New Delhi [India], June 8 (ANI): Max Ventures and Industries Ltd said on Monday its earnings before interest and taxes (EBIT) moved up to Rs 29.8 crore in the quarter ended March as compared to Rs 8.5 crore in the corresponding quarter of previous fiscal.
The revenue crawled up by one per cent to Rs 253 crore in Q4 FY20 from Rs 249 crore in Q4 FY19. The profit after tax totalled Rs 3.4 crore compared to a loss of Rs 5.6 crore in the same period.
MaxVIL, a part of the Max Group, operates primarily in the areas of manufacturing and real estate.
The company said more than 50 per cent area of Max Towers is leased at a premium of 25 to 30 per cent to immediate micro-market. During COVID-19 lockdown, the company was successful in leasing 25,000 square feet area to a large listed entity.
A majority of the occupants in the grade A-plus project is mid to large corporates and law firms with their corporate office headquartered at Max Towers.
MaxVIL said that COVID-19 is expected to impact the business environment and momentum in the short term. However, in the coming quarters de-densification, de-consolidation, preference for better-maintained buildings with health-hygiene and fresh supply slowdown will counter-balance lower demand.
"Our strategy to focus on marquee tenants for our commercial projects has worked well. We have witnessed over 90 per cent of on-time and full payment of dues from tenants for March and April," it said.
"Though leasing enquiries slowed down during lockdown, we have strengthened our business development initiative, including getting digitally ready and are confident of demand recovery," it added. (ANI)