Max Financial Services Q4 net profit slips 64% to Rs 52 crore

Max Financial Services Ltd (MFSL) on Friday reported a 64 per cent decline in consolidated net profit at Rs 52 crore for the last quarter of 2022-23. The company had reported a net profit of Rs 144 crore in the January-March period a year ago.

The company registered consolidated revenue of Rs 9,929 crore in the quarter from Rs 8,960 crore in Q4FY23, MFSL said in a regulatory filing. Total expanses of the firm rose to Rs 9,876 crore as against Rs 8,809 crore a year ago, it said.

For the full year FY23, its net profit jumped by 42 per cent to Rs 451 crore as against Rs 318 crore in the previous financial year. MSFL owns an 87 per cent stake in Max Life Insurance and has collected a total new business premium (individual and group) of Rs 8,960 crore.

In addition, the renewal premium income (including group) grew 13 per cent to Rs 16,382 crore, taking the gross premium to Rs 25,342 crore, an increase of 13 per cent over the previous financial year.

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