M3M group, a leading luxury real estate developer, has successfully repaid INR 2473 crore of debt from 1st April 2023 till August 31st, 2024, demonstrating the company's strong financial discipline and commitment to maintaining a robust balance sheet. This significant achievement marks a pivotal moment in M3M’s journey toward financial stability and future growth.
In a strategic move to fortify its financial standing, M3M group has cleared a substantial portion of its accumulated debt by repaying to lenders: Pragati Asia Group (PAG), ICICI Bank, IndusInd Bank, L&T Finance, Punjab National Bank, India bulls Housing Finance, STCI Finance, and Kotak Mahindra Bank.
M3M group’s outstanding debt has been substantially reduced to INR 2,026 crores as of March 31st, 2024, marking a significant decrease of INR 1,700 crores from INR 3,726 crores in the previous year, positioning the company on a solid financial footing as a result of its extensive project development and expansion efforts. As of August 31st, 2024, the group's outstanding debt further decreased to INR 1,302 crores, a testament to its continued focus on debt reduction.
The debt repayment is a direct result of the group's successful project deliveries, efficient cost management, and robust sales momentum, which have collectively enabled the company to generate sufficient cash flows to repay its debt, thereby significantly decreasing its outstanding debt and paving the way for long-term financial stability and success.
This achievement will have a profound impact on the group's financial health, reducing interest expenses and improving cash flow, enhancing liquidity, and enabling reinvestment in upcoming projects, exploration of new opportunities, and driving sustained growth, marking a critical step towards achieving its growth objectives and ensuring long-term financial stability.
Notably, the M3M group achieved a significant milestone in Q1FY25 with sales of INR 3911 crore, marking a 37% increase from INR 2854 crore in Q1FY24, bolstered by substantial financial support from its bankers.
Its impressive sales figures indicate strong market demand and successful execution of projects. In the residential and plot development segment alone, the group clocked stunning sales of INR 2028 crore in Gurugram, Panipat, and Noida region during the first quarter of FY 2023-24 whereas the first quarter of FY 2024-25 has impressively pegged 46% increase at INR 2971 crore.
M3M India has 56 projects spread across retail, residential, offices, service apartments, etc. All of its projects launched before 2019 have already been delivered and the construction is in full swing in the rest of the projects.
