Marathon NextGen Realty Ltd , a leading Mumbai-based real estate developer, announced a strong financial performance for the first quarter of FY 24. Marathon NextGen Realty has residential and commercial projects at various locations in the MMR market.
The recently announced financial performance for the Q1 of FY24 shows remarkable growth in sales, pre-sales and collections, with the company recording pre-sales amounting to Rs. 245 crores.
Commenting on the company's performance, Chetan Shah, Chairman & MD of Marathon NextGen Realty Limited said, "The previous quarter has been one of the best for us in recent years. There is a high demand for the majority of our projects in the MMR market. We remain positive about our growth and focus on improving our financial performance by reducing debt and generating healthy cash flows. With a robust launch pipeline in the coming months, we are optimistic about continuing our growth trajectory in FY24".
The company sold 1,84,991 sq. ft., marking a phenomenal 74% increase compared to the same period last year. The sales value for Q1FY24 has soared to Rs. 323 crores. This is a remarkable 154% surge over the same period the previous year.
The collections for Q1FY24 stood at Rs 233 crores, a mammoth 92% increase compared to last year. The net debt of MNRL for Q1FY24 stood at Rs 830 crores.
The company also achieved some major milestones in the quarter. Its flagship commercial project Marathon Futurex, which is one of the largest commercial projects in the city by floor plate, received OC until the 38th floor.
"The remarkable growth in sales coupled with an overwhelming response from customers has set the stage for a remarkable FY24. These outstanding figures reflect a higher demand for Marathon properties and our ability to deliver excellence to our customers," said Mayur Shah, Managing Director of Marathon NextGen Realty Limited.
