Mumbai (Maharashtra) [India], July 17 , a leading Mumbai-based real estate developer, announced a strong financial performance for the first quarter of FY 24. Marathon NextGen Realty has residential and commercial projects at various locations in the MMR market.
The recently announced financial performance for the Q1 of FY24 shows remarkable growth in sales, pre-sales and collections, with the company recording pre-sales amounting to Rs. 245 crores.
Commenting on the company's performance, Chetan Shah, Chairman & MD of Marathon NextGen Realty Limited said, "The previous quarter has been one of the best for us in recent years. There is a high demand for the majority of our projects in the MMR market. We remain positive about our growth and focus on improving our financial performance by reducing debt and generating healthy cash flows. With a robust launch pipeline in the coming months, we are optimistic about continuing our growth trajectory in FY24".
Operational Highlights for Q1 FY24
The company sold 1,84,991 sq. ft., marking a phenomenal 74 per cent increase compared to the same period last year.
The sales value for Q1FY24 has soared to Rs. 323 crores. This is a remarkable 154 per cent surge over the same period the previous year.
The collections for Q1FY24 stood at Rs 233 crores, a mammoth 92 per cent increase compared to last year.
The net debt of MNRL for Q1FY24 stood at Rs 830 crores.
The company also achieved some major milestones in the quarter. Its flagship commercial project Marathon Futurex, which is one of the largest commercial projects in the city by floor plate, received OC until the 38th floor.
"The remarkable growth in sales coupled with an overwhelming response from customers has set the stage for a remarkable FY24. These outstanding figures reflect a higher demand for Marathon properties and our ability to deliver excellence to our customers," said Mayur Shah, Managing Director of Marathon NextGen Realty Limited.
Here's a detailed summary of Marathon Nextgen Realty Limited during Q1FY24
"What lies ahead for Marathon Nextgen Realty Limited is even more exciting. We have a robust pipeline of upcoming launches across high-growth locations in MMR. We are committed to shaping the skyline of Mumbai and creating structures that stand the test of time," said Mayur Shah.
*Pre-sales are the sales where advance money is received however the transactions aren't registered. This is in addition to the Sale Value as mentioned above
* Numbers include full value of JV projects.
About Marathon NextGen Realty Ltd.
For over 52 years now, Marathon Group has been helping shape Mumbai's skyline. Founded in 1969 by Ramniklal Zaverbhai Shah, the Group has completed over 100 projects in the city with a portfolio encompassing townships, affordable housing, luxury residential, retail, small business spaces, and corporate parks. Marathon is design-driven and engineering-focused with a leadership team comprising technocrats. Chetan Shah, Chairman & Mayur Shah, Managing Director, have completed their engineering from the US and the third generation of the company comprising the three Directors – Kaivalya Shah, Parmeet Shah, and Samyag Shah are highly qualified having completed their education from the US and bringing years of real estate experience. Marathon has strong in-house capabilities in design, engineering, execution, marketing, sales and prides itself on its transparency, customer-centricity and is among one of the most trusted Developers.
The Group has ongoing projects & land banks at Lower Parel, Byculla, Mulund, Bhandup, Thane, Dombivli and Panvel.
(Disclaimer The above press release has been provided by PRNewswire. ANI will not be responsible in any way for the content of the same)
Marathon NextGen Realty Ltd Reports a Superb 154 per cent YoY Growth in Q1 of FY24
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