Net profit for the quarter ended June 1999 stood at Rs 3.76 crore on a turnover of Rs 23.29 crore. However, a company release said that the figures for the two quarters are not comparable as the the figures for the current quarter are for the consolidated entity post amalgamation of Max Corporation Ltd with Max India Ltd.

"I am happy to announce that we continue to grow our profits. The initiatives that we are undertaking to improve operational efficiencies in our existing businesses besides better fund management will enable us to maximise profits this fiscal," Max India managing director Vivek Jaitley said. Jaitley said that the company continues to grow in the businesses of healthcare, life insurance and information technology. Last month, the company completed the acquisition of Healthscribe India, the country's largest and fastest growing medical transcription company.

Max's insurance joint venture with New York Life, the Max New York Life Insurance Company, is aiming to be among the first companies to apply to IRDA for registration, Jaitely added.

Max India is a multi-business corporate with ongoing business interests in telecom services, electronic components, bulk pharmaceuticals and speciality plastics.