantial debt repayments. In the first quarter of the ongoing financial year, M3M Group recorded sales of ₹3,911 crore, marking a 37% increase from ₹2,854 crore in Q1 FY24.\n\nIn the residential and plot development segment, the company has seen a significant boost, clocking sales of ₹2,971 crore in the Gurugram, Panipat, and Noida regions during the first quarter of FY 2024-25, a 46% increase from ₹2,028 crore in the same period last year.\n\nM3M India currently has 56 projects in various stages of development, ranging from retail and residential to offices and service apartments. Projects launched before 2019 have been successfully delivered, and construction is in full swing for the remaining projects.\n\nM3M Group's strong financial performance and debt reduction efforts position the company to continue its growth trajectory and maintain its leadership in the real estate sector. The company remains committed to delivering high-quality projects and providing exceptional value to its customers.

Frequently Asked Questions

How much debt has M3M Group reduced over the past 18 months?

M3M Group has reduced its debt by ₹2,473 crore over the past 18 months.

What is M3M Group's current outstanding debt?

M3M Group's current outstanding debt is ₹1,302 crore as of August 31, 2024.

Which financial institutions did M3M Group repay its debt to?

M3M Group repaid its debt to institutions such as Pragati Asia Group (PAG), ICICI Bank, IndusInd Bank, L&T Finance, Punjab National Bank, Indiabulls Housing Finance, STCI Finance, and Kotak Mahindra Bank.

How much did M3M Group's sales increase in the first quarter of the ongoing financial year?

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 in Q1 FY24.

How many projects does M3M Group currently have in development?

M3M Group currently has 56 projects in various stages of development, ranging from retail and residential to offices and service apartments.

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