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Max Estates Ltd reported a 30% year-on-year decline in consolidated net profit to INR 8.35 crore for the quarter ended June, compared with INR 11.93 crore in the corresponding period of the previous financial year. The company's total income remained broadly unchanged at INR 80.07 crore during the first quarter of the current fiscal year, against INR 80.12 crore a year earlier, according to a regulatory filing. Established in 2016, Max Estates is the real estate arm of Max Group and has residential and commercial projects across Delhi-NCR. The company also operates Max Asset Services, a real estate services and management business. Its operations are focused on property development and related services within the Delhi-NCR market.
Max Estates Ltd reported a 30% decline in consolidated net profit to INR 8.35 crore for the quarter ended June, compared with INR 11.93 crore in the corresponding period a year earlier, while its total income remained largely unchanged. The real estate arm of Max Group disclosed the results in a regulatory filing on Friday.
The company's total income stood at INR 80.07 crore during the first quarter of the current financial year, marginally lower than INR 80.12 crore recorded in the corresponding period of the preceding year. The near-flat income came alongside the decline in consolidated net profit during the latest quarter.
Max Estates was established in 2016 and operates as the real estate arm of Max Group. The company has residential and commercial developments across the Delhi-NCR market and is among the country's larger property developers.
Its portfolio includes projects spanning both residential and commercial segments in Delhi-NCR. The company has built its real estate operations around the region, with its development activities focused on the National Capital Region.
Alongside its property development business, Max Estates also operates Max Asset Services, a real estate services and management company. The business forms part of the group's wider real estate operations and provides services related to property and asset management.
The June-quarter results reflect a period in which the company's reported income remained broadly at the level recorded a year earlier. Total income of INR 80.07 crore compared with INR 80.12 crore in the year-ago quarter, a marginal difference of INR 0.05 crore.
Despite the broadly unchanged income, consolidated net profit declined to INR 8.35 crore from INR 11.93 crore in the corresponding quarter of the previous financial year. The company reported the figures as part of its quarterly financial disclosure.
Max Estates' operations currently centre on residential and commercial real estate in Delhi-NCR, complemented by its real estate services and management business, Max Asset Services. The company was established in 2016 as part of Max Group's expansion into real estate development and associated services.
The latest financial results cover the quarter ended June and represent the company's consolidated performance for the first quarter of the current fiscal year. The regulatory filing did not provide further details on the factors behind the change in profitability beyond reporting the decline alongside broadly flat total income.
Source - PTI
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