Max Ventures reports Rs 25 cr net profit in Q1

Max Ventures & Industries on Thursday reported a consolidated net profit of Rs 24.8 crore in the first quarter ended June 30.

The company had posted a net loss of Rs 7.8 crore in the April-June quarter of the previous fiscal.

Consolidated revenue rose by over 134 per cent to Rs 425.5 crore in three months to June of 2019-20, as against Rs 181.80 crore in same period previous fiscal, the company said in a release.

It said that it has been a strong start to 2019-20 with improved performance from real estate and speciality films business.

"It has been a solid start to FY20 as it marks the commencement of our flagship office project -Max Towers. The speed and quality of Max Towers delivery is providing a strong impetus to our growth prospects in the office development space," Sahil Vachani, MD & CEO of MaxVIL said.

Max House, Okhla, which recently begun construction is expected to complete by the first quarter of FY21, the company said.

Also, the first quarter of current fiscal has seen rising demand for speciality films.

Stock of the company closed 2.52 per cent down at Rs 38.75 on the BSE.