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The
income from operation of Max Financial Services increased 49.94% to Rs 14887.81
crore in Q4FY2024. The revenue of Life Insurance (99.95% of total revenues)
segment has gone up 50.01% to Rs 14,884.99 crore. The revenue of Business
Investments (0.05% of total revenues) segment has declined 34.77% to Rs 6.94
crore.
PBIT of
Life Insurance reported loss of Rs 55.18 crore (accounting for 93.07% of total
PBIT) compared to profit of Rs 64.39 crore. PBIT of Business Investments
reported loss of Rs 4.11 crore (accounting for 6.93% of total PBIT) compared to
loss of Rs 1.55 crore.
The
Capital employed for Life Insurance (36.39% of total) segment has gone up
11.79% to Rs 3,900.62 crore. The Capital employed for Business Investments
(63.61% of total) segment has gone down 0.00% to Rs 6,818.50 crore.
Other
expenditure as a percentage of total income moved up to 100.35% from 99.32% in
Q4FY2024. The staff cost as a percentage of total income declined to 0.04% from
0.04% in Q4FY2024. The provisions as percentage of total income declined to 0%
from 0% in Q4FY2024.
Other
income increased 120.37% to Rs 10.71 crore. Interest cost increased 16.99% to
Rs 10.81 crore. Depreciation declined 40.54% to Rs 0.66 crore. PBT reported
loss of Rs 59.39 crore compared to profit of Rs 58.44 crore.
The
effective tax rate increased to 15.68% in Q4FY2024 compared to 10.25% in
Q4FY2023. Provision for tax was credit of Rs 9.31 crore, compared to debit of
Rs 5.99 crore.
Loss
attributable to non-controlling interest of Rs 6.03 crore as compared to profit
of Rs 6.56 crore.The share of profit of associate were nil in both the periods.
Net profit attributable to owners reported loss of Rs 44.05 crore compared to
profit of Rs 45.89 crore.
Business
performance
New Business Premium at Rs 11,023 crore, moved up 23%. Max
Life’s private market share expanded by 61 bps, Proprietary channels grew by
28%.
Gross Premium Rs 29529 crore, up 17% YoY.
Embedded Value at Rs 19,494 crore. Operating RoEV of 20.2%
New Business Margin (NBM) at 26.5% with Value of New
Business at Rs 1,973 crore up 1% from Rs 1949 crore in FY2023
Individual sum assured grew by 33%.
Assets Under Management (AUM) at Rs 1,50,836 crore, up 23%
Axis Bank infuses Rs 1612 crore in Max Life and increase its
stake to 19.02%. Financial Performance FY2024
The
income from operation of Max Financial Services increased 48.27% to Rs 46576.22
crore in FY2024. The revenue of Life Insurance (99.93% of total revenues)
segment has gone up 48.44% to Rs 46,565.72 crore. The revenue of Business
Investments (0.07% of total revenues) segment has gone down 52.20% to Rs 30.92
crore.
PBIT of
Life Insurance segment fell 19.39% to Rs 427.26 crore (accounting for 102.61%
of total PBIT). PBIT of Business Investments reported loss of Rs 10.87 crore
(accounting for (-)2.61% of total PBIT) compared to profit of Rs 16.27 crore.
The
Capital employed for Life Insurance (36.39% of total) segment has gone up
11.79% to Rs 3,900.62 crore. The Capital employed for Business Investments
(63.61% of total) segment has gone down 0.00% to Rs 6,818.50 crore.
Overall
OPM eased to 0.90% in FY2024 from 1.75% in FY2023, leading to 23.84% fall in
operating profit to Rs 419.56 crore. The provisions as percentage of total
income declined to 0.01% from 0% in FY2024. Other expenditure as a percentage
of total income moved up to 99.03% from 98.16% in FY2024. The staff cost as a
percentage of total income declined to 0.08% from 0.09% in FY2024.
Other
income increased 128.87% to Rs 42.09 crore. There is 16.50% rise in interest
cost at Rs 43.64 crore and 31.10% decline in depreciation to Rs 3.19 crore, Profit
before tax fell 21.32% to Rs 414.82 crore. There is no extraordinary item. After
which, PBT moved down 21.32% to Rs 414.82 crore.
The
effective tax rate declined to 5.36% in FY2024 compared to 14.28% in FY2023. Provision
for tax was expense of Rs 22.24 crore, compared to Rs 75.31 crore. Profit after
tax fell 13.12% to Rs 392.58 crore.
There was
profit attributable to non-controlling interest of Rs 52.50 crore in FY2024 as
compared to profit of Rs 73.41 crore in FY2023. The share of profit of
associate were nil in both the periods. Finally, Net profit attributable to
owners fell 10.15% yoy to Rs 340.08 crore in FY2024.
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Max Financial
Services : Consolidated Results
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Particulars
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2403 (3)
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2303 (3)
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Var %
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2403 (12)
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2303 (12)
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Var %
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Income from Operations
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14887.81
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9929.37
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50
|
46576.22
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31412.67
|
48
|
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OPM (%)
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-0.39
|
0.64
|
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0.90
|
1.75
|
|
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OP
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-58.63
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63.93
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PL
|
419.56
|
550.90
|
-24
|
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Other Inc.
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10.71
|
4.86
|
120
|
42.09
|
18.39
|
129
|
|
PBDIT
|
-47.92
|
68.79
|
PL
|
461.65
|
569.29
|
-19
|
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Interest
|
10.81
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9.24
|
17
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43.64
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37.46
|
16
|
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PBDT
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-58.73
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59.55
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PL
|
418.01
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531.83
|
-21
|
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Depreciation
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0.66
|
1.11
|
-41
|
3.19
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4.63
|
-31
|
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PBT
|
-59.39
|
58.44
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PL
|
414.82
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527.20
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-21
|
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Tax Expenses
|
-9.31
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5.99
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LP
|
22.24
|
75.31
|
-70
|
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PAT
|
-50.08
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52.45
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PL
|
392.58
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451.89
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-13
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Non-controlling interest
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-6.03
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6.56
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LP
|
52.50
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73.41
|
-28
|
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Share of P&L from Asso.
|
0.00
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0.00
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-
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0.00
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0.00
|
-
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Net profit
|
-44.05
|
45.89
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PL
|
340.08
|
378.48
|
-10
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EPS (Rs)*
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-5.1
|
5.3
|
|
9.9
|
11.0
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EV (Rs)/share
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567.3
|
473.3
|
|
567.3
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473.3
|
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* Annualised on current equity of Rs
68.73 crore, Face value of Rs 2, Excluding extraordinary items.
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PL: Profit to Loss, LP: Loss to Profit, Figures in Rs crore
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Source: Capitaline Corporate Database
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