Max Healthcare net loss at Rs 355 cr in June quarter due to Covid-19

Max Healthcare on Tuesday reported a loss of Rs 355 crore for the first quarter ended June 30, mainly on account of COVID-19 pandemic.

The company had posted a net profit of Rs 9 crore in the corresponding period previous fiscal,Max Healthcare said in a regulatory filing.

Gross revenue of the company stood at Rs 610 crore during the quarter under consideration as against Rs 1,059 crore in the same period a year ago, it added.

"... these have been exciting times for the Max Healthcare starting with the merger of Radiant Life Care Pvt Ltd with Max Healthcare, followed by its listing and a new corporate brand identity that reflects the company's strategic vision, values and purpose of the new organisation i.e. 'To Serve, To Excel'," Max Healthcare Institute Chairman and MD Abhay Soi said.

The company intends to continue its efforts towards structural realignment, bring digital to the core, realise synergies and continue to walk on a growth trajectory, he added.

The company also said its board has approved the proposal for issuance of equity shares of face value of Rs 10 each and/ or other eligible securities by the company by way of qualified institutions placement (QIP) for an issue size aggregating up to Rs 1,200 crore.

The board has also cleared "private placement of non-convertible debentures for an amount up to 550 crore, in one or more tranches, during a period of one year from the shareholders' approval at the 19th AGM of the company," it added.

Shares of Max Healthcare Institute settled at Rs107.55apiece on BSE, up 0.51 per cent from its previous close.