Realty agency M3M Group has lowered its debt by 65 per cent since April final 12 months to Rs 1,302 crore on the finish of August 2024.
The group’s debt stood at Rs 3,726 crore as on March 31, 2023.
Gurugram-based M3M Group stated in an announcement on Friday that it has repaid round Rs 2,400 crore of debt from April 1, 2023 until August 31, 2024.
The group stated it has cleared a considerable portion of its gathered debt by repaying to lenders, together with Pragati Asia Group (PAG), ICICI Financial institution, IndusInd Financial institution, L&T Finance, PunjabNational Financial institution, Indiabulls Housing Finance, STCI Finance, and Kotak Mahindra Financial institution.
A spokesperson of M3M Group stated the corporate has been specializing in decreasing its debt burden and sustaining a wholesome monetary profile.
The corporate stated it has been in a position to scale back debt due to higher inside money circulation, pushed by profitable undertaking deliveries, environment friendly price administration, and sturdy gross sales momentum.
It achieved gross sales of Rs 3,911 crore in April-June interval of this fiscal, up 37 per cent from Rs 2,854 crore within the year-ago interval.
M3M India has 56 initiatives unfold throughout retail, residential, workplaces, service flats, and so forth.