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Max Ventures & Industries Limited (MaxVIL) recently announced its Q3 and 9M FY23 financial results, showcasing significant growth in its top-line revenue. The Consolidated Revenue was up by 18% YoY to INR 850 million in 9M FY23, with Consolidated EBITDA also rising by 18% YoY to INR 251 million in 9M FY23. The Consolidated PAT stood at INR 104 million in 9M FY23 compared to INR 10 million in 9M FY22, demonstrating a clear upward trend in the company's financial performance. Additionally, the Total Lease Rental Income from Max Towers and Max House increased by 39% YoY to INR 357 million, while Max Asset Services Revenue was INR 315 million in 9M FY22.
The results were highly anticipated by industry experts and investors alike and MaxVIL's strong financial performance is a testament to its ability to deliver on its growth objectives. The company has been actively expanding its operations, and recently completed the acquisition of the remaining 2.39% equity share capital of Acreage Builders Private Limited (ABPL) for an enterprise value of INR 322.50 crores, making ABPL a step-down wholly owned subsidiary of the company.
Furthermore, New York Life Insurance joined as an equity investor, committing INR 290 crores in ABPL. As a result, MEL and New York Life will be 51:49 shareholders, respectively, in ABPL, which holds a license to develop a commercial project covering 7.15 acres. The project has a revenue potential of INR 160-200 million per year and is located at Golf Course Extension Road in Gurugram.
New York Life, the largest mutual life insurer in the US, has been a strategic partner in MaxVIL's real estate business since 2017, holding a 23% stake in the holding company. The company has co-invested in Max Square Phase 1 & 2 for a 49% stake, bringing their cumulative commitment in the group to INR 800 crores. New York Life continues to evaluate further co-investment opportunities in the CRE business, solidifying its position as a reliable and long-term strategic partner.
Max Estates' completed Grade A+ office projects, Max Towers and Phase 1 of Max House, are fully leased at a premium of ~25-30% compared to the local market, with collections being on-time and in full. The company has a robust pipeline of leasing for Max Square and is confident in its ability to fully lease the project over 12-18 months after completion in Q4 FY23. Additionally, work on Max Square and Max House Phase 2 is progressing as planned, with completion expected in Q4FY23 and Q2FY24, respectively.
Finally, MaxVIL is planning to launch a residential project in Noida by mid-CY23, targeting the premium end of the residential market. The project will offer elevated quality of life through innovative design, wellness, and sustainability, and has a gross development value of INR 1300 Cr+. The company is dedicated to delivering high-quality real estate projects that meet the evolving needs of its customers, and this residential project is a testament to that commitment.
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