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Max Financial Services Ltd (MFSL), the holding company of Axis Max Life Insurance Limited, on Tuesday reported a 59 per cent fall in net profit to Rs 70 crore in the third quarter ended December 2024. The company had earned a consolidated net profit of Rs 171 crore in the year-ago period. During the reporting quarter, policyholders' income from life insurance operations saw a decline to Rs 8,809 crore as against Rs 12,237 crore in the same quarter a year ago, MFSL said in a release. As a result, the consolidated total income plummeted to Rs 8,927 crore as compared to Rs 12,359 crore in the third quarter of previous year, it said. The other subsidiary under MFSL is Max Life Pension Fund Management Limited.
Max Financial Services on Friday said its promoter group firm has sold a 3.19 per cent stake to repay their debt. Max Ventures Investment Holdings Pvt Ltd, a promoter company of Max Financial Services Ltd, sold 1.10 crore equity shares or 3.19 per cent in Max Financial Services on September 5. "The promoters have cleared all its debt and the pledge of shares held by the promoter in the target company (Max Financial Services) will be Nil," Max Financial said in a BSE filing. After the share sale, Max Ventures Investment Holdings Pvt Ltd's stake was reduced to 3.22 per cent from 6.40 per cent in Max Financial Services.
Max Ventures Investment Holdings, a promoter entity of Max Financial Services, on Thursday divested a 3.18 per cent stake in the company for Rs 1,218 crore through an open market transaction. Analjit Singh-promoted Max Financial Services Ltd (MFSL), a part of the Max Group, is the holding company for Max Life Insurance. According to the bulk deal data available on the National Stock Exchange (NSE), Max Ventures Investment Holdings sold a total of 1,10,00,000 shares amounting to a 3.18 per cent stake in Noida-based Max Financial Services. The shares were disposed of at an average price of Rs 1,107.37 apiece, taking the transaction value to Rs 1,218.11 crore. After the latest transaction, the combined shareholding of promoters in MFSL has declined to 3.34 per cent from 6.52 per cent. Details of the buyers of Max Financial Services' shares could not be ascertained. Shares of Max Financial Services Ltd fell 1.42 per cent to close at Rs 1,117.25 apiece on the NSE. In August last year
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.
Max Ventures Investment Holdings, a promoter of financial services firm Max Financial Services, on Wednesday offloaded 58.85 lakh shares in the company for Rs 400 crore through an open market transaction. According to the bulk deal data available with the National Stock Exchange (NSE), Max Ventures Investment Holdings sold 58,85,000 shares (1.7 per cent) of Max Financial Services. The shares were sold at an average price of Rs 679.2 per scrip, taking the aggregate value of transaction at Rs 399.70 crore. Following the stake sale, the shareholding of promoter have come down to 13.02 per cent from 14.72 per cent. Shares of Max Financial Services closed 1.67 per cent lower at Rs 688 apiece on NSE.