Max Financial Services net down 49% in Q1 sequentially
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Max Financial Services Limited (MFSL) on Tuesday reported a 49 per cent sequential decline in consolidated net profit for the first quarter ended June 30 at ₹36 crore as compared to net profit of ₹70 crore recorded in the previous March quarter.
On a year-on-year basis, net profit for the quarter under review declined 80 per cent from net profit of ₹182 crore recorded in the same quarter last fiscal.
Total income for the quarter ended June 30, 2021 too declined sequentially by 39 per cent to ₹5943 crore as compared to total income of 9,760 crore in the previous March quarter. However, the total income for the quarter under review was up 7.7 per cent as compared to total income of ₹ 5,517 crore in same quarter last fiscal.
MFSL’s sole operating subsidiary, Max Life registered a 32 per cent jump in new business premium (on APE basis) to ₹875 crore during the quarter under review from ₹661 crore in the year-ago period.
Further, the renewal premium income (including group) rose 21 per cent to ₹2,244 crore, taking the gross written premium to ₹3,484 crore, a spurt of 27 per cent over the first quarter of the previous financial year.
Mohit Talwar, Managing Director, Max Financial Services, said in a statement “Strong focus towards customer measures has helped deliver superior performance across health parameters and will continue to remain an important priority due to the impact of the second wave of the Covid-19.”
“Our partnership with Axis Bank after the conclusion of the deal in April and the longstanding assurance with YES Bank helped partnership channels grow 52% in the first quarter of FY22”, he added.
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