Gurugram-based M3M Group clears Rs.2,473 crore debt post eye-opening Sales

The M3M Group, which has its headquarters in Gurugram, announced in a statement on October 5 that it had reduced its debt by ₹2,473 crore between April 2023 and August 2024. At now, the Group has outstanding debt of ₹1,302 crore. 

As per the official announcement from the company, it has settled its outstanding debts with lenders like IndusInd Bank, ICICI Bank, L&T Finance, Punjab National Bank, India Bulls Housing Finance, STCI Finance, and Kotak Mahindra Bank. 

The company reaped ₹1,700 crore between April 2023 and March 2024, reducing the outstanding debt to ₹2,026 crore. 

According to the business statement, the group's project deliveries, cost control, and sales momentum have all contributed to the company's ability to generate enough cash flows to pay off its debt.  Business performance: In the first quarter of the current financial year, M3M Group achieved sales of ₹3,911 crore, up 37% from ₹2,854 crore in Q1 FY24. 

The spokesperson of the company said, “The debt repayment of ₹2473 crore over the past eighteen months is a testimony to M3M Group’s focus on reducing its debt burden and maintaining a healthy financial profile. This step is a significant milestone in the group's ongoing efforts to strengthen its financial position”.

Further the spokesperson added, “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”.

Recently the group has unveiled its opulent residential venture situated on Golf Course Road Extension in Gurugram. This prestigious project holds a remarkable revenue potential of Rs. 4,000 crore.