Realty developer M3M reduced debt by Rs 2,473 crore
Realty developer M3M group has repaid Rs 2,473 crore debt between April 1, 2023 till August 31st, 2024, by repaying to lenders such as Pragati Asia Group (PAG), ICICI Bank, IndusInd Bank, L&T Finance, Punjab National Bank, Indiabulls Housing Finance, STCI Finance, and Kotak Mahindra Bank.
M3M group’s outstanding debt has been reduced to Rs 2,026 crore as of March 31st, 2024, marking a significant decrease of Rs 1,700 crore from Rs 3,726 crores in the previous year.
As of August 31st, 2024, the group's outstanding debt further decreased to Rs 1,302 crore.
“This step is a significant milestone in the group's ongoing efforts to strengthen its financial position. It underscores our ability to navigate market challenges and deliver our promises to stakeholders. By reducing our debt burden and enhancing our financial flexibility, we are well-positioned to capitalize on future growth opportunities and continue to provide exceptional value to our customers,” a company spokesperson said.
The debt repayment is a direct result of the group's 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.
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