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Max Financial Services net up 12 pc at Rs 75cr

Press Trust of India  |  New Delhi 

(MFS) today reported a 12 per cent increase in standalone net profit at Rs 75.44 crore for the April-June quarter of this fiscal.

Company's net profit in corresponding April-June period of 2017-18 was at Rs 67.19 crore.

Total income was up at Rs 129.13 crore for the first quarter of 2018-19 from Rs 94.10 crore in year earlier period.

MFS' sole operating subsidiary is

Max Life's assets under management by end June were Rs 53,940 crore, up 18 per cent from year ago.

Mohit Talwar, Managing Director, said: "The quality of the business across several parameters remains top quartile. The robust growth in embedded value and value of new business (of Max Life) reflects strong fundamentals in the existing business and a continued focus on profitable new business."

MFS shares closed 0.61 per cent up at Rs 522.10 on BSE.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, August 06 2018. 21:30 IST