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Gurugram-based M3M Group’s remarkable debt reduced to ₹1,302 crore as of August 31, 2024, from ₹3,726 crore within the earlier 12 months
Gurugram-headquartered M3M Group mentioned in a observation on October 5 that it has pared ₹2,473 crore price of debt between April 2023 – August 2024. The Group’s remarkable debt since then stands at ₹1,302 crore.
According to the corporate observation, it has repaid accrued debt to lenders similar to Pragati Asia Group (PAG), ICICI Bank, IndusInd Bank, L&T Finance, Punjab National Bank, India bulls Housing Finance, STCI Finance, and Kotak Mahindra Bank.
Between April 2023 – March 2024, the corporate reapid ₹1,700 crore, bringing its remarkable quantity right down to ₹2,026 crore.
“The debt compensation of ₹2473 crore over the last eighteen months is an affidavit to M3M Group’s center of attention on decreasing its debt burden and keeping up a wholesome monetary profile. This step is a vital milestone within the crew’s ongoing efforts to reinforce its monetary place,” an organization spokesperson mentioned.
“By decreasing our debt burden and embellishing our monetary flexibility, we’re well-positioned to capitalize on long term expansion alternatives and proceed to offer remarkable price to our shoppers,” the spokesperson added.
As consistent with the corporate observation, the debt compensation is an immediate results of the crowd’s venture deliveries, value control, and sales momentum, that have jointly enabled the corporate to generate enough money flows to pay off its debt.
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Business efficiency
M3M crew recorded sales of ₹3,911 crore within the first quarter of the continued monetary 12 months, marking a 37% build up from ₹2,854 crore clocked in Q1 FY24.
In the residential and plot building section, the corporate clocked sales of ₹2,971 crore in Gurugram, Panipat, and Noida area all the way through the primary quarter of FY 2024-25, 46% up from ₹2,028 crore all the way through the similar length final 12 months.
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M3M India at the moment has 56 tasks unfold throughout retail, residential, places of work, carrier residences, and so forth. Projects introduced ahead of 2019 had been delivered and the development is in complete swing in the remainder of the tasks, the corporate observation mentioned.
