Diversified business group Max India has reported to reduce net loss to Rs 1.39 crore for the fourth quarter ended on 31st March’ 12 from Rs 13.47 crore in the corresponding quarter of last fiscal due to the rich growth in specialty plastic products business.
In a filing to BSE, Max India said, “In the corresponding period of previous fiscal, the company had posted a net loss of Rs 13.47 crore. However, the total income for the Qtr 4 which ended on 31st March’ 12, rose to Rs 194.43 crore against Rs 129.16 crore for the corresponding period of previous fiscal.”
The company’s specialty plastics business in the 4th quarter recorded revenue of Rs 173.72 crore as compared to Rs 117.08 crore in the same quarter of previous fiscal. The company paid a sum of Rs 24.05 crore in advance against equity investments in its subsidiary Max Bupa Health Insurance Company Ltd. On 28th March’ 12, the company acquired 7,142,857 equity shares of Rs 10 each of its subsidiary Max Healthcare Institute Ltd from S&G Investments at an acquisition price of Rs 50 per equity share aggregating Rs 35.71 crore.
For the year ended on 31st March’ 12, net loss of the company stood at Rs 15.44 crore. It was Rs 42.10 crore in the previous fiscal.
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