Max Ventures and Industries Q1 net profit up three-fold to Rs 46 cr

Max Ventures & Industries Ltd (MaxVIL) on Friday reported an over three-fold jump in net profit to Rs 46.04 crore for the quarter ended June.

The company had reported a net profit of Rs 13.05 crore in the April-June period a year ago, MaxVIL, part of the Max Group, said in a BSE filing.

Its total income rose 47.72 per cent to Rs 389 crore, as against Rs 263.33 crore in the corresponding quarter of the previous fiscal.

Total expenses were at Rs 321.34 crore, up 34.09 per cent from Rs 239.64 crore earlier.

Revenue from packaging films increased 46.3 per cent to Rs 367.54 crore, compared to Rs 251.22 crore in Q1 FY 2020-21.

Revenue from real estate climbed around three-fold to Rs 14.26 crore from Rs 4.69 crore.

MaxVIL MD and CEO Sahil Vachani said, "Q1FY22 proved to be yet another record quarterly performance for our packaging films business posting its highest ever quarterly revenue & EBITDA."

Sustained demand, enhanced specialty product mix and sustainability-led initiatives led to strong performance in the packaging films business, he said.

On the outlook, Vachani said, "Our packaging films business is expected to continue the robust performance with strong focus on sustainable & recyclable products with improving share of value-added specialty films."

Share of Max Ventures & Industries Ltd on Friday settled at Rs 105.10 on BSE, up 11.16 per cent from the previous close.