MaxVIL to Foray in Residential Realty Business
Max Ventures & Industries Ltd (MaxVIL) has clocked nearly 10-fold jump in its consolidated net profit at Rs 33.59 crore for the quarter ended March 2021 and announced its decision to foray into residential real estate business. Its net profit stood at Rs 3.43 crore in the year-ago period. Total income rose to Rs 333.93 crore in the fourth quarter of last fiscal from Rs 258.88 crore in the corresponding period of the previous year, according to a regulatory filing. For the full 2020-21 fiscal, net profit increased to Rs 57.09 crore from Rs 44.09 crore in the previous year. Total income, however, fell to Rs 1,189.91 crore last fiscal from Rs 1,399.49 crore in the 2019-20 fiscal. MaxVIL, a part of multi-business conglomerate Max Group, is into two core businesses - real estate and specialty packaging films. Sahil Vachani, MD & CEO of MaxVIL, said, "Despite FY21 being a year chequered by pandemic induced uncertainties, both core businesses of real estate and packaging films coped exceptionally well. The specialty packaging films business has delivered superlative performance throughout FY21." The company continued to witness strong business momentum in the specialty films business recording its highest-ever revenue and EBITDA for the quarter as well as for the year, MaxVIL said. MaxVIL's speciality packaging subsidiary Max Speciality Films revenue crossed Rs 300 crore in Q4 FY21 and Rs 1,000 crore in FY21, both the respective figures highest ever in the firm's history. Leasing revenue in commercial real estate business continued to build up throughout the year, except for March 2021 where new lease transactions were temporarily deferred due to the second Covid wave induced lockdown. Max Estates flagship office project, Max Towers has reached more than 90 per cent occupancy levels. MaxVIL arm Max Estates is looking for land parcels in Delhi-NCR as it wants to add one million square feet area every year in project pipeline. In addition, Max Estates has decided to foray into the residential segment. MaxVIL said that the company would focus on mid-segment housing. It is prospecting well priced and located clear land parcels in Delhi NCR. Future expansion plans in residential sector will be based on the initial experience from its first project launch. MaxVIL owns and operates a real estate business through its 100 per cent subsidiary Max Estates, and a packaging films business through Max Speciality Films, a 51:49 strategic partnership with Toppan, Japan. MaxVIL also has a real estate services and management company - Max Asset Services and an investment subsidiary, Max I, which supports real estate entrepreneurial ventures.
Tags : News/Views residential commercial real estate Realty+ revenue Business MaxVIL Max Ventures & Industries Ltd Foray