Max India posts a net profit of Rs 20.2 cr

Total income increased 113 per cent from Rs 52.2 crore in the previous quarter to Rs 111.4 crore for the quarter ended March 31, 2008, as per the audited results. Max India has posted a net profit of Rs 61.9 crore for the year ended March 31, 2008, a 335 per cent increase as compared to Rs 14.2 crore for the year ended March 31, 2007. Total income has increased by 91.6 per cent from Rs 195.8 crore in the previous financial year to Rs 375.3 crore for the year ended March 31, 2008.

"This was a year of consolidation and gearing up for next phase of growth for the Max Group," said Analjit Singh, chairman and managing Director, Max India Ltd.

The company plans to invest a substantial portion of the Rs 1,000 crore, raised from qualified institutional placement (QIP) earlier, in the insurance sector. Max Healthcare, which raised Rs 300 Crore from IFC, Washington for the second phase expansion of its healthcare activities, plans to double the bed capacity from 770 beds to more than 1500 beds over next three years, he added.

As for Max New York Life (MNYL), gross premium income for the year ended March 31, 2008 was at Rs. 2,715 crore, with 81 per cent growth year-on-year. Assets under management were at Rs3,575 Crore, with a growth rate of 95 per cent year-on-year.

The company  also  sold over 2.3 million policies since inception with 873,000 policies sold during the year, said a press release. MNYL is a joint venture between New York Life, a Fortune 100 company and Max India Limited.

For Max Healthcare, revenues across network of hospitals for 2007-08 was at Rs372 crore, with a growth rate of 52 per cent year-on-year. Max Healthcare has a network of six hospitals and has 1,250 doctors in its network, including around 500 doctors on its rolls. With the total patient transactions during the year averaging over 135,000 patients a month, average occupancy across all healthcare care facilities is at 66 per cent, said the release.

Max Speciality Products (MSP), specialized in manufacturing of wide range of sophisticated barrier and packaging films, posted a business of Rs 306 crore with a growth of 84 per cent year-on-year.

Max Neeman Medical International (MNMI), the clinical research arm of the group, also grew three-fold to Rs 11 crore from Rs4 crore for the year ended March 31, 2007, said the release.