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MaxVIL back to strong profits in Q2; Q2 EBIDTA up 5.3x

Posted On: 2019-11-08 16:35:11

Max Ventures & Industries Limited (MaxVIL), a part of the US$ 3.2 billion Max Group, operates across two core businesses of Real Estate in NCR and Specialty Packaging Films. MaxVIL has announced its results for the quarter ended 30th September 2019.

- Consolidated Revenues at Rs 4,348 Mn up by 63%
- Consolidated EBITDA at Rs 416 Mn up by 530%
- Consolidated PAT at Rs 92 Mn turned positive

Commenting on the Performance, Sahil Vachani, MD & CEO of MaxVIL said, "We are pleased to announce strong performance across our businesses in Q2FY20 thus continuing the positive momentum from Q1FY20. We have taken significant steps in the Real Estate vertical with a land parcel acquisition in Sector 129 in Noida. The investments for the next phase of Real Estate growth will be funded through a frugal capital model which deploys internal accruals along with the platform level investments from global institutional funders.

The leasing momentum at our flagship commercial project, Max Towers has picked up significantly with 34,152 sq. ft. space leased in the current quarter. We are extremely pleased with the tenant base we have acquired which comprises a balanced mix of MNCs, US-based technology firms, large domestic services firms etc. Given the Grade A+ specifications of Max Towers as well as a progressive environment built on our WorkWell philosophy that provides its occupants an energy-efficient and green work environment, a technology-enabled smart workspace designed to boost productivity while they are working and a vibrant food & recreation hub when they want to socialize or take a break. Our recent leases are at a 40% premium to the micro market rates."

Of the 5 lakh sq. ft. available at Max Towers, it has sold 1.45 lakh sq. ft. at a value of approx. Rs. 2,000 Mn. The proceeds will be utilized to build a robust, differentiated high quality office assets portfolio with potential to deliver a mid to high teen IRR profile. With the sale and leasing, Max Towers has established its credentials in premium office space in NCR.

An agreement for purchase of a distressed commercial use land parcel at a prime location on Noida Expressway (Sector 129) by a wholly owned subsidiary of Max Estates Limited has also been executed. Construction is expected to commence in Q1FY21, which coincides with the completion timeline of Max House, Okhla. This would help sustain a steady project construction pipeline for Max Estates.

Max Towers continues to scout for more such attractive office space development opportunities in DelhiNCR through a combination of platform and project level partnerships as this geography continues to show high absorption and low vacancy levels of Grade A+ office space. It has shown the capability to create differentiated assets within time and budget while navigating the regulatory landscape. Max Towers' proven, highly capable and motivated real estate team is now looking to capitalize on the vast opportunities in Real Estate in the NCR.

The Specialty Films business, after coping with a cyclical industry downturn has emerged stronger and witnessed a sustained improvement in H1FY20. The oversupply in the industry due to additional capacity creation is normalizing and in turn is helping improve profitability. The strategy of increasing the contribution of Specialty grade films will lead to outperformance.

Shares of Max Ventures and Industries Ltd was last trading in BSE at Rs.39.45 as compared to the previous close of Rs. 39.35. The total number of shares traded during the day was 28821 in over 245 trades.

The stock hit an intraday high of Rs. 41 and intraday low of 38.4. The net turnover during the day was Rs. 1146335.

Source: Equity Bulls

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