Max India’s FY14 Consolidated Revenue Increases 19%* to Rs 11,683 Cr, PAT up 44% to Rs 209 Cr.
May 28, 2014 - New Delhi, Delhi, India
- Max India’s FY 2014 net revenue increases 19%* over previous fiscal to Rs 11,683 Cr
- Max India announces 90% final dividend taking annual dividend to180% **
- Max Life reports strong new sales growth of 17% over previous fiscal, outperforming industry de-growth of 3%. The Company’s gross premium increases 10% over previous fiscal to Rs 7279 Cr.
- Max Healthcare turns cash profitable. Net Revenue increases 22% over previous fiscal to Rs 1407Cr
Below is a summary of the consolidated financials of Max India
|Quarter ended March 2014||Quarter ended March 2013||Change||Year ended March 2014||Year ended March 2013||Change|
|Revenue||Rs 3740 Cr.||Rs 2468 Cr.||52%||Rs 11683 Cr.||Rs 9820 Cr.||19%|
|EBIDTA||Rs 121 Cr.||Rs 87 Cr.||39%||Rs 506 Cr.||Rs 419 Cr.||21%|
|PBT||Rs 62 Cr.||Rs 28 Cr.||120%||Rs 274 Cr.||Rs 197 Cr.||39%|
|PAT||Rs 52 Cr.||Rs 29 Cr.||84%||Rs 209 Cr.||Rs 146 Cr.||44%|
Max India Ltd., one of India’s leading multi-business corporates, today announced its results for FY 2014. The Company reported a net increase in consolidated revenue in FY 2014, by 19% over the previous fiscal to Rs 11,683 Cr. The rise in EBITDA for the same period was 21% and stood at Rs 506 Cr. Profit After Tax (PAT) rose 44%, to Rs. 209 Cr., on a consolidated basis.
The Q4 FY 2014 figures were equally impressive with consolidated revenue rising 52% to Rs 3740 vs. Q4 FY 2013. Profit After Tax (PAT) rose by 84% to Rs 52 Cr during the same period.
The key contributing factors to the sterling performance of the company have been MLIC’s 10% growth in premium income and Max Healthcare turning cash positive, reporting a 22% increase in net revenue over last fiscal year.
Key highlights of subsidiaries
Max Life, a 71% life insurance subsidiary of Max India, continued to outperform the industry, leading the Group’s growth charge by posting an impressive new sales growth of 17% over the previous fiscal. Its overall revenues increased by 19% to stand at Rs 9633 Cr. The increase in revenue was supported by a 10% growth in Gross Premium during the period. Embedded Value as at the end of the current period is at Rs.3,953 Cr., with operating Return on Embedded Value (RoEV) at 15.6%. The Assets Under Management (AUM) of the Company rose by 21%, during the fiscal year, to Rs 24,716 Cr.
Max Healthcare, a 66% subsidiary of Max India, reported growth of 22% in Gross Revenue to Rs 1407 Cr, and 59% growth in EBIDTA, to Rs. 113 Cr supported by higher average occupancy which increased to 74% this fiscal vs 69% in the previous fiscal despite 12% expansion in operational beds to 1470 from 1300 beds in the last fiscal year.
Max Bupa Health Insurance, a 74% subsidiary of Max India recorded a 49% rise in net revenue in FY14 to stand at Rs 309 Cr. The company strengthened its distribution through four new bancassurance tie-ups with Ratnakar Bank, Standard Chartered Bank, Deustche Bank and Federal Bank.
Antara Senior Living, a 100% subsidiary of Max India serving the high potential Senior Living industry, continued to generate considerable media and public interest and witnessed encouraging sales momentum for its maiden senior living community being built at Dehradun
Max Speciality Films (MSF), a division of Max India till last fiscal, and now a subsidiary of Max India since 1 April 2014, saw stabilization of the industry leading to margin and revenue improvement. This translated to a 33% growth in EBIDTA to Rs. 57 Cr. MSF continues to operate at peak capacity vis-à-vis average industry capacity utilization of around 70%.
Commenting on the Company’s performance, Mr. Rahul Khosla, Managing Director, Max India Ltd. said, “Our Businesses of Life continue to set the pace in their respective industries, while focusing on sustained profitability and growth over key fiscal metrics. The macro environment looks positive with the new government in place. Backed by a high quality leadership team we are well placed for another successful year.
Mr. Mohit Talwar, Deputy Managing Director, Max India Ltd. added, “Our businesses have performed admirably even in challenging business environment. Max Life has outperformed the industry, Max Healthcare has turned cash profitable and we continue to be extremely bullish about the growth prospects of Max Bupa As a Group, we are well positioned for growth in our businesses”
About Max India
The 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 ‘Businesses of Life’ with its vision to be one of India’s most admired corporates for service excellence – in what we do, how we do it and the positive impact we have on society and our stakeholders. 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 fully owned subsidiary Max Speciality Films
The Group’s businesses have built commanding presence in their respective sector, through a total customer base of nearly 7 million, over 300 offices spread across India and a people strength of over 70,000 persons. Max India remains committed to excellence in Corporate Governance and recognizes that in today’s world, it is an important driver for building all round excellence, attracting high-quality talent and intelligent capital. The Group and its companies are Shareholder steered, Board governed and Executive managed. The Board thoroughly evaluates business performance on nine strategic levers - enhancing business performance, investing in people and organisational development, creating efficiency in capital management, adopting an integrated enterprise-wide approach, investing sensibly in new growth opportunities, maintaining the highest standards of governance, continuously improving service quality, developing a distinct corporate brand and effectively managing risk.
The flagship company Max India Limited is a widely held public limited company, listed on the BSE & the NSE. Analjit Singh, Founder & Chairman, is the lead shareholder in Max India with around 40% holding. Other leading shareholders in the company include some of world’s leading Institutional Investors, such as Goldman Sachs, International Finance Corporation, Washington (IFC), and Temasek Holdings.
Source: Business Wire India