Max India posts Net Profit for Q2FY12 at Rs. 58 Cr. against loss of Rs. 97 Cr. for Q2FY11

Max India posts Net Profit for Q2FY12 at Rs. 58 Cr. against loss of Rs. 97 Cr. for Q2FY11

Consolidated Operating Revenue at Rs. 1,806 Cr., up 16%

  • Life Insurance: Overall half yearly profits grows 8 times to Rs. 375 Cr, Shareholder Profit for Q2 FY12 at Rs. 133 Cr. against loss of Rs. 81 Cr. in Q2 FY11; gains 3% market share to 9.8%
  • Healthcare: Ties in largest FDI in Indian healthcare space; refines organizational leadership, soft launch of Shalimar Bagh, Mohali & Bhatinda facilities…. expands capacity to 1800 beds
  • Health Insurance: sustains encouraging sales trend, 97,000+ lives in force
  • Specialty plastic products: Achieves 100% capacity utilization within 3 months of expansion

New Delhi, November, 2011

Max India Ltd., today announced its results for the quarter ended September 30, 2011. The consolidated Net Profit for the quarter ended September 30, 2011 at Rs. 58 Crore against loss of Rs. 97 Crore for the corresponding previous quarter. The consolidated Net Profit for the half year ended September 30, 2011 at Rs. 128 Crore against loss of Rs. 122 Crore for the corresponding previous period.

The consolidated operating revenue for the quarter ended September 30, 2011 at Rs. 1,806 Crore against Rs. 1,557 Crore in the corresponding previous quarter, grows 16% year-on-year. The consolidated operating revenue for the half year ended September 30, 2011 at Rs. 3,482 Crore against Rs. 3,052 Crore in the corresponding previous period, grows 14% year-on-year. The consolidated revenue for the quarter ended September 30, 2011 at Rs. 1,996 Crore against Rs. 2,257 Crore in the corresponding previous quarter declines 12% on account of decline in investment and other income with fluctuation in capital markets. The consolidated revenue for the half year ended September 30, 2011 at Rs. 4,017 Crore against Rs. 4,095 Crore in the corresponding previous period declines 2% for similar reason.

Max New York Life (MNYL)

Gross premium income for the quarter ended September 30, 2011 at Rs. 1,500 Crore against Rs. 1,361 Crore in the corresponding previous year, grows 10% year-on-year. Gross premium income for the half year ended September 30, 2011 at Rs. 2,873 Crore against Rs. 2,665 Crore in the corresponding previous year, grows 8% year-on-year. Individual Adjusted First Year Premium (APE) for the quarter ended September 30, 2011 at Rs. 341 Crore against Rs. 442 Crore in the corresponding previous year, declines 23% year-on-year. APE for the half year ended September 30, 2011 at Rs. 670 Crore against Rs. 826 Crore in the corresponding previous year, declines 19% year-on-year. Private Life Insurers during the same time registered a 43% decline in APE causing MNYL to gain 3% market share amongst private life insurers from 6.8% in H1 FY11 to 9.8% in H1 FY12.

Assets under Management as at September 30, 2011 at Rs. 14,708 Crore, grows 20% year-on-year. Sum assured in force as at September 30, 2011 around Rs. 1,48,000 Crore, grows 3% year-on-year. The business is well capitalized at Rs. 1,976 Crore, as at September 30, 2011 with solvency surplus of Rs. 1,074 Crore.

MNYL launched Monthly Income Plan launched a non-participating product that provides regular flow of income, with payout indexed to a benchmark G Sec rate, base guarantee and comprehensive protection. Brand awareness is reported at 97% in September 2011.

Max Healthcare (MHC)

Revenue across network of hospitals for the quarter ended September 30, 2011 at Rs. 198 Crore against Rs. 170 Crore in the corresponding previous quarter grows 16% year-on-year. Revenue across network of hospitals for the half year ended September 30, 2011 at Rs. 387 Crore against Rs. 329 Crore in the corresponding previous period grows 18% year-on-year. The average revenue per occupied bed day for the quarter ended September 30, 2011 at Rs. 22,670 against Rs. 19,695 in the corresponding previous quarter, improves 15% year-on-year. The average revenue per occupied bed day for the half year ended September 30, 2011 at Rs. 23,172 against Rs. 20,673 in the corresponding previous period, improves 12% year-on-year. Average Occupancy across facilities improves from 72.6% to 74.2% with average length of stay maintained at 3.6 days for the quarter ended September 30, 2011. Average Occupancy across facilities improves from 68.3% to 71.2% with average length of stay improved from 3.58 to 3.54 days for the half year ended September 30, 2011.

EBITDA for the quarter ended September 30, 2011 at Rs. 8.7 Crore against Rs. 9.1 Crore in the corresponding previous quarter declines 4% y-o-y as new beds commence operations. EBITDA margin for the quarter ended September 30, 2011 at 4.4% against 5.4% in the corresponding previous period. EBITDA for the half year ended September 30, 2011 at Rs. 19.8 Crore against Rs. 13.9 Crore in the corresponding previous quarter, grows 42% year-on-year. EBITDA margin improves from 4.2% to 5.1% for the half year ended September 30, 2011.

Max Bupa Health Insurance (MBHI)

Max Bupa sustained encouraging sales trend with Gross Written Premium of Rs. 21.9 Crore collected for the quarter ended September 30, 2011 against Rs. 5.9 Crore in the corresponding previous period, grows 268%. Gross Written Premium of Rs. 35.6 Crore collected for half year ended September 30, 2011 against Rs. 8.2 Crore in the corresponding previous period, grows 335%. Around 40,000 lives covered in second quarter of FY12, close to 100,000 lives as of September 2011 are in force since the business commenced operations. Peak equity commitment of Rs. 690 Crore with Rs. 352 Crore infused till date.

IRDA approval has been received for two more products – Employee First Classic & Health Companion. Organization’s excellence and achievement in IT gets recognition with InformationWeek EDGE Award.

Max Speciality Films (MSF)

Revenue for the quarter ended September 30, 2011 at Rs. 176 Crore against Rs. 99 Crore in the corresponding previous quarter, grows 79% year-on-year. Revenue for the half year ended September 30, 2011 at Rs. 355 Crore against Rs. 190 Crore in the corresponding previous period, grows 87% year-on-year. BoPP sales quantity for the quarter ended September 30, 2011 at 13,870 tons against 7,571 tons in the corresponding previous quarter grows 83% year-on-year. BoPP sales quantity for the half year ended September 30, 2011 at 26,807 tons against 14,840 tons in the corresponding previous period grows 81% year-on-year.

EBITDA for the quarter ended September 30, 2011 at Rs. 19 Crore against Rs. 13 Crore in the corresponding previous period, grows 50% year-on-year. EBITDA for the half year ended September 30, 2011 at Rs. 40 Crore against Rs. 24 Crore in the corresponding previous period, grows 68% year-on-year. MSF sustained its profitability trend with profit before tax for the quarter ended September 30, 2011 at Rs. 9.3 Crore against Rs. 8.6 Crore in the corresponding previous year, grows 8% year-on-year. Profit before tax for the half year ended September 30, 2011 at Rs. 20 Crore against Rs. 14 Crore in the corresponding previous year, grows 43% year-on-year.

Max Neeman Medical International (MNMI)

Revenue for the quarter ended September 30, 2011 at Rs. 5.8 Crore, declines 15% year-on-year. Revenue for the half year ended September 30, 2011 at Rs. 8.8 Crore, against Rs. 9.1 Crore for the corresponding previous period. Profit for Q2FY12 at Rs. 0.7 Crore against profit of Rs. 2.3 Crore in Q2 FY11. Loss for the half year ended September 30, 2011 at Rs. 1.8 Crore against profit of Rs. 0.5 Crore in the corresponding previous period. Order book as at September 30, 2011 at Rs. 32 Crore, with net addition of Rs. 7 Crore in Q2FY12.

About Max India

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

Max India is in the ‘Business of Life’ with its vision is to be one of India’s most admired corporates for Service Excellence. It ‘Protects Life’ through its Life Insurance subsidiary Max New York Life, a joint venture between Max India and New York Life, a Fortune 100 company; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a subsidiary of Max India Limited; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. From its past, Max India continues its interest in manufacture of Specialty Products for the packaging industry.

The flagship company Max India Limited is a widely held public listed entity, with the owner sponsors, led by Analjit Singh holding over 37% stake. Its other shareholders include some of world’s best Institutional Investors such as, Warburg Pincus, Goldman Sachs and IFC.

Subsidiaries

Max New York Life (MNYL) is a joint venture between Max India Ltd. and New York Life, a Fortune 100 company and the largest life insurer in USA. Incorporated in 2000, MNYL is one of India’s leading private life insurance companies and offers both individual and group life insurance solutions. The Company has developed a highly trained network that is focused on offering outstanding services and building partnerships for life with the customer’s. MNYL offers flexible product solutions through a nationwide multi-channel distribution network with nearly 7,500 employees, nearly 45,000 agents and a distribution tie-up with Axis Bank, India’s 3rd largest private bank.

Max Healthcare(MHC) 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 nine facilities in Delhi & NCR, offering services in over 30 medical disciplines. Max Healthcare has an out-patient facility, Max Medcentre and a Speciality centre focused on Eye and Dental care at Panchsheel Park, secondary care hospitals at Pitampura, Noida and Gurgaon and state-of-the-art tertiary care facilities at Saket, Patparganj in South & East Delhi respectively.

The tertiary care hospitals at Saket include Max Super Speciality Hospital (East Block), which is a centre of excellence for Cardiac Care, Minimal Access, Metabolic & Bariatric Surgery and Cancer Care and Max Super Speciality Hospital (West Block), a super speciality facility in Orthopaedics & Joint Replacement, Neurosciences, Paediatrics, Obstetrics & Gynaecology, Aesthetic & Reconstructive Plastic Surgery and Internal Medicine. In addition, it offers services in the disciplines of Urology, ENT, Gastroenterelogy, Nephrology, Dermatology, Mental Health & Behavioural Sciences amongst others.

Max Healthcare consolidated its position in Delhi & NCR this year with the launch of its 9th Facility – Max Super Speciality Hospital in Shalimar Bagh in November 2011. It also extended its footprint in North India by inaugurating 2 new Super-Speciality Facilities in Mohali & Bathinda (in PPP with Govt. of Punjab) in September 2011. Another Facility at Dehradun is on the anvil.

Max Healthcare has a base of over 1250 leading doctors, 3000 employees and 11,00,000 patients with number of beds growing to over 1900 in the next three years.

Max Bupa Health Insurance Limited is a joint venture between Max India Limited and Bupa Finance Plc, UK, a leading international healthcare company with a legacy of providing specialized healthcare services for over 60 years. The Company started its operations in March 2010 with the vision to be the most admired health insurance company in India. Max Bupa’s mission is to ensure that families’ live healthier, more successful lives and to be a healthcare partner providing expertise for life through its consistent, high quality, health insurance services. Max Bupa has set up its offices in 11 key Indian cities and tied up with nearly 850 key hospitals across the country.

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 1350 ICH-GCP trained investigators and 210 research coordinators across 31 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 320 at five Regional offices in India & one business development office in USA.

Max Speciality Films (MSF) specializes in manufacturing of wide range of sophisticated barrier and packaging (BOPP) films to cater to the needs of wide range of packaging applications including food packaging, overwrap, consumer products and label manufactures. MSF has an installed capacity of 52,000 tons per annum. MSF’s leather finishing foil business division manufactures a range of leather finishing and laminating foils

Disclaimer

This release is a compilation of financial and other information all of which has not been subjected to audit and is not a statutory release. This may also contain statements that are forward looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from our expectations and assumptions. We do not undertake any responsibility to update any forward looking statements nor should this be constituted as a guidance of future performance.

For more details contact:

Mohit Talwar

Dy. Managing Director
Max India Limited
Max House, Okhla – III
New Delhi-110 020
Tele # 2693 3610 extn. 162
E-mail: mtalwar@maxindia.com

Nitin Thakur

Head – Communications
Max India Limited
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
E-mail: nthakur@maxindia.com

Life Healthcare to invest Rs. 516.5 Cr. in Max Healthcare for 26% stake

All cash deal puts enterprise value of Max Healthcare (MHC) at over Rs. 2,300 Cr

Largest FDI in Indian Healthcare space

Life Healthcare (LHC) operates 63 hospitals and 8,000+ beds in South Africa

2nd largest hospital operator in SA with 27% market share and market cap of over USD 2 billion

LHC to provide expertise in areas of Nursing & Training, IT & Information, and Cross Facility Systems Standardization

New Delhi, 12 Oct 2011 Life Healthcare (LHC), a USD 2 bln South African healthcare major, is set to invest Rs. 516.5 crore in Max Healthcare (MHC), one of India’s leading private healthcare provider, at Rs. 50.55 per share for a 26% stake, in an all cash transaction which puts the enterprise value of MHC at over Rs 2,300/- crore. This would be the largest FDI transaction in the Indian Healthcare space. The deal would provide LHC a platform to participate in the high growth Indian private healthcare space.

MHC is a subsidiary of Max India, one of India’s leading multi business corporates with interest in Life Insurance, Healthcare and Health Insurance. Max India is listed on BSE and NSE. MHC’s other shareholder includes IFC, Washington

The deal is subject to approval of the Board’s of LHC and MHC and diligence.

Life Healthcare will have the right to nominate two directors on the board of Max Healthcare. It will also have consultative and informative rights.

Max Healthcare, which operates 8 hospitals in the Delhi-NCR region and, is in the middle of organic expansion, opening 4 new hospitals in Delhi-NCR and North India within the current year, in the process almost doubling its capacity to 1,900 beds. It recently started 2 of these hospitals in Mohali and Bathinda, Punjab. Max India will use the stake sale proceeds largely to fund MHC’s current expansion, and to optimize its cost of funds, leading to an improved financial performance.

MHC’s revenue in Q1 FY 12 was Rs. 186 crore, a growth of 19% YoY. Its EBITDA in the same period grew by 133% YoY, to Rs. 11 crore.

Life Healthcare is the second largest private hospital operators in South Africa. It currently owns and operates 63 facilities with 8322 beds in a comprehensive geographic spread over seven South African provinces and Botswana. It is also a leading provider of acute rehabilitation and mental health services in the country.

Life Healthcare is a highly profitable company with cutting edge practices in expertise in the areas such as Nursing & Training, IT & Information, and Cross Facility Systems Standardization etc. It will work closely with MHC to transplant its expertise in these areas.

About Max Healthcare

Max Healthcare 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 eight facilities in Delhi & NCR, offering services in over 30 medical disciplines. Max Healthcare has an out-patient facility, Max Medcentre and a Speciality centre focused on Eye and Dental care at Panchsheel Park, secondary care hospitals at Pitampura, Noida and Gurgaon and state-of-the-art tertiary care facilities at Saket, Patparganj in South & East Delhi respectively.

The tertiary care hospitals at Saket include Max Super Speciality Hospital (East Block), which is a centre of excellence for Cardiac Care, Minimal Access, Metabolic & Bariatric Surgery and Cancer Care and Max Super Speciality Hospital (West Block), a super speciality facility in Orthopaedics & Joint Replacement, Neurosciences, Paediatrics, Obstetrics & Gynaecology, Aesthetic & Reconstructive Plastic Surgery and Internal Medicine. In addition, it offers services in the disciplines of Urology, ENT, Gastroenterelogy, Nephrology, Dermatology, Mental Health & Behavioural Sciences amongst others.

Max Healthcare shall consolidate its position in Delhi & NCR this year with the launch of its 9th Facility – Max Super Speciality Hospital in Shalimar Bagh – later this year. Max Healthcare extended its footprint in North India by inaugurating 2 new Super-Speciality Facilities in Mohali & Bathinda (in PPP with Govt. of Punjab) in September 2011. Another Facility at Dehradun is on the anvil.

Max Healthcare has a base of over 1250 leading doctors, 3000 employees and 11,00,000 patients with number of beds growing to over 1900 in the next three years.

About Max India

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 is to be one of India’s most admired corporates for Service Excellence. It ‘Protects Life’ through its Life Insurance subsidiary Max New York Life, a joint venture between Max India and New York Life, a Fortune 100 company; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a subsidiary of Max India Limited; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. From its past, Max India continues its interest in manufacture of Speciality Products for the packaging industry.

In financial year 2011, Max India Group recorded a consolidated turnover of nearly Rs. 79 billion. The Group’s businesses have built commanding presence in their respective sector through a total customer base of over 4.4 million, over 500 offices spread across India and people strength of 57,000 persons as on 31st March 2011.

The flagship company Max India Limited is a widely held public ltd company and is listed on the BSE and the NSE. The company led by Analjit Singh holding 36.5% stake with other shareholders including some of world’s best Institutional Investors such as, Warburg Pincus, Goldman Sachs and IFC.

About Life Healthcare

The Life Healthcare (LHC) is a key role player in the South African healthcare sector, primarily serving the market for private medically insured individuals, representing more than eight million people. The group has one of the most extensive footprints in southern Africa.

LHC has 27 years’ experience in operating private hospitals in South Africa. The group was listed on the JSE in 1999, and subsequently taken private in 2005 by a consortium of investors including senior management. On 10 June 2010 the Company relisted in the Health Care Providers sector on the JSE main board, under the share code LHC and ISIN: ZAE000145892.

LHC’s healthcare business is organised into two divisions:

Hospital division:

representing 93% of LHC’s revenue comprising the core acute care hospital business and services for acute physical rehabilitation, mental healthcare and chronic renal dialysis. LHC has an extensive geographic network of 63 facilities comprising over 8,300 beds, including hospitals across seven of South Africa’s nine provinces and in the country’s most populous metropolitan areas. LHC operates a range of facilities adapted to meet the local demand in the various regions of the country, including complex, multi-disciplinary hospitals, community hospitals and specialised stand-alone facilities to provide the appropriate scale and scope of healthcare services. LHC hospitals admits over 600,000 patients annually and enjoys the support of approximately 2 700 specialists and other healthcare professionals.

Healthcare services division:

representing 7% of the group’s revenue for the year comprising acute and long term hospitalisation services to public sector patients provided by Life Esidimeni with , as well as contracted primary and occupational healthcare provided by Life Occupational Health.

For more information, pls contact:

Nitin Thakur

nthakur@maxindia.com

+91 9873347428+91 9873347428

Max India sustains strong financial performance

– Net Profit for Q1FY12 at Rs. 70 Cr. against loss of Rs. 25 Cr. for Q1FY11-

– Consolidated Operating Revenue at Rs. 1,676 Cr., up 12% –

– Assets under Management of Life Insurance Business at Rs. 14,557 Cr. up 33% –

– Treasury Corpus of Rs. 439 Cr. as at June 30, 2011 –

  • Max India to acquire Warburg Pincus stake in MHC, stake to increase from 75.6% to 91.8%
  • Promoters subscribe 3% stake in Max India at Rs. 216.75 per share through warrant conversion
  • Life Insurance: Market share improves by 419 bps in Q1FY12 to 11.9%
  • Healthcare: EBITDA grows 133% y-o-y in Q1FY12, transitions from tertiary to quaternary care
  • Health Insurance: Growth continues with encouraging early signs on renewals; Gross Written Premium of Rs. 14 Cr from 24,000 lives covered in Q1FY12
  • Speciality plastic products: New BOPP line also achieves 100% capacity utilization

New Delhi, August, 2011

Max India Ltd., today announced its results for the quarter ended June 30, 2011. The consolidated Net Profit for the quarter ended June 30, 2011 at Rs. 70 Crore against loss of Rs. 25 Crore for the corresponding previous quarter. The consolidated Profit Before Tax (PBT) for the quarter ended June 30, 2011 at Rs. 97 Crore against loss of Rs. 26 Crore for the quarter ended June 30, 2010.

The consolidated operating revenue for the quarter ended June 30, 2011 at Rs. 1,676 Crore against Rs. 1,496 Crore in the corresponding previous quarter, grows 12% year-on-year. The consolidated revenue for the quarter ended June 30, 2011 at Rs. 2,021 Crore against Rs. 1,838 Crore in the corresponding previous quarter, grows 10% year-on-year.

Commenting on the results, Mr. Analjit Singh, Chairman & Managing Director, Max India Limited, said, “Our businesses have exhibited another quarter of persistent growth and improved profits. Our Life Insurance business has been consistently outperforming private life insurers? growth post the new regulatory regime driven by strong fundamentals on which the business is formed and is now the 3rd largest private life insurer in India basis new premiums.” “Our Healthcare business has expanded its service profile to include organ transplant and stem cell research, taking a leap from tertiary to quaternary care.”he added.

Commenting on the results, Mr. Mohit Talwar, Director – Corporate Development, Max India Limited, said, “Our focus on sustainable and profitable growth has started bearing fruits with the life insurance business performing exceedingly well and driving strong financial performance.”

Max New York Life (MNYL)

Gross premium income for the quarter ended June 30, 2011 at Rs. 1,373 Crore against Rs. 1,304 Crore in the corresponding previous year, grows 5% year-on-year. Individual Adjusted First Year Premium (APE) for the quarter ended June 30, 2011 at Rs. 329 Crore against Rs. 384 Crore in the corresponding previous year, declines 14% year-on-year. MNYL becomes the 3rd largest private life insurer in India basis new premiums gaining 4.2% market share amongst private life insurers from 7.7% in Q1FY11 to 11.9% in Q1FY12. MNYL de-growth for the quarter is at 14% against 44% for private life insurers.

Assets under Management as at June 30, 2011 at Rs. 14,557 Crore, grows 33% year-on-year. Sum assured in force as at June 30, 2011 around Rs. 1,39,000 Crore. The business is well capitalized at Rs. 1,976 Crore, as at June 30, 2011.

MNYL launched Fast Track Plan Unit Linked Product that enables customers to choose Sum Assured, offers six funds, systematic Investment, partial withdrawals and other benefits. Brand awareness is reported at 96% in June 2011.

Max Healthcare (MHC)

Revenue across network of hospitals for the quarter ended June 30, 2011 at Rs. 190 Crore against Rs. 159 Crore in the corresponding previous quarter grows 19% year-on-year. The average revenue per occupied bed day for the quarter ended June 30, 2011 at Rs. 23,666 against Rs. 21,789 in the corresponding previous quarter, improves 9% year-on-year. Average Occupancy across facilities improves from 63.9% to 68.3% with average length of stay maintained at 3.5 days for the quarter ended June 30, 2011.

EBITDA for the quarter ended June 30, 2011 grows 133% y-o-y to Rs. 11 Crore against Rs. 4.8 Crore in the corresponding previous quarter. EBITDA margin for the quarter ended June 30, 2011 improves to 6% from 3% in the corresponding previous period.

MHC is setting up a state of the art Stem Cell Lab in Gurgaon hospital and service profile enhanced to include Organ Transplant. In continuous commitment to Service Excellence, revolutionary change in healthcare operations has been introduced with Electronic Health Records (EHR).

Max Bupa Health Insurance (MBHI)

Max Bupa?s initial sale is tracking well with Gross Written Premium of Rs. 14 Crore collected for the quarter ended June 30, 2011 against Rs. 2.2 Crore in the corresponding previous period, grows 511%. Around 24,000 lives covered in first quarter of FY12, more than 68,000 lives as of June 2011 are in force. Peak equity commitment of Rs. 690 Crore with Rs. 321 Crore infused till date.

IRDA approval has been received for two more products – Swasthya Parivar & Health Companion. MBHI has been awarded with “Best product Innovation? award for “Family First? at India Insurance Awards. Distribution alliances have been established with the 9 large distributors including Bajaj Capital.

Max Speciality Films (MSF)

Revenue for the quarter ended June 30, 2011 at Rs. 179 Crore against Rs. 92 Crore in the corresponding previous quarter, grows 95% year-on-year. BoPP sales quantity for the quarter ended June 30, 2011 at 12,847 tons against 7,269 tons in the corresponding previous quarter grows 77% year-on-year.

EBITDA for the quarter ended June 30, 2011 at Rs. 21 Crore against Rs. 11 Crore in the corresponding previous period, grows 89% year-on-year. MSF sustained its profitability trend with profit before tax for the quarter ended June 30, 2011 at Rs. 11 Crore against Rs. 5 Crore in the corresponding previous year, grows by 98% year-on-year.All BOPP lines are operating at 100% capacity utilization.

Max Neeman Medical International (MNMI)

Revenue for the quarter ended June 30, 2011 at Rs. 3 Crore, grows 30% year-on-year. Loss for Q1FY12 has been reported at Rs. 2.5 Crore against loss of Rs. 1.7 Crore in Q1 FY11. Order book as at June 30, 2011 at Rs. 31 Crore, with net addition of Rs. 3 Crore received in Q1FY12.

About Max India

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

Max India is in the “Business of Life? with its vision is to be one of India?s most admired corporates for Service Excellence. It “Protects Life? through its Life Insurance subsidiary Max New York Life, a joint venture between Max India and New York Life, a Fortune 100 company; “Cares for Life? through its Healthcare company, Max Healthcare, a subsidiary of Max India Limited; “Enhances Life? through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; and “Improves Life? through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. From its past, Max India continues its interest in manufacture of Specialty Products for the packaging industry.

The flagship company Max India Limited is a widely held public listed entity, with the owner sponsors, led by Analjit Singh holding over 37% stake. Its other shareholders include some of world?s best Institutional Investors such as, Warburg Pincus, Goldman Sachs and IFC.

Subsidiaries

Max New York Life (MNYL) is a joint venture between Max India Ltd. and New York Life, a Fortune 100 company and the largest life insurer in USA. Incorporated in 2000, MNYL is one of India?s leading private life insurance companies and offers both individual and group life insurance solutions. The Company has developed a highly trained network that is focused on offering outstanding services and building partnerships for life with the customer?s. MNYL offers flexibleproduct solutions through a nationwide multi-channel distribution network with nearly 7,000 employees, 40,000 agents and a distribution tie-up with Axis Bank, India?s 3rd largest private bank.

Max Healthcare (MHC) is a leading provider of standardized, seamless and world-class healthcare services. MHC has collaboration with Singapore General Hospital in the areas of medical practices, nursing, paramedical, research & training and is committed to the highest standards of medical and service excellence, patient care, scientific and medical education. MHC operates eight centers in Delhi & NCR, offering services in over 30 medical disciplines. MHC has state of the art tertiary care facilities at Saket in South Delhi, secondary care hospitals at Pitampura, Patparganj, Gurgaon and Noida and an outpatient facility, the Max Medcentre and a Speciality centre focused on Eye and Dental care at Panchsheel Park. MHC is in the process of doubling its capacity to 1900 beds by 2012, whereby 4 new hospitals will be commissioned, one in West Delhi, two in Punjab and one in Dehradun, Uttar Pradesh.

The tertiary care hospitals at Saket include Max Super Speciality Hospital (Unit of Devki Devi Foundation), a Centre of Excellence in Cardiac Services, Oncology, Minimal Access, Metabolic & Bariatric Surgery and the Max Super Speciality Hospital, a super speciality facility in Orthopaedics & Joint Replacement, Neurosciences, Paediatrics, Obstetrics & Gynaecology, Aesthetic & Reconstructive Plastic Surgery and Internal Medicine. In addition, it has an Institute of Allied Medical Services where it provides General and Laparoscopic surgery, Urology, Eye & ENT, Nephrology, Dermatology, Department of Mental Health & Behavioural Sciences amongst others.

Max Bupa Health Insurance Limited is a joint venture between Max India Limited and Bupa Finance Plc, UK, a leading international healthcare company with a legacy of providing specialized healthcare services for over 60 years. The Company started its operations in March 2010 with the vision to be the most admired health insurance company in India. Max Bupa?s mission is to ensure that families? live healthier, more successful lives and to be a healthcare partner providing expertise for life through its consistent, high quality, health insurance services. Max Bupa has set up its offices in 11 key Indian cities and tied up with nearly 850 key hospitals across the country.

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 1350 ICH-GCP trained investigators and 210 research coordinators across 31 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 320 at five Regional offices in India & one business development office in USA.

Max Speciality Films (MSF) specializes in manufacturing of wide range of sophisticated barrier and packaging (BOPP) films to cater to the needs of wide range of packaging applications including food packaging, overwrap, consumer products and label manufactures. MSF has an installed capacity of 52,000 tons per annum. MSF?s leather finishing foil business division manufactures a range of leather finishing and laminating foils

Disclaimer

This release is a compilation of unaudited financial and other information and has not been subjected to limited review. This may also contain statements that are forward looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from our expectations and assumptions. We do not undertake any responsibility to update any forward looking statements nor should this be constituted as a guidance of future performance.

For more details contact:

Nitin Thakur

Head – Communications
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
E-mail: nthakur@maxindia.com

Mohit Talwar

Director – Corporate Development
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
E-mail: mtalwar@maxindia.com

Max India turns profitable on a consolidated basis

– Net Profit of Rs. 9 Cr against loss of Rs. 72 Cr. in FY10 –

– Consolidated Operating Revenue at Rs. 6,668 Cr., up 20% –

– Assets under Management of Life Insurance Business at Rs. 13,836 Cr. up 37% –

– Embedded Value of Life Insurance Business at Rs. 3,216 Cr., up 18% –

– Treasury Corpus of Rs. 540 Cr. as at March 31, 2011 –

  • Max India consolidated turns around; reports profit before tax of Rs. 32 Crore for FY11 against loss of Rs. 86 Cr. for FY10
  • Life Insurance: reports shareholders’ profit of Rs. 194 Cr. against loss of Rs. 21 Cr. in FY10
  • Healthcare: turns profitable during the quarter backed by strong revenue growth of 28%
  • Health Insurance: Gross Written Premium of Rs. 26 Cr from 46,000 lives insured in first year of operations
  • Speciality plastic products: Commissions new BOPP line of 22,000 tpa capacity in March 2011, total capacity expands to 52,000 tpa
  • Max India Foundation, the CSR arm of Max India, awarded with prestigious Golden Peacock Award for CSR 2010

New Delhi, May, 2011

Max India Ltd., today announced its results for the quarter and year ended March 31, 2011. The company reported Net Profit of Rs. 9 Crore for FY11 against loss of Rs. 72 Crore in the corresponding previous period.

The consolidated Profit Before Tax (PBT) for the year ended March 31, 2011 at Rs. 32 Crore against loss of Rs. 86 Crore for the year ended March 31, 2010. The consolidated PBT for the quarter ended March 31, 2011 at Rs. 130 Crore against PBT of Rs. 94 Crore for the corresponding previous quarter, grows 38% year-on-year.

The consolidated operating revenue for the year ended March 31, 2011 at Rs. 6,668 Crore against Rs. 5,574 Crore in the corresponding previous year, grows 20% year-on-year. The consolidated operating revenue for the quarter ended March 31, 2011 at Rs. 1,941 Crore against Rs. 1,592 Crore in the corresponding previous quarter, grows 21% year-on-year.

The consolidated revenue for the year ended March 31, 2011 at Rs.7,891 Crore against Rs. 7,661 Crore in the corresponding previous year, grows 3% year-on-year. The consolidated revenue for the quarter ended March 31, 2011 at Rs. 1,890 Crore against Rs. 1,793 Crore in the corresponding previous quarter, grows 5% year-on-year.

Commenting on the results, Mr. Analjit Singh, Chairman & Managing Director, Max India Limited, said, “It gives me immense pleasure to share with you that the group has turned profitable in the current year. This is a significant milestone in the new journey that we embarked upon in 2000 involving a paradigm shift in the focus of Max India group to move away from manufacturing and trading businesses to life-centric businesses.” “I am delighted that the significant investments we committed over past 10 years have started yielding positive returns with all those businesses turning profitable in the quarter”, he added.

Commenting on the results, Mr. Mohit Talwar, Director – Corporate Development, Max India Limited, said, “The strong growth in revenue and cost management initiatives across businesses have resulted in this profitability and will drive it going forward.” “I am pleased to report that with the businesses tuning profitable and adequate liquidity in the group, we are well poised to capitalize on the significant growth opportunity presented by our businesses”, he added.

Max New York Life (MNYL)

Gross premium income for the year ended March 31, 2011 at Rs. 5,813 Crore against Rs. 4,861 Crore in the corresponding previous year, grows 20% year-on-year. Individual Adjusted First Year Premium (APE) for the year ended March 31, 2011 at Rs. 1,724 Crore against Rs. 1,584 Crore in the corresponding previous year, grows 9% year-on-year. This growth at the most challenging time for the life insurance industry, where private life insurers registered a de-growth of 20%, has led to MNYL gaining market share from 5.5% for the year ended March 31, 2010 to 7.5% for the year ended March 31, 2011. Premium conservation ratio for the year ended March 31, 2011 is at 81%.

MNYL generated shareholders’ profit of Rs. 194 Crore for the year ended March 31, 2011 against loss of Rs. 21 Crore for the year ended March 31, 2010. Additionally, it also generated an undistributed surplus of Rs. 89 Crore for the year ended March 31, 2011 in policyholders’ account against surplus of Rs. 45 Crore for the year ended March 31, 2010.

Gross premium income for the quarter ended March 31, 2011 at Rs.1,682 Crore against Rs. 1,387 Crore in the corresponding previous quarter, grows 21% year-on-year. Individual Adjusted First Year Premium (APE) for the quarter ended March 31, 2011 at Rs. 472 Crore against Rs. 419 Crore in the corresponding previous quarter, registered growth of 13% year-on-year. MNYL’s shift in focus to Mass Affluent+ customer segment and long-term savings and protection products is sharpened further with introduction of new products and traditional products contributing 86% to new sales for the quarter ended March 31, 2011.

Assets under Management as at March 31, 2011 at Rs. 13,836 Crore, grows 37% year-on-year. Sum assured in force as at March 31, 2011 around Rs. 1,55,000 Crore, grows 25% year-on-year. The business is well capitalized at Rs. 1,976 Crore, as at March 31, 2011.

MNYL wins Customer & Brand Loyalty Award 2011 with its brand awareness reaching to an all time high of 98% in March 2011.

Max Healthcare (MHC)

Revenue across network of hospitals for the year ended March 31, 2011 at Rs. 685 Crore against Rs. 534 Crore in the corresponding previous year, grows 28% year-on-year. The average revenue per occupied bed day for the year ended March 31, 2011 at Rs. 21,558 against Rs. 20,431 in the corresponding previous year improves 6% year-on-year. Average Occupancy across facilities for the year ended March 31, 2011 at 68% with average length of stay at 3.6 days.

Revenue across network of hospitals for the quarter ended March 31, 2011 at Rs. 179 Crore against Rs. 147 Crore in the corresponding previous quarter grows 22% year-on-year. The average revenue per occupied bed day for the quarter ended March 31, 2011 at Rs. 22,868 against Rs. 22,056 in the corresponding previous quarter, improves 4% year-on-year. Average Occupancy across facilities at 67% with average length of stay at 3.6 days for the quarter ended March 31, 2011.

EBITDA for the year ended March 31, 2011 at Rs. 51.9 Crore against Rs. 23.5 Crore in the corresponding previous year, grows 121% year-on-year. EBITDA margin for the year ended March 31, 2011 improves to 7.6% from 4.4% in the corresponding previous year. EBITDA for the quarter ended March 31, 2011 grows 6.5 times to Rs. 19.6 Crore. EBITDA margin for the quarter ended March 31, 2011 improves to 11.0% from 1.8% in the corresponding previous period.

MHC receives various accolades across categories: Max Super Specialty Hospital, Saket declared the Best Large Private Hospital in the category of “Operational Excellence in Healthcare Delivery” and Max Super Specialty Hospital, Patparganj has been awarded for “Excellence in Environment Conservation” at the FICCI Healthcare Excellence Awards.

Max Bupa Health Insurance (MBHI)

The initial sale for Max Bupa is tracking well with Gross Written Premium of Rs. 26 Crore and over 46,000 lives covered in its first year of operations. Peak equity commitment of Rs. 690 Crore with Rs. 291 Crore infused till date. MBHI with diversified product portfolio is setting benchmarks in the industry with highest agent & telesales channel productivity.

Max Speciality Films (MSF)

Revenue for the year ended March 31, 2011 at Rs. 440 Crore against Rs. 336 Crore in the corresponding previous year, grows 31% year-on-year. The sales quantity for the year ended March 31, 2011 at 31,526 tons against 29,768 tons in the corresponding previous year, grows 6% year-on-year. Revenue for the quarter ended March 31, 2011 at Rs. 118 Crore against Rs. 91 Crore in the corresponding previous quarter, grows 30% year-on-year. BoPP sales quantity for the quarter ended March 31, 2011 at 8,225 tons against 7,657 tons in the corresponding previous quarter grows 7% year-on-year.

EBITDA for the year ended March 31, 2011 at Rs. 68 Crore, grows 59% year-on-year. Profit before tax for FY11 at Rs. 51 Crore grows 150% year-on-year. EBITDA for the quarter ended March 31, 2011 at Rs. 11 Crore, declines 2% year-on-year. MSF sustained its profitability trend with profit before tax for the quarter ended March 31, 2011 at Rs. 7 Crore growing by 16% year-on-year. MSF bagged Worldstar 2010 Packaging Excellence award for the BoPP packaging film developed for Reckitt & Benckiser, South Africa.

Max Neeman Medical International (MNMI)

Revenue for the year ended March 31, 2011 at Rs. 24 Crore grows 33% year-on-year. The business reports a profit of Rs. 3.2 Crore for the year ended March 31, 2011 grows 45%. Revenue for the quarter ended March 31, 2011 at Rs. 8 Crore, grows 45% year-on-year. Order book as at March 31, 2011 at Rs. 32 Crore, with net addition of Rs. 13 Crore received in Q4FY11. The business development pipeline stands at Rs. 33 Crore as at March 31, 2011.

About Max India

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

Max India is in the ‘Business of Life’ with its vision is to be one of India’s most admired corporates for Service Excellence. It ‘Protects Life’ through its Life Insurance subsidiary Max New York Life, a joint venture between Max India and New York Life, a Fortune 100 company; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a subsidiary of Max India Limited; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. From its past, Max India continues its interest in manufacture of Speciality Products for the packaging industry.

The flagship company Max India Limited is a widely held public listed entity, with the owner sponsors, led by Analjit Singh holding 36.5% stake. Its other shareholders include some of world’s best Institutional Investors such as, Warburg Pincus, Goldman Sachs and IFC.

Subsidiaries

Max New York Life (MNYL) is a joint venture between Max India Ltd. and New York Life, a Fortune 100 company and the largest life insurer in USA. Incorporated in 2000, MNYL is one of India’s leading private life insurance companies and offers both individual and group life insurance solutions. The Company has developed a highly trained network that is focused on offering outstanding services and building partnerships for life with the customer’s. MNYL offers flexible product solutions through a nationwide multi-channel distribution network with over 8,700 employees, 55000 agents and a distribution tie-up with Axis Bank, India’s 3rd largest private bank.

Max Healthcare (MHC) is a leading provider of standardized, seamless and world-class healthcare services. MHC has collaboration with Singapore General Hospital in the areas of medical practices, nursing, paramedical, research & training and is committed to the highest standards of medical and service excellence, patient care, scientific and medical education. MHC operates eight centers in Delhi & NCR, offering services in over 30 medical disciplines. MHC has state of the art tertiary care facilities at Saket in South Delhi, secondary care hospitals at Pitampura, Patparganj, Gurgaon and Noida and an outpatient facility, the Max Medcentre and a Speciality centre focused on Eye and Dental care at Panchsheel Park.

The tertiary care hospitals at Saket include Max Super Speciality Hospital (Unit of Devki Devi Foundation), a Centre of Excellence in Cardiac Services, Oncology, Minimal Access, Metabolic & Bariatric Surgery and the Max Super Speciality Hospital, a super speciality facility in Orthopaedics & Joint Replacement, Neurosciences, Paediatrics, Obstetrics & Gynaecology, Aesthetic & Reconstructive Plastic Surgery and Internal Medicine. In addition, it has an Institute of Allied Medical Services where it provides General and Laparoscopic surgery, Urology, Eye & ENT, Nephrology, Dermatology, Department of Mental Health & Behavioural Sciences amongst others.

Max Bupa Health Insurance Limited is a joint venture between Max India Limited and Bupa Finance Plc, UK, a leading international healthcare company with a legacy of providing specialized healthcare services for over 60 years. The Company started its operations in March 2010 with the vision to be the most admired health insurance company in India. Max Bupa’s mission is to ensure that families’ live healthier, more successful lives and to be a healthcare partner providing expertise for life through its consistent, high quality, health insurance services. Max Bupa has set up its offices in 9 key Indian cities and tied up with over 700 key hospitals across the country.

Max Neeman Medical International (MNMI) provides Clinical Research services across the entire value chain of new drug development and offers Medical Writing services. MNMI conducts Phase II, III, IV of clinical trial studies and has access to over 1250 ICH-GCP trained investigators and 210 research coordinators across 22 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 320 at five Regional offices in India & one business development office in USA.

Max Speciality Films (MSF) specializes in manufacturing of wide range of sophisticated barrier and packaging (BOPP) films and has an installed capacity of 30,000 tons per annum. MSF’s leather finishing foil business division manufactures a range of leather finishing and laminating foils

Disclaimer

This release is a compilation of financial and other information all of which has not been subjected to audit and is not a statutory release. This may also contain statements that are forward looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from our expectations and assumptions. We do not undertake any responsibility to update any forward looking statements nor should this be constituted as a guidance of future performance.

For more details contact:

Nitin Thakur

Head – Communications
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
E-mail: nthakur@maxindia.com

Analjit Singh’s next move towards Max India’s Succession Planning

Rahul Khosla has been appointed as the Managing Director of one of India’s leading multi-business corporation Max India. Analjit Singh, the founder promoter of the Rs 79 billion Max India, will be stepping down as the Managing Director and will continue to be the Executive Chairman of Max India as well as the Chairman of its subsidiaries Max New York Life, Max Healthcare and Max Bupa. The Board of Max India approved Rahul Khosla’s appointment at a meeting today afternoon. Rahul will take charge of his new role from 18th Aug ’11.

Analjit Singh had set in motion a Board Governed model for the Max India Group a couple of years ago. Today, the Group has each business entity being governed through a rigorous governance process by highly competent Management and Boards comprising of international experts in domains relevant for each individual business.

Rahul Khosla’s induction as MD is to augment and complement this governance with seasoned managerial competence and to ensure a smooth succession from active managerial responsibilities for Analjit Singh who has been at the helm of Max India since its inception 25 years ago, seeing through its reinvention 10 years ago from a B2B company to being in the businesses of life, and overseeing the conversion of these long-gestation businesses generating profits last year. Max India will continue to be advised and supported by its non Executive Vice Chairman, Anuroop (Tony) Singh in critical areas such as corporate governance, people collaboration, business strategy development and execution excellence.

Speaking on this development, Analjit Singh said, “The growing needs of the Max India Group, a complex business environment, as also the growth potential of our various businesses, require a higher level of focus, coordination and execution, which Rahul will ably bring on board. With my increasing multi faceted interests, I felt it necessary to appoint a senior professional to fulfill the requirements of this operating role with 100% focus and attention to this responsibility.”

Rahul Khosla joins Max India from Visa, where from his base in Singapore, he was working as Group Head of Products for all markets across Asia Pacific, Central Europe, Middle East and Africa. He will be focusing on growing the Max India businesses, managing strong performance on all parameters of Max India’s balanced scorecard as well as ensuring smooth continuity of its existing joint venture relationships with New York Life LLC for its life insurance business and with Bupa Plc for its health insurance business.

Rahul, aged 51, is a seasoned business manager with wide domain expertise built over 27 years in financial services. He has deep management experience, strong leadership skills, and broad business perspectives developed across several multinational environments, both globally and in India. In his 11 years with Visa, Rahul helped to exponentially grow the business and build Visa’s leadership through product innovation, senior client interface, organizational effectiveness and business execution. Before joining Visa, Rahul has held leadership roles in India at ANZ Grindlays, Bank of America and American Express.

In a separate move, Ranvir Bhandari has been appointed as the Executive Vice Chairman of the clutch of new businesses Analjit Singh is foraying into in his personal capacity. Ranvir was previously Vice President North for ITC hotels and General Manager of The Maurya. Before his 10 years stint at ITC, he spent 15 years with East India Hotels.

Besides continuing to provide strategic direction to the Max India Group on Growth, Quality and sustainable profitability fronts, as the Executive Chairman of its Board, Analjit Singh will now be dividing his time to focus on new businesses and towards his social and governance responsibilities. He is currently an Executive Board Member of the Board of Governors, Indian School of Business (ISB), Hyderabad, where he is jointly funding a new campus at Mohali, Punjab and actively facilitating it as the Chairman, Mohali Campus Advisory Board, ISB. He has recently taken on the role of the Chairman of the Board of Governors, Indian Institute of Technology, Roorkee. In addition, he is the Chairman, Board of Governors, The Doon School, Dehradun.

He is also a Member of the Prime Minister’s Joint Indo-US CEOs Forum. He is the non-executive Chairman of Indus Towers and a Director on the board of leading companies such as Vodafone Essar, Tata Global Beverages, Dabur India, Hero Motors and Sofina NV/SA, Belgium. He is currently the Vice Chairman of Assocham.

About Max India

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 is to be one of India’s most admired corporates for Service Excellence. It ‘Protects Life’ through its Life Insurance subsidiary Max New York Life, a joint venture between Max India and New York Life, a Fortune 100 company; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a subsidiary of Max India Limited; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. From its past, Max India continues its interest in manufacture of Speciality Products for the packaging industry.

In financial year 2011, Max India Group recorded a consolidated turnover of nearly Rs. 79 billion. The Group’s businesses have built commanding presence in their respective sector through a total customer base of over 4.4 million, over 500 offices spread across India and people strength of 57,000 persons as on 31st March 2011.

The flagship company Max India Limited is a widely held public ltd company and is listed on the BSE and the NSE. The company led by Analjit Singh holding 36.5% stake with other shareholders including some of world’s best Institutional Investors such as, Warburg Pincus, Goldman Sachs and IFC.

For more details contact:

Nitin Thakur

Head – Communications
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
E-mail: nthakur@maxindia.com

Rahul Gossian

Communications Specialist
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 145
Cell # +91 9873154228+91 9873154228
E-mail: rgossain@maxindia.com

Max India Foundation Wins the Golden Peacock Award for CSR 2010

Max India Foundation has won the Golden Peacock Award for Corporate Social Responsibility (CSR) for 2010, in the ‘Global Awards’ category. The Awards were presented on 29 April, 2011 at the 6th Global Conference on Social Responsibility, being held in New Delhi. Mrs. Neelu Singh, received the award in behalf of Mr. Analjit Singh, along with Mrs. Mohini Daljeet Singh, Head, Max India Foundation.

Sharing his thoughts on Max India Foundation(MIF) receiving the award, Mr. Analjit Singh, Chairman, Max India Ltd. and Chief Patron, Max India Foundation said, “It is a moment of pride for all of us at the Max India Group that our social service efforts have been recognized with the prestigious Golden Peacock Award(GPA) for CSR. All of us at Max India Group believe that opportunity to serve is grace and making a difference in someone’s life is a humble duty.”

Max India Foundation spearheads the CSR initiatives of the Max India Group entities. The Foundation has been working relentlessly in the areas of healthcare, immunization, healthcare and environment in its endeavour to improve the quality of life. MIF operates across the country in association with Max India Group companies and closely involves all employees of the Group. In a short span of about three years, MIF has been able to make a difference to the lives of over 1,33,000 people across more than 260 locations across India.

Ms. Mohini Daljeet Singh, Head, Max India Foundations said, “The Golden Peacock Award is another recognition of the unrelenting commitment of Max India Group and its employee’s towards the society. I am sure that this award with spur all at the Max India Group to continue serving those around us, who are less privileged.” Max India Foundation was one of the five organizations to be awarded the Global Awards. Keeping company with MIF were other winners such as Hindustan Uniliver Ltd, Larsen & Tubro Ltd, AstraZeneca, Turkey and DOHA Bank, Qatar, all organizations which started their social service journey decades back.

The Golden Peacock Awards for Corporate Social Responsibility are awarded in the ‘Global Awards’ and ‘National Awards’ categories. This year, Justice Bhagwati, former Chief Justice of India and Member UN Human Rights Commission lead the eminent jury of Indian and International experts, who selected the winners. The Golden Peacock Awards aim to stimulate organisations to rapidly accelerate the pace of stakeholder-oriented improvement processes. Its primary objective is to encourage competitiveness in corporate governance and corporate social responsibility. Golden Peacock Award for CSR was instituted in 2002 and is now recognised worldwide, as the hallmark of corporate excellence because of the independence, integrity, transparency and thorough and open application process.

Over the years, Max India Foundation has partnered regularly with reputable NGO’s such as CanSupport, SOS Children’s Village, Manav Seva Sannidhi and Chinmaya Mission to undertake initiatives like pan India immunization programme, surgeries for underprivileged, artificial limb and polio calipers camp, multi-speciality camps, blood donation camps, onboard rail operation theater – Life Line Express, ‘Clean Delhi Clean Yamuna’ campaign, support for disaster relied victims amongst others.

– Consolidated Operating Revenue at Rs. 4,732 Cr., up 19% –

– Assets under Management of Life Insurance Business at Rs. 13,016, Cr. up 43% –

– Treasury Corpus of Rs. 580 Crore as at Dec 31, 2010 –

  • Max India consolidated turns around; reports profit before tax of Rs. 38 Crore in the quarter from loss in the previous quarter
  • Gross Premium Income for nine months ended December 31, 2010 at Rs. 4,130 Crore, Up 19%.
  • Revenue from network of hospitals for the nine months ended December 31, 2010 at Rs. 507 Crore, Up 31%.
  • Health Insurance: IRDA approval received for 3 new products to drive revenue growth.
  • Speciality plastic products: Commissioning a new BOPP line of 22,000 tpa capacity in March 2011, taking the total capacity to 52,000 tpa.
  • Corporate Social Responsibility: wins the 6th Corporate and Social Governance Awards 2010 for the ‘Best Corporate Social Responsibility Practices’ from BSE

Max India Ltd., today announced its un-audited results for the quarter and nine months ended December 31, 2010. The company reported consolidated profit before tax for the quarter ended December 31, 2010 at Rs. 38 Crore against loss before tax of Rs. 94 Crore in the corresponding previous period.

The consolidated operating revenue for the quarter ended December 31, 2010 at Rs. 1,678 Crore against Rs. 1,442 Crore in the corresponding previous quarter, grows 16% year-on-year. The consolidated operating revenue for the nine months ended December 31, 2010 at Rs. 4,732 Crore against Rs. 3,986 Crore in the corresponding previous period, grows 19% year-on-year.

The consolidated revenue for the nine months ended December 31, 2010 at Rs. 6,006 Crore against Rs. 5,872 Crore in the corresponding previous period, grows 2% year-on-year. The consolidated revenue for the quarter ended December 31, 2010 at Rs. 1,909 Crore against Rs. 1,733 Crore in the corresponding previous quarter, grows 10% year-on-year.

Commenting on the results, Mr. Analjit Singh, Chairman & Managing Director, Max India Limited, said, “We are delighted that the group has turned profitable in the recent quarter led by robust growth in revenue and sharp focus on cost management. Our life insurance business has successfully responded to the changing regulatory landscape by realigning its strategy for a sustainable and profitable growth.” “The second phase of expansion of the healthcare business, that envisages doubling of bed capacity to 2000 beds in FY12, is progressing towards completion”, he added.

Commenting on the performance of the businesses, Mr. Mohit Talwar, Director – Corporate Development, Max India Limited, said, “The life insurance business has demonstrated the inherent robustness and flexibility in its business model by turning profitable and outpacing the industry growth by a significant margin in the current quarter. The business will be self-sustaining going forward and will not need any further capital.” “Our healthcare business is experiencing significant traction and has turned into cash profits led by sequential improvement in margins.”, he added.

Max New York Life (MNYL)

Gross premium income for the quarter ended December 31, 2010 at Rs. 1,465 Crore, grows 15% year-on-year. Individual Adjusted First Year Premium (APE) for the quarter ended December 31, 2010 at Rs. 427 Crore, registered de-growth of 4% year-on-year against de-growth of 42% for the private life insurers. With the seamless shift in product mix to adapt to the changing regulatory scenario, traditional products contributed 85% to new sales for the quarter ended December 31, 2010.

Gross premium income for the nine months ended December 31, 2010 at Rs. 4,130 Crore, grows 19% year-on-year. Individual Adjusted First Year Premium (APE) for the nine months ended December 31, 2010 at Rs. 1,252 Crore, grows 7% year-on-year. Premium conservation ratio for the nine months ended December 31, 2010 at 80%. The Company has sold over 5 million policies since inception.

Assets under Management as at December 31, 2010 at Rs. 13,016 Crore, grows 43% year-on-year. Sum assured in force as of December 31, 2010 over Rs. 1,47,000 Crore, grows 28% year-on-year. To cater to long-term savings and protection needs of mass affluent+ customers through a high quality agency; MNYL has right sized its agency strength from 75,000 agents to around 55,000 agents. The business is well capitalized at Rs. 1,976 Crore, as at December 31, 2010.

Profit before tax for the quarter ended December 31, 2010 at Rs. 81 Crore against loss of Rs. 66 Crore in the corresponding previous quarter. Profit before tax for the nine months ended December 31, 2010 at Rs. 32 Crore against loss of Rs. 157 Crore in the corresponding previous period.

MNYL Brand Awareness improves from 82% in December 2009 to 94% in December 2010 and receives the Brand Excellence Award and recognition as ‘Powerbrand’ & ‘Master Brand’. MNYL has also received the CII Commendation for Business Excellence initiatives.

Max Healthcare (MHC)

Revenue across network of hospitals for the quarter ended December 31, 2010 at Rs. 177 Crore, grows 27% year-on-year. The average revenue per occupied bed day for the quarter is over Rs. 22,000 improves 9.6% year-on-year. Revenue across network of hospitals for the nine months ended December 31, 2010 at Rs. 507 Crore, grows 31% year-on-year. The average revenue per occupied bed day for the nine months is over Rs. 21,000 improves 6.3% year-on-year. Average Occupancy across facilities at 68% with average length of stay maintained at 3.5 days for the nine months ended December 2010.

EBITDA for the quarter ended December 31, 2010 at Rs. 19 Crore, shows a remarkable growth of 138% year-on-year. EBITDA margin for the quarter improves to 10.4% from 5.6% in the corresponding previous period. EBITDA for the nine months ended December 31, 2010 at Rs. 32 Crore, grows 55% year-on-year. EBITDA margin improves to 6.4% from 5.4% in the corresponding previous period.

MHC receives various accolades across categories: Max Super Specialty Hospital Saket declared the Best Large Private Hospital in the category of “Operational Excellence in Healthcare Delivery” and Max Super Specialty Hospital Patparganj has been awarded for “Excellence in Environment Conservation” at the FICCI Healthcare Excellence Awards.

Max Bupa Health Insurance (MBHI)

The initial sale for Max Bupa is tracking well with Gross Written Premium of Rs. 15.04 Crore and over 27,000 lives covered in nine months ended Dec 2010. Out of the peak equity commitment of Rs. 700 Crore, Rs. 271 Crore has been infused till date.

Max Speciality Films (MSF)

Revenue for the quarter ended December 31, 2010 at Rs. 116 Crore, grows 40% year-on-year. BOPP sales quantity for the quarter ended December 31, 2010 at 8,462 tons, grows 16% year-on-year. Revenue for the nine months ended December 31, 2010 at Rs. 325 Crore, grows 31% year-on-year. The sales quantity for the nine months ended December 31, 2010 at 23,302 tons, grows 6% year-on-year.

EBITDA for the quarter ended December 31, 2010 at Rs. 17 Crore, grows 53% year-on-year with margins improving to 14.2%. MSF sustained its improving profitability trend with profit before tax for the quarter ended December 31, 2010 at Rs. 13 Crore growing by 149% year-on-year. EBITDA for the nine months ended December 31, 2010 at Rs. 57 Crore, grows 81% year-on-year with margins at 12.8%. Profit before tax for the nine months ended December 31, 2010 at Rs. 44 Crore grows 208% year-on-year.

MSF to add a new BOPP line of 22,000 tpa capacity to be operationalize by March 2011, taking the total capacity to 52,000 tpa.

Max Neeman Medical International (MNMI)

Revenue for the quarter ended December 31, 2010 at Rs. 7 Crore, grows 55% year-on-year. The business reports a profit of Rs. 1.7 Crore for the quarter ended Dec’10, against a loss of Rs. 0.1 Crore in the corresponding previous quarter. Revenue for nine months ended December 31, 2010 at Rs. 16 Crore, grows 27% year-on-year. The business reports a profit of Rs. 2.2 Crore for the nine months ended Dec’10, against a profit of Rs. 1.1 Crore in the corresponding previous quarter, grows 100%.

Order book as at December 31, 2010 at Rs. 28 Crore, with net addition of Rs. 12 Crore received in the current fiscal. The business development pipeline stands at Rs. 87 Crore as at December 31, 2010.

About Max India

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 Max India is in the ‘Business of Life’ with its vision is to be one of India’s most admired corporates for Service Excellence. It ‘Protects Life’ through its Life Insurance subsidiary Max New York Life, a joint venture between Max India and New York Life, a Fortune 100 company; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a subsidiary of Max India Limited; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. From its past, Max India continues its interest in manufacture of Speciality Products for the packaging industry.

The flagship company Max India Limited is a widely held public listed entity, with the owner sponsors, led by Analjit Singh holding 36.5% stake. Its other shareholders include some of world’s best Institutional Investors such as, Warburg Pincus, Goldman Sachs and IFC.

Subsidiaries

Max New York Life (MNYL) is a joint venture between Max India Ltd. and New York Life, a Fortune 100 company and the largest life insurer in USA. Incorporated in 2000, MNYL is one of India’s leading private life insurance companies and offers both individual and group life insurance solutions. The Company has developed a highly trained network that is focused on offering outstanding services and building partnerships for life with the customer’s. MNYL offers flexible product solutions through a nationwide multi-channel distribution network with over 8,700 employees, 55000 agents and a distribution tie-up with Axis Bank, India’s 3rd largest private bank.

Max Healthcare (MHC) is a leading provider of standardized, seamless and world-class healthcare services. MHC has collaboration with Singapore General Hospital in the areas of medical practices, nursing, paramedical, research & training and is committed to the highest standards of medical and service excellence, patient care, scientific and medical education. MHC operates eight centers in Delhi & NCR, offering services in over 30 medical disciplines. MHC has state of the art tertiary care facilities at Saket in South Delhi, secondary care hospitals at Pitampura, Patparganj, Gurgaon and Noida and an outpatient facility, the Max Medcentre and a Speciality centre focused on Eye and Dental care at Panchsheel Park.

The tertiary care hospitals at Saket include Max Super Speciality Hospital (Unit of Devki Devi Foundation), a Centre of Excellence in Cardiac Services, Oncology, Minimal Access, Metabolic & Bariatric Surgery and the Max Super Speciality Hospital, a super speciality facility in Orthopaedics & Joint Replacement, Neurosciences, Paediatrics, Obstetrics & Gynaecology, Aesthetic & Reconstructive Plastic Surgery and Internal Medicine. In addition, it has an Institute of Allied Medical Services where it provides General and Laparoscopic surgery, Urology, Eye & ENT, Nephrology, Dermatology, Department of Mental Health & Behavioural Sciences amongst others.

Max Bupa Health Insurance Limited is a joint venture between Max India Limited and Bupa Finance Plc, UK, a leading international healthcare company with a legacy of providing specialized healthcare services for over 60 years. The Company started its operations in March 2010 with the vision to be the most admired health insurance company in India. Max Bupa’s mission is to ensure that families’ live healthier, more successful lives and to be a healthcare partner providing expertise for life through its consistent, high quality, health insurance services. Max Bupa has set up its offices in 9 key Indian cities and tied up with over 700 key hospitals across the country.

Max Neeman Medical International (MNMI) provides Clinical Research services across the entire value chain of new drug development and offers Medical Writing services. MNMI conducts Phase II, III, IV of clinical trial studies and has access to over 1250 ICH-GCP trained investigators and 210 research coordinators across 22 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 320 at five Regional offices in India & one business development office in USA.

Max Speciality Films (MSF)

specializes in manufacturing of wide range of sophisticated barrier and packaging (BOPP) films and has an installed capacity of 30,000 tons per annum. MSF’s leather finishing foil business division manufactures a range of leather finishing and laminating foils

Disclaimer

This release is a compilation of unaudited financial and other information and has not been subjected to limited review. This may also contain statements that are forward looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from our expectations and assumptions. We do not undertake any responsibility to update any forward looking statements nor should this be constituted as a guidance of future performance.

For more details contact:

Nitin Thakur

Head – Communications
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
E-mail: nthakur@maxindia.com

Mohit Talwar

Director – Corporate Development
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
E-mail: mtalwar@maxindia.com

Mr. Analjit Singh to be conferred the Padma Bhushan

Mr. Analjit Singh, Chairman Max India Group, has been selected for the prestigious Padma Bhushan Award, one of India’s highest civilian honours, by the Government of India on the eve of the 62nd Republic Day. The Award is a reaffirmation of Mr. Singh’s immense contribution towards building India Inc.

The Padma Awards are one of India’s most esteemed honours and are awarded to recognize distinguished service of a high order to the nation, in any field. The award will be conferred by the President of India at a function held at Rashtrapati Bhavan in April 2011.

A self made entrepreneur, Mr. Analjit Singh has been leading the charge of reinventing and restructuring the Max India Group with a vision to be amongst India’s most admired companies for Service Excellence. Mr. Analjit Singh is the Founder & Chairman of Max India Limited, Chairman of Max New York Life Insurance Company Limited; Max Healthcare Institute Limited and Max Bupa Health Insurance Company Limited. He has been the driving force behind the Max India Group’s sustained growth and success since the mid 80’s. Max India Group’s turnover for Calendar Year 2010 was over INR 78,360 million with a customer base of 4.4 million. The total investment in various businesses at the end of Year 2010 stood at INR 22,500 million. The Group has over 400 offices across India; with people strength of over 73,000.

As one of India’s leading business-persons, Mr. Analjit Singh is a Member of the Prime Minister’s Joint Indo-US CEOs Forum. He is the non-executive Chairman of Indus Towers, India’s leading ‘Shared Telecom Infrastructure’ Services Company. He is a Director on the board of several leading Indian companies such as Industrial Development Bank of India (IDBI Ltd.), Vodafone Essar, Tata Tea and Hero Honda Motors. He is also the Vice Chairman of one of India’s leading industry Associations, Assocham.

Mr. Analjit Singh is the Consul General (Honorary) of the Republic of San Marino in India.

Senator Hillary Clinton, on behalf of The Indian American Center for Political Awareness (IACPA), awarded Mr. Analjit Singh for his ‘outstanding achievement’ in presenting the international community with an understanding of a modern and vibrant India. The IACPA has particularly lauded his efforts in forging several successful Joint Ventures with leading American companies and promoting business ties with the US.

Mr. Analjit Singh is an alumnus of Doon School, Dehradun; Shriram College of Commerce, University of Delhi; School of Management and the Graduate School of Management, Boston University, Boston, USA.

Mr. Analjit Singh has always taken keen interest in enhancing India’s academic excellence. He is currently an Executive Board Member of the Board of Governors, Indian School of Business, Hyderabad, where he is jointly funding a new campus at Mohali, Punjab and actively facilitating it as the Chairman, Mohali Campus Advisory Board, ISB. In addition he is the Chairman, Board of Governors, The Doon School, Dehradun.

Mr. Analjit Singh is actively involved in social service, through his role as the Chairman and Chief Patron of Max India Foundation (MIF), the Social Service arm of Max India Group. Committed to fostering an inclusive society, MIF spearheads the CSR initiatives of the various Max India Group companies and also partners with several reputable NGOs such as SOS Children’s Village, Manav Seva Sannidhi, CanSupport and Chinmaya Mission. He is also the Life Chairman, Bhai Mohan Singh Foundation and Member, Governing Board of Bharti Foundation.

About Max India:

Max India Limited is a multi-business corporate, focused on People and Service-oriented Businesses of ‘Life’. Max India Group is present in the areas of Life Insurance (Protecting Life) through Max New York Life Insurance, a Joint Venture with a Fortune 100 company New York Life; Healthcare (Caring for Life) through Max Healthcare; Health Insurance (Enhancing Life) through Max Bupa Health Insurance; a Joint Venture with Bupa Finance Plc U.K. Clinical Research (Improving Life) through Max Neeman Medical International; BoPP & Speciality Foils manufacturing through its division Max Speciality Films.

For more details contact:

Nitin Thakur

Head – Communications
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
E-mail: nthakur@maxindia.com

Rahul Gossian

Communications Specialist
Max India
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 145
Cell # +91 9873154228+91 9873154228
E-mail: rgossain@maxindia.com

Max India Foundation awarded ‘Best Corporate Service Responsibility Practices Award’ at the Social and Corporate Governance Awards

Max India Foundation, the CSR arm of Max India group, has been awarded the ‘Best Corporate Service Responsibility Practices Award’ at the 6th edition of the Social and Corporate Governance Awards. Ms. Mohini Daljeet Singh, Head, Max India Foundation received the award on behalf of Max India Foundation at an awards ceremony held at Taj Lands End Mumbai today.

On receiving the award, Ms. Mohini Daljeet Singh, Head, Max India Foundation, said, “I am extremely honored to receive this award on behalf of Max India Foundation. Max India Foundation was started in the year 2008 and in the span of three years we have spread our wings across the country and have undertaken all efforts to reach out to the underprivileged and needy. I take this award as recognition of all our efforts and a motivation to work better in future. I would like to thank our Group Chairman, Mr. Analjit Singh, who with his passion to give back to society has been very encouraging and supportive of MIF efforts.”

The Social and Corporate Governance awards recognizes and honours best Practices in Corporate and Social Responsibility and the awards are currently in their sixth year. The award categories included –

  • Organization that offers the Best Return to Investors
  • Organization that offers the Best Return to the Consumers.
  • Organization that offers the Best Return to Channel Partner / Ancillary Development.
  • Best Corporate Social Responsibility Practice.

On 9th Feb Max India Foundation was also awarded as winner of the ‘Best in Corporate Social Responsibility Practice’ at the ‘Stars of the Industry 5th INDY’S AWARDS’. This category has been introduced for the first time by the organizers.

About Max India Foundation (MIF):

Max India Foundation is the social service arm of Max India group with its main focus on Health, Children, and Environment. Max India Foundation provides Treatment and Care for those Below the Poverty Line, the Needy and Deserving. They have touched more than 50054 lives across 138 locations through 2,500 volunteers and 130 NGO partners.

About Max India Limited

Max India is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Rs 78,360 million Max India is led by its publically listed Max India Limited and it is headquartered in New Delhi, India. Max India is in the ‘Business of Life’ and its vision is to be one of India’s most admired corporates for Service Excellence. It ‘Protects Life’ through its Life Insurance subsidiary Max New York Life, a joint venture between Max India and New York Life, a Fortune 100 company; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a subsidiary of Max India Limited; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. From its past, Max India continues its interest in manufacture of Speciality Products for the packaging industry.