Max Estates shares surged 7.1 per cent at Rs 586.90 per share on the BSE in Monday’s intraday deals. The stock price jumped after the real estate company on Monday reported a sharp rise in net profits, and despite recording subdued sales for the second quarter of the financial year 2024-25 (Q2FY25).
Net sales for Max Estates were reported at Rs 7.48 crore in September 2024, down 21.28 per cent from Rs 9.50 crore in September 2023. However, the quarterly net profit soared to Rs 241.52 crore, an increase of 4171.67 per cent compared to Rs 5.65 crore in September 2023.
Earnings before interest, tax, depreciation and amortisation (Ebitda) reached Rs 288.46 crore in September 2024, reflecting a significant rise of 2,280.03 per cent from Rs 12.12 crore in the same period last year.
The earnings per share (EPS) for Max Estates increased to Rs 16.16 in September 2024, up from Rs 0.38 in September 2023.
The company also informed the exchanges on Saturday that it has received NCLT approval for the ‘Delhi One’ project in Sector 16B, Noida, spanning 34,697 sq. metres with 2.5 million sq ft of mixed-use development potential.
This project, expected to be launched in FY26, has a gross development value (GDV) potential of over Rs 1,500 crores as well as annuity income potential of Rs 120 crore from leased inventory of 1.2 mn sqft and receivables of Rs 500 crores from sold inventory.
“H1FY25 has seen execution of multiple strategic and operational initiatives to scale the business as well as strengthen the organisation capacity and capability to seamlessly execute as we grow the portfolio multi-fold. I am very confident of growth opportunities ahead to further scale the business with a strong balance sheet and growth capital in place. We have had a very successful track record of judiciously deploying capital in business development including 7 mn sq ft of development opportunities in H1FY25 itself,” said Sahil Vachani, Vice Chairman & MD of Max Estates said,
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The company has a total market capitalisation of Rs 9,327.12 crore. Its shares are trading at a price to earnings multiple of 456.28 times and at an earning per share of Rs 1.20.
At 11:38 AM, the stock price of the company was up 5.81 per cent at Rs 579.50 a piece on the BSE. By comparison, the BSE’s Sensex surged 1.10 per cent to 80,276.45 level.