Max Ventures and Industries Q2 net profit at Rs 44.6 lakh

Max Ventures and Industries (MaxVil) reported a consolidated net profit of Rs 44.61 lakh in the second quarter ended September 30, 2016.
The company had reported net profit of Rs 4.69 crore in the corresponding July-September quarter of 2015-16.
Total income from operations fell to Rs 172.20 crore in the quarter, against Rs 179.88 crore a year ago.
On a standalone basis, the company reported net loss of Rs 1.39 crore during the period. While, in the same quarter of previous fiscal 2015-16, it had registered a net profit of Rs 16 lakh.
Income standalone in quarter ended September of current fiscal stood at Rs 3.14 crore, up from Rs 1.64 crore.

MaxVil is the second company listed following demerger of the earstwhile Max India. It is Max Group's entrepreneurial arm to explore wider business opportunities.

It was formed following the demerger of Max India in January 2016 and started trading on the stock markets earlier in June this year.
Company's total assets as on September 30, 2016 was at Rs 625.76 crore.
Also, at the Board of Directors meeting held today, the company got approval to borrow up to Rs 70 crore from promoter and Chairman Analjit Singh. The borrowal will be free of any interest, for repayment of existing loans and funding to subsidiaries besides other general corporate purposes.

The Board also mandated the Investment and Finance Committee to explore and recommend suitable funding options to the Board including issuance of shares on rights basis to existing members or private placement or additional promoter borrowing.
Besides, the company may also weigh options through its subsidiary Max Estates, for co-investment/co-development or re-development of the real estate assets and projects.
Stock of the company closed 2.58 per cent down at Rs 50.95 on BSE on last trading day previous week. The market was closed today on a public holiday.