Max India net profit jumps four-fold to Rs 784 cr in FY'13

Diversified major Max India today reported over four-fold rise in consolidated net profit at Rs 784 crore for the year ended March 31.

Net profit for 2011-12 fiscal stood at Rs 155 crore.

"Profit for the year ended March 31, 2013 included a onetime gain from the transaction that involved the entry of Mitsui Sumitomo Insurance, Japan as a joint venture partner in Max India's subsidiary Max Life Insurance," the company said in a statement.

The consolidated revenues for FY 2013 grew by 24% to Rs 10,624 crore, it said.

The Board of Directors of Max India recommended a dividend of 110% for its shareholders, which translates to Rs 2.20 per share.

"The total dividend for the year thus stands at 610% or Rs 12.20 per share and will result in an outgo of Rs 324 crore," it said.

Max India Group is a multi-business corporate engaged in the business of health insurance, health care and clinical research.

Shares of the company today closed at Rs 218 apiece on the BSE, up 0.07% from their previous close.