Q3 FY2017 Results Highlights:
- Max Healthcare Network of Hospitals Gross Revenues: Rs. 639 Cr., grew 16%
- Max Healthcare Network of Hospitals EBITDA: Rs. 63 Cr., grew 17%
- Max Bupa Gross Written Premium: Rs. 140 Cr., grew 24%
13th February 2017, New Delhi
Max India Ltd. (Max India), Max Group’s listed company in the Health and Allied Services sector, today announced its financial results for the third quarter of FY2017 (Q3 FY2017).
Max Healthcare (MHC), Max India’s flagship operating company, reported Gross Revenues of Rs. 639 Cr. in Q3 FY2017 for its network of owned and managed hospitals, growing 16% over the corresponding period last year. MHC, which is an equal joint venture with South Africa-based Life Healthcare, reported a 17% growth in network EBITDA to Rs. 63 Cr. for the same period.
The growth in profitability was driven primarily by improvement in margins from the company’s newer hospitals in Shalimar Bagh (Delhi), Dehradun, Bathinda and Mohali. In the first 9 months of FY2017 (9M FY2017), MHC’s Gross Revenues grew 23% to Rs. 1,939 Cr., while EBITDA grew 34% to Rs. 203 Cr. over the corresponding period last year. During 9M FY2017, a significant proportion of revenue contributions came from MHC’s major tower specialities, with Renal Sciences leading revenue growth at 36%.
Max Bupa Health Insurance (Max Bupa), one of India’s leading standalone private health insurers, also reported significant growth in its topline with Gross Written Premium (GWP) of Rs. 140 Cr. in Q3 FY2017, growing 24% over last year and 23% for the first 9 months of 2017 over last year. The business now covers 1.2 million urban retail customers.
One of the fastest growing players in the segment, Max Bupa is now the country’s 8th largest private health insurer overall and 4th largest amongst standalone private health insurers in India. Max Bupa was awarded “India’s Most Valuable and Admired Health Insurer 2016” by Pharma Leaders, an annual recognition to honour excellence in the healthcare sector.
Antara Senior Living (Antara), the third operating company under Max India, is pioneering the concept of ‘Age in Place’ for the elderly by developing Senior Living communities in India. Antara will launch its maiden community with 200 apartments in Q4 FY2017 near Dehradun, Uttarakhand.
Commenting on Max India’s performance, Mr. Rahul Khosla, Chairman, Max India said, “Our key healthcare specialities, including Neurosciences, Oncology, Orthopaedics and Renal Sciences have contributed to strong growth this year. In addition, MHC’s new business initiatives, such as Oncology Day Care, Digicare and Max Labs, have also started showing encouraging results. There will be significant effort over the next few months in scaling up and stabilising growth across these new service lines. I am pleased with Max Bupa’s performance and strong position in the market and am looking forward to welcoming Antara’s first residents this year.”
Mr. Mohit Talwar, Managing Director, Max India, added, “With over 20% growth in revenues so far this year, Max Healthcare continues to outpace its key competitors. Max Bupa has also seen a growth of 24% in its B2C segment this year, and is the 5th largest private health insurer in this segment. The market has taken cognisance of this and has responded extremely favourably since the Max India stock started trading in July.”
In January 2016, the Max Group concluded an important corporate restructuring wherein the erstwhile Max India was demerged into three separate entities, Max Financial Services, Max India and Max Ventures & Industries. With the listing of the Max India stock in July 2016, all three demerged companies of the Max Group are now listed.
About Max Group
The Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance, Health & Allied businesses and packaging sectors. In FY 2016, the Group recorded consolidated revenues of Rs 14,237 Cr. It has a total customer base of 9 million, nearly 240 offices spread across India and people strength of 22,500 as on 31st March 2016. The Group’s investor base includes marquee global financial institutions such as Goldman Sachs, KKR, IFC Washington, Fidelity, Wasatch, Ward Ferry, Nomura, New York Life and Invesco.
The Max Group comprises three listed companies, namely Max Financial Services, Max India and Max Ventures & Industries.
About Max India Limited
Max India, the holding company for Max Healthcare, Max Bupa Health Insurance and Antara Senior Living, is focused on health and allied businesses. Max Healthcare and Max Bupa Health Insurance are joint ventures with global leaders Life Healthcare (South Africa) and Bupa Finance Plc. (UK), respectively. These businesses have well-entrenched positions in their respective categories and are recognized for their outstanding service standards. The Company owns and actively manages a 45.95% per cent stake in Max Healthcare, a 51% stake in Max Bupa Health Insurance and a 100% stake in Antara Senior Living.
Max India is listed on both the Bombay Stock Exchange as well as the National Stock Exchange.
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Max India: www.maxindia.com