Max India Ltd. today announced its un-audited results for the quarter and nine months ended December 31, 2007.
The Company has reported consolidated revenue of Rs. 2,772 crore during nine months ended December 31, 2007, as against Rs. 1,358 crore in the corresponding previous period, a growth of 104%. Consolidated revenue for the quarter ended December 31, 2007 at Rs. 1,226 crore grew (delete grows) 103% as against Rs. 604 crore in the corresponding previous quarter.
Operating cash profit stood at Rs. 854 crore during nine months ended December 31, 2007 as against Rs. 417 crore in the corresponding previous period, a growth of 105%. Operating cash profit for the quarter ended December 31, 2007 grew 83% at Rs. 422 crore as against Rs. 230 crore in the corresponding previous period.
Group Investments stood at December 31, 2007 at Rs. 4,627 crore against Rs. 1,821 crore as at December 31, 2006 grows 154%.
Commenting on the results, Mr. B. Anantharaman, Joint Managing Director, Max India Limited, said, “Our life insurance, healthcare and speciality packaging businesses have enabled us to deliver yet another quarter of strong performance. Launch of child benefit products boosted our premiums in the current quarter. Opening of 58 new sales offices in the current quarter and expected launch of series of health insurance products in the next quarter should see us continue reporting impressive growth.”
“Our second phase expansion plans involving setting up 4 hospitals along with recent acquisition of land in North-west Delhi will scale up Max Healthcare from the current capacity of 770 beds to over 1500 beds by 2011,” Mr. Anantharaman added.
Gross premium income for the quarter ended December 31, 2007 at Rs. 764 crore grew 69% year-on-year. Annualized First Year Premium (new sales) for the quarter at Rs. 478 crore grew 60% year-on-year. The Company has sold over 2 million policies since inception with 235,000 policies sold during the quarter. Sum assured in force as at December 30, 2007 around US$ 16 billion (Rs. 626 billion) has grown 69% year-on-year. MNYL added 58 offices during the quarter, increasing the geographic presence to 233 offices across 155 locations across the country.
“In line with the commitment from both the shareholders to invest Rs. 1,800 crore in the life insurance business over next 3 years, the shareholders infused Rs. 100 Crore as fresh capital in the quarter taking the total capitalization of the business to Rs. 907 crore,” Mr. Anantharaman added.
Revenue across network of hospitals for the quarter ended December 31, 2007 at Rs. 98 crore grew 48% year-on-year. Healthcare business reported positive EBITDA of Rs. 5 crore during the quarter against negative Rs. 3 crore during the same quarter previous year. MHC has around 1,250 doctors in its network, including 576 doctors on its rolls. With the total patient transactions during the quarter averaging at around 140,000 patients a month, the average occupancy across all healthcare care facilities is at 68%. MHC has a registered patient base of over 530,000 patients.
The third production line, barely 9 months old, is already being operated at over 95% capacity utilization. Early in October, the second thermal coated film line plant also got operationalized. Revenue for the quarter ended December 31, 2007 at Rs. 84 crore grew 96% year-on-year. PBT for the quarter at Rs. 7 crore grew 129% year-on-year. EBITDA margin for the quarter improved to 16% with return on capital employed maintained at 18%.
Max India is a multi-business corporate, driven by the spirit of Enterprise, focused on Knowledge, People and Service oriented businesses of Life Insurance (Max New York Life Insurance), Healthcare (Max Healthcare), and Clinical Research (Neeman Medical International). Max India’s other businesses are Specialty Plastic Products for the packaging industry (Max Speciality Products) and Healthcare Staffing (Max HealthStaff).
Max New York Life (MNYL) is a joint venture between New York Life, a Fortune 100 company, and Max India Limited. MNYL has positioned itself firmly on the quality platform. In line with its vision ‘To be the most admired life insurance company in India’, it has developed a strong corporate governance model based on the core values of excellence, honesty, knowledge, caring, integrity and teamwork.
MNYL has established a robust distribution network across the country. With 233 offices in 155 locations and more than 30,000 agent advisors, 19 bancassurance relationships, 14 corporate agents and around 600 people strong direct sales team, the Company has built a robust distribution network to support strong growth.
Max Healthcare (MHC) is one of India’s leading providers of customized, seamless, integrated and world–class healthcare services. It is one of the largest private healthcare companies in India with a network of six hospitals, two specialty medical centers and nine clinics that are either owned or managed pursuant to service agreements.
It is committed to the highest standards of medical and service excellence, patient care, scientific knowledge and medical education. MHC operates eight healthcare centers in the NCR, offering services in over 30 medical disciplines with super speciality services in Cardiac care, Neurosciences, Orthopaedics, Paediatrics, and Obstetrics & Gynaecology.
Neeman Medical International (NMI) is a Clinical Research services provider offering a various services across the value chain of new drug development to a growing list of pharmaceutical, biotech and CRO clients, in India and abroad. NMI continues to focus on developing alliances with mid sized pharma and biotech companies to transition their drug development work to India. NMI continues to focus on building business development pipeline through organic measures and intends to explore inorganic growth options as well.
Max Speciality Products (MSP) specializes in manufacturing of wide range of sophisticated barrier and packaging films. The BOPP division of MSP has an installed capacity of 29,000 tons per annum. MSP’s leather finishing foil business division manufactures a range of leather finishing and laminating foils.
Max HealthStaff International (MHS) is an international healthcare staffing company, founded on world class quality and service excellence. It is committed to be India’s leading healthcare staffing company, placing professionals at healthcare institutions in India and abroad. MHS offers a comprehensive overseas nursing program to Indian nurses. MHS operates its business through 7 training centers located in Delhi, Chandigarh, Kottayam and Chennai.
For more details contact:
Vice President – Corporate Finance
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 126
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 182