Marathon Nextgen Realty Ltd Profits Soar by 218% YoY

Last Updated on, May 29th, 2023

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 a full-year booking value of Rs. 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 Rs. 530 crores giving healthy visibility for the coming quarter. We recently received occupancy certificate for Phase 2 of Monte South till the 51st floor of Tower 1 and we continue to witness the incredible response to the launch of the higher floors. In our unwavering commitment towards debt reduction, we managed to reduce the debt by Rs. 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 Rs. 147 crores 

– Collections stood at Rs. 151 crores

– Average Realization stood at Rs. 23,807 per sq. ft. for commercial and Rs. 13,552 per sq. ft. for Residential. 

Consolidated Q4FY23 Financial Performance

Net Revenues stood at Rs. 170 crores compared to Rs. 165 crores in FY22

EBITDA stood at Rs. 51 crores compared to Rs. 58 crores in FY22

Profit before Tax (PBT) stood at Rs. 22 crores compared to Rs. 27 crores in FY22

Profit After Tax (PAT) stood at Rs. 16 crores compared to Rs. 23 crores in FY22

Operational Highlights for FY23*

Area sold stood at 4,52,775 sq. ft.

Booking value stood at Rs. 601 crores

Collections stood at Rs. 548 crores

Average Realization stood at Rs. 20,206 per sq. ft. for commercial and Rs. 9,250 per sq.ft. for Residential.

Consolidated FY23 Financial Performance

Net Revenues grew by 134% YoY to Rs. 717 crores compared to Rs. 306 crores in FY22.

EBITDA grew by 129% YoY to Rs. 293 crores compared to Rs. 128 crores in FY22

Profit before Tax (PBT) grew by 346% YoY to Rs. 156 crores compared to Rs. 35 crores in FY22.

Profit After Tax (PAT) grew by 218% YoY to Rs. 124 crores compared to Rs. 39 crores in FY22.

Cash Flows

As on 31st March 2023,

Balance collections from sold units (completed + Ongoing) in all launched projects stood at Rs. 565 crores.

Total Pending Estimated Project cost to be incurred stands at Rs. 1,193 crores.

Total estimated revenue from unsold inventory stands at Rs. 2,092 crores

Net Debt declined by Rs. 352 crores to Rs 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. Mr Chetan Shah, Chairman & Mr Mayur Shah, Managing Director, have completed their engineering from the US and the third generation of the company comprising the three Directors – Mr Kaivalya Shah, Mr Parmeet Shah, and Mr Samyag Shah are highly qualified having completed their education from the US and bring years of real estate experience. Marathon has strong in-house capabilities in design, engineering, execution, marketing, and sales and prides itself on its transparency, and 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.

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