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Max Ventures & Industries Q1 net profit down 47% to Rs 13 crore

The company's net profit stood at Rs 24.84 crore in the year-ago period, MaxVIL said in a regulatory filing.

July 28, 2020 / 09:48 PM IST
 
 
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Max Ventures & Industries Ltd (MaxVIL) on Tuesday reported a 47 percent decline in consolidated net profit at Rs 13.05 crore for the quarter ended June, mainly due to a large sales transaction in the real estate business in the year-ago period.

The company's net profit stood at Rs 24.84 crore in the year-ago period, MaxVIL said in a regulatory filing.

MaxVIL, a part of multi-business conglomerate Max Group, operates across two core businesses of real estate and specialty packaging films.

Total income declined to Rs 263.33 crore in the first quarter of the fiscal from Rs 429.30 crore in the corresponding period of the previous year.

In a statement, MaxVIL said its net revenue stood at Rs 258.6 crore as compared with Rs 425.5 crore in Q1 of FY20.

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"Excluding the one-off sale transaction of Rs 161.8 crore undertaken during Q1FY20 in its real estate business and gain on part sale of Rs 18.5 crore in Nykaa, revenue increased by 5.4 percent YoY from Rs 245.2 crore in Q1FY20 to Rs 258.6 crore in Q1FY21," the statement said.

Profit after tax (PAT) and PAT margin for Q1FY21 stood at Rs 13.1 crore and 5 percent, respectively.

The company said that its real estate business vertical Max Estates' second Grade A+ commercial office project -- Max House -- in Okhla Phase 1, with a leasable area of 1.05 lakh sqft has received completion certificate and will be launched for leasing in Q2FY21.

Work for the second phase of the project, with a similar additional leasable area, is expected to commence in Q3FY21.

"The company believes that the demand for commercial offices in National Capital Region (NCR) is impacted currently till Q2 FY21, but supply is expected to fall equally due to some NCR based developer's inability to complete the projects on account of their overstretched balance sheets and lack of liquidity," the statement said.

Max Group is well placed to capture the market, as industry grapples with consolidation, it added.

MaxVIL's packaging films business vertical MSFL reported a 3.1 percent revenue growth year-on-year (YoY)to Rs 251.2 crore in Q1FY21.

Commenting on the performance, MaxVIL MD & CEO Sahil Vachani said, "Q1FY21 has been a strong quarter for our packaging films business vertical which continues to witness positive trajectory on back of stable demand in FMCG products even during the lockdown in April and May."

In realty business, he said the company has started witnessing increased enquiries for office space, though new leasing activity in the industry remained slow as occupiers reassess their office space requirements.
PTI
first published: Jul 28, 2020 09:41 pm

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