Max Ventures & Industries Limited (MaxVIL), one of the three holding companies of the $4-Bn Max Group, announced its Q4 & FY23 results. Its consolidated revenue was up by 6% YoY to INR 1,073 Mn in FY23. Its consolidated PBT up by 418% YoY to INR 221 Mn in FY23. Its consolidated PAT stood at INR 170 Mn in FY23 vs. INR 47 Mn in FY22. Its total Lease Rental Income (Max Towers + Max House) up by 30% YoY to INR 483 Mn in FY23. The Max Asset Services Revenue stood at INR 358 Mn in FY23, up by 50% YoY.
Some of the key performance highlights include a strong leasing momentum where Max Estates’ completed Grade A+ office projects – Max Towers and Phase 1 of Max House are 100% leased at a ~25-30% premium to the micro market. The collections continue to be on time and in full. The premium earned is a clear testimony of the organisation’s WorkWell philosophy, which ensures holistic wellbeing of its users, enabled by a unique ecosystem of spaces including F&B and several amenities, as well as acceptance and appreciation of its impeccable service standards and design led sustainable developments.
The total leased area owned by Max Estates in Max Towers continues to be 100% occupied. The lease rental income from Max Towers stood at INR 340 Mn in FY23. Max House Phase 1 continues to be 100% occupied. The lease rental income from Max House Phase 1 stood at INR 143 Mn in FY23.
Max Square project received its Completion Certificate in February 2023, in a short span of 30 months. The development has obtained the highest green building standards certification from IGBC, and is IGBC Platinum certified under the Green New Buildings Rating System. MEL is in the final stages of acquiring ~4 acres of commercial licensed land from Axis Bank in Sector 129, Noida, via its subsidiary Max Square Limited, where New York Life is a 49% Joint Venture Partner.
While the recovery of the office segment globally remains gradual, which is impacting decision-making of large global occupiers in the short term, the Indian economy continues to be highly resilient. This translates into key shifts in the demand mix including domestic vs. international, as well as sectoral shifts from tech to manufacturing, BFSI, managed offices, health care and life sciences, and rise in small and medium scale transactions, which Max Estates plans to adjust and cater to. The company has built a robust pipeline at advance stages of closure with several clients and is confident to fully lease the project within 12-18 months of completion.
Commenting on the performance, Sahil Vachani, MD & CEO of MaxVIL said, “Max Estates is making significant strides to establish itself as a leading real estate brand in Delhi NCR, with focus on the well- being of its consumers and all its stakeholders. With a clear purpose, strategy and aspiration, Max Estates (MEL) is looking to accelerate its growth journey by building on its current portfolio spanning 8 mn. Sq. Ft. and adding at least one mn sq ft. across each commercial and residential portfolio. Anchored on its operating philosophy of WorkWell & LiveWell, MEL aims to deliver design and hospitality led differentiated consumer experiences. We at Max Estates are looking forward to the launch of our first residential project in Delhi NCR (Sector 128, Noida) in the mid of CY 23, bringing our LiveWell promise to end consumers.”
