Chetan shah English news | Chetan shah, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

PRNewswireMumbai (Maharashtra) [India], May 26: 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 Rs601 crores, area sold stood at 4,52,775 sq. ft.Commenting on the Company's performance, 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 Rs530 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 Rs352 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 Rs147 crores- Collections stood at Rs151 crores- Average Realization stood at Rs23,807 per sq. ft. for commercial and Rs13,552 per sq. ft. for ResidentialConsolidated Q4FY23 Financial Performance- Net Revenues stood at Rs170 crores compared to Rs165 crores in FY22- EBITDA stood at Rs51 crores compared to Rs58 crores in FY22- Profit before Tax (PBT) stood at Rs22 crores compared to Rs27 crores in FY22- Profit After Tax (PAT) stood at Rs16 crores compared to Rs23 crores in FY22Operational Highlights for FY23- Area sold stood at 4,52,775 sq. ft.- Booking value stood at Rs601 crores- Collections stood at Rs548 crores- Average Realization stood at Rs20,206 per sq. ft. for commercial and Rs9,250 per sq. ft. for ResidentialConsolidated FY23 Financial Performance- Net Revenues grew by 134% YoY to Rs717 crores compared to Rs306 crores in FY22- EBITDA grew by 129% YoY to Rs293 crores compared to Rs128 crores in FY22- Profit before Tax (PBT) grew by 346% YoY to Rs156 crores compared to Rs35 crores in FY22- Profit After Tax (PAT) grew by 218% YoY to Rs124 crores compared to Rs39 crores in FY22Cash FlowsAs on 31st March 2023,- Balance collections from sold units (completed + Ongoing) in all launched projects stood at Rs565 crores- Total Pending Estimated Project cost to be incurred stands at Rs1,193 crores- Total estimated revenue from unsold inventory stands at Rs2,092 croresNet Debt declined by Rs352 crores to Rs838 crores as on 31st March'23. The company also has a robust launch Pipeline of upcoming projects of 31.5 lakh sq. ft.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(Disclaimer: The above press release has been provided by PRNewswire.will not be responsible in any way for the content of the same)Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Marathi Language Controversy

Maharashtra News

Mumbai Local

Weather Update

Mumbai Rains

Ahmedabad Plane Crash

Chetan ShahFOLLOW

Chetan shah, Latest News

Business :Marathon Nextgen Realty Ltd. profits soar by 218 per cent YoY

PRNewswire Mumbai (Maharashtra) [India], May 26: Marathon Nextgen Realty Ltd., one of the leading listed real estate companies engaged ... ...