14th February 2018, New Delhi
Max Ventures and Industries Ltd. Q3 FY18 consolidated PAT at Rs 10.1 Cr.; Revenues grow 16% to Rs. 211.6 Cr.
Board of Directors Approve Rights Issue for Rs. 450 Cr.
Max Ventures and Industries Limited (MaxVIL) today announced its Consolidated Financial Results for the third quarter ended December 31, 2017. MaxVIL reported consolidated revenues of Rs. 211.6 Cr., growing 16% over the previous year and Net Profit After Tax of Rs. 10.1 Cr., as against a loss of Rs. 2.7 Cr. in the same quarter last year.
The Board of Directors in the Board Meeting of January 15, 2018 also approved a rights issue by way of which, additional shares will be offered to the Company’s existing shareholders.
The Company’s two key businesses Max Speciality Films Limited (MSFL) and Max Estates Limited (MEL) have made significant developments in various business initiatives. MSFL is undergoing a capacity expansion by setting up an additional Line for manufacture of BOPP films (Line 5), with a capital investment of Rs. 250 Cr. This line will increase production capacity from 45,000 tonnes per annum to 70,000 tonnes per annum. Line 5 is expected to commence commercial production in first quarter of FY 2019.
Max Estates has two large commercial projects coming up in Delhi/NCR, namely Max Towers and an office space redevelopment project in Okhla, New Delhi. Max Towers, with a total developable area of 6,00,000 sq. ft. on a land parcel of 3,352 sq. m. has been acquired by MEL through a SPV. The project is strategically located on Delhi-Noida-Delhi expressway (DND), near South Delhi. Upon completion, Max Towers is envisioned to become the most admired office development in Delhi/NCR. The second project involves redevelopment of Max House in Okhla, New Delhi. This project will accommodate the offices of the Max Group and other third-party tenants, utilizing a potential built-up area of around 200,000 sq. ft.
Sahil Vachani, Managing Director and CEO, MaxVIL said, “The funds coming in through the rights issue will help bolster our businesses, especially Max Estates. As we take our first steps in the real estate world, we aspire to build a sustainable and value accretive platform that will encompass not only commercial/office space assets but also other opportunities that may arise in the future. In Max Speciality Films, we are preparing to launch the new production line and we are confident that the capacity expansion coupled with a largely unchanged fixed cost base would help us yield significant economies of scale. With Toppan serving as a strategic partner, providing expertise, technology transfer and a massive global sales network, we expect the business to deliver significant growth in the coming years.”
Max Ventures and Industries Limited (MaxVIL) is the newest listed entity in the Max Group. It was formed after the erstwhile Max India was demerged into Max Financial Services Limited, Max India Limited and Max Ventures and Industries Limited. MaxVIL has four distinct business verticals Max Speciality Films (Manufacturing), Max Estates (Real Estate), Max Learning (Education) and Max I. (providing intellectual and financial support to high-potential start-ups/ early growth stage companies).
About Max Ventures and Industries Limited
Max Ventures and Industries, is the holding company of Max Speciality Films, an innovation leader in the Speciality Packaging Films business. In addition to manufacturing, the Company also serves as the Group’s entrepreneurial arm to explore the ‘wider world of business’, especially taking cues from the economic and commercial reforms agenda of the present Government, including ‘Make in India’, ‘Skill India’, ‘Digital India’, among others. With this vision, MaxVIL has incorporated three new subsidiaries, which are Max Estates, the real estate arm of the Max Group with the vision to bring the Group’s values of Sevabhav, Excellence and Credibility to the Indian real estate sector, Max I. Limited, a fully owned special purpose vehicle, will facilitate Intellectual & Financial Capital to promising and proven early-stage organizations across identified sunrise sectors and Max Learning Limited, which is focused on the education sector.
MaxVIL is listed on both the Bombay Stock Exchange as well as the National Stock Exchange.
About Max Group
The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY2017, the Group recorded consolidated revenues of Rs. 16,798 Cr. It has a total customer base of 9 million, nearly 240 offices spread across India and people strength of 22,500 as on 31st March 2017. The Group’s investor base includes marquee global financial institutions such as KKR, IFC Washington, Vanguard, Ward Ferry, New York Life, Nomura, Temasek, Target Asset Management, Baron, Jupiter and Wasatch.
The Max Group comprises three holding companies, namely Max Financial Services, Max India and Max Ventures & Industries.
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