Marathon Nextgen Realty Presales Value Drops 46% In June Quarter

The presale value of Marathon Nextgen Realty Ltd. dipped 46% year-on-year to Rs 214 crore in the first quarter of this fiscal.

The presales value was 10% lower sequentially, the company said in an exchange filing on Tuesday. The collection for the quarter, however, rose 17% to Rs 272 crore, in comparison to Rs 233 crore in the same quarter a year ago.

The presales area in the first quarter fell 45% to 79,239 sq. ft. as compared to the 1.43 lakh sq. ft. that it reported in the same quarter in the previous fiscal. This year, the company received the occupancy certificate for Tower Atria of the Marathon Nexzon project, which will comprise 26 floors.

The company's net debt for the quarter-ended June stood at Rs 728 crore, which is in line with the objective of reducing debt to a healthy level.

Shares of Marathon Nextgen Realty closed 2.84% lower at Rs 623.50 apiece on the BSE, as compared to a 0.49% advance in the benchmark Sensex.