Max Financial Services delivers strong Q1FY17

Max Financial Services has announced its Q1FY17 results on Monday after market hours. The company’s revenue has increased by more than four times to Rs 132 crore in Q1FY17 as compared to same period in previous financial year. Its EBITDA too has risen by four times to Rs 107 crore in Q1FY17 on a yearly basis. Max Life Insurance’s net profit stands at Rs 107 crore in Q1FY17 with a growth of 333 per cent on a yearly basis.

During Q1FY17, Max Financial services has acquired 1.91 crore shares of Max Life Insurance Company, subsidiary of IDFC for Rs 146.5 crore. After acquisition its stake has increased from 68.01 per cent to 69.01 per cent. Meanwhile, the board members have also approved HDFC Life Insurance's and Max Life's three step merger.

The share price of Max Financial Services has declined by 4.98 per cent on bourses in early trades;  and is trading at Rs 543.55 on an intraday basis.

Max Financial Services, a part of the USD 2 billion Max Group, is the holding company for Max Life, India’s largest non-bank, private life insurance company. The company is India’s fourth largest private life insurance company.