New Delhi, June 29, 2004:

Max India today announced its audited results for the financial year ended March 31, 2004. The Company has reported a surge in its profit before tax, which increased from Rs. 3.23 crore in FY 2002-03 to Rs. 30.64 crore in FY 2003-04. Consequently, net worth of the Company increased from Rs. 450.82 crore as of March 2003 to Rs. 471.03 crore as of March 2004. The Company has successfully reduced its debt from Rs. 144.01 crore as of March 2003 to Rs. 93.08 crore as of March 2004. Interest burden in FY 2003-04 significantly reduced to Rs. 17.82 crore from Rs. 26.28 crore in the previous year.

On a consolidated basis, Max India reported a 31% year-on-year increase in total income, whilst still in nascent phase in the growth of its new businesses, from Rs. 390.62 crore in FY 2002-03 to Rs. 510.46 crore in FY 2003-04. The core businesses of Life Insurance and Healthcare achieved traction in their respective fields and continued their robust growth.

Max New York Life continues to be among the first quartile of private life insurance companies in India. Life insurance premium income increased from Rs. 96.59 crore in FY 2002-03 to Rs. 215.24 crore in FY 2003-04, a growth of 123% over the previous year. As of March 2004, Max New York Life had booked sum insured aggregating Rs. 11,123 crore, up 105% from Rs. 5419 crore as of March 2003. The product mix of Max New York Life continued to be dominated by whole life policies, which score very high on embedded value potential. The company has sold more than 290,000 insurance policies till March 2004 and has successfully established a pan-India presence by having a network of 35 offices in 27 cities.

Max Healthcare continued to move forward to become a dominant player and a trusted provider of high quality healthcare services in the National Capital Region. Revenues from healthcare services witnessed a year-on-year increase of 111% from Rs. 11.44 crore in FY 2002-03 to Rs. 24.20 crore in FY 2003-04. The asset building process of Max Healthcare also continues and the first tertiary care hospital in Saket will be commissioned in Q3 of FY 2004-05. Another tertiary care hospital in Patparganj will also become operational around the same time. Max Healthcare, having a network of more than 335 leading doctors and an owned patient base in excess of 125,000 patients is targeting to achieve bed capacity of 1,000 beds by 2006.

Comsat Max, which became a wholly owned subsidiary of the Max group in FY 2003-04, has been moving its service offerings further up the value chain. Comsat Max now offers services that cut across the industry segments of telecom, IT, BPO and are more broadly covered by IT enabled services in the area of networking, business continuity and knowledge solutions. To signify the strategic shift in the focus of the company towards becoming a services centric business, its services revenue increased from Rs. 34.24 crore in the previous year to Rs. 37.68 crore in the current financial year.

Commenting on the results for the financial year 2003-04, Mr. B. Anantharaman, Group Finance Director said "The fiscal year 2003-04 marked the successful culmination of financial closure for all the future business requirements of the Group. All the businesses have reported increased revenue and strong fundamentals. The core businesses of Life Insurance and Healthcare are poised to realize their full potential and emerge as leaders in their respective segments, generating long-term value for the investors."

About Max India Limited

Max India Limited is a multi-business corporate, driven by the spirit of Enterprise, focused on Knowledge, People and Service oriented businesses of Healthcare and Life Insurance. Max also maintains interests in Clinical Research, Telecom services and Specialty Plastic Products businesses.

For further information contact :

Deep Ghatak
Manager -Corporate Communications
Max India Limited
Max House
1, Dr Jha Marg
Okhla, New Delhi 110 020

Tele # 2632 2776 (D) ; 2693 3610 extn. 192
Mobile # 98186 48323
Fax # 632 4126
E-mail : dghatak@maxindia.com