 |
Results
02-Aug-22
|
|
|
|
|
|
|
|
Analysis
|
|
|
|
Max Financial Services
|
|
Healthy growth in margins and VNB
|
|
|
|
|
|
Max Financial Services (MFSL) has posted 166% jump in the net profit to
Rs 56.36 crore in the quarter ended June 2022 (Q1FY2023). The Company reported consolidated revenues of Rs 3271.69 crore,
45% lower than previous year, due to lower investment income.
During the first quarter of FY23, Max Life delivered a strong
performance on new business premiums (on APE basis) as it achieved a 15% jump
to Rs 1009 crore from Rs 875 crore in the year-ago period, driven by strong
growth in proprietary channels.
Proprietary channels new business premiums grew by 32% year-on-year to
Rs 342 crore as result contribution of Proprietary channels to total new sales
increased from 30% to 34% in Q1FY23.
Further, the renewal premium income (including group) rose 17% to Rs
2,619 crore, taking the gross written premium to Rs 4103 crore, a spurt of 18%
over the first quarter of the previous financial year.
Max Life grew at 3 year CAGR of 14% outpacing both private and total
industry which grew by 13% and 11% respectively
Max Life achieved New Business Margin (NBM) of 21.1% in Q1 FY23, an
increase of 140 bps due to better margins of new products across categories and
sales growth and the Value of New Business (VNB) was Rs 213 crores, an annual
growth of 23%.
Max Life operating expenses (policyholders) to net premium ratio
improved from 17.4% in Q1FY22 to 16.9% in Q1FY23 due to effective cost
management efforts and higher business growth.
Max Life reported an Embedded Value of Rs 14152 crore, while the
Operating Return on EV (RoEV) over Q1 FY23 stood at 13.5%.
Max Life’s assets under management (AUM) were Rs 1,07,140 crore end June
2022, Up 14% over the previous year.
Embedded value per share stood at Rs 410.1 per
share end June 2022.
Mohit Talwar, Managing Director, Max Financial Services, said, “Driven by
proprietary growth and product innovation, we have registered a healthy growth
in Q1FY23. Our consistent effort lies in increasing numbers across our channels
through new products and optimizing their mix.”
|
Max Financial Services : Consolidated Results
|
|
Particulars
|
2206 (3)
|
2106 (3)
|
Var (%)
|
2203 (12)
|
2103 (12)
|
Var (%)
|
|
Income from Operations
|
3271.69
|
5942.05
|
-45
|
31181.14
|
31273.91
|
0
|
|
OPM (%)
|
2.65
|
1.43
|
|
1.32
|
1.87
|
|
|
OP
|
86.75
|
84.76
|
2
|
411.95
|
584.38
|
-30
|
|
Other Inc.
|
4.20
|
1.09
|
285
|
6.44
|
14.11
|
-54
|
|
PBDIT
|
90.95
|
85.85
|
6
|
418.39
|
598.49
|
-30
|
|
Interest
|
9.35
|
0.11
|
8400
|
24.74
|
0.27
|
9063
|
|
PBDT
|
81.60
|
85.74
|
-5
|
393.65
|
598.22
|
-34
|
|
Depreciation
|
1.21
|
1.37
|
-12
|
5.00
|
5.32
|
-6
|
|
PBT before EO
|
80.39
|
84.37
|
-5
|
388.65
|
592.90
|
-34
|
|
EO
|
0.00
|
0.00
|
-
|
0.00
|
0.00
|
-
|
|
PBT after EO
|
80.39
|
84.37
|
-5
|
388.65
|
592.90
|
-34
|
|
Tax Expenses
|
11.91
|
48.56
|
-75
|
70.25
|
33.15
|
112
|
|
PAT
|
68.48
|
35.81
|
91
|
318.40
|
559.75
|
-43
|
|
Profit attributable to non-controlling interest
|
12.12
|
14.62
|
-17
|
65.03
|
134.36
|
-52
|
|
Share of Profit/(Loss) from Associates
|
0.00
|
0.00
|
-
|
0.00
|
0.00
|
-
|
|
Net profit attributable to owners
|
56.36
|
21.19
|
166
|
253.37
|
425.39
|
-40
|
|
EPS (Rs)*
|
6.5
|
2.5
|
|
7.3
|
12.3
|
|
|
EV (Rs)
|
410.1
|
356.1
|
|
410.7
|
342.9
|
|
|
* Annualised on current equity of Rs 69.02 crore, Face value of
Rs 2, Excluding extraordinary items.
|
|
EO : Extraordinary items
|
|
Figures in Rs crore
|
|
Source: Capitaline Corporate Database
|
|
|
|
|
Previous News |
Max Financial Services consolidated net profit rises 55.57% in the June 2023 quarter
(
Results
-
Announcements
10-Aug-23
07:43
)
|
|
|
Max Financial Services reports standalone net profit of Rs 1.99 crore in the March 2023 quarter
(
Results
-
Announcements
13-May-23
07:37
)
|
|
|
Max Financial Services consolidated net profit declines 61.00% in the March 2023 quarter
(
Results
-
Announcements
13-May-23
07:37
)
|
|
|
Max Financial Services consolidated net profit declines 57.42% in the December 2021 quarter
(
Results
-
Announcements
29-Jan-22
08:15
)
|
|
|
Max Financial Services
(
Results
-
Analysis
20-Oct-22
08:24
)
|
|
|
Max Financial Services to discuss results
(
Corporate News
-
30-Dec-22
14:05
)
|
|
|
Max Financial Services grants 15.04 lakh stock options under ESOP
(
Corporate News
-
22-Jun-22
18:21
)
|
|
|
Max Financial Services to convene AGM
(
Corporate News
-
02-Sep-21
10:09
)
|
|
|
Max Financial surges after IRDAI OKs Axis Deal
(
Hot Pursuit
-
25-Feb-21
11:40
)
|
|
|
Max Financial receives IRDAI approval to divest up to 12% stake in Max Life
(
Corporate News
-
25-Feb-21
11:18
)
|
|
|
Max Financial Services allots 16,466 equity shares under ESOP
(
Corporate News
-
26-Apr-21
13:46
)
|
|
|
|
|
|
Other Stories |
|
|
|
|
|
|
|
|
|
|
|
|
|