MaxVIL registers ten-fold jump in net profit at Rs 34 cr for Q4FY21, to foray into housing segment
New Delhi: Max Ventures & Industries Ltd has registered ten-fold jump in consolidated net profit at Rs 34 crore for the fourth quarter of the last fiscal as compared to Rs 3.43 crore in the same quarter of the previous fiscal.
The total income of MaxVIL jumped to Rs 334 crore in the fourth quarter of last fiscal as against Rs 259 crore in the same period of the previous year.
For the whole of last fiscal, the net profit of the Max Group company jumped to Rs 57 crore as against Rs 44 crore in the previous year. The total income of the company, however, declined to Rs 1,190 crore in the last fiscal as compared to Rs 1,399 crore in the previous fiscal, the company said in a regulatory filing.
The company also announced its foray into residential realty. MaxVIL has two businesses – realty and specialty packaging films.
"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," said Sahil Vachani, MD & CEO, MaxVIL.
The leasing revenue of the company in commercial realty segment did well in the last fiscal. Max Estates major office asset Max Towers about 90 percent occupancy level in the last fiscal. MaxVIL is planning to purchase land parcels in Delhi NCR as it looks forward to have about 1 million square feet area annually in its project pipeline.