Marathon Nextgen Realty Ltd., engaged in the development of residential and commercial projects in the Mumbai Metropolitan Region, announced its financial results for the Fourth Quarter (Q4FY23) and Full Year (FY23) period ended March 31st, 2023. The company reported strong sales momentum and achieved phenomenal pre-sales in FY23, setting the path for sustainable and profitable growth. The company recorded full year booking value of Rs 601 crores, area sold stood at 4,52,775 sq. ft.
Commenting on the Company's performance, Chetan Shah, Chairman & Managing Director, Marathon NextGen Realty Limited, said, “We are pleased to report strong performance during the quarter and the full year led by momentum in sales booking across our projects. We have had a phenomenal year in terms of pre-sales amounting to Rs 530 crores giving healthy visibility for the coming quarter. We recently received occupancy certificate for Phase 2 of Monte South till 51st floor of Tower 1 and we continue to witness incredible response to the launch of the higher floors. In our unwavering commitment towards debt reduction, we managed to reduce the debt by Rs 352 crores during FY23. We remain positive on the demand environment and would continue to focus on strengthening our financial performance by reducing debt, enhancing our collection efficiency, and generating healthy operating cash flows. With a strong launch pipeline and strong execution capabilities, we are confident to achieve sustainable and profitable growth over the mid to long term.”
Operational Highlights for Q4FY23 where the area sold stood at 1,91,191 sq. ft. The booking value stood at Rs 147 crores. Its collections stood at Rs 151 crores. The average realization stood at Rs 23,807 per sq. ft. for commercial and Rs 13,552 per sq. ft. for residential. Consolidated Q4FY23 Financial Performance where Net Revenues stood at Rs 170 crores compared to Rs 165 crores in FY22. EBITDA stood at Rs 51 crores compared to Rs 58 crores in FY22. Profit before Tax (PBT) stood at Rs 22 crores compared to Rs 27 crores in FY22. Profit After Tax (PAT) stood at Rs 16 crores compared to Rs 23 crores in FY22. Net Debt declined by Rs 352 crores to Rs 838 crores as on 31st March'23. The company also has a robust launch Pipeline of upcoming projects of 31.5 lakh sq. ft.
