October 5, 2024 |
M3M Group Clears Rs 2,473 Cr Debt, Signals Strong Financial Health
In a strategic move to fortify its financial standing, the M3M group has cleared a substantial portion of its accumulated debt by repaying to lenders.
Gurugram-based M3M group has announced that it has successfully repaid Rs 2473 crore of debt from 1st April 2023 till August 31st, 2024, demonstrating the company’s strong financial discipline and commitment to maintaining a robust balance sheet. This significant achievement marks a pivotal moment in M3M’s journey toward financial stability and future growth.
In a strategic move to fortify its financial standing, the M3M group has cleared a substantial portion of its accumulated debt by repaying to lenders: Pragati Asia Group (PAG), ICICI Bank, IndusInd Bank, L&T Finance, Punjab National Bank, India bulls Housing Finance, STCI Finance, and Kotak Mahindra Bank.
The M3M group’s outstanding debt has been substantially reduced to Rs 2,026 crore as of March 31st, 2024, marking a significant decrease of Rs 1,700 crore from Rs 3,726 crore in the previous year, positioning the company on a solid financial footing as a result of its extensive project development and expansion efforts. As of August 31st, 2024, the group’s outstanding debt further decreased to Rs 1,302 crore, a testament to its continued focus on debt reduction.
A spokesperson of the M3M Group said, “The debt repayment of Rs 2473 crore over the past eighteen months is a testimony to the 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. 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”
The debt repayment is a direct result of the group’s successful 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. This achievement will have a profound impact on the group’s financial health, reducing interest expenses and improving cash flow, enhancing liquidity, and enabling reinvestment in upcoming projects.
Source : FE
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