Business Wire India | 12 Aug, 2017
Max India Ltd. (Max India), Max Groupâs listed company operating in the Health and Allied Services sector, today announced its financial results for the first quarter of financial year 2017-18 (Q1 FY2018).
Max Indiaâs flagship operating company Max Healthcare (MHC), reported Gross Revenues of Rs. 702 Cr. in Q1 FY2018 for its network of owned and managed hospitals, growing 10% over the previous year. MHCâs key tertiary and quaternary care specialities continued to be significant contributors to revenue growth with Oncology, in particular, reporting strong 24% growth during the quarter.
Max Bupa, one of Indiaâs leading standalone private health insurers, reported Gross Written Premium (GWP) of Rs. 159 Cr. in Q1, growing a healthy 30% over the previous year. This quarter also marked the on-boarding of South Indian Bank as a new bancassurance partner for Max Bupa, making this the sixth such partnership for Max Bupa. Operations under this alliance will commence in the second quarter of FY2018.
Antara Senior Living, the third operating company under Max India, is pioneering the concept of âAge in Placeâ for the elderly by developing Senior Living communities in India. With its first community in Dehradun having become operational, the company has now sold over 50% of its units (102 out of 190) in the community. Since inception, Antara has generated collections of Rs. 208 Cr.
Commenting on Max Indiaâs performance, Mr. Rahul Khosla, Chairman, Max India said, âMax Indiaâs key businesses continued to perform well this quarter and are well positioned to deliver strong growth through the year. It is a testimony to Max Healthcareâs focus on customer-centric processes that our patient experience scores have improved 11 percentage points over last year, driven by initiatives that cover medical and administrative touch points for patients and their families. We have also gained traction in the newly launched Centre for Liver and Biliary Sciences at Max Saket, completing 100 liver transplants in a short 5-month period. Max Bupaâs new partnership with Bank of Baroda has already started bearing results, driving strong overall growth especially in the bancassurance channel. Finally, with the successful launch of Antaraâs first community in Dehradun, our focus will now be on accelerating sales and improving collections.â
Mr. Mohit Talwar, Managing Director, Max India, added, âMHCâs growth is being driven not only by our key specialities such as Oncology, which grew 24% this quarter, but also by expansion into upcountry centres such as Lucknow, Moradabad, Meerut, Srinagar, as well as into key international markets. In addition, cost optimisation efforts at MHC have delivered savings of over Rs. 15 crore in material and personnel costs over the past quarter. Max Bupa continues to outpace the private health insurance sector with strong GWP growth and is on track to achieving break-even by 2019. With multiple key marketing efforts lined up, Antara is expected to ramp up its sales velocity significantly in the coming months.â
In January 2016, the Max Group concluded an important corporate restructuring wherein the erstwhile Max India was demerged into three separate entities, Max Financial Services, Max India and Max Ventures & Industries. With the listing of the Max India stock in July 2016, all three holding companies of the Max Group are now listed.