Max Financial Services Limited has informed the Exchange regarding Board meeting held on May 13, 2025.
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Max Financial Services' Board approved audited Q4 and FY25 results on May 13, 2025. Consolidated total income for FY25 was Rs 46,497 crores, slightly down from Rs 46,614 crores last year, while profit after tax rose modestly to Rs 403 crores (from Rs 393 crores). Q4 FY25 saw a turnaround with Rs 38 crores profit versus a Rs 50 crores loss in Q4 FY24. Total assets grew 17% to Rs 1.90 lakh crores. Axis Max Life Insurance (subsidiary, now 80.98% owned) raised Rs 500 crores via subordinated NCDs at 8.34% coupon and received an income tax refund of Rs 94 crores. Statutory auditor S.R. Batliboi & Co. LLP issued an unmodified (clean) opinion with an Emphasis of Matter on an ongoing SEBI show cause notice related to past AMLI share transactions, to which the company has already responded on April 8, 2025.
Results are largely in line with expectations with stable profitability and strong asset growth at the life insurance subsidiary. The SEBI show cause notice remains an open regulatory overhang but no financial impact has been booked, and management believes it has complied with relevant rules. Overall neutral to mildly positive for shareholders.