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

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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