Max India narrows balance sheet losses to Rs 46 cr in FY17
New Delhi: 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.
Quarterly earnings were not provided as it was companys 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.
Max Healthcare (MHC), Max India's flagship operating company, reported Gross Revenues of Rs. 2,567 Cr. in FY2017 for its network of owned and managed hospitals, growing 18%.
MHC, which is an equal joint venture with South Africa-based Life Healthcare, reported a robust 31% growth in EBITDA for its network of hospitals to Rs. 281 Cr. in FY2017 and 23% growth in Q4 to Rs. 77 Cr. over the corresponding quarter last year.
The MHC Network of Hospitals also reported significant growth of 141% in Profit Before Tax (PBT) to Rs 24 Cr. in FY2017. Q4 resulted in PBT of Rs. 15 Cr. compared to Rs. 2 Cr. in the corresponding quarter last year.
Max Bupa, one of India's leading standalone private health insurers, also reported strong growth in its topline with Gross Written Premium (GWP) of Rs. 594 Cr. in FY2017, growing 25% over FY2016. In Q4, Max Bupa reported a GWP of Rs. 193 Cr., growing 28% over the same quarter last year.
Antara Senior Living, the third operating company under Max India, is pioneering the concept of 'Age in Place' for the elderly by developing Senior Living communities in India.
In April 2017, Antara opened the gates to its maiden community of 200 apartments near Dehradun, Uttarakhand, with unanimous appreciation from customers, public and media. In FY2017, the company generated collections of Rs. 78 Cr., a growth of almost 100% over the previous year.