MaxVIL’s PAT up over six times to Rs 571 mn

Max Ventures & Industries Limited (MaxVIL), a part of multi-business conglomerate, Max Group, announced its financial results on June 11.

The company operates two core businesses – real estate and specialty packaging films. MaxVIL’s revenue in FY21 grew 14 pc to Rs 11,723 Mn, while its PAT rose over six times to Rs 571 million on adjusted basis, said a press release.

The company, said the release, 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. 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 lockdown.

Max Estates’ flagship office project, Max Towers has reached more than 90 pc occupancy levels. The company’s focus now will be on leasing Max House Okhla Phase-1 and smooth and timebound progress of its under construction commercial complex – Max Square and commencement of work on Phase-2 of Max House.

In addition, Max Estates has decided to foray into the residential segment. According to the release, the company sees a lot of positive developments converging for Delhi-NCR real estate sector. These include – a cleaner regulatory environment due to RERA and other enabling laws; preference for trusted developer brands; increased affordability of houses due to time-based price corrections and lowest ever home loan rates; and a steady reduction in Delhi-NCR unsold residential inventory.