Marathon Nextgen Realty Ltd. profits soar by 218% YoY
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
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.