M3M Group cuts debt by 65% in one year to Rs 1,302 crore on better sales

Realty firm M3M Group has reduced its debt by 65 per cent since April last year to Rs 1,302 crore at the end of August 2024.

The group's debt stood at Rs 3,726 crore as on March 31, 2023.

Gurugram-based M3M Group said in a statement on Friday that it has repaid around Rs 2,400 crore of debt from April 1, 2023 till August 31, 2024.

The group said it has cleared a substantial portion of its accumulated debt by repaying to lenders, including Pragati Asia Group (PAG), ICICI Bank, IndusInd Bank, L&T Finance, PunjabNational Bank, Indiabulls Housing Finance, STCI Finance, and Kotak Mahindra Bank.

A spokesperson of M3M Group said the company has been focusing on reducing its debt burden and maintaining a healthy financial profile.

The company said it has been able to reduce debt because of better internal cash flow, driven by successful project deliveries, efficient cost management, and robust sales momentum.

It achieved sales of Rs 3,911 crore in April-June period of this fiscal, up 37 per cent from Rs 2,854 crore in the year-ago period.

M3M India has 56 projects spread across retail, residential, offices, service apartments, etc.