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Results
30-Jan-22
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Analysis
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Max Financial Services
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Continues healthy performance
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Max Financial Services (MFSL) has posted 57% decline in the net profit
to Rs 74.86 crore in the quarter ended December 2021 (Q3FY2022). The
consolidated revenues (excluding investment income) declined 23% to Rs 6953.99 crore
in Q3FY2022.
The company has reported consolidated revenues of Rs 14160 crore, a
growth of 21% from the corresponding year-ago period. The consolidated Profit
Before Tax (PBT) in 9MFY22 stood at Rs 236 crore, lower as against previous
year primarily due to COVID related provision in 9MFY22 and one off items in
same period last year.
Max Life New Business sales (on APE basis) grew 23% on a year-on-year
basis to Rs 3751 crore in 9MFY22 and 30% to Rs 1594 crore in Q3FY22, majorly
driven by strong growth across channels. Further, the renewal premium income
(including group) rose 19% to Rs 9128 crore from Rs 7669 crore in the year-ago
period. This propelled a 21% increase in gross written premium to Rs 14415
crore in 9MFY22 from Rs 11192 crore in FY21.
This strong performance was despite a more severe impact of the second
wave of COVID-19 compared with the first wave. Claim experiences were higher
than expected across all lines of businesses with significantly higher variance
for Protection and Group businesses. Max Life maintained its 4th rank in the
private industry.
Max Life has maintained a sharp focus on balanced product mix, which has
aided a 20% growth in the Value of New Business (VNB) to Rs 942 crore in 9MFY22
from Rs 788 crore in the year-ago period.
The higher growth in VNB figures was due to higher sales and change in
business mix, thus highlighting the strong growth momentum of Max Life. The New
Business Margin (NBM) for 9MFY22 was 25.1% and in line with the FY21 margins.
Max Life reported an Embedded Value (EV) of Rs. 13412 crore in 9MFY22 –
an uptick of 19% from Rs 11723 crore in the year-ago period driven by growth in
value of new business and quality of inforce business.
The Operating Return on EV (RoEV) in 9MFY22 stood at 19.2%, a spurt of
120 basis points**. The Assets
Under Management (AUM) in the first nine months of FY22 advanced 21% to Rs 1.02
trillion from Rs 84724 crore in the year-ago period.
The total Assets Under
Management (AUM) of the company increased 21% to Rs 102471 crore end December
2021.
Embedded value per share stood at Rs 388.6 per
share end December 2021.
Mohit Talwar, Managing Director, Max Financial
Services, said, “Our robust performance in 9MFY22 and Q3FY22 was driven by our growth in
proprietary channels, spurt in Banca channels and continued leadership in
protection sales in e-commerce. Our constant endeavors towards customers
through innovative products such as the Smart Wealth Income plan in Q3 FY22
worked well for us despite the immense pressure on the overall sector due to
the COVID-19 provisioning.”
He added: “Further, the launch of our ESG Report highlights the vision
and mission of the company to become one of the most sustainable workplaces in
the time, and we are looking forward to it.”
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Max Financial Services: Consolidated Financial Results
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Particulars
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2112 (3)
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2012 (3)
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Var %
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2112 (9)
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2012 (9)
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Var %
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2103 (12)
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2003 (12)
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Var %
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Income from operations
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6953.99
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8989.70
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-23
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22221.49
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21514.16
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3
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31273.91
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18239.98
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71
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Other Income
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0.72
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0.58
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3.78
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13.55
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-72
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14.11
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1.78
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Total Income
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6954.71
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8990.28
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-23
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22225.27
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21527.71
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3
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31288.02
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18241.76
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72
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Interest Expenses
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9.20
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0.09
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10122
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15.49
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0.22
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6941
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0.27
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0.28
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-4
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Other expenses
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6842.95
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8710.46
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-21
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21972.17
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21053.26
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4
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30744.77
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17716.20
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74
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Gross profit
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102.56
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279.73
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-63
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237.61
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474.23
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-50
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542.98
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525.28
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3
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Depreciation
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1.22
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1.37
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-11
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3.60
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3.87
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-7
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5.32
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11.37
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-53
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Profit before tax
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101.41
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279.54
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-64
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235.88
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525.75
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-55
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592.90
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442.48
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34
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Provision for tax
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10.48
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52.41
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-80
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61.28
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36.03
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70
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33.15
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169.63
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-80
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PAT
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90.93
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227.13
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-60
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174.60
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489.72
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-64
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559.75
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272.85
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105
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Minority Interest (MI)
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16.07
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51.32
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-69
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38.71
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126.67
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-69
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134.36
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127.86
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5
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PAT after MI
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74.86
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175.81
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-57
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135.89
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363.05
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-63
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425.39
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144.99
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193
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EPS*(Rs)
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8.7
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20.4
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15.8
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42.1
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12.3
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4.2
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* Annualized on current equity of Rs 69.02 crore. Face Value: Rs
2, Figures in Rs Crore
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Source: Capitaline Corporate Database
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