Conference Call Overview
• Date: May 30, 2023
• Key Executives:
• Sahil Vachani (Managing Director and CEO)
• Nitin Kansal (CFO)
• Rishi Raj (COO)
Strategic Shift
• Exited packaging business to focus on real estate.
• Expanded portfolio to 8 million square feet across various asset classes.
• Key developments:
• Completion of Max Square.
• Entry into residential segment with a new project in Noida.
• Expansion into Gurugram.
• Aims to add 1 million square feet annually in commercial and residential sectors.
• Merger with Max Estates in progress.
Project Updates
• Max Towers and Max House Phase 1 fully occupied, generating significant lease rental income.
• Max Square received Completion Certificate; expected to attract domestic occupiers.
• Upcoming projects:
• Partnership with New York Life Insurance for a 1.6 million square feet project in Gurugram.
• Launch of a residential project in Noida with a gross development value of over INR 1,300 crores.
• Joint development agreement in Gurugram for a 2.4 million square feet project.
Financial Performance
• Q4 FY '23:
• Consolidated EBITDA: INR 76 million (67% increase YoY).
• Profit after tax: INR 42 million (74% increase YoY).
• FY '23:
• Consolidated revenue: INR 1,073 million (6% increase).
• EBITDA: INR 317 million (23% increase).
• Profit after tax: INR 170 million (compared to INR 47 million in FY '22).
• Total leased rental income: INR 483 million (30% increase).
• Debt and cash position:
• Gross debt: INR 830 crores.
• Cash and equivalents: INR 160 crores.
• Net debt: INR 670 crores.
Future Outlook
• Key performance indicators for FY '24:
• Launch of residential project in NCR.
• Leasing of Max Square and Max House Phase 2.
• Target cash margin: 25-30% and IRR of over 20% for new projects.
• Capex plan: INR 1,100 crores for a commercial project in Gurgaon and INR 800 crores for Max Square Phase 2.
• Anticipated top line: INR 2,500 crores in coming years.
Investor Inquiries
• Concerns about increasing debt levels; target debt-to-equity ratio of no more than 0.6.
• Tenant profile primarily includes law firms and banks, maintaining 100% occupancy.
• Revenue growth potential from new commercial assets.
• Acknowledgment of challenges in Azure Hospitality investment but signs of recovery noted.
Market Trends
• Noted a trend towards "flight to quality" in commercial real estate.
• Strong demand for Grade A+ office spaces.
• Anticipated launch of residential project in Noida by mid-2023, pending RERA approval.
Conclusion
• Emphasis on the company's transition to a pure real estate focus.
• Recent capital raises and upcoming residential projects expected to attract institutional interest.
• Call concluded with appreciation for participants and anticipation for future discussions.

Earnings Call Overview
• Date: February 7, 2023
• Submitted transcript to BSE and NSE on February 13, 2023
• Key executives: CFO Nitin Kansal, COO Rishi Raj
Strategic Growth Initiatives
• Focus on "Max Estates 3.0 Journey"
• Exiting specialty packaging films business
• Expanding real estate portfolio to nearly 8 million sq ft
• Corporate restructuring to merge with Max Estates Limited
Business Updates
• Max Towers: Fully leased, 15% increase in rental income (Q3 FY23)
• Max House Phase-1: Fully occupied, 48% increase in rental income (Q3 FY23)
• Max Square: On track for Q4 FY23 completion
• Max House Phase-2: Expected completion by Q2 FY24
• New residential project in Noida launching mid-2023
Financial Performance
• 17% increase in consolidated revenues to Rs. 840 million (9M FY23)
• Healthy liquidity position with debt-equity ratio below 0.66
• Projected profit after tax (PAT) of Rs. 300 crores dependent on rental incomes
Future Projections
• Full-year lease rentals from Max Square and Max House Phase-2 expected in FY25
• Residential income anticipated from FY26-27
• Lease rental income for FY25 estimated between Rs. 100-120 crores
Market Outlook
• Commercial real estate market shows a slowdown in decision-making
• Positive long-term outlook despite current challenges
• Confidence in the upcoming residential project in Noida
Investor Concerns and Responses
• Investor Vasant Shukla raised concerns about capital utilization and returns
• Rishi Raj explained capital redeployment into real estate projects aiming for over 20% pre-tax IRR
• Nitin Kansal addressed investment status in Azure Hospitality
Capital Expenditure Plans
• Total CAPEX of approximately Rs. 800 crores for FY24 and FY25
• Funding from Rs. 600 crores in debt and Rs. 200 crores in equity
• Overall CAPEX projected between Rs. 1400 to 1500 crores over the next 3-4 years
Conclusion
• Emphasis on execution and operational efficiency through technology investments
• Commitment to delivering significant residential and commercial projects
• Appreciation for participants and commitment to future updates