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New Delhi, Oct. 26 Max India has posted a 31 per cent decline in net profit to Rs 11.73 crore during the second quarter ended September 30, 2008 compared to Rs 16.92 crore for the corresponding quarter last year.

According to the filings given to the Bombay Stock Exchange, total income has increased from Rs 98.17 crore for the quarter ended September 30, 2007 to Rs 121.96 crore during the quarter ended September 30, 2008.

According to a press release issued by the company, it has reported consolidated revenue of Rs 2,245 crore during six months ended September 30 (Rs 1,546 crore). Operating revenue for six months is at Rs 2,060 crore, (Rs 1,230 crore). Profit after tax for the six month period was not given by the company. Commenting on the results, Mr Analjit Singh, Chairman and Managing Director, Max India Ltd, said, “We are happy to report another quarter of strong growth in all our businesses. Despite the challenging macroeconomic environment, we continue to scale up our businesses. We believe that our life insurance business will continue to report strong growth in forthcoming quarters. Our healthcare business has also turned cash positive during this quarter. To achieve our goal of 1,500 beds capacity, we acquired land for a 300-bedded greenfield facility in Greater Noida.”

For Max New York Life gross premium income for the quarter is at Rs 861 crore, which is 60 per cent more than last year.

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