The Hindu Business Line : Max India trims consolidated net loss to Rs 43 cr in ’07-08

New Delhi, May 17 Max India on Saturday reported an 81-per cent increase in consolidated revenues for the year ended March 31, 2008 at Rs 3,611 crore against total revenues of Rs 1,994 crore recorded in the previous financial year.

The consolidated net loss for Max India stood at Rs 43.06 crore, lower than the net loss of Rs 55.49 crore recorded during financial year 2006-07. Operating revenues (consolidated) grew 78 per cent to Rs 3,244.05 crore (Rs 1,819.36 crore). Investment and other income surged 110 per cent to Rs 366.50 crore (Rs 174.26 crore).

Earnings before interest, taxation, depreciation and amortisation (EBITDA) grew 244 per cent to Rs 70.59 crore (Rs 20.61 crore).

“This was a year of consolidation and gearing up for next phase of growth for the Max Group. Encouraged by strong growth potential offered by the Indian life insurance industry, we committed ourselves to a growth plan, which would see Max New York Life further strengthen its position amongst the top quartile life insurance companies in India. This is where the substantial portion of Rs 1,000 crore raised from qualified institutional placement will get deployed,” Mr Analjit Singh, Chairman & Managing Director, Max India said.

Meanwhile, Max India Ltd on Saturday announced the resignation of its Joint Managing Director, Mr B. Anantharaman, from the company effective June 30.

Mr Anantharaman had joined Max India in 2001.

Commenting on the resignation, Mr Analjit Singh said, “Ananth had expressed his desire to pursue alternative options to fulfil his career aspirations and has been discussing his plans with me for some time.

To that extent, there is adequate preparedness in place relating to relinquishing his responsibility in June-end”. Mr Singh said that Mr Anantharaman had played a major role, working closely with him in building the new businesses of Max India, including Max New York Life, Max Healthcare and Max Speciality Products.

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Max India trims consolidated net loss to Rs 43 cr in ’07-08