M3M Group has decreased its debt to as low as ₹2,473 crore between April 2023 and August 2024. According to a statement released on October 5, the debt standing out after those repayments against the Gurugram-based company now reads at ₹1,302 crore.
M3M Group said it has paid loans given by financial institutions which include Pragati Asia Group (PAG), ICICI Bank, IndusInd Bank, L&T Finance, Punjab National Bank, India Bulls Housing Finance, STCI Finance, and Kotak Mahindra Bank. It has paid ₹1,700 cr in FY 2023-2024 and managed to reduce its outstanding debt to ₹2,026 cr.
Commenting on the development, a company spokesperson said: “The refund of ₹2,473 crore in the last eighteen months is testimony to M3M Group’s endeavor toward debt reduction and healthy financial profile management. This is one landmark in our relentless pursuit to strengthen the financial situation.
By reducing our debt and thereby improving our financial flexibility, we are well-positioned to capitalize on future opportunities for growth and continue to deliver excellent value to our customers,” he said.
This has consequently reduced the collective debt-reduction cushion created by successful delivery, effective cost management, and sustained sales momentum, as enough cash flow was generated in servicing the servicing of debts. M3M Group sells ₹3,911 crore in its first quarter of the FY25 period-a 37% rise from the same period of FY24 sold at ₹2,854 crore.
In the residential and plot development segment, Gurugram, Panipat, and Noida have reported ₹2,971 crore in sales in the first quarter of FY 2024-25. This number is marked as 46% ahead of ₹2,028 crore on the same period last year.
Presently, M3M India operates 56 projects that classify into the retail, residential, office space, and service apartments categories. As per the company, it has handed over all the projects launched prior to 2019 and is progressing in good speed on the ongoing projects.
M3M Group’s strategic focus on debt reduction and financial health places the company well for future growth with a real estate market that is very competitive in nature.
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