M3M reduced debt by more than Rs 400 billion in the January-March quarter.
The group had previously targeted to pay Rs 20 billion by March 2021, but due to the rapid collection of accounts receivable, the group will be able to pay prepaid to existing inventory financing facilities by December 2021. It's done.
Gurgaon-based real estate developer M3M Group repaid 418 Million. January-March quarter debt for the 2020-2021 fiscal year due to repayment of loans from banks and other financial institutions. The company said
The current balance of the group's loans is down to around Rs 1,280 crore, excluding acquisition financing expected during the quarter, said Pankaj Bansal, a director of the group.
Bansal said that the Indian bank's loans worth 51 million rupees were paid in full during the March quarter.
He said that the company plans to withdraw its existing debt by March 2022.
Bansal said Indian Bank's Rs 5.1 billion loan was fully repaid in the March quarter.
"M3M has reduced SBI's lending by Rs 10.4 billion, PNB Rs. 5.3 billion, ICICI Bank Rs 5 billion, Oak Tree Rs 10.2 billion, Indiabulls Rs 5 billion and Rs 800 million," he said in a statement.
Bansal said the company delivered 12 projects in eight months.
The M3M Group has promised accounts receivable of Rs 6,050 billion It has more than 2,200 acres of land in the National Capital Region (NCR).
"M3M is confident that constant improvement supported by better accounts receivable and project completion will strengthen the group's finances in the coming quarters," he said.
The company is currently developing 25 million square foot projects with a construction expense of 4.5 billion rupees. These include NCR's residential and commercial projects, including the Trump Tower project in Gurgaon.
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