After fall in interest cost by 40% to Rs 16.65 crore and depreciation by 84% to Rs 12.69 crore, profit was Rs 81.94 crore at PBT level compared to loss Rs 125.17 crore in corresponding previous period. Further, with tax credit Rs 0.43 crore compared to tax provision Rs 3.49 crore profit at PAT level was at Rs 82.37 crore. After accounting Rs 24.36 crore as minority interest Rs 24.36 crore net profit was Rs 58.01 crore compared to net loss Rs 96.89 crore in the corresponding previous period.

Recently, Life Healthcare one of the leading Healthcare services provider in South Africa has proposed an investment of Rs 516.5 crore for the 26% stake in healthcare business (Max Healthcare) of Max India. The proposed deal is one of the largest FDI (Foreign Direct Investment) in Healthcare Industry in India and expected to give leverage to Max healthcare to tap the Indian market by reducing the debt and focusing on its expansion plans.

Max New York Life (MNYL):

• Gross premium income grew by 10% to Rs 1500 crore for the quarter ended September 30, 2011 and shareholder profit was at Rs 133 crore compared to loss Rs 81 crore in the corresponding previous period. However, Individual Adjusted First Year Premium (APE) fell by 23% to Rs. 341 Crore.
• The Average case size grew by 2% to Rs 23248 for the quarter ended September 2011. The case rate per agent is at 0.50. Further, The Assets under Management grew by 20% to Rs. 14708 Crore for the same period.
• It has launched Monthly Income Plan launched a non-participating product that provides regular flow of income, with payout indexed to a benchmark G Sec rate, base guarantee and comprehensive protection.

Max Healthcare (MHC):

• Revenue across network of hospitals grew by 16% to Rs198 Crore for the quarter ended September 2011, on the back of 16% growth inpatient revenues to Rs 142 crore and 15% growth in outpatient revenues to Rs 50 crore. Also, day care revenues grew by robust 36% to Rs 6 crore for the same period.
• The average revenue per occupied bed day improved by 15% to Rs. 22670 for the quarter ended September 2011. In addition, Average Occupancy across facilities improves to 74.2% compared to 72.6% in the corresponding previous period. Further, Average length of stay maintained at 3.6 days for the quarter ended September 30, 2011.
• However, EBITDA declined by 4% to Rs. 8.7 Crore due to the new beds commence operations. Further, the EBITDA margins were at 4.4% against 5.4% in the corresponding previous period.

Max Bupa Health Insurance (MBHI):

• The Gross Written Premium surged by 268% to Rs. 21.9 Crore for the quarter ended September 30, 2011.
• Around 40,000 lives covered in Q2'FY12 and close to 100,000 lives as of September 2011 are in force since the business commenced operations. Peak equity commitment of Rs. 690 Crore with Rs. 352 Crore infused till date.
• IRDA approval has been received for two more products – Employee First Classic & Health Companion.

Max Specialty Films (MSF):

• Revenue grew by robust 79% to Rs. 176 Crore for the quarter ended September 2011. Further, BoPP sales quantity grew by 83% to 13870 tons for the same period.
• Also, EBITDA grew by 50% to Rs. 19 Crore for the quarter ended September 2011. Further, PBT grew by 8% to Rs 9.3 crore.

Max Neeman Medical International (MNMI):

• Revenue fell by 15% to Rs. 5.8 Crore for the quarter ended September 30, 2011. However, net profit fell by 70% to Rs. 0.7 Crore.
• Order book was at Rs. 32 Crore as at September 30, 2011, with net addition of Rs. 7 Crore in Q2FY12.

Standalone Quarterly Performance:

Net sales grew by robust 80% to Rs 174.75 crore for the quarter ended September 2011, largely on the back of 80% growth in specialty product business to Rs 175.88 crore. In addition, revenues from the business investments grew by 4% to Rs 11.49 crore. However, at operating level it posted loss Rs 0.96 crore compared to profit Rs 3.11 crore in corresponding previous period. This was due to the 450 basis points rise in raw material cost coupled with 480 basis points rise in other expenses as percentage to sales and net of stock adjustments despite the fall in staff cost by 610 basis points. Also, other income fell by 74% to Rs 0.34 crore.

At PBIT level, margins from the Specialty products fell by 70 basis points to 7.9% resulting 66% growth in segment profit to Rs 13.94 crore. Further, it posted segment profit Rs 11.41 crore compared loss Rs 6.68 crore in the corresponding previous period.

With 72% fall in interest cost to Rs 4.64 crore and 57% rise in depreciation to Rs 5.59 crore, the loss was Rs 10.85 crore at PBT level compared Rs 15.79 crore in the corresponding previous period. Further, after accounting tax credit Rs 0.48 crore compared to Rs 3.16 crore as provision for the taxation net loss was at Rs 10.37 crore.

Consolidated Half-yearly Performance:

Net sales were higher by 14% to Rs 3481.65 crore for the quarter ended September 2011. There was Rs 255.17 crore operating profit compared to Rs 29.27 crore operating loss in corresponding previous period. However, other income fell by 77% to Rs 6.89 crore. Further, the fall in interest cost by 22% to Rs 44.63 crore and depreciation by 66% to Rs 38.33 crore, profit was at Rs 179.10 crore at PBT before EO level compared to loss Rs 168.44 crore. With no EO gain compared to Rs 17.17 crore in the corresponding previous period, PBT was at Rs 179.10 crore. After accounting tax Rs 0.28 crore and minority interest Rs 50.84 crore the net profit was at Rs 127.98 crore compared to net loss Rs 121.99 crore in the corresponding previous period.

Other Information:

• The scrip was down by 3.18% to Rs 176.50 at BSE, India on November 15^th 2011.