Saturday, July 13, 2024
News
NEWS HOME
PRN INDIA
Marathon Nextgen Realty Ltd. profits soar by 218% YoY
  SocialTwist Tell-a-Friend  
   

MUMBAI, India , May 26, 2023 /PRNewswire/ -- Marathon Nextgen Realty Ltd., one of the leading listed real estate companies engaged in the development of residential and commercial projects in the Mumbai Metropolitan Region, announced its financial results for the Fourth Quarter (Q4FY23) and Full Year (FY23) period ended March 31st, 2023. The company reported strong sales momentum and achieved phenomenal pre-sales in FY23, setting the path for sustainable and profitable growth. The company recorded full year booking value of ₹601 crores, area sold stood at 4,52,775 sq. ft.

Commenting on the Company's performance, Mr. Chetan Shah, Chairman & Managing Director, Marathon NextGen Realty Limited, said, "We are pleased to report strong performance during the quarter and the full year led by momentum in sales booking across our projects. We have had a phenomenal year in terms of pre-sales amounting to ₹530 crores giving healthy visibility for the coming quarter. We recently received occupancy certificate for Phase 2 of Monte South till 51st floor of Tower 1 and we continue to witness incredible response to the launch of the higher floors. In our unwavering commitment towards debt reduction, we managed to reduce the debt by ₹352 crores during FY23. We remain positive on the demand environment and would continue to focus on strengthening our financial performance by reducing debt, enhancing our collection efficiency, and generating healthy operating cash flows. With a strong launch pipeline and strong execution capabilities, we are confident to achieve sustainable and profitable growth over the mid to long term."

Operational Highlights for Q4FY23

  • Area sold stood at 1,91,191 sq. ft.
  • Booking value stood at ₹147 crores
  • Collections stood at ₹151 crores
  • Average Realization stood at ₹23,807 per sq. ft. for commercial and ₹13,552 per sq. ft. for Residential

Consolidated Q4FY23 Financial Performance

  • Net Revenues stood at ₹170 crores compared to ₹165 crores in FY22
  • EBITDA stood at ₹51 crores compared to ₹58 crores in FY22
  • Profit before Tax (PBT) stood at ₹22 crores compared to ₹27 crores in FY22
  • Profit After Tax (PAT) stood at ₹16 crores compared to ₹23 crores in FY22

Operational Highlights for FY23

  • Area sold stood at 4,52,775 sq. ft.
  • Booking value stood at ₹601 crores
  • Collections stood at ₹548 crores
  • Average Realization stood at ₹20,206 per sq. ft. for commercial and ₹9,250 per sq. ft. for Residential

Consolidated FY23 Financial Performance

  • Net Revenues grew by 134% YoY to ₹717 crores compared to ₹306 crores in FY22
  • EBITDA grew by 129% YoY to ₹293 crores compared to ₹128 crores in FY22
  • Profit before Tax (PBT) grew by 346% YoY to ₹156 crores compared to ₹35 crores in FY22
  • Profit After Tax (PAT) grew by 218% YoY to ₹124 crores compared to ₹39 crores in FY22

Cash Flows

As on 31st March 2023,

  • Balance collections from sold units (completed + Ongoing) in all launched projects stood at ₹565 crores
  • Total Pending Estimated Project cost to be incurred stands at ₹1,193 crores
  • Total estimated revenue from unsold inventory stands at ₹2,092 crores

Net Debt declined by ₹352 crores to ₹838 crores as on 31st March'23. The company also has a robust launch Pipeline of upcoming projects of 31.5 lakh sq. ft.

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 of technocrats

Photo: https://mma.prnewswire.com/media/2086488/Marathon_Nextgen_Realty.jpg

Cision View original content to download multimedia:https://www.prnewswire.com/in/news-releases/marathon-nextgen-realty-ltd-profits-soar-by-218-yoy-301835581.html

More News by PR Newswire India

/DISREGARD RELEASE: Bybit/

Kushal's Fashion Jewellery Festive Collection, adorned by Tara Sutaria, beautifully combines glamour and elegance

Unilumin Group Signed an Agreement with Saudi Arabia in the Third Belt and Road Forum for International Cooperation

Transport Corporation of India Ltd. (TCI Group) has been recognized as a Maritime Excellence Achiever at GMIS 2023 by The Ministry of Ports, Shipping & Waterways on 19th October 2023

Bitget Introduces 'Futures Quant' With AI Features

Bitget's Q3 Growth: Second-Highest Market Share Surge and Record High for BGB Holders

HarperCollins Publishers India is proud to announce the publication of SPREADING JOY: How Joyalukkas Became the World's Favourite Jeweller by Joy Alukkas with Thomas Scaria and Nidhi Jain

Go Global or Go Home: New Report Reveals Companies Lacking Global Presence Will Lose Growth Opportunities

MOVIN rolls out the second phase of Electric Vehicles in Bengaluru paving the way for greener deliveries in logistics

Motilal Oswal Financial Services Ltd. (MOFSL) launches #CorporateMushaira, an audio-first campaign for the World Investor Week

UBBF 2023 Intelligent IP Network Summit in Dubai an Impressive Success

Placing Them Right: IBS Path to MBA Career Success

HDFC ERGO reiterates its commitment on making health insurance Accessible, Affordable and Convenient with launch of 6 new products and 2 service upgrades

capSpire expands its global footprint with entry into the Singapore market

GTPL Hathway records its highest quarterly revenues from operation

CCTV+: International reporters experience the romance and vitality of Hangzhou, China

STL expands its Enterprise Networking solution portfolio with Estelan

Mantittude: Skincare for Men encourages men to unleash their inner 'Pataka' this Diwali

The 134th Canton Fair Opened with Optimized Structure and Upgraded Scale

MADAME TUSSAUDS SINGAPORE UNVEILS LIFELIKE FIGURE OF CRICKET ICON VIRAT KOHLI AMIDST ICC MEN'S CRICKET WORLD CUP!

Ugreen unveils power solutions and personal data storage at the Gitex Trade Show in United Arab Emirates.

Meridean Overseas Education Consultants Announces Half-Day Leave to Celebrate India vs. Pakistan Cricket Match

Xinhua Silk Road: Huai'an, UNESCO creative city of gastronomy, explores innovative dev. of food industry via premier regional food expo

Xinhua Silk Road: Fengxin County in E. China's Jiangxi celebrates bountiful harvest of kiwifruit

Casio to Release G-SHOCK Watches with Shining Metallic-Colored Dials

UEG Week 2023 : Babies with a low birthweight four times more likely to develop fatty liver disease in later life

CGTN: Diffusion of tea and its culture along the Silk Road

NEOM announces Leyja, its latest sustainable tourism destination

Expand North Star 2023 kicks off in Dubai gathering game-changing start-ups to accelerate on global stage

World Health Summit kicks off in Berlin

Hexaware Technologies announces new office in Dehradun to bolster its global delivery network

Chinese automotive industry has overtaken to supercars

Participants of the Made in Russia business mission to India held more than 150 negotiations with local importers and distributors

Rummy Passion Raises the Bar: Instant Withdrawals Now Available for All Tiers

 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
INDIA WORLD ASIA
BJP govt began implementing manifesto pr...
World Skydiving Day: Tourism Minister sk...
'Was agitation under leadership of Jaypr...
Delhi Court frames charges against Sanje...
Assam floods: People face problems due t...
Priyanka Gandhi slams NDA's 'Samvidhan H...
More...    
 
 Top Stories
Tour de France: Jasper Philipsen ed... 
Sunita Kejriwal, AAP MP Sanjay Sing... 
"Modi Government's betrayal of J-K ... 
Abacate International Brings Premiu... 
Xi Jinping directly responsible for... 
Bypoll results: "Won three seats he... 
Union Commerce Minister Piyush Goya... 
Mark Wood included in England squad...