Max India rose 3.43% to Rs 473.30 at 12:02 IST on BSE after net profit spurted 346.8% to Rs 329.33 crore on 40.9% growth in total income to Rs 416.44 crore in Q3 December 2014 over Q3 December 2013.
The result was announced after market hours yesterday, 12 February 2015.
Meanwhile, the S&P BSE Sensex was up 162.06 points or 0.56% at 28,967.16
On BSE, so far 62,038 shares were traded in the counter as against average daily volume of 1.25 lakh shares in the past one quarter.
The stock hit a high of Rs 485.90 and a low of Rs 467 so far during the day. The stock scaled a record high of Rs 522 on 28 January 2015. The stock had hit a 52-week low of Rs 177.60 on 20 February 2014.
The large-cap insurance services provider has equity capital of Rs 53.30 crore. Face value per share is Rs 2.
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On a consolidated basis, Max India's profit before tax (PBT) spurted 206% to Rs 235 crore on 12% growth in total revenue to Rs 3779 crore in Q3 December 2014 over Q3 December 2013. Operating revenue rose 6% to Rs 2477 crore in Q3 December 2014 over Q3 December 2013. EBITDA (earnings before interest, taxation, depreciation, and amortization) rose surged 117% to Rs 293 crore in Q3 December 2014 over Q3 December 2013.
Max India said that Max Healthcare results were consolidated on proportionate basis as it becomes a joint venture (JV) as opposed to a subsidiary earlier impacting revenue and PBT growth. Gain from stake sale in Max Healthcare to Life Healthcare of Rs 296 crore included in revenue and Rs 265 crore included in EBITDA/ PBT. Expenses of Rs 77 crore being carried forward to be charged over future projects of Antara were recognized in the Q3 profit and loss as current focus is on ensuring the success of first project, Max India said.
On 27 January 2015, Max India said the company's board approved a corporate restructuring plan to vertically split the company through a demerger, into three separated listed companies. The board also approved divestment of is clinical research business. The appointed date for the demerger is 1 April 2015, and the demerger is expected to be completed within the next six to nine months, Max India said.
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