Max Financial Q3 profit surges by 41%

NEW DELHI: Max Financial Services on Monday reported a rise of 41 per cent in standalone net profit at Rs 139.89 crore for the third quarter ended December 31, 2018. The company's net profit stood at Rs 99.45 crore in the year-ago quarter. During September quarter 2018-19, the company reported a net loss of Rs 56.33 crore. Total income during the latest quarter rose to Rs 176.57 crore as against Rs 131.43 crore in the same period of the preceding fiscal, the company said in a regulatory filing. Consolidated figures were not given by the company. During the latest quarter, Max Financial acquired 14,170,817 shares of its subsidiary Max Life Insurance Co Ltd(MLIC), from Axis Bank for Rs 162.96 crore, thereby increasing its stake in MLIC from 70.75 per cent to 71.49 per cent, it said in the filing.