Q1FY24 Quarterly Result Announced for Marathon Nextgen Realty Ltd.
Marathon Nextgen Realty announced Q1FY24 results: Net revenues stood in Q1FY24 stood at Rs 210 crore as compared to Rs 98 crore in Q1FY23 EBITDA in Q1FY24 stood at Rs 80 crore as compared to Rs 47 crore in Q1FY23 Profit before Tax in Q1FY24 stood at Rs 45 crore as compared to Rs 15 crore in Q1FY23 Profit after tax in Q1FY24 stood at Rs 43 crore as compared to Rs 12 crore in Q1FY23 Net debt stood at Rs 832 crore as on June 30, 2023 As on June 30, 2023: Balance collections from sold units (completed + ongoing) in all launched projects stood at Rs 592 crore Total pending estimated Project cost to be incurred stands at Rs 1,025 crore Total estimated revenue from unsold inventory stands at Rs 1,904 crore Commenting on the Company's performance, Chetan Shah, Chairman & Managing Director, Marathon NextGen Realty, said, "We are delighted to announce robust quarterly results driven by a favourable demand landscape leading to pick up in sales booking across our projects. We remain committed to sustained improvement in our financial performance and continue to focus on increasing sales momentum, enhancing collection efficiency, generating robust cash flow, and reducing debt. The ongoing consolidation within the real estate sector, coupled with the reduction in inventory levels signals a promising landscape. These trends point towards a sustained positive trajectory in the real estate cycle, characterized by escalated prices and absorption rates amidst constrained supply. With a resounding performance in the first quarter, we are confident of achieving new milestones going forward and we remain positive on the future outlook supported by our healthy launch pipeline and access to vast land parcel across Mumbai Metropolitan Region (MMR) for development.” Result PDF14-08-2023