Gurugram-based M3M Group has successfully reduced its outstanding debt to ₹1,302 crore as of August 31, 2024, down from ₹3,726 crore in the previous year. This significant reduction of ₹2,473 crore in debt occurred between April 2023 and August 2024, reflecting the company’s strong sales performance in the NCR real estate market.
In a statement released on October 5, M3M Group highlighted its strategic repayment of accumulated debt to various lenders, including Pragati Asia Group (PAG), ICICI Bank, IndusInd Bank, L&T Finance, Punjab National Bank, India Bulls Housing Finance, STCI Finance, and Kotak Mahindra Bank. In the fiscal year between April 2023 and March 2024, the company repaid ₹1,700 crore, bringing its outstanding debt to ₹2,026 crore.
The spokesperson for M3M Group emphasized that the repayment of ₹2,473 crore over the past eighteen months showcases the group's commitment to reducing its debt burden and ensuring a robust financial profile.
This achievement marks a significant milestone in the company's ongoing efforts to fortify its financial standing in the competitive real estate landscape of NCR.
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