Marathon Nextgen Realty sheds 7.5% after presale value nearly halves in Q1

Marathon Nextgen Realty

Marathon Nextgen Realty shares slumped as much as 7.5 percent on July 10, dragged by a sharp drop in its presales value for the April-June quarter of FY25.

At 11.39 am, shares of Marathon Nextgen were trading at Rs 599.90 on the NSE.

The realty company's presales value declined by 46 percent on year to Rs 214 crore in Q1 of FY25, down from Rs 398 crore in the year ago period. On a sequential basis, it was down close to 10 percent.

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Along with that, presales area also recorded a 45 percent on year and 21 percent sequential drop to 79,239  sq ft in the June quarter. Collections however, rose 17 percent year-on-year to Rs 272 crore in the quarter gone by.

Meanwhile, the real estate company's net debt stood at Rs 728 crore at the end of Q1 FY25, which according to Marathon Nextgen, sits in line with its objective of reducing debt to a healthy level.

Aside from the weak quarterly business update, some profit booking may also be the reason behind the selloff in the stock. Shares of Marathon Nextgen have already ran up over 30 percent in the past month, which has given investors more leeway to take home partial profits.

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