Max Financial posts Q4 PAT at Rs 70 crore, revenue at Rs 9,760 crore
New Delhi [India], June 9 (ANI): Max Financial Services Ltd (MFSL) has reported profit after tax of Rs 70 crore in the January to March quarter from Rs 6.7 crore in the year-ago period.
It registered consolidated revenues of Rs 9,760 crore in Q4 FY21 from Rs 4,266 crore in Q4 FY20. Excluding investment gains, the revenues grew 21 per cent.
MFSL recorded a gross premium of Rs 7,106 crore, marking an increase of 21 per cent from Rs 5,873 in the same period.
Individual annualised premium equivalent (APE) grew 35 per cent to Rs 1,893 crore from Rs 1,398 crore.
Managing Director Mohit Talwar said the results are extremely encouraging, considering the challenging environment because of the pandemic.
"It is one of our best performance in a decade. The conclusion of a deal in which Axis Bank became the co-promoter in Max Life with 12.99 per cent stake will permanently address uncertainty around Max Life's distribution and strengthen its position," he said in a statement.
In FY21, MFSL reported consolidated revenues of Rs 31,288 crore, 72 per cent higher compared to the previous year due to gain on debt and equity portfolio.
Excluding investment gains, its revenues grew by 17 per cent. The company reported consolidated profit after tax of Rs 560 crore, a jump of 105 per cent compared to the previous year.
The surge was largely due to higher investment income, reversal of provision for impairment on financial assets, lower tax expense and a partial offset by new business strain due to shift in product mix towards non-par business.