Max Estates continues to witness strong leasing traction

Max Estates Limited, the real estate arm of the Max Group announced its Q3 & 9M FY24 results on February 9, 2024.

MEL 9M FY24 Financial Highlights:

- The company's first luxury residential project in NCR has been fully sold and has garnered a pre‐ formal launch sale of Rs 1,800+ Cr. Over the last six months, the Company has collected ~Rs 441 Cr for the project

- Consolidated Revenue stood at Rs 63 Cr in 9M FY24

- Consolidated EBITDA stood at Rs 10 Cr in 9M FY24

- Consolidated PBT stood at Rs (61) Cr and PAT stood at Rs (52) Cr in 9M FY24. This is on account of the following:

- The Company has incurred residential advertising and marketing expenses of Rs 18 Cr in 9M FY24; the corresponding revenue of which will be recognized at the time of possession.

- The Company has conservatively taken a 100% provision on the investments made in Azure Hospitality amounting to Rs 45 Cr in 9M FY24.

- Normalized EBITDA and PBT in 9M FY 24 adjusted for the above items are Rs 28 Cr and Rs 1 Cr respectively.

- Total Lease Rental Income for Max Towers, Max House, and Max Square combined has increased by 24% YoY to Rs 44 Cr in 9M FY24.

- Max Asset Services' revenue, which primarily includes common area maintenance charges and managed office revenue, stood at Rs 23 Cr in 9M FY24.

Commenting on the same, Sahil Vachani, Vice Chairman & MD of Max Estates said, "The Indian residential real estate market is poised for robust growth in the coming years driven by improved affordability, a growing share of upper mid‐income and high‐income population segment and a significant shift of consumer preferences towards high‐quality living spaces.

Delhi NCR'sinfrastructure upgrade cutting across airports, roads, and massrapid transport systems continues to drive rapid urbanization making it a preferred place to live and work.

Our robust business development strategy has secured a well‐diversified portfolio of development opportunities which ensures strong growth in the coming years. To deliver our stated aspiration of acquiring 2 mn sq ft of development opportunities annually, we are actively exploring multiple projects across Delhi NCR both through a joint development model as well as outright purchase.

We are very conscientious in selecting new ppportunities that resonate with our WorkWell and LiveWell promise.

After the successful launch of Estate 128 in Noida, we are on track to launch our first intergenerational residential community in Gurugram by Q1 FY 25.

We, at Max Estates, continue to focus on building organizational capacity and capability with a strong emphasis on sustainability, technology adoption , and processes imperative for long‐term success at scale."

Shares of Max Estates Limited was last trading in BSE at Rs. 291.75 as compared to the previous close of Rs. 291.25. The total number of shares traded during the day was 1828 in over 93 trades.

The stock hit an intraday high of Rs. 317.90 and intraday low of 284.00. The net turnover during the day was Rs. 528371.00.

Source : Equity Bulls

Keywords

MaxEstates Residential Commercial Projects INE03EI01018 Q3FY24 9MFY24 ResultUpdate