Max Estates Limited · NSE:MAXESTATES
Max Estates — Investor Presentation (February 2024)
88 slides from Max Estates's investor presentation, Feb 10, 2024
Slide 1: Cover letter to stock exchanges
February 10, 2024 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex Dalal Street Bandra (East) Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 544008 SYMBOL: MAXESTATES Sub.: Investor Presentation Dear Sir/ Madam, Pursuant to Regulation
Slide 2: Investor Presentation
Investor Presentation An overview of Max Group’s real estate journey February 2024
Slide 3: Max group has nurtured strong brands across diversified businesses
Max group has nurtured strong brands across diversified B2B and B2C businesses over the last 40 years… MAX 1.0 MAX 2.0 MAX 3.0 (1982-2000) (2000-2022) (2022 onwards) Electronic Pharma Components Mobile Communication Telephony services Plating Medical Chemicals Transportation In addition to Life insu
Slide 4: Successful partnerships with leading global companies
…aided by successful partnerships with leading global companies Current JV Partners Investors Past JV Partners Above JV Partners, Investors are/were associated with various Max group entities including but not limited to Max Estates Ltd. 2
Slide 5: Max Group evolved into a USD 4 Billion enterprise
Max Group has evolved into a USD 4 Billion enterprise with real estate business housed in 1 of the 3 listed entities 6.52% 50.94% 49.51% Holding Companies Life Insurance Senior Living Real Estate & related Business business businesses Operating Companies Group CSR Arm 3
Slide 6: Purpose & Strategy
Purpose & Strategy www.maxestates.in
Slide 7: Max Group's values brought to Indian real estate
With aim to bring Max Group’s values of Sevabhav, Excellence and Credibility to the Indian real estate sector. The real estate development arm of Max Group Well placed to emerge as a leading Real Estate player in Delhi - NCR Values Mission Sevabhav Vision • Augment the quality of life through except
Slide 8: One Region and Multiple Asset Class
Max Estates’ real estate strategy – One Region and Multiple Asset Class Rationale for focusing on NCR as the playground 1 Difficult to replicate the business model in multiple geographies • RE business cannot be replicated across cities easily due to significant variations in regulations, practices
Slide 9: Re-Architecting Max Estates' operating philosophy
Re – Architecting Max Estates’ operating philosophy LiveWell and WorkWell envision an ecosystem that enhances and enriches the quality of life of its occupiers by building a confluence of experiences that enable comfort, healthy living, and community experiences, while ensuring their physical and em
Slide 10: The Journey so far
The Journey so far www.maxestates.in
Slide 11: Portfolio expanded 3x since FY22
Max Estates with real estate focus expanded its portfolio by 3x since FY 22 xx Total size of RE portfolio – Delivered and under development Max Estates 1.0 Max Estates 2.0 Max Estates 3.0 (2016 – 2018) (2018 – 2021) 2022 onwards • The portfolio focused on speciality • Focus on Delhi NCR as a region
Slide 12: Unveiling the Pillars of Success
Unveiling the Pillars of Success SYSTEMS & PROCESSES Institutionalize systems and processes PEOPLE to sustain longer term growth RISK & Hire, nurture and retain OPPORTUNITIES exceptional talent Huge Opportunity to become a renowned Real GROWTH Estate player in NCR Add 1 Mn. sq. ft. of projects in CA
Slide 13: Rs. 3,300+ Cr of Capital Commitment Since Inception
Capital Fueling Growth – Rs. 3,300+ Cr of Capital Commitment Since Inception Total Fund Rs. 3,311 Cr 771 696 705 4501 406 81 202 Nykaa Rights NYL commitment Lease Rental stake sale issue including Discounting (LRD) Asset sale Max Specialty investments in SPVs2 Construction to MLIC exit to Toppan fin
Slide 14: New York Life – Our strategic partner
Capital New York Life – Our strategic partner in the real estate business RE Partnership Founded in 1845, New York Life is a Financial Services Company and the New York Life has committed largest mutual life insurer in the U.S ~Rs. 800 Cr till date and they will continue to evaluate co-investment, a
Slide 15: Well Diversified Portfolio across Delhi NCR
Growth & Opportunities Successfully Built a Well Diversified Portfolio across Risk Spectrum, Asset Class, and Geography in Delhi NCR 222 Rajpur, Dehradun, 2016 Max Towers, Noida, 2017 Max House-Phase 1, Delhi, 2018 Max Square, Noida, 2020 Max House-Phase 2, Delhi, 2020 Estate 128, Noida, 2022 Max 65
Slide 16: WorkWell Experiences – Operational & Under Development
Growth & Opportunities WorkWell Experiences – Operational & Under Development Year of Leasable Annualized Development peak S.No Project Location area % leased Rental1 Ownership status occupancy (Mn sq ft) (Rs. Cr) Sector 16B, 1 Max Towers Operations 0.30 100% 2021 35 – 40 100% Noida Max House – Okhl
Slide 17: LiveWell Experiences – Operational & Under Development
Growth & Opportunities LiveWell Experiences – Operational & Under Development Gross Saleable Development Year of Development S.No Project Location Area % sold Ownership status Launch Value (Mn sq ft) (Rs. Cr) 1 222 Rajpur Dehradun Delivered 0.09 2018 100% 109 Under JDA Sector 128, Under 2 Estate 128
Slide 18: WorkWell Experiences in operation
Growth & Opportunities WorkWell Experiences in operation Max Towers, Noida Max House Phase 1, Okhla Net leasable area 3,01,860 Sq. Ft. Net leasable area 1,05,426 Sq. Ft. Net Leased area 3,01,860 Sq. Ft. Net Leased area 1,05,426 Sq. Ft. Occupancy 100 % Occupancy 100 % Annual Rental potential Annual R
Slide 19: WorkWell Experiences under Design and Development
Growth & Opportunities WorkWell Experiences under Design and Development Max Square Two, Sector 129, Noida Net leasable area 1 - 1.1 mn. Sq. Ft. Annual Rental potential (FY23) Rs. 100 – 115 Cr New York Life (49%) Partner ~Rs. 196 Cr Status Under design ~4 acres land parcel, located contiguous to ‘Ma
Slide 20: LiveWell Experiences under Design and Development
Growth & Opportunities LiveWell Experiences under Design and Development Artistic Rendition Representative image Estate 128, Noida Estate 360, Gurugram Premium Residential Units 201 Development Potential ~2.4 mn. sq. ft. Gross Development Value Rs. 1,800 Cr + Gross Development Value Rs. 3,200 Cr + F
Slide 21: Diversified RE portfolio across risk spectrum
Growth & Opportunities Max Estates has successfully curated a well diversified RE portfolio across risk spectrum, asset class and geography within Delhi NCR Geography Asset class Stages of delivery 3% 15% 25% 25% 41% 39% 59% 34% 60% Delivered Delhi Gurgaon Noida Commercial Residential Mixed use Unde
Slide 22: Growth Pipeline
Growth & Opportunities Growth Pipeline Evaluation of Sourcing strategic fit and from preliminary Commercial Due diligence2 Deal multiple business case negotiation & approvals closure channels1 assessment Of 18 active deals 1 at various stages, Count/ Saleable area 11 6 targeting closure (mn. sq. ft.
Slide 23: Board of Directors – Max Estates
People Board of Directors – Max Estates Analjit Singh Niten Malhan Ka Luk Stanley Tai Gauri Padmanabhan D K Mittal Avani Vishal Davda Chairman Independent Director Non-Executive Director Independent Director Independent Director Independent Director • Founder and • Founder and • Managing Director at
Slide 24: Executive Management team (1/2)
People Executive Management team of Max Estates (1/2) Sahil Vachani Rishi Raj Nitin Kansal Vice Chairman & COO – Max Estates CFO - Max Estates Managing Director • Ex-COO, Centre of Expertise for Strategy & Corporate • Chartered accountant and a Max group veteran with Finance at McKinsey & Co.; Ex he
Slide 25: Executive Management team (2/2)
People Executive Management team of Max Estates (2/2) Sahil Vachani Rajendra Singh Vipin Sharma Vice Chairman & Head Projects-CRE-Max Estates Head Projects-Residential-Max Estates Managing Director • Over 25 years of experience in Project Management and • Over 20 years of experience with organizatio
Slide 26: Dedicated and experienced team across key verticals
People Dedicated and experienced team across key verticals 13+ 12+ 17+ 13+ 26+ 19+ Anshul Gaurav Saumya Saxena Raghwendra Bijay Rahul Arora Amit Srivastava Asad Gauhar AVP & P&L Head Head – Design Product AVP – Projects Residential Head - Leasing Head - Sales General Manager – Operations (Commercial
Slide 27: Attracting, Nurturing and Retaining Exceptional Talent
People Attracting, Nurturing and Retaining Exceptional Talent No. of employees Feb-24 200 Mar-23 109 Mar-22 102 Mar-21 65 Mar-20 48 Mar-19 39 Mar-18 35 Mar-17 34 Apr-16 27 25
Slide 28: Driving Sustainability Agenda of MEL
Systems & Processes Driving Sustainability Agenda of MEL Our Sustainability Agenda is based on a 3-pronged framework: 01 Sustainable Initiatives Initiatives taken in key focus areas such as energy, water, waste, safety and other elements of our sustainability framework. 03 Reporting Communication of
Slide 29: Driving Sustainable Change – Initiatives undertaken
Systems & Processes Driving Sustainable Change – Initiatives undertaken Indoor Environmental Quality Sustainable materials Installed MERV 8 and MERV 13 (ESP) filters used to Building construction materials with low embodied reduce pollutants in the conditioned areas with real energy are used to redu
Slide 30: Measuring progress through building certifications
Systems & Processes Measuring progress through building certifications Max Towers - Certified LEED Max House - Certified LEED Gold Max Square - Certified IGBC Platinum from USGBC and Health certified and Health and Platinum for Green and pre and Wellbeing Gold from IGBC Wellbeing Gold from IGBC cert
Slide 31: Reporting on progress in our Sustainability Journey
Systems & Processes Reporting on progress in our Sustainability Journey Sustainability Report BRSR Report Annual Report 29
Slide 32: Corporate Social Responsibility Initiatives
Systems & Processes Corporate Social Responsibility Initiatives – Working Well within our Community Max Estates and Max India Foundation (CSR arm of Max Group) collaborate to improve communities by engaging with local groups to ensure positive impact. Max Estates is exploring partnership with Habita
Slide 33: Real Estate technology partnerships
Systems & Processes Real Estate technology partnerships implemented across parts of value chain Non exhaustive Clairco SAP Solution to provide enhanced air purification and real-time air comprehensive ERP offering on Cloud for Real Estate Modules quality monitoring for the wellness of our occupants
Slide 34: Max Square – Completed within budgeted timelines
Execution Max Square – Completed within budgeted timelines (3 years) Construction completed on time despite COVID 19 and NGT ban led disruptions 32
Slide 35: Max House Ph 2 – Completed within budgeted timelines
Execution Max House Ph 2 – Completed within budgeted timelines (2 years) Sep’21 Dec’21 Construction completed on time despite COVID 19 and NGT ban led disruptions Dec’23 Sep’23 33
Slide 36: Estate 128 – Construction in full swing
Execution Estate 128 – Construction in full swing Tower 1 Tower 2 Excavation, piling and raft work under progress for all three residential towers of the project Tower 3 34
Slide 37: An Enviable Tenant Mix
Execution Achieving the Perfect Blend – An Enviable Tenant Mix Marquee Tenant Profile 35
Slide 38: An Ecosystem of Amenities
Execution Elevating the Customer Experience – An Ecosystem of Amenities Non exhaustive Daycare Auditorium Cafeteria Meditation Room Event Spaces Food Court Retail Stores A work environment that is good for people is great for business 36
Slide 39: Driving Customer Delight through WorkWell Philosophy
Execution Driving Customer Delight through WorkWell Philosophy Through exciting Pulse events, an improved F&B mix at The Hub, and the creation of additional parking spaces for visitors, the operations team are consistently striving to elevate the overall satisfaction of our valued tenants. The team
Slide 40: Max Estates emerging as a leading real estate brand
Brand Max Estates emerging as a leading real estate brand in Delhi NCR 38
Slide 41: Awards and recognition for excellence (1/2)
Brand Awards and recognition for excellence (1/2) Max Estates • Emerging Developer of the Year – ET Real Estate Awards’22 • Emerging Developer of the Year – Commercial (North) - 13th Estate Awards’21 • Best Campaign (Bronze) – ET 3rd Kaleido Awards’21 • Developer of the Year (Commercial) – ET Now Re
Slide 42: Awards and recognition for excellence (2/2)
Brand Awards and recognition for excellence (2/2) Max House • Excellence in Built Environment – Indian Buildings Congress for FY 21 • Environment Friendly Project of the Year – Commercial – 13th Annual Estate Awards’21 • Design project of the year – Realty Conclave Excellence Awards’20 • Most Sustai
Slide 43: Investment Rationale
Investment Rationale Focus on design, well being and end consumer Focused approach on NCR market – land acquired experience for 8 Mn Sq. Ft. developments • Enhancing quality of life through the spaces we create • Focus on development & management of Grade-A Commercial Real Estate in NCR, • Focusing
Slide 44: WorkWell & LiveWell experiences - Operational
WorkWell & LiveWell experiences - Operational www.maxestates.in
Slide 45: Our Current WorkWell and LiveWell experiences
Our Current WorkWell and LiveWell experiences WorkWell Experiences LiveWell Experience Max Towers: Noida Max House: Okhla Max Square: Noida 222 Rajpur: Dehradun A highly awarded, LEED A LEED Gold office This will be an is IGBC Platinum A gated community with ready to move in Platinum commercial offi
Slide 46: 222 Rajpur – Key highlights
222 Rajpur – Key highlights Area ~5 acre Abutting the Malsi Reserve Forest Limited inventory of 22 bespoke residences 100% Sold 44
Slide 47: View of Malsi Forests from the residences
View of Malsi Forests from the residences 45
Slide 48: Night View
Night View * w i iy ow mies See
Slide 49: Orchards
~ Orchards | Nea
Slide 50: Max Towers – Key highlights
Max Towers – Key highlights Leasable Area On DND Flyway, at ~0.6 mn. sq. ft. entrance of Noida Rental~ 25-30% Occupancy 100% premium to micro market Certified LEED Marquee tenant Platinum from profile USGBC and Health ESRI India, IEX, Veolia, Kama and Wellbeing Gold Ayurveda, Cyril Amarchand Mangald
Slide 51: The Cube
The Cube 49
Slide 52: Reception
Reception 50
Slide 53: Food Court
Food Court 51
Slide 54: Café at Max Towers
Café at Max Towers 52
Slide 55: Max House – Key highlights
Max House – Key highlights Leasable Area Boutique campus ~0.3 mn. sq. ft. development in CBD of South Delhi Phase 1- Rental~ 25-30% Occupancy 100% premium to micro Phase 2- market Leased1 65% LEED Gold certified Marquee tenant and Health and profile Wellbeing Gold from Nykaa Fashion, Samsung, IGBC I
Slide 56: Grand Entrance
Grand Entrance 54
Slide 57: Lobby
Lobby 55
Slide 58: Security Turnstile
Security Turnstile 56
Slide 59: Lift Lobby
Lift Lobby 57
Slide 60: Max Square – Key highlights
Max Square – Key highlights Leasable Area ~0.7 mn. sq. ft. On Noida- Gr. Noida Expressway 55% Leased1 Designed around a central forest IGBC Platinum certified for Green and pre certified for Health & Wellbeing 58 1 including LOI – Letter of intents
Slide 61: Central Forest Courtyard
Central Forest Courtyard 59
Slide 62: Food Court
Food Court 60
Slide 63: Artwork 'Jogger' at the entrance
Artwork ‘Jogger’ at the entrance 61
Slide 64: Our Upcoming WorkWell and LiveWell experiences
Our Upcoming WorkWell and LiveWell experiences WorkWell Experiences LiveWell Experiences Representative image Representative image Representative image Artistic Rendition Representative image Max Square Two, Noida Max 65, Gurgaon Estate 128, Noida1 Estate 360, Gurgaon Located in Sector 129, the site
Slide 65: Estate 128 – Our first luxury residential project in NCR
Estate 128 – Our first luxury residential project in NCR Leasable Area ~10 acres Rectangular & contiguous Abutting Noida Gr. Noida Expy Frontage of ~340 m on expressway ~ 7 acres of gardens/ lawns IGBC Platinum pre- certified for Green Homes The Project is being developed by Max Estates 128 Pvt. Ltd
Slide 66: Naturally landscaped gardens and lawns
Naturally landscaped gardens and lawns 64
Slide 67: Spacious units
ae. \RTISTIC RENDITION he mili I o " in la =f Spacious units
Slide 68: Swimming pool at The Hub at Estate 128
Swimming pool at The Hub at Estate 128 The Hub – Pool view 66
Slide 69: Large wrap around decks in the units
Large wrap around decks in the units 67
Slide 70: Thank You – Estate 128 sold out
¢MAX WO ESTATES We are humbled by your trust in us. Thank You! SOLD OUT & MAX Aerrarc: Committed to your wellbeing, every day ESTATE coro 128 Sector 128, Noida
Slide 71: Estate 360, Gurgaon – inter-generational community
Estate 360, Gurgaon – Delhi NCR’s first inter-generational community at scale Land Area = ~11.8 acres At the confluence of 3 Gurgaon’s major corridors ~2.4 Mn sq. ft. of development Opposite 220-acre green zone and 50 m green belt and key commercial developments Representational image 69
Slide 72: Max Square Two – Key highlights
Max Square Two – Key highlights Land Area = ~4 acres Development potential of ~1 mn sq. ft. Abutting Noida Gr. Noida Expy Contiguous to Max Square 6.5 acres of office led mixed use development potential IGBC Platinum pre- certified for Green New Building Representational image 70
Slide 73: Max 65, Gurgaon – First CRE project in Gurgaon
Max 65, Gurgaon – Max Estates’ First CRE project in Gurgaon Land Area = ~7.15 acres Contiguous shape with separate entry for retail space Abutting Golf Course Extension Road from North Corner Plot Direct access from 3 sides Representational image 71 71
Slide 74: Performance Overview
Performance Overview www.maxestates.in
Slide 75: Summary: Results for 9M FY24 & Updates
Summary: Results for 9M FY24 & Updates Max Estates Limited 9M FY24 Financial Highlights: • Co m pan y’s f i rs t l u x ury r es i dent i a l p roj ec t in N CR h as b ee n f u l l y so l d an d ha d ga r ne red a p re -f or ma l la u nch s ale of Rs . 1, 800+ crores . O ver the last six months, the
Slide 76: WorkWell Experiences
WorkWell Experiences Max Towers, Noida • T otal leased area owned by Max E s tates in Max T owers continues to be 100% occupied • Lease rental income from Max Towers stood at Rs . 28 Cr in 9 M F Y24 Max House, Okhla • Max House Phas e 1 continues t o be 100% occupied • Lease rental income from Max H
Slide 77: WorkWell Experiences
WorkWell Experiences Max House, Phase 2 • Max House Phas e 2 is an extens ion of Max House Phase 1, with a larger leasable area of ~0. 15 Mn Sq. F t • ~6 5% o f the tota l l eas ab l e a rea has b een pr e- l eas e d (LO I s in c l ude d) at a p r em i u m of ~ 25% -30 % ov er th e pr eva i l i n g
Slide 78: WorkWell Experiences
WorkWell Experiences Max 65, Golf Course Extension, Gurugram • A ~7. 15 ac re l a nd p arce l w ith a le as ab l e ar ea ~ 1. 6 M n s q. f t . , lo cated r i g ht on Go l f Co urs e E xte ns i on Roa d, a pr i m e of f ice v ecto r ma rk i n g ME L’ s ent ry in G ur ga on . T he lo c ati on is at 10
Slide 79: LiveWell Experiences
LiveWell Experiences Estate 128, Noida • Co m pan y’s f irst lu x ury r es i de nti a l p roj ect in N CR h as bee n f u l l y so l d a nd ha d ga rne re d a pr e- fo r ma l l a unc h s ale of Rs . 1, 800+ C r. • O ver t he last s i x m o nths , the C o mpa ny has c o l le cted ~ Rs . 4 41 C r f or
Slide 80: Max Estates Limited – Performance Highlights
Max Estates Limited – Performance Highlights Total Leased Area Total Revenue as on Dec 2023 9M FY24 – Rs. 63 Cr 8.76 lac sq. Ft. Lease Rental Incomes Debt as on Dec 2023 Key External Debt : Rs. 767 Cr* 9M FY24 – Rs. 44 Cr Highlights (Including LRDs : Rs. 338 Cr) Net external debt – Rs. 323 Cr Total
Slide 81: Max Estates – Operational Metrics
Max Estates – Operational Metrics Total Leased Area (in Sq. Ft.) Lease Rental Income (Rs. Cr) 876,141 1 48 44 37 400,563 407,286 296,649 18 FY21 FY22 FY23 9M FY24 FY21 FY22 FY23 9M FY24 Quarterly Trend Total Leased Area (in Sq. Ft.) Lease Rental Income (Rs. Cr) +115% +46% 701,286 876,141 14 17 12 13
Slide 82: Max Asset Services – Revenue Trend
Max Asset Services – Revenue Trend Yearly Trend (Rs. Cr) Quarterly Trend (Rs. Cr) 36 16 24 10 23 7 13 6 4 FY21 FY22 FY23 9M FY24 Q3FY23 Q4FY23 Q1FY24 Q2Fy24 Q3FY24 This income includes facility management income, managed office revenue and fitout out income. FY23 and Q3FY23 revenue mentioned above i
Slide 83: Max Towers & Max House – Operational Metrics
Max Towers & Max House – Operational Metrics Max Towers, Noida Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Net leased area owned by MEL (Sq. 3,01,860 3,01,860 3,01,860 3,01,860 3,01,860 Ft.) Net leased area as a % of total area 100% 100% 100% 100% 100% owned by MEL Lease Rental Income Max Towers, Noida (Rs.
Slide 84: Max House Phase 2 & Max Square – Operational Metrics
Max Towers & Max House – Operational Metrics Net leasable area 150,453 Sq. Ft. Max House Phase 2, Okhla Q3FY24 Annual Rental potential Rs. 25 – 30 Cr (FY23) Total leased area (Sq. Ft.) 97,977 Partner 100% Owned Occupancy (%) 65% Occupation certificate Status received Lease Rental Income Max House Ph
Slide 85: Max Estates - Profit & Loss Statement
Max Estates - Profit & Loss Statement Consolidated Profit & Loss (In Rs. Cr) Q3FY24 Q3FY23 Q2FY24 9MFY24 9MFY23 Net Sales 24.2 29.3 20.5 62.9 84.0 Cost of Goods Sold 0.0 8.5 0.0 0.0 18.5 Employee benefit expense 3.0 2.2 3.1 8.8 11.2 Advertisement and Marketing expense 5.2 0.3 9.1 18.4 1.1 Other expe
Slide 86: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepa red by Max Estates Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securiti
Slide 87: Details of Group Entities
Details of Group Entities • Max Estates Ltd. (CIN no. L70200PB2016PLC040200) is having its Corporate office at Max Towers, L-20, C - 001/A/1, Sector- 16B, Noida, Gautam Buddha Nagar, Noida UP 201301 & Registered office at 419, Bhai Mohan Singh Nagar Village Railmajra, Tehsil Balachaur, Nawanshehar,
Slide 88: Max Estates Limited contact details
MAX ESTATES LIMITED L-20, Max Towers, Sector – 16B, DND Flyway, Noida, UP - 201 301 Tel: +91 120 4743200 | www.maxestates.in CIN no. L70200PB2016PLC040200 Disclaimer This document contains proprietary and confidential information that is not in the public domain. This document and its contents are i