Max India Reports Strong Financials For First Quarter FY2018
Max India Ltd, Max Group’s listed company operating in the Health and Allied Services sector, has announced its financial results for the first quarter of financial year 2017-18 (Q1 FY2018).
Max India’s flagship operating company Max Healthcare (MHC), reported gross revenues of Rs 702 crore in Q1 FY2018 for its network of owned and managed hospitals, growing 10 per cent over the previous year. MHC’s key tertiary and quaternary care specialties continued to be significant contributors to revenue growth with Oncology, in particular, reporting strong 24 per cent growth during the quarter.
Max Bupa, one of India’s leading standalone private health insurers, reported gross written premium (GWP) of Rs 159 crore in Q1, growing a healthy 30 per cent over the previous year. This quarter also marked the on-boarding of South Indian Bank as a new bancassurance partner for Max Bupa, making this the sixth such partnership for Max Bupa. Operations under this alliance will commence in the second quarter of FY2018.
Mohit Talwar, Managing Director, Max India, added, “MHC’s growth is being driven not only by our key specialties such as Oncology, which grew 24 per cent this quarter, but also by expansion into upcountry centres such as Lucknow, Moradabad, Meerut, Srinagar, as well as into key international markets. In addition, cost optimisation efforts at MHC have delivered savings of over Rs. 15 crore in material and personnel costs over the past quarter.”
“Max Bupa continues to outpace the private health insurance sector with strong GWP growth and is on track to achieving break-even by 2019. With multiple key marketing efforts lined up, Antara is expected to ramp up its sales velocity significantly in the coming months.”
In January 2016, the Max Group concluded an important corporate restructuring wherein the erstwhile Max India was demerged into three separate entities, Max Financial Services, Max India and Max Ventures & Industries.
