The Gurugram-based M3M Group has announced that it has made substantial progress in reducing its debt, having repaid ₹2,473 crore between 1st April 2023 and 31st August 2024. This repayment reflects the company’s ongoing commitment to improving its financial health and bolstering its balance sheet.

The group’s outstanding debt has now reduced to ₹1,302 crore as of August 2024, down from ₹3,726 crore at the start of the previous financial year.

This significant debt reduction was achieved through repayments to several key financial institutions, including ICICI Bank, IndusInd Bank, L&T Finance, Pragati Asia Group (PAG), and Punjab National Bank, among others.

M3M’s focus on clearing its debt burden is a result of strong project deliveries, robust sales growth, and efficient cost management. The group’s successful project execution has allowed it to generate sufficient cash flows, which have been utilised to lower debt levels significantly.

This has also led to a decrease in interest expenses, improving overall liquidity and freeing up resources for reinvestment into upcoming projects.

A spokesperson from M3M Group emphasised the importance of this achievement in maintaining a strong financial profile, stating that the reduction in debt will enhance the company’s ability to navigate market challenges, while also preparing it to capitalise on future growth opportunities.