Financial Daily from THE HINDU group of publications
Thursday, Jul 01, 2004
Financial Daily from THE HINDU group of publications Thursday, Jul 01, 2004 |
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Corporate Results
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Pharmaceuticals Max India posts 31 pc rise in income Our Bureau
New Delhi , June 30 MAX India has registered a 31 per cent increase in total income, which has touched Rs 510.46 crore for the financial year ended March 31, 2004 compared to Rs 390.62 crore recorded the previous year. The company has reported a surge in its profit before tax, which increased from Rs 3.23 crore last year to Rs 30.64 crore this year. Consequently, the net worth of the company has also risen from Rs 450.82 crore as of March 2003 to Rs 471.03 crore as of March 2004. It has successfully reduced its debt from Rs 144.01 crore as of March 2003 to Rs 93.08 crore as of March 2004. The company's major business interests include life insurance and healthcare. The premium income of Max New York Life increased from Rs 96.59 crore to Rs 215.24 crore, while the sum insured aggregated to Rs 11,123 crore. Comsat Max, which became a wholly owned subsidiary of the Max group in 2003-04, has been moving its service offerings further up the value chain. To signify the strategic shift in the focus of the company towards becoming a services-centric business, its services revenue increased from Rs 34.24 crore in the previous year to Rs 37.68 crore in the current financial year. In a statement, Mr B. Anantharaman, Group Finance Director, said, "The fiscal year 2003-04 marked the successful culmination of financial closure for all the future business requirements of the Group. All the businesses have reported increased revenue and strong fundamentals.
The core businesses of life insurance and healthcare are poised to realise their full potential and emerge as leaders in their respective segments, generating long-term value for the investors."
More Stories on : Pharmaceuticals | Life Insurance
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