New Delhi, 8 Nov 2013: Max India Ltd., one of India’s leading multi-business corporates, today announced its results for the quarter ended 30 September, 2013. The consolidated Profit Before Tax (PBT) for Q2FY14 rose by 116% to reach Rs. 93 Cr. The Operating Revenue registered an increase of 12% to Rs. 2158 Cr. The Board of Director’s of Max India Limited have proposed an interim dividend of 90%, translating to Rs. 1.80 per share and aggregating to Rs. 48 Cr. This follows a consolidated dividend of 610%, aggregating Rs. 324 Cr., paid by Max India in FY13.
Commenting on the Company’s performance, Mr. Rahul Khosla, Managing Director, Max India Ltd. said, “Our Businesses of Life are positioned for sustained and profitable growth, and are setting the pace in their respective industries. These results are especially pleasing when evaluated against the backdrop of a generally challenging macroeconomic and regulatory environment. This positive financial performance, a healthy balance sheet and a comfortable liquidity position has led the Board of Directors to approve an interim dividend of 90%. I am confident that our commitment to core values and strategies will continue to deliver superior results in the future”
Mr. Mohit Talwar, Deputy Managing Director, Max India Ltd. added that, “The liquidity position continues to be healthy at Rs. 2,300 Cr., across operating companies and the listed entity. This will ensure that the Group is well positioned to tap future growth opportunities”.
Last week, Max Life, a 71% subsidiary of Max India declared a dividend of Rs 128 Cr. supported by 20% growth in its Q2FY14 Profit Before Tax(PBT), and a 8% growth in the Gross Premium. The company outperformed in the private life insurance segment, with a 60 basis point increase in market share to 9.7%. During the period its Assets Under Management (AUM) rose 13% to Rs. 21,735 Cr. The company’s Solvency Ratio of 521%, is more than 3 times the mandatory 150%, reflecting its strong and stable financial position.
Max Healthcare, a 66% subsidiary of Max India, turned cash positive in H1FY14. The company recorded a 6 fold jump in its Q2FY14 EBIDTA to Rs. 31 Cr., which was backed by nearly 8% increase in average occupancy to 78%.
Max Bupa Health Insurance, a 74% subsidiary of Max India, signed a bancassurance distribution agreement with Deustche Bank, which will help the company develop a balanced distribution mix. Alongside, Max Bupa continued its rapid growth, recording a 69% rise in the lives covered in Q2FY14.
The customer confidence in Max Bupa continued to rise with the persistency level increasing 3% in Q2FY14 to 83%.
Antara Senior Living, a 100% subsidiary of Max India, laid the foundation for its first senior living community in Dehradun and also awarded the civil contract for its maiden community to renowned infrastructure firm, Shapoorji Pallonji Co. Ltd. Alongside, the Company kicked off its pre-launch sales and has received a positive response.
Max Speciality Films (MSF), a division of Max India registered a 46% rise in Q2FY14 EBITDA to Rs 16 Cr. as the temporary pricing pressure due to oversupply eased and the European markets started stabilizing after witnessing a slowdown.
Max Life Insurance Company Ltd. (MLIC) – is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Mitsui Sumitomo Insurance, is a part of MS&AD Insurance Group, which is amongst the leading general insurers in the world. Max Life Insurance, one of India’s leading life insurers, offers comprehensive life insurance and retirement solutions for long-term savings and protection. A financially strong and stable company with focus on quality of advice, sound investment expertise and service excellence, Max Life Insurance has set in place values driven culture and corporate governance through its superior human capital. The Company has a country wide diversified distribution model, including the country’s leading agent advisors, exclusive corporate agency arrangement with Axis Bank and several other partners.
Max Healthcare (MHC)is a joint venture with Life Healthcare, South Africa, and is the Country’s leading comprehensive provider of standardized, seamless and international-class healthcare services. It is committed to the highest standards of medical and service excellence, patient care, scientific and medical education.
Max Healthcare operates 12 facilities in North India, offering services in over 30 medical disciplines. Max Healthcare has 12 facilities in North India, offering services in over 30 medical disciplines. Of this 9 facilities are located in Delhi & NCR and the others in Mohali, Bathinda and Dehradun. The Max network includes state-of-the-art tertiary care hospitals in Saket, Patparganj, Shalimar Bagh, Mohali, Bathinda and Dehradun, secondary care hospitals at Gurgaon, Pitampura and Noida and an out-patient facility and a speciality centre at Panchsheel Park. The Super Speciality Hospitals in Mohali and Bathinda are under PPP arrangement with the Government of Punjab.
Max Healthcare has a base of over 1900 leading doctors, 5500 employees and around 1.9 million patients from 80 countries, across its network of 12 hospitals.
Max Bupa Health Insurance Limited is a, 74:26 joint venture between Max India Ltd. and Bupa Finance Plc, UK, a leading international healthcare provider with 65 years of healthcare knowledge. The Company brings together a combination of Bupa’s global health insurance expertise and customer service expertise with Max India’s understanding and experience of the Indian health and insurance sectors.
Max Bupa offers quality health insurance services through a dedicated team of over 1000 people and its network of 21 offices across 13 cities – Delhi, Mumbai, Hyderabad, Chennai, Bangalore, Pune, Ludhiana, Chandigarh, Jaipur, Surat, Kochi, Kolkata and Patna. Max Bupa has a customer base of 1.4 million and it offers individual and family oriented health insurance policies for Indians across all age groups.
Max Bupa Health Insurance has a direct working relationship with a network of 3000 top quality hospitals and healthcare providers and at the same time the company plans to extend xanax bars. Max Bupa services customers directly without third party involvement.
Antara Senior Living(Antara): Max India Group has charted its next phase of growth by entering the Senior Living Business. Due to the fast changing social milieu, the concept of Senior Living presents a rapidly growing yet inadequately serviced business opportunity in India. Antara Senior Living focuses on people over the age of sixty and the first initiative is to create vibrant residential communities for progressive seniors that offer “Lifestyle with Lifecare”. Keeping in line with the Max Group values of “Seva bhav, Excellence and Credibility”, Antara truly aims to create a difference to the lives of seniors in India. With its initial focus for building these communities in North India, Antara has partnered with best in the class international architects and industry experts, to design and develop its first community in Purukul, Dehradun. Spread across 20 acres this community will comprise of 217 resident apartments and approximately 50 wellness suites that will cater to the advanced healthcare needs of the residents and seniors. Launched on 24th May 2013, this community will be ready for residents to move into by early 2016.
Max Speciality Films (MSF) specializes in manufacturing specialty barrier and packaging (BOPP) films to cater to the needs of wide range of sophisticated packaging applications including food packaging, overwrap, consumer products and label manufacture. MSF’s leather finishing foil business division manufactures a range of leather finishing and laminating foils. The Company has an installed capacity of 52,000 tons per annum.
Max Neeman Medical International (MNMI) provides Clinical Research services across the entire value chain of new drug development. MNMI conducts Phase II, III, IV of clinical trial studies and has access to over 2000 ICH-GCP trained investigators and 230 research coordinators across 43 cities to offers services to a growing list of Pharmaceutical, Biotech and Clinical Research clients, in India and abroad. MNMI is focusing on developing alliances with midsized pharma and biotech companies to transition their drug development work to India. The Company has an employee base of 250 at five Regional offices in India & one business development office in USA
Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. Max India is in the ‘Business of Life’ with its vision to be one of India’s most admired corporates for Service Excellence. It ‘Protects Life’ through its Life Insurance subsidiary Max Life, a joint venture between Max India and Mitsui Sumitomo Insurance, Japan; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; ‘Rejuvenates Life’ through its Senior Living business Antara, a fully owned subsidiary of Max India and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. The Group also continues its interest in manufacture of Speciality Products for the packaging industry through its SBU Max Speciality Films.
The Group’s businesses have built commanding presence in their respective sector, through a total customer base of nearly 6.8 million, over 300 offices spread across India and a people strength of 60,000 persons. The flagship company Max India Limited is a widely held public ltd company, listed on the BSE & the NSE. Mr. Analjit Singh, Founder & Chairman, is the lead shareholder in Max India with over 39% holding. Other leading shareholders in the company include some of world’s best Institutional Investors, such as Goldman Sachs, International Finance Corporation, Washington (IFC), Temasek Holdings.
For more details contact:
Head – Communications
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 145
Cell # +91 9873154228+91 9873154228
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