 "real estate")
Noida ranks as the worst city for stalled projects, with 35% of such cases occurring here, according to Anarock. Photo: Shutterstock
Marathon Nextgen’s shares fell as much as 6.97 per cent at Rs 580 per share on the BSE in Wednesday’s intraday trade. The stock price tanked after the company on Tuesday announced its business update for quarter one of fiscal year 2024-25 (Q1FY25)
The residential and commercial projects developer sales value in the June quarter slipped by 10 per cent and stood at Rs 214 crores, compared to Rs 236 crore in the previous quarter. While the sales fell by 46 per cent on a year on year basis compared to Rs 398 crore worth of sales in Q1FY24.
Similarly the company’s pre-sales area fell by 45 per cent Y-o-Y and 22 per cent Q-o-Q in Q1FY25 at 79,239 square feet compared to 1,43,429 square feet sold in the June quarter of FY24 and 1,00,091 square feet sold in Q4FY24.
Furthermore, on a positive note, the real estate firm’s collections stood at Rs 272 crores, an increase of 8 per cent Q-o-Q and 17 per cent Y-o-Y. The company had collected
Net debt as at the end of Q1FY25 stood at Rs.728 crores, which is in line with our objective of reducing debt to a healthy level, the company said in an exchange filing on Tuesday.
Marathon Nextgen Realty reported a revenue decline of 7.34 per cent year-on-year to Rs 166.37 crore in Q4FY24. Quarter-on-quarter, the company saw a revenue decrease of 24.54 per cent.
The net profit for Marathon Nextgen Realty Ltd surged by 145.5 per cent year-on-year to Rs 39.82 crore in Q4FY2024. However, on a quarterly basis, net profits declined by 20.58 per cent.
At 01:15 PM; the stock of the company was trading 4.74 per cent lower at Rs 593.90 per share on the BSE. In comparison, the BSE Sensex fell 0.70 per cent to 79,789 levels.
First Published: Jul 10 2024 | 1:19 PM IST
