The company said that revenue from lease rental income is up 81% to Rs 178 million in FY21.
During FY20, the company recorded a one-time revenue of Rs 3,571 million on account of sale transactions at Max Towers.
MaxVIL’s revenue in FY21 grew 14% to Rs 11,723 million, while its PAT rose over 6 times to Rs 571 million on adjusted basis.
“The company 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 second covid wave induced lockdown,” the company said in a statement.
Max Estates flagship office project, Max Towers has reached more than 90% occupancy levels. The company’s focus now will be on leasing Max House in Okhla and smooth and time bound progress of its under construction commercial complex – Max Square and commencement of work on Phase 2 of Max House.
Max Estates also continues to actively prospect new commercial land parcels in Delhi NCR, with a positive bias for Gurgaon to achieve its intent of adding nearly 1 million sq ft per annum to the project pipeline in FY22 and onwards.
“Despite FY21 being a year chequered by pandemic induced uncertainties, both core businesses of real estate and packaging films coped exceptionally well. Despite multiple work disruptions and uncertainties in prospective occupier’s mind, our commercial real estate business also fared well during FY21,” said Commenting on the performance, Sahil Vachani, MD & CEO of MaxVIL.
In addition, Max Estates has decided to foray into the residential segment. The company would focus on mid-segment housing. It is prospecting well priced and located clear land parcels in Delhi NCR. Future expansion plans in residential sector will be based on the initial experience from its first project launch.
“We believe the time is now right for us to foray into the residential real estate to widen our footprint. With trust in brand Max and access to Institutional capital, we believe residential development can be a high return, value accretive complementary line of business for the company,” Vachani said.