Shares of Max Financial Services surged nearly 3% in Wednesday’s early morning trading session, despite the company reporting a consolidated net loss of Rs 44.05 crore for the January-March quarter. The stock gained up to Rs 1001.20 after the life insurance company announced its Q4 and full-year earnings on Tuesday.
While the company reported a net loss in the fourth quarter, compared to a net profit of Rs 45.89 crore in the same period last year, its sales grew significantly by 49.94% to Rs 14,887.81 crore. This strong growth in sales helped offset the impact of the net loss on investor sentiment.
Furthermore, during the reporting quarter, Max Financial Services’ consolidated revenue stood at Rs 14,899 crore, marking an impressive 50% year-on-year increase. The company attributed the growth in new business to strong performance in Retail Protection & Health, Group Credit Life, and Annuity business segments.
For the full financial year 2023-24, the company’s Assets Under Management (AUM) grew by 23% to Rs 1,50,836 crore. Additionally, the New Business Margin (NBM) stood at 26.5%, with a Value of New Business of Rs 1,973 crore.
As of 10:10 am, Max Financial Services shares were trading 2.10% higher at Rs 990.00 on the National Stock Exchange (NSE.