New Delhi: Real estate developer M3M has repaid debt worth Rs 418 crore during the fourth quarter of financial year 2020-2021.
The group had earlier set a target of repaying Rs 200 crore till March 2021 but the fast collection of sold receivables enabled it pay the existing inventory funding facilities as an advance till December 2021.
"M3M has delivered record 12 projects in a short span of 8 months and by easing the burden on operational cash flow, the group will streamline its efforts to deliver unparalleled experiences to customers," said a statement.
M3M Director Pankaj Bansal said: "In less than a decade, M3M has emerged as an illustrious real estate developer with speed, class and innovation being at the core of its vision. With the strategy, we plan to retire the entire existing debt by March 2022."
He added that facilities of Indian Bank amounting to Rs 51 crore were fully paid in the last quarter.
After applying the new strategy of retiring debts, the present outstanding of the group borrowing stands reduced to around Rs 1,280 crore, excluding acquisition funding awaited during the quarter.