Max India narrows balance sheet losses to Rs 46 cr in FY17

Max India has narrowed its consolidated losses by over 50 per cent to Rs 46.15 crore for fiscal ended March 2017, on better revenues from segment businesses as well as lower tax payouts.
Selling of a part in subsidiary firm Max Bupa Health Insurance also helped in narrowing the losses.
The company had posted a net loss (consolidated) of Rs 98.57 crore on its books for previous fiscal ended March 2016.
Total tax expenses of the company fell to Rs 3.25 crore in 2016-17, against Rs 10.20 crore in year-ago period, the company said in a regulatory filing.
Quarterly earnings were not provided as it was company's first annual result since Max India stock started trading on stock exchanges in July 2016.

Max India has several subsidiaries and joint ventures including Max Healthcare, Antara Senior Living, Max UK Ltd, and Max Healthcare Institute Ltd.

During last fiscal, the company divested its 23 per cent stake in subsidiary Max Bupa Health Insurance to Bupa Singapore Pte for Rs 206.54 crore.
Following the divestment, Max India now holds 51 per cent in the subsidiary.
Max India, formerly Taurus Ventures Ltd belonging to the multi-crore Max group of companies, is a core investment company engaged in health and allied businesses.
"The past one year has been an eventful one for Max India. Max Healthcare continues to be a sterling performer, despite challenges such as demonetisation and multiple regulatory headwinds," Max India Chairman Rahul Khosla said.

Khosla also expects Max Bupa to be achieving a turnaround in profitability in near future.
"With a further capital infusion now from promoters, we will have adequate liquidity to explore additional growth opportunities, mainly in healthcare," Max India Managing Director Mohit Talwar said.
The Max group was founded by leading businessman Analjit Singh in Punjab in 1984.
Stock of the company closed 4.83 per cent down at Rs 143.85 on BSE.