MaxVIL is a part of business conglomerate Max Group.
Max Ventures & Industries Ltd (MaxVIL), which is into real estate and packaging film businesses, has reported 90 per cent increase in consolidated net profit at Rs 12.65 crore for December quarter 2020-21. Its net profit stood at Rs 6.66 crore in the year-ago period.
Total income rose to Rs 298.95 crore in the quarter under review from Rs 273.85 crore in the year-ago period, according to a regulatory filing.
MaxVIL is a part of business conglomerate Max Group.
MaxVIL witnessed a strong business recovery in December quarter in its commercial real estate business, Max Estates, with the signing of leases with reputed companies, the company said in a statement.
The packaging films business Max Speciality Films Ltd (MSFL) recorded its highest ever quarterly revenue and continued its margin expansion and growth momentum on the back of strong business fundamentals, recyclability and specialty products.
“Q3FY21 has been a strong quarter for our commercial real estate business while the packaging films business continues its robust performance,” said Sahil Vachani, MD & CEO of MaxVIL.
As the lockdown restrictions were eased during the third quarter, he said corporates are actively assessing their office space requirements.
“We are witnessing improved conversions from enquiries to actual leasing. The rapid pickup in leasing interest gives us the confidence to also lease out our second Grade A+ office project Max House soon, given its strategic location in South Delhi,” Vachani said.
He believes that the ongoing consolidation in real estate will continue to favour quality Grade A+ commercial developers with proven execution, strong balance sheet and access to institutional capital.
“With the commencement of the Max Square project during Q3, we are expanding our footprint in Delhi-NCR commercial office market,” he said.
Vachani said the company is actively scouting for greenfield and brownfield opportunities in Delhi-NCR with a positive bias for the high potential geography of Gurugram.
“Our packaging films business, MSFL continues its solid performance on the back of our value-added product strategy, move towards recyclability and stable raw material prices,” he said.
Max Estates has already completed Max Towers, Noida and is almost fully leased. It has also completed the first phase of Max House at Okhla in the national capital. The construction of the second phase will commence in first half of 2021-22.
The work in Max Square, Noida commenced during third quarter and is expected to be completed by March quarter. Max Square is planned to be a Grade A+ office project with a total leasable area of around 7 lakh sq ft. New York Life Insurance Company is a 49 per cent partner in the project.
Source: PTI
(The story has been published from a wire feed without modifications to the text. Only the heading has been changed)
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