Max India Consolidated Net Profit jumps 406% to Rs 784 Cr Announces 110% Dividend taking Annual Dividend to 610%
New Delhi, 29 May 2013: Max India Ltd, one of India’s leading multi-business corporates, today announced consolidated Profit After Tax (PAT) for the year ended March 31, 2013 of Rs. 784 Cr, more than four times the PAT for FY 2012 (Rs 155 Cr). 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. Consolidated revenues for FY 2013 grew by 24% to Rs 10,624 Cr.
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 Cr.
Commenting on the company’s performance, Mr. Rahul Khosla, Managing Director, Max India Ltd. said, “We have performed well despite a generally challenging macroeconomic environment and a fluid regulatory situation. A healthy balance sheet coupled with good performance has given us the flexibility to reward shareholders in the form of substantial Dividends this year (610%). Each of our businesses of life insurance, health insurance and healthcare enjoy strong positions in their respective categories, continue to grow faster than the market and represent significant headroom for sustained high growth in their respective categories. In addition, our new businesses, such as senior living show great promise.”
Max India has complemented excellent operational performance with a focus on enhancing capital efficiency, capturing enterprise synergies and seeding future growth through expansion in the business portfolio. In FY 2013, Mitsui Sumitomo Insurance, of MS&AD Group, Japan acquired 26% stake in Max India’s life insurance business, Max Life Insurance Company. Additionally, in Jan 2012, Life Healthcare, a leading healthcare operator in Africa, acquired 26% stake in Max India’s healthcare business, Max Healthcare for Rs 516 Cr.
Earlier this week, Max Life, a 71% subsidiary of Max India declared a final dividend of Rs 159 Cr supported by a 17% growth in PBT for FY 2013 to Rs 860 Cr. This takes the total Dividend from Max Life for FY 2013 to Rs 259 Cr.
Max Life Insurance Company Ltd. (Formerly Max New York Life Insurance Co. Ltd.) – The Company was incorporated in the year 2000 in partnership with New York Life (NYL), a Fortune 100 company. In April 2012, Mitsui Sumitomo Insurance Co. Ltd. (MSI), an MS&AD Insurance Group Holdings Company, which is amongst the top general insurers in the world acquired 26% stake in the company from New York Life Enterprise (NLYE). Subsequently the company was renamed Max Life Insurance Co. Ltd.
Max Life Insurance, a Rs 66 billion (USD 1.2 billion) company, has retained its position as the largest non-bank-promoted private life insurance company and is the 4th largest private life insurance company in India. The company offers comprehensive product solutions for long-term savings and protection to its over 30 lakh customers. It has a country-wide diversified distribution model including 35,000 agent advisors, exclusive arrangement with Axis Bank – India’s 3rd largest private bank and several other partners.
Max Life Insurance is a quality business focused on delivering excellence to customers through advice based sale process, customer centric approach to business, financial stability & investment expertise and strong human capital.
Max Healthcare (MHC)
is the country’s leading comprehensive provider of standardized, seamless and international-class healthcare services, especially focused on tertiary and quaternary care. It is committed to the highest standards of medical and service excellence, patient care, scientific and medical education.
Max Healthcare operates 12 facilities in North India, offering services in over 30 medical disciplines. Of this, 9 facilities are located in Delhi & NCR and the others in Mohali, Bathinda and Dehradun. The Max network includes state-of-the-art tertiary care hospitals in Saket, Patparganj, Shalimar Bagh, Mohali, Bathinda and Dehradun, secondary care hospitals at Gurgaon, Pitampura and Noida and an out-patient facility and a speciality centre at Panchsheel Park. The super speciality hospitals in Mohali, Bathinda, Dehradun and Shalimar Bagh were commissioned in FY 2012 and have led to doubling of Max Healthcare’s capacity to nearly 2000 beds.
The tertiary care hospitals at Saket, Patparganj and Shalimar Bagh are centres of excellence for Cardiac Care, Minimal Access, Metabolic & Bariatric Surgery, Cancer Care, Orthopaedics & Joint Replacement, Neurosciences, Paediatrics, Obstetrics & Gynaecology, Aesthetic & Reconstructive Plastic Surgery and Internal Medicine. In addition, they offer services in the disciplines of Urology, ENT, Gastroenterology, Nephrology, Dermatology, Mental Health & Behavioural Sciences amongst others.
The Super Speciality Hospitals in Mohali and Bathinda are under PPP arrangement with the Government of Punjab and have tertiary care facilities in cancer care, cardiac care, neurology, orthopaedics and trauma. The recently launched Super Speciality Hospital in Dehradun is the latest addition to the Max Healthcare network and offers comprehensive tertiary, secondary and primary care services.
Max Healthcare is a pioneer in the introduction of technology to provide patients with the highest standards in medical care. Examples are the first Brain Suite in Asia at Max Saket and the Electronic Health Record System in use across Max Hospitals. The hospitals are equipped with the advanced medical equipment like state-of-the-art Cath labs, OTs with HEPA, Nuclear Medicine, Gama Camera, LINAC for Radiotherapy and MRI and CT scan machines.
Max Healthcare has over 1,600 leading doctors, 5,400 employees and has treated over 16, 00,000 patients from over 80 countries.
Max Bupa Health Insurance Limited is a joint venture between Max India Limited and Bupa Finance Plc, UK, a leading international healthcare provider with 65 years of healthcare knowledge. The Company started its operations in March 2010 with the vision to be the most admired health insurance company in India. Max Bupa’s mission is to ensure that families’ live healthier, more successful lives and to be a healthcare partner providing expertise for life through its consistent, high quality, health insurance services.
Through its direct distribution and its indirect spread (Online, Telesales, Agency Network) in 300 plus cities, and a team of over 1000 employees, Max Bupa now covers over 1.2 million customers. Its Gross Written Premium grew more than 100% in FY 2013. The company was awarded Health Insurance Company of the Year as well as Excellence in Growth Award at India Insurance Awards 2012.
Max Bupa has a direct working relationship with a network over 1800 top quality hospitals and healthcare providers. It services customers directly without third party involvement.
Antara Senior Living
Max India Group has charted its next phase of growth by entering the Senior Living Business. Due to the fast changing social milieu, the concept of Senior Living presents a rapidly growing yet inadequately serviced business opportunity in India. Max India’s strong belief in service and ‘sevabhav’ will provide a unique value proposition to its customers, and is intended to build communities that meet international standard and fulfill lifestyle, wellness and health related requirements for seniors over 60 who want to be independent and active. Antara Senior Living is working with best in the class international experts to design & develop its communities in North India. The first such community of 217 apartments is coming up at Dehradun. Launched on 24th May 2013, the community will be operational by the beginning of 2016.
Max Speciality Films (MSF)
Specializes in manufacturing specialty barrier and packaging (BOPP) films to cater to the needs of wide range of sophisticated packaging applications including food packaging, overwrap, consumer products and label manufacture. MSF’s leather finishing foil business division manufactures a range of leather finishing and laminating foils. The Company has an installed capacity of 52,000 tons per annum.
Max Neeman Medical International (MNMI)
Provides Clinical Research services across the entire value chain of new drug development. MNMI conducts Phase II, III, IV of clinical trial studies and has access to over 1800 ICH-GCP trained investigators and 230 research coordinators across 43 cities to offers services to a growing list of Pharmaceutical, Biotech and Clinical Research clients, in India and abroad. MNMI is focusing on developing alliances with midsized pharma and biotech companies to transition their drug development work to India. The Company has an employee base of 320 at five Regional offices in India & one business development office in USA.
About Max India
Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. Max India is in the ‘Business of Life’ with its vision to be one of India’s most admired corporates for Service Excellence. It ‘Protects Life’ through its Life Insurance subsidiary Max Life, a joint venture between Max India and Mitsui Sumitomo Insurance, Japan; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; ‘Rejuvenates Life’ through its Senior Living business Antara, a fully owned subsidiary of Max India and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. The Group also continues its interest in manufacture of Speciality Products for the packaging industry through its SBU Max Speciality Films.
The Group’s businesses have built commanding presence in their respective sector, through a total customer base of nearly 5.5 million, over 300 offices spread across India and a people strength of 63,000 persons. The flagship company Max India Limited is a widely held public ltd company, listed on the BSE & the NSE. Mr. Analjit Singh, Founder & Chairman, is the lead shareholder in Max India with over 39 per cent holding. Other leading shareholders in the company include some of world’s best Institutional Investors, such as Goldman Sachs, International Finance Corporation, Washington (IFC), Temasek Holdings.
For more details contact:
Head – Communications
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 196
Cell # +91 9873347428+91 9873347428
E-mail: [email protected]
Max House, Okhla – III,
New Delhi-110 020
Tele # 2693 3601-10 extn. 145
Cell # +91 9873154228+91 9873154228
E-mail: [email protected]