November 9, 2021

Listing Department DSC Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400 001

Listing Department Nalio11al Sluck Exctianye of India Limited Exchange Plaza, Sandra Kurla Complex, Sandra (East) Mumbai - 400051

Scrip Code: 500271

Name of Scrip: MFSL

Sub.: Board meeting for unaudited financial results for the quarter/half year ended September 30, 2021

Dear Sir/Madam,

Please refer to our letter dated October 25, 2021on the above subject. In this regard, we would like to inform you that the Board of Directors of the Company at its meeting held today approved the Standalone and Consolidated unaudited financial results of the Company for the quarter/half year ended September 30, 2021 and the Limited Review thereon by the Auditors. The said financial results and the Limited Review Report by the Auditors for the quarter/half year ended September 30, 2021 are attached herewith.

The Board meeting commenced at 1700 hrs. and concluded at 1750 hrs.

You are requested to take the aforesaid on record.

Thanking you,

Yours faithfully,

For Max Financial Services Limited

V. Krishnan Company Secretary and Compliance Officer

Encl. : As above

MAX FINANCIAL SERVICES LIMITED

CIN: L24223PB1988PLC008031

Corporate Office: L20M(21), Max Towers, Plot No. C-001/A/1, Sector-16B, Noida- 201301 I P: + 91120 4696000 I Regd. Office: Bhai Mohan Singh Nagar, Village Railmajra, Tehsil Balachaur, Dist. Nawanshahr, Punjab - 144 533, India

eloitte as i s- ells LL Deloitte Haskins & Sells LLP

Chartered Accountants 7th Floor Building 10 Tower B Dl F ryher City Complex DLF City Phase II Gurugram-122 002 Haryana, India Chartered Accountants 7th Floor Building 10 Tower B Dl F ryhr:>r City romrl€'x DLF City Phase II Gurugram-122 002 Haryana, India

Tel: +91 124 679 2000 Fax: +91 124 679 2012 Tel: +91124 679 2000 Fax: +91124 679 2012

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED UNAUDITED FINANCIAL RESULTS INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED UNAUDITED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF MAX FINANCIAL SERVICES LIMITED TO THE BOARD OF DIRECTORS OF MAX FINANCIAL SERVICES LIMITED

1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of Max Financial Services Limited ("the Parent") and its subsidiary company (the Parent and its subsidiary company together referred to as "the Group"), for the quarter and six months ended September 30, 2021 ("the Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of Max Financial Services Limited ("the Parent") and its subsidiary company (the Parent and its subsidiary company together referred to as "the Group"), for the quarter and six months ended September 30, 2021 ("the Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
1. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recoqnition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India (!CAI). A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

1. The Statement includes the results of the subsidiary company Max Life Insurance Company Limited. 4. The Statement includes the results of the subsidiary company Max Life Insurance Company Limited.
1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the certificate of the appointed actuary referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the certificate of the appointed actuary referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Regd. Office: One International Center, Tower 3, 32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India. (LLP Identification No. AAB-8737) Regd. Office: One International Center, Tower 3, 32nd Floor, Senapati Bapat Marg, Elphlnstone Road (West), Mumbai-400 013, Maharashtra, India. (LLP Identification No. MB-8737)

Deloitte Haskins & Sells LLP Deloitte Haskins &: Sells LLP

We draw attention to note 11 to the Statement, which describes that the joint auditors of Max Life Insurance Company Limited, subsidiary company, in their auditor's report on the condensed interim financial statements of that subsidiary company for the quarter and six months ended September 30, 2021, have reported a matter regarding the continuing uncertainties arising out of the outbreak of COVID-19 pandemic. 6. We draw attention to note 11 to the Statement, which describes that the joint auditors of Max Life Insurance Company Limited, subsidiary company, in their auditor's report on the condensed interim financial statements of that subsidiary company for the quarter and six months ended September 30, 2021, have reported a matter regarding the continuing uncertainties arising out of the outbreak of COVID-19 pandemic.

Our conclusion on the Statement is not modified in respect of this matter. Our conclusion on the Statement is not modified in respect of this matter.

1. In respect of Max Life Insurance Company Limited ("MLIC"), subsidiary company, determination of the following as at and for the quarter and six months ended September 30, 2021 is the responsibility of the subsidiary company's Appointed Actuary. 7. In respect of Max Life Insurance Company Limited ("MLIC"), subsidiary company, determination of the following as at and for the quarter and six months ended September 30, 2021 is the responsibility of the subsidiary company's Appointed Actuary.
(i) The actuarial valuation of these liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists as at September 30, 2021, has been duly certified by the Appointed Actuary and in his opinion, the assumptions for such valuation are in accordance with the guidelines and norms issued by the Insurance Regulatory and Development Authority of India (IRDAI) and the Institute of Actuaries of India in concurrence with the IRDAI. The charge of "Net Change in Insurance and Investment Contract Liabilities" includes charge for actuarial valuation of liabilities for life policies in force and charge for the policies in respect of which premium has been discontinued but liability exists as at September 30, 2021. These charges have been actuarially determined, based on the liabilities duly certified by the subsidiary's company Appointed Actuary; and (i) The actuarial valuation of these liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists as at September 30, 2021, has been duly certified by the Appointed Actuary and in his opinion, the assumptions for such valuation are in accordance with the guidelines and norms issued by the Insurance Regulatory and Development Authority of India (!RDA!) and the Institute of Actuaries of India in concurrence with the !RDA!. The charge of "Net Change in Insurance and Investment Contract Liabilities" includes charge for actuarial valuation of liabilities for life policies in force and charge for the policies in respect of which premium has been discontinued but liability exists as at September 30, 2021. These charges have been actuarially determined, based on the liabilities duly certified by the subsidiary's company Appointed Actuary; and
(H) Other adjustments for the purpose of preparation of the Statement, as confirmed by the Appointed Actuary of subsidiary company are in accordance with Indian Accounting Standard 104 on Insurance Contracts: (ii) Other adjustments for the purpose of preparation of the Statement, as confirmed by the Appointed Actuary of subsidiary company are in accordance with Indian Accounting Standard 104 on Insurance Contracts:
- a. Assessment of contractual liabilities based on classification of contracts into insurance contracts and investment contracts; a. Assessment of contractual liabilities based on classification of contracts into insurance contracts and investment contracts;
- b. Valuation and Classification of Deferred Acquisition Cost and Deferred Origination Fees on Investment Contracts and Valuation of Embedded Derivatives; b. Valuation and Classification of Deferred Acquisition Cost and Deferred Origination Fees on Investment Contracts and Valuation of Embedded Derivatives;
- c. Grossing up and classification of the Reinsurance Assets; and c. Grossing up and classification of the Reinsurance Assets; and
- d. Liability adequacy test as at the reporting dates. d. Liability adequacy test as at the reporting dates.

The joint auditors of Max Life Insurance Company Limited ("MLIC"), subsidiary company have relied on the certificate of the Appointed Actuary in respect of above matters in forming their conclusion on the financial information of the said subsidiary company. The joint auditors of Max Life Insurance Company Limited ("MLIC"), subsidiary company have relied on the certificate of the Appointed Actuary in respect of above matters in forming their conclusion on the financial information of the said subsidiary company.

Our conclusion on the Statement is not modified in respect of these matters. Our conclusion on the Statement is not modified in respect of these matters.

Gurugram, November 9, 2021 Gurugram, November 9, 2021

							(Rs. in Crores IRs. In Crores\
	Particulars ParticuLlrs	3 months ended 3 months ended 10 01 102\ 10 09 2021 ( Unawdltod) (Unaudited)	3 months ended 3 months ended 10.05 1011 30.06.2021 (Unaudited) (Unaudited)	3 months ended 3 months ended 30.09.2020 10 09 2020 (Unaudited) (Unaudited)	6 months ended 6 m onths ended JO 01. 2021 30.09.2021 (Unaudited) (Unaudited)	6 months ended 6 months ended 30.09.2020 30.01.2020 (Unaudited) ( Unaudited)	Ycu ended Year ended ll.03.2021 31.03.2021 (Audited) (Audited)
1. 1.	Revenue from operations Revenue rrom operations
	(•) Interest Income (a) Interest Income	52.43 52.43	51.90 51.90	52.46 52.46	104.33 104.33	101.71 101.71	212.17
	(b) Dividend Income (b) Dwldend Income	1.10 1.10	0.76 0.76	0.86 0.86	1.86 1.86	1.01 1.01	212.17 2.46 2.46
	(c) Rental income (c) Rental Income	0.52 0.52	0.47 0.47	0.10 0.10	0.99 0.99	0.21 0.21	0.56 0.56
	(d) Net gain on fair value changes {d) N1t gain on fair val\Ae changes	42.60 42.60	40.05 40.05	22.02 22.02	82.65 82.65	48.06 48.06	85.06 85.06
	(e) Policyholders' Income from Life Insurance operations (See Note 2) {e) Policyholders' Income from life Ins"'rance operations (See Not• 2)	9,227.43 9,227.43	5,847.54 5,847.54	6,942.75 6,942.75	15,074.97 15,074.97	12,370.47 12,370.47	30,968.03 30,968.03
	(f) Sale of services (f) Sale of HMCH	1.32 1.32	1.JJ 1.33	1.66 1.66	2.65 2.65	3.00 3.00	5.63 5.63
2. 2.	Total Revenue from op erations Total Revenue from operations	9,325.40 9,325.40	5,942.05 5,942.05	7,019.85 7,019.85	15,267.45 15,267.45	12,524.46 12,524.46	31,273.91 31,273.91
3. 3.	Other Income Other income	1.97 1.97	1.09 1.09	0.26 0.26	'-06 3.06	12.97 12 97	14.11 14.11
4. ~.	Total Income (2+3) Total Income (2+3)	9,327.37 9,327.37	5,943.14 5,943.14	7,020.11 7,020. 11	15,270.51 15,270.51	12, 537.43 12,537.43	31,288.02 31,288.02
5. 5.	Expenses lJltfHUIMS
	(a) Fll"lance costs (a) Finance costs	6.10 6.10	0.11 0.11	0.05 0.05	6.21 6.21	0.13 0.13	0.27 0.27
	(b) Impairment on financial instruments (including reversals) (b) Jmpairm1nt on fln1nc1al instrumenu {1ncludin9 re\lerwls)	(1.38) (1.38)	(0.42) {0.42)	(56.20) (56.20)	(1.80) (l.90)	( 21) (54.21)	(55.24) (55.24) 60.80
	(c) Employff benefits expensu (See Note 12) (c) Employee benefits expenses (See Note 12) (d) Otprtc~uon, amortisation and lmpauml!!nt	5.46 5.46	34.38 J.438 1.37	13.23 13.23 1.19	39.a 39.84 2.sa	22.56 22.56 2.50	60.80
	(d) Depreciation, amortisation and Impairment (e) Leval and profess.on.al upenses (e) Legal and professional expenses	1.21 1.21 3.35 3.35	1.37 3.46 3.46	1.1.9 5.12 5.12	2.58 6.81 6.81	2.50 10.)0 10.30	S.32 5.32 18.32
	(f) Policyholders' Expenses of Life Insurance operations (See Note 2) (f) PohcyhOl <mrs' (see="" 2)<="" bpenses="" insurance="" note="" of="" operaoons="" td="" ufe="">	9,253.54 9,253.54	5,813.57 5,813.57	6,954.51 6,954.51	15,067.11 15,067.11	12,296.83 12,296.83	18.32 30,634.31 30,634.31	9,253.54 9,253.54	5,813.57 5,813.57	6,954.51 6,954.51	15,067.11 15,067.11	12,296.83 12,296.83	18.32 30,634.31 30,634.31
	(g) Other expenses (g) Other txpenstt	9.20 9.20	6.30 6.30	6.70 6.70	15.49 15.49	13.11 13.11	31.34 31.34
6. 6.	Total expenses Total expenses -	9,277.41 9,277.48	5,858.77 5,858.77	6,924.60 6,924.60	15, 136.24 15,136.24	12,291.22 12,291.22	30,695.12 30,695.12
7. 7.	Profit before tax (4-6) Pront bof0te taw: (4-6)	49.H 49.89	84.37 84.37	95.51 95.51	UA.27 134.27	246.21 245.21	592.90 592.90
8. 8.	Tu: expense Tax expense
	Relating t ooth• than revenue: account of Life I nsurance poUcyhoklers Relating to other than revenue account of Life Insurance policyholders
	Current tax	3.35 3.35	39 39.54	3.59 3.59	42.89 42.89	(29.51) (29.51 )	26.02 26.02
	Deferred tax charge/ (Credit) Deferred tax ch1roe/ (Credc)	(1.11) (1.11)	9.02 9.02	10.86 10.86	7.91 7.91	13.13 13.13	7.13 7.13
	Relating to revenue account of Life Insurance policyholders Relating to revenue account of Life Inswr1nce pol icyholders
	Current tax Current tax	-	-	-	-	-	•
	Total taw: CJCpe1ue Total tax expense	2.24 2.24	48.56 41.56	14.45 14.4 5	50.60 50.80	(16.31) (16.38)	33.15 33.15
9. 9.	Profit for the period/ year (7-8) Prorlt for the period/ year (7-1)	47.65 47.65	35.81 35.U	81.06 81.06	13.47 83.47	262.59 262.51	5 59.75 559.75
	10. Other com prehensive Income (OCI) 10. Other comprehensive income (OCI)
	Relating to revenue account of life insurance policyholders Relating t o revenue account of fife Insura nce policyholders
	( I) Items thlt wm not be recllnifled to profit or loss In subsequent periOds (I) Items that will not be reclassified to profit or loss in subsequent periods	(4.22) ( 4.22)	0.59 0.59	4.38 ~.38	(3.63) (3.63)	1.54 1.5~	2.37 2.37
	( II) Items thlt will be reclustled to profit or loss In subse <iuent (see-nott="" 13)(II) Items that will be reclassified to profit or loss in subsequent periods (See.Note 13)	736.22 736.22	2,390.78 2,390.78	(22.99) (22.99)	J,127.00 3,127.00	142.29 H 2.29	96.26 96.26
	Less: Transferred to policyholders' fund In the balo11nce sheet {See Note 13) Less: Transferred to policyholders' fund in the balance sheet (See Note 13)	(732.00) (732.00)	{2,391.37) (2,391.37)	18.61 18.61	(3,123.37) (3,123.37)	(H3.83) (143.83)	(98.63) (98.63)
	Relating to Others Relat lng t o Others
	(I) Items that will not be reclassified to profit or loss in subsequent periods (1) Items that wi ll not be reclassified to prol'it or loss in subse-quent p enods	0.65 0.65	0.01 0.01	0.17 0.17	0.66 0.66	(0.13) (0.13)	0.02 0.02
	Income tax relating to Items that will not be reclassified to profit or loss Income tax relat~ng to items thlt ~I not be redusil'ied to profit or IOSJ	( 0.19) (0.19)			(0.19) (0.19)		(0.01) (0.01)

	{11) Items thlt wl ~ be recluslfled t o profit or toss in subsequent periods (II) Items that will be reclassified to profit or loss in subsequent periods	(3.63) (3.63)	(6.12) (6.12)	(6.00) (6.00)	(9.75) (9.75)	4.85 ~.85	(5.13) {5.13)
	Income tax relating to items that will be reclassified to profit or loss Income tu re~uno to items th1t wm be reclass.fied to profit or loss	0.53 0.53	0.89 0.89	0.87 0.87	1.42 1.42	(0.71) (0.71)	0.75 0.75
	11. Other comprehensive income/(loss) 11. Other compr ehensive I ncome/Closs)	(2.64) (2.64)	(5.22) (5. 22)	(4.96) (4.96)	(7.86) (7.16)	4.01 4.01	(4.37) (4.37)
	12. Total comprehensive Income (9+11) 12. Total comprehensive: Income (1+11)	45.01 45.01	30.59 30.51	76.10 76.10	75.61 75.61	266.60 266.60	555.38 555.38
	13. Prof'it attributable to 13. Profit attributable to
	OwMl'S of th4 company Owners of the company	39.63 39.63	21.19 21.19	56.39 56.39	60.83 60.83	187.24 187.24	425.39 425.39
	Non-controlling interests Non-contro~ interests	8.02 8.02	14.62 14.62	24.67 24.67	22.64 22.64	75.35 75.35	134.36 134.36
14.	14. Other comprehensive income/(loss) attributable to Other comprehensive: Income/( loss) attribuUble to
	Ownen of the company Owners of the company	(2.07) (2.07)	(4.30) (4,30) (0.92)	(3.55) (3.55) (1.41)	(6.37) (6.37) (1.49)	2.87 2.87	(5.59) (5.59)
	Non-controlling interests Non-controlling lnttf'ests 15. Total comprehensive income attributable to 15. Total comprehensive Income attributable to	(0.57) (0.57)	(0.92)	1.~l)	(1.49)	1.14 1.14	1.22 1. 22
	Owners of the company Owners of the company	37.57 37.57	16.89 16.89	52.84- 52.84	54.46 54.46	190.11 190.11	419.80 419.80
	Non-controlling Interests Noo·controD1no lnter.su	7.45 7.45	13.70 13.70	23. 26 23.26	21.15 21.15	76.49 76.49	135.58 135.58
	16. Paid up Equity Share C1plt.11 (Face value of Rs. 2 each)
	16. Paid up Equity Share Capital (Face value of Rs. 2 each) 17. Other Equity 17. Other fqulty	69.02 69.02	69.02 69.02	53.91 53.91	69.02 69.02	53.91 S3.91	69.02 69.02 3,273.94 3,273.9~
	18. Earnings per share (EPS) (Rs.) (not annualised for the quarter) 18. Earnings per Share (EPS) (Rs.) (not .1nn"'al1sed for the quarter)
	(a) Basic EPS (a) Basic fPS	1.15 1.15	0.61 0.61	2.10 2.10	1.76 1.76	6.95 6.95	14.51 l~.51
	(b) Diluted EPS (b) OU\Ated fPS	1.15 1.15	0.61 0.61	2.10 2.10	1.76 1.76	6.95 6.95	14.51
							.51
	SH accomp1nylno notes to the consolidated unaudited financial results See accompanying notes to the consolidated unaudited financial results

Max Financial Services Limited L24223P81988PLC008031 Registered Office: 8hai Mohan Singh Nagar, RaiImajra, Tehsil Balachaur, District Nawanshahr, Punjab - 144533 Website,vww.maxfinancialservica.com MH ,it'l•ncl•I Service• Limited CIN: Ll4223PB1911PLC001031 Registered Offior:: Bhal Mohan Singh Nagar, R•llnujra, Teh•ll Batactuiwr, Dl•b'ict w~n h.ahr, Pwnja b- 144533 Website: www.madlnandalservlces.com

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2021 STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMaER 30, 2021

Date : November 09. 2021 Place : Gurugram 0.1te : November 09, 2021 Place : G4lrug1am

By Order of the Board

Mohit Taiwar Managing Director DIN : 02394694 Manao~ng 0 1reao..- OIN : 0239-4694

Max Financial Services Limited CIN: L242231, 81988PLC00803/ Milx Finiln clill Services Limited

Registered Office: Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, District Nawanshahr, Punjab - 144533 Website: www.maxfinancialservices.com CIN: U4223PB1981PLC008031 Re gistere d Office: Bhill Mo hiln Singh Nilgar, Rililmiljra , Tfahs il Ba lacha ^u r, Dis trict NilWilnshahr, Punjilb - 144533 We bs ite : www.ma xflna nc lalservlce s.com

CONSOLIDATED UNAUDITED SEGMENTWISE REVENUE, RESULTS, ASSETS AND LIABLITIES FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2021 CONSOLIDATED UNAUDITED SEGMENTWIS E REVENUE, RES ULTS, ASSETS AND llABLlTlES FOR THE QUARTER A NO SIX MONTHS ENDED SEPTEMBER 30, 2021

	Particulars Pa rtkula rs	3 months e nde d 3 months ended 30.09.2021 30.09.2021	3 months ended 3 months a nded 30.06.2021 30.06.2021	3 months ended 3 mo nths e nde d 30.09.2020 30.09.2020	6 months ended 6 months e nde d 30.09.2021 30.09.2021	6 months ended 6 mont hs end ed 30.09.2020 30.09.2020	fRs. in Cro res\ Year ended Yeilr e nded 31.03.2021 31.03.2021
		(Unaudited) ( Una udite d )	( Uniluditad) (Unaudited)	(Una udited) (Unaudited)	(Unaudited) (Uniludited)	(Unaudited) ( Uniludlted)	(Audited) (Audite d)
1	S•gment Revenue Segment Revenue
	a) life Insurance	9,315.25	5,933.18	7,016.57	15,248.43	12,515.67	31,259.84
	a) Life Insurance	9,315.25	5,933.18	7,016.57	15,248.43	12,515.67	31,259.84
	b) Business Investments	14.30	15/.49	SJ.68	171.79	43.97	306.38
	b) Business Investments	1'4.30	1:,1,49	53.68	171.79	43.97	306.38
	Total	9, 329.55	6,090.67	7,070.25	15,420.22	12,559.64	Jl, 566.22
	Tot.t1f	9,329.55	6,090.67	7,070.25	15,420.22	12, 559.64	31,566.22
	Inter segment elimination (net)	4.15	148.62	50.40	152.77	35.18	292.31
	Inter segment ellmlnatlon (net }	'4 .15	148.62	50.40	152.77	35.18	292.31
	Revenue from operations (net)	9, 325.40	5,942.05	7,019.85	15,267.45	12, 524.46	31,273.91
	Revenue from o pera tions ( net)	9,325.40	5,942.05	7,019.85	15,267.45	12,524.46	Jl,273.91
2	S e gme nts Results 2 Segments Results
	a) Life Insurance	49.42	90.62	101.70	140.04	243.08	607.00
	a) Life Insurance	49.42	90.62	101.70	140.04	243.08	607.00
	b) Business Investments	4.61	137.23	40.19	141.84	17.91	128.24
	b) BuSi~ss investme nts	4.61	137.23	40.19	141 .84	17.91	128.24
	Totill	54.03	227.85	141.89	281.88	260.99	735.24
	Total	54.03	227.85	141.89	211.88	260.99	735.24
	Inter segment elimination (net) Inter segment elimination (net)	-	14'4.46 144.46	46.58 46.58	144.46 144.4 6	27.62 27.62	156.20 156.20
	Sub-total	54.03	83.39	95.31	137.42	233.37	579.04
	Sub-totill	54.03	83.39	95.31	137.42	233.37	579.04
	Unallocated	(4.14)	0.98	0.20	(3.15)	12.84	13.86
	Unallocated	(4. 14}	0.98	0.20	(3.15)	12.84	13.86
	Profit before tax	49.19	84.37	95.51	134.27	246.21	592.90
	Profit before tilX	49.89	84.37	95.51	134.27	246.21	592.90
	Provision for taxation (includes provision for Deferred Tax)	2.24	48.56	14.45	so.so	(16.38)	33.15
	Provision for taxation (includes pl'Ov1s1on for Deferred Tax)	2.2•	48.56	14.45	50.80	(16.38)	33.15
	Profit for the pe riod/ ynr	47.65	35.81	81.06	83.47	262.59	559.75
	Profit for the period/ year	47.65	35.81	81.06	83.47	262.59	559.75

	Particulars P01rticul01rs	As at As 01t 30.09.2021 30.09.2021 (Un01udite d) (Unaudited)	As at As at 30.06.2021 30.06.2021 (Un.1udite d) (Unaudited)	As at As a t 31.03.2021 31.03.2021 (Audited) (Audite d)	As at AsOlt 30.09.2020 30.09.2020 (Unaudited) ( Una udited)
3	Segme nt Assets 3 Segment Assets
	a) life Insurance	1,09,490.54	1,01,586.90	97, 280.24	83,113.67
	a) Life Insurance	1,09,490.54	1,01,586.90	97,280.24	83,113.67
	b) Business Investments	6,780.71	6,791.07	6,676.55	2,386.8 2
	b) Business Investments	6,780.71	6,791.07	6,676.55	2,386.82
	Toul Segme nt Assets	1, 16,271.25	1,01,377.97	1,03,956.79	85, 500.49
	Total Segment Assets	1,16,271.25	1,08,377.97	1, 03,956.79	85,500.49
	Inter-segment elimination (net)	(5,328.71)	(5,340.83)	(5,891.21)	( 1,685.89)
	Inter·segme nt elimination (net)	( 5,328. 71 )	(5, 340.83}	{S,891.21)	(1,685.89)
	Total Assets	1,10,942.54	1,03,037.14	98,065.58	83,114.60
	Tot•I Assets	1,10,942.54	l ,03,037.14	H,065.58	83,814.60
4	4 Segment Liabilities Segme nt Liabilities
	a) life Insurance	1,06,664.90	98,800.37	94, 394.67	80,362.S.4
	a) Life Insurance	1,06,664.90	98,800'. 37	94,394.67	80,362.54
	b} Business Inve stments	32.58	47.32	31.09	89.59
	b) Business Investments	32.58	47.32	31.09	89.59
	Total Segm e nt Liabilities	1,06,697.48	98,847.69	94,425.76	8 0,452.13
	Total Segment Liabilities	1,06,697.48	98,847.69	94,425.76	80,452.13
	Inter-segment elimination (net)	(8.96)	(21.08)	3'4.78	301.06
	Inter-segment elimination (net)	(8.96)	(21.08)	34.78	301.06
	Total Liabilities	1,06,688.52	98,826.61	94,460.54	80,753.19
	Tot•I Liilbllit1es	1,06,611.52	91,826.61	94,460.54	80,753.19

The Operating Segments have been identified on the basis of business activi les from whIch•the Group earns revenues and incurs expenses and whose operating results are reviewed by the Chief Operating Decision Maker (CODM) of the Group to make decisions about the resources to be allocated and assess performance and for which discrete financial information is available. The Operating Segments have been Identified on t he basis of business activities from whlch·the Group @ams revenue s and ncu~ e xpenses and whose operating results are reviewed by the Chief Operating Decision Make r (COOM) of the Group to make de cisions about ttie resources to be allocated and assess performance and for which discrete financial Information is available .

Max Financial Services Limited CIN: L24223PB1988PLC008031 Registered Office: Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, District Nawanshahr, Punjab - 144533 Website: www.maxfinancialservices.com Max Financial Services Limited CIN:L24223PB1988PLC008031 Registered Office: Bhai Mohan Singh Nagar. Railmajra, Tehsil Balachaur, District Nawanshahr, Punjab - 144533 Websjte; www.maxfinancjalservices.com

Notes to the consolidated unaudited financial results Notes to the consolidated unaudited financial results

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2021 1. CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2021

	Particulars Particulars	As at 30.09.2021 As at 30.09.2021 (Unaudited) (Unaudited}	CR<: in Crnr.,<:\ Rs. in As at 31.03.2021 As at 31.03.2021 (Audited) (Audited)

	A A<;<;fT<; A ASSETS
	1. Financial assets 1. Financial assets
	(a) Cash and cash equivalents	250.00	507.17
	(a) Cash and cash equivalents	250.00	507.17
	(b) Bank balance other than (a) above	1.19	1.24
	(b) Bank balance other than (a) above	1.19	1.24
	(c) Receivables - Trade receivables (c) Receivables - Trade receivables (d) Loans	1.16 1.16	2.56 2.56 -
	(d) Loans (e) Investments (e) Investments	0.02 0.02
	(f) Other financial assets	4,666.48 4,666.48	4,063.05 4,063.05
	(f) Other financial assets (g) Life Insurance Policyholders' Fund (See Note 3) (g) Life Insurance Policyholders' Fund (See Note 3)	16.05 16.05 1,04,033.81 1,04,033.81	47.10 47.10 91,444.06 91,444.06
	Total financial assets	1,08,968.71	96,065.18
	Total financial assets	1,08,968.71	96,065.18

	2. Non-financial Assets 2. Non-finan cial Assets
	(a) Current tax assets (net) (a) Current tax assets (net) (b) Deferred tax assets (net)	7.06 7.06 -	5.96 5.96
	(b) Deferred tax assets (net) (c) Investment Property (c) Investment Property	-	8.84 8.84 88.39
	(d) Property, plant and equipment (d) Property, plant and equipment	87.63 87.63 20.93 20.93	88.39 21.72 21.72
	(e) Goodwill	525.25	525.25
	(e) Goodwill	525.25	525.25
	(f) Right to use assets	2.36	3.40
	(f) Right to use assets	2.36	3.40
	(g) Other non-financial assets	48.24	46.38
	(O) Other non-financial assets	48.24	46.38
	(h) Life Insurance Policyholders' Fund (See Note 3)	1,282.36	1,300.46
	(h) Life Insurance Policyholders' Fund (See Note 3)	1,282.36	1,300.46
	Total non-financial assets	1,973.83	2,000.40
	Total non -f ina ncial assets	1,9 73.83	2,000.40
	Tota l assets	1,10,942.54	98, 065.58
	Total assets	1,1 0,9 42.54	98,065.58

	B LIABILITIES AND EQUITY B LIABILITIES AND EQUITY
I	LIABILITIES I LIABILITIES
	1. Financial liabilities 1. Financia l liabilities (a) Trade Payables (a) Trade Payables
	(i) Total outstanding dues of micro enterprises and small enterprises (I) Total outstanding dues of micro enterprises and small enterprises	-	0.08 0.08
	(ii) Total outstanding dues of creditors other than micro enterprises and small	49.84	39.85
	(ii) Total outstanding dues of creditors other than micro enterprises and small	49.84	39.85
	enterprises enterprises
	(b) Debt Securities (See Note 14)	496.00	-
	(b) Debt Securities (See Note 14)	496.00	-
	(c) Lease liability	2.43	3.46
	(c) Lease liability	2.43	3.46
	(d) Other financial liabilities	7.86	1.73
	(d) Other financial liabilities	7.86	1.73
	(e) Life Insurance Policyholders' Fund (See Note 3)	1,05,624.94	93,490.11
	(e) Life Insurance Policyholders· Fund (See Note 3)	1,05,624.94	93,490.11
	Total financial liabilities	1,06,181.0 7	93,535.23
	Total financial liabilities	1,06,181.07	93,535.23
	2. Non-financial liabilities 2 . Non-financial liabilities
	(a) Current tax liabilities (net)	10.38	1.09
	(a) Current tax liabilities (net)	10.38	1.09
	(b) Provisions	11.82	13.16
	(b) Provisions	11.82	13.16
	(c) Deferred tax liabilities (net)	3.13	56.70
	(c) Deferred tax liabilities (net)	3.13	56.70
	(d) Other non-financial liabilities	2.01	2.22
	(d) Other non-financial liabilit ies	2.01	2.22
	(e) Life Insurance Policyholders' Fund (See Note 3)	480.11	852.14
	(e) Life Insurance Policyholders' Fund (See Note 3)	480.11	852.14
	Total non-financial liabilities	507.45	925.31
	Total non-financial liabilities	507.45	925.31
	Total liabilities	1,06,688.52	94,460.54
	Total liabilities	1,06,688 .52	94,460.54
	II EQUITY II EQUITY
	(a) Equity share capital	69.02	69.02
	(a) Equity share capital	69.02	69.02
	(b) Other equity	3,676.37	3,273.94
	(b) Other equity	3,676.37	3,273.94
	Equity attributable to owners of the Company	3,745.39	3,342.96
	Equity attributable to owners of the Company	3,745.39	3,342.96
	Non Controlling Interest Non Controlling Interest
	Total equity Total equity	508.63 508.63 4,254.02 4,254.02	262.08 262.08 3,605.04 3,605.04

	Total liabilities and equity	1,10,942.54	98,065.58
	Total liabilities and equity	1,10,942.54	98,065.58

Registered Office: Bhal Mohan Singh Nagar, Rallmajra, Tehsil Balachaur, District Nawanshahr, Punjab - 144533 Registered Office: Bhal Mohan 51nQh Hagu, ftallmajra, Tehtll lalachaur, District Na wa nsha hr, Pu njab· 144533

Notes to the consolidated unaudited financial results

	Particulars Particulars	3 months e nded 3 months ended 30.09.2021 30.09.2021 (Unaudited) (Unaudited)	3 months ended 3 months ended 30.06.2021 30.06.2021 (Unaudited) (Unaudited)	3 months ended 3 monttts ended 30.09.2020 30.09.2020 (Unaudited) (Unaudited)	6 months ended 6 months ended 30.09 2021 30.09.2021 (Unaudited) (Unaudlteit)	6 months ended 6 months ended 30.09.2020 30.09.2020 (Unaudited) (Unaudited)	Yea, ended Yea1 ended 31.03.2021 31.03.2021 (Audited) (Audited)
A	Policyholders' Income from life insurance fund Polieyholders' Income from Ute Insurance fund
	Premium Income (Net)	5,206.22	3,378.13	4,447.30	8,584.35	7,116.27	18,695.42
	Premium Income (N•t)	5,206.22	3,378.13	4,447.30	8,584.35	7,116.27	18,695.42
	Interest Income	1,226.57	1,185.43	1,037.52	2,412.00	2,030.91	4, 223.01
	Interest Income	1,226.57	1,185.43	1,037.52	2,41 2.00	2,030.!ill	4,223.07
	lwldtnd Income	6S.7'	T9AO	96.58	145.16	U.l.flt	213.4
	Dividend Income	65.76	79.40	96.58	145.16	113.89	21.J.Jtl
	Rental Income	16.08	16.2 6	8.14	32.34	15.42	34.96
	Rent•l Income	16.08	16.26	8.14	32.34	15.42	34.96
	Net gain/ (loss) on fllr value cti1ngts • Policyholders' lnvestmolS	2,939.11	1,435.07	1,462.02	4 ,374.18	3,857.05	9,238.08
	Net gain / (loss) on fair value changes - Policyholders' Investments	2,939.11	1,435.07	1,462.02	4,374.18	3,857.05	9,238.08
	Other income	11:l	"'	2.48	4.03	ua	27.90
	Other WlCOmf!	1 15	1.92	2.41	4.03	4.18	27.90
		Sub-Total Sub· Total 9,455.95 9,455.95	6,096.11 G,096.U	7,054.0 7,054.04	15,552.06 15,552.06	13,131.22 13,138.22	32,432.73 32,432.73
	Le./ (Add): Restricted life insurance surplus retained in Policyholders' Fund	228.52	248.57	111.30	477.09	767.75	1,464.70
	Les.s/ (Add): Rutnct~ hf• insunince surplus reu tned in P*yholders· Fund	228.52	248.57	111.30	477.09	767.75	1,464.70
		Total Total 9,2.27.43 9,227.43	5,847.54 S,147.54	6,942.75 6,942.75	15,074.97 15,074.97	12,370.47 12,370.47	30,5161.03 30,968.03
B	Policyholders' Expense of Life Insurance fund PoNcyholders" lxpente of Life Insurance fund Comm1s:s1on to stlllno agents Commission to selling agents	330.03 330.03	208.80 208.80	294.07 294.07	538.63 538.83	4 50.12 450.12	1,227.23 1,227.23
	Employee Benefits and Other Operating Expenses (See Note 12)	788.2•	628.43	692.1'7	1,416.67	1,131.10	2,741.96
	Empklyee Benefits 1nd Other Oi)tnitjno Eicpenses (See Note 12)	788.24	628.•3	692.87	1,416.67	1,131.10	2,741.96
	Benefits payout (net)	2,721.97	1,900.04	1,602.55	4,622.01	2,519.8/	6,7/2.51
	Dene.fits p.iyout (net)	2,721.97	1,900.04	1,602.55	4,622.01	2,519.8/	6,//2.~l
	Netctian9ein insur.1ncecontraahab1lltlff	5,•67.34	3,215.58	4,265.91	8,682.92	7,951.19	19,112.15
	Net change in insurance contract liabilities	5,467.34	3,215.58	4,265.91	8,682.92	7,951.19	19,112.15
	Net change in investment contract liabilities	74.38	44.11	56.97	118.49	147.56	285.05
	Net ch1nge In ln111tstment contract llablht!es	74.38	44.11	56.87	118,49	147.56	285.05
	Finance cost	10.67	9.38	10.26	20.05	21.05	40.72
	Finance cost	10.67	9.38	10.26	20. 05	21.05	40.72
	Impairment loss (lncludlng revtrHIS)	(0.20)	(0.21)	(28.21)	(0.41)	(27.63)	(27.49)
	Impairment loss (Including reversals)	(0.20)	(0.21)	(28.21)	(0 .41 )	(27.63)	(27.49)
	Oepre<.lolUon and amortlS.aUon upensu	42.15	39.76	38.84	81.91	76.84	156.34
	Depreciation and amortisation expenses	42.15	351.76	38.84	81.91	76.84	156.34
		Sub-Total Sub-Total 9,434.58 51,434.51	6,045.89 6,045.89	6,933.16 15,933.U	15,410.47 15,480.47	12,270.10 12,270.10	30,301.47 30,308.47
	Add/ (Less): Restricted life insurance surplus retained in Policyholders' Fund	(181.04)	(232.32)	21.35	(413.36)	26.73	325.84
	Add/ (less): Restricted Ille Insurance surplus ritrained m Pohcyhok!ers' Fund	(181.04 )	(232.32)	21.35	(413.36 )	26.73	325.84
		Total Total 9,253.54 9,253.5-4	5,813.57 5,813.57	6,954.51 6,954.51	15,067.11 15,067.11	12,296.ll 12,296.83	30,634.31 30,634.31

Following are the Policyholder's Assets and Liabilities from Life Insurance Operations included in the above results 3. Followin9 are the Policyholder•• Assets and Liabilities from Life. Insurance OperatklM Included In the <1bove resultS:

Particulars	, As at 30.09.2021 30.09.2021 (Unaudited) (Unaudited)	(Rs. in Crores) lits. In Crores\ As at 31.03.2021 31.03.2021 (Audited) (Audited)
Financial Assets- Life Insurance Policyholders' Fund flnanclal Assets• Life Insurance Policyholders' Fund A
Casti and cuh equivalents	107.50	208.40
Cash and cash equivalents	107.50	208.40
Derivative financial instruments	104.26	67.49
Oeri11ati11efinanefa11nstruments	104.26	67.49
Trade recf!l111bles	370.64	608.03
Trade receivables	370.64	608.03
Loans	596.85	532.22
Loans	596.85	532.22
Investments	99,182.15	87,702.69
Investments	99,112.15	87,702.69
Other f1nnd.11 assets	3,672.41	2,325.23
Other finanoal assets	3,672.41	2,325.23
Sub Total - Financial Assets	1,04,033.81	91,44 06
Sub Total· financial Assets	1,04,033.81	91,444.06
Non-Financial Aase.ts· Life Insurance Policyholders' Fund 8 Non-Financial Assets- Life Insurance Policyholders' Fund
Investment Property	711.18	717.74
Investment Property	711.18	717.74
Property, pllnt ud ~ipment	81.72	80.69
Property, plant and equipment	81.72	80.69 0
Capital Work in progress	0.15	0.30
Capital Work tn progress	0.15	.30
Intangible Assets	121.()4 121.04	118.06 118.06 22.28
Intangible Assets under development lntlngible Assets under deveklpment	39.21 39.21	22.28
Right of use asset	220.24	239.77 121.62
Rlgllt of use asset	220,24	239.77
Other non-financial assets Other non·finan <lal assets<="" td="">	108.82 108.82	121.62	108.82 108.82	121.62
Sub Total· Hon•Fln.1ncia l Assets	1,282.36	1,300.46
Sub Total - Non-Financial Assets	1,282.315	1,300.46
TOTAL ASSETS	1,05,316.17	92,7 4.52
TOTAL ASSETS	1,05,316.17	92,744.52

Financial Liabilities- Life Insurance Policyholders' Fund Financial Liabilities· Liff! Insurance Policyholders' Furtd A Contract liabilities of life insurance Contract liabilities of life insurance Insurance Contracts Insurance Contracts	91,518.36 91,518.36	83,390.31 83,390.31
Investment Contracts Investment Contracts	917.35 917.35 92,435.71	876.9 84,2157.25 876.94 84,267.25
Ind AS 104 Adjustments (impacting contract liabilities of life insurance) Ind AS 104 Adj11Stments (unparono conttKt habl1hes of IJ• in.Sl.lnince)	92iA3S.71
Measurement adjustments	(208.54)	(613.50)
HHSl.lrtrntnt .1djvstments	(208.54)	(613.50)
GrosSin9 up R4!1t1surance assets	1,023.00	973.55
Grossing up Reinsurance assets	1,023.00	973.55
	814.46 814,46	360.05 3150.05
Fund for future apprnpnations	3,131.24	2,981.90
Fund for future appropriations	3,131,24	2,981.90
Restricted life insurance surplus retained in Policyholders' Fund Restricted life Insurance a urplus reUlned In Policyholders' Fund Hnsurement d•ff•renc:e of tnd AS 104 AdJUStments Measurement difference of Ind AS 104 Adjustments Fair valuation difference of policyholders' Investments Fair .11f,Jati~ clltf~ence d pollcyhOIC!erS' Investments	208.38 208.Ja	613.30 613.30
Fair Va lue Throuoti Profit or Loss (FVTPL)	1,323.05	846.59
Fair Value Through Profit or Loss (FVTPL)	1,323.05	846.59
Fair V1Jue Throuon Other Comprehensrve Income (FVOCI)	3,321.87	198.30
Fair Value Through Other Comprehensive Income (FVOCI)	3,321.87	198.30
Measurement difference • Other Ind AS Adjustments	(55.59)	(47.55)
Heuurement difference· Other Ind AS AdJustments	(55.59)	(47.55)
RHl1sed Ht'dge Fluauabon Ruerves	136.88	123.21
Realised Hedge Fluctuation Reserves	136.88	123.21
Denvative financial instruments	107.62	54.71
Denvahve financial 1nstn1ments	107 .62	5"'.71
Trade payables	978.31	1,129.36
Trade payab~u	971.31	1,129.36
Lea. liability	257.61	274.93
Least klb.Lty	257.61	274.93
Other pay.1bles Other payables Sub Tot.al • Flnanclal Liabilities	2,965.40 2,965.40 1,05,624.94 1,05,624.94	2,688.06 2,688.06 113, 90.11 93,490.11
Sub Total - Financial Liabilities
Non-Financial Liabilities- Life Insurance Policyholders' Fund 8 Non·Flnanclal Llabllltles· Life ln111ranc:e Policyholders' Fund
Provisions	52.36	41.27
Provisions	52.36	41.27
OtllerNo n·fi1U1ncialLiabllltin	427.75	810.87
Other Non-financial Liabilities	427.75	810.87
Sub Total - Non Financial Liabilities	480.11	852.14
Sub Total· Hon Flnancl.al llablllties	410.11	152.1-4
TOTAL LIABILITIES	1 ,06,105.05	94,342.25
TOT AL LIABILMES	1,06,105.05	94,342.25

Max Financial Services Limited CIN: L24223PB1988PLC008031 Max Financial Services Limited CIN: L24223PB1988PLC008031

Registered Office: Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, District Nawanshahr, Punjab - 144533 Website: www.maxfinancialservices.com Registered Office: Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, District Nawanshahr, Punjab - 144533 Websjte: www.maxfinancialservices.com

Notes to the consolidated unaudited financial results Notes to the consolidated unaudited financial results

CONSOLIDATED STATEMENT OF CASH FLOW FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021 4. CONSOLIDATED STATEMENT OF CASH FLOW FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021

	Particulars Particulars	6 months ended 6 months ended 30.09.2021 30.09.2021 (Unaudited) t Unaudited\	(Rs. in <"•n.••' • 6 months ended 6 months ended 30.09.2020 30.09.2020 (Unaudited) tUnauditedl
A	CASH FLOW FROM OPERATING ACTIV.1Tlf5
A	CASH FLOW FROM OPERATING ACTIVITIES Profit before tax Profit before tax	134.27 134.27	246.21 246.21

	Adjustments for: Adjustments for:
	Depreciation, amortisation and impairment	84.49	79.34
	Depreciation, amortisation and impairment	84.49	79.34
	Interest Expense	46.72	50.73
	Interest Expense	46.72	50.73
	Interest and Dividend income from investments Interest and Dividend income from investments	(2,643.71) (2,643.71)	(2,229.67) (2, 229.67) (15.42)
	Rent Income Rent Income Net loss / (profit) on sale / disposal of property, plant and equipments Net loss / (profit} on sale/ disposal of property, plant and equipments	(33.12) (33. 12) -	(15.42) (0.16) (0.16)
	Net (gain)/loss on fair value changes	(4,456.84)	(3,905.11)
	Net (gain)/ loss on fair value changes	(4,456.84)	(3,905.11)
	Restricted life insurance surplus retained in Policyholders' Fund (income)	477.08	767.74
	Restricted life insurance surplus retained In Pol!cyholderS' Fund (Income)	47 7.08	767.74
	Restricted life insurance surplus retained in Policyholders' Fund (expense)	(413.37)	26.70
	Restricted life insurance surplus retained in PolicyholderS' Fund (expense)	(413.37)	26.70
	Provision for diminution in value of long term investment	(2.20)	(81.83)
	Provision for diminution in value of long term investment	(2.20)	(81.83)
	Liabilities/provisions no longer required written back	(0.75)	(0.08)
	liabilities/provisions no longer required written back	(0.75)	(0.08)
	Provision for doubtful debts and bad-debts written off Provision for doubtful debts and bad-debts written off Provision for rates and taHes Provi5ion for rates and tllnC!.i	0.78 0.78 0.01 0.01	1.00 1.00
	Expense on employee stock option scheme	3.05	5 .85
	Expense on employee stock option scheme	3.05	5.85
	Change in policyholder reserves (including funds for future appropriation)	8,801.41	8,098.77
	Change in policyholder reserves (including funds for future appropriation)	8,801.41	8,098.77
	Operating Profit before working capital changes	1,997.84	3,044.07
	Operating Profit before working capital changes	1,997.84	3,044.07
	Changes in working capital: Changes in working capital:
	Adiustments for (increase)/ decrease in operating assets: Ad iY ~11!l~at:t f2r (intre~~e)l Shl:!:;r~a~~ in 212!::rating a~5!::t:z
	Trade receivables	246.45	474.92
	Trade receivables	246.45	474.92
	Loans	(0.02)	0.01
	Loans	(0.02)	0.01
	Other financial assets Other financial assets Other non financial assets Other non financial assets	(508.85) (508.85)	(66.77) (66.77)
		19.78 19.78	2.21 2.21
	Adiustments for increase / (decrease) in operating liabilities: A!:;ljy51mtnt5: fQr ins;r!:;S!5:!:: l (s;f!:;s;[!il:ase) in o~erating liaQiliti~~:
	Trade payables	(226.79)	31.28
	Trade payables	(226.79)	31.28
	Other financial liabilities	1,430.22	66.64
	Other financial liabiltties	1,430.22	66.64
	Provisions	7.53	2.84
	Provisions	7.53	2.84
	Insurance contract liabilities	(434.14)	2.55
	Insurance contract !fa bilities	(434.14)	2.55
	Other non financial liabilities	(385.09)	(133.97)
	Other non financial liabilities	(385.09)	(133.97)
	Cash generated from operations	2,146.94	3,423.79
	Cas h generated from operations	2,146.94	3,423.79
	Net income tax (paid) / refunds Net income tax (paid) I refunds •	(36.74) (36.74)	(95.53) (95.53)
	Net cash from operating activities (A)	2,110.20	3,328.26
	Net cash from operating activities (A)	2,110.20	3,328.26
B B	CASH FLOW FROM INVESTING ACTIVITIES CASH FLOW FROM INVESTING ACTIVITIES
	Capital expenditure on property, plant and equipment including capital advances	(54.68)	(44.14)
	Capital expenditure on property, plant and equipment including capital advances	(54.68)	(44.14)
	Proceeds from sale of property, plant and equipment	0.29	0.39
	Proceeds from sale of property, plant and equipment	0 .29	0.39
	Bank balances not considered as Cash and cash equivalents (net) Bank balances not considered as Cash and cash equivalents (net)	o.os 0.05
	Investments Investments -
	- Purchased	(5,27,845.37)	(4,30,924.26)
	Purchased	(5,27,845.37)	(4,30,924.26)
	- Proceeds from sale	5,21,785.82	4,25,025.67
	- Proceeds from sale	5,21, 785.82	4,25,025.67
	Investments in equity shares of subsidiary company Investments in equity shares of subsidiary company
	- Proceeds from sale (see note 10) - Proceeds from sale (see note 10)	554.81 554.81	-
	Proceeds from loan against policies	(64.63)	(47.79)
	Proceeds from loan against policies	(64.63)	(47.79)
	Receviable from Unit Linked fund and advance for property	93.15	(10.43)
	Receviable from Unit linked fund and advance for property	93.15	(10.43)
	Realised Hedge Fluctuation Reserve & Derivative Profit & Loss	59.39	150.23
	Realised Hedge Fluctuation Reserve St Derivative Profit St Loss	59.39	150.23
	Interest, Rent and Dividend Received Interest, Rent and Dividend Received Net cash used in investing activities (B) Net cash u sed in investing activities (8)	2,576.10 2,576.10 (2,895.07)	2,224.96 2,224.96 (3,625.37)
		(2,895.07)	(3,625.37)
c C	CASH FLOW FROM FINANCING ACTIVITIES CASH FLOW FROM FINANCING ACTIVITIES
	Proceeds from ESOPs exercised (including share premium)	0.97	0.01
	Proceeds from ESOPs exercised (including share premium)	0.97	0.01
	Dividend paid by subsidiary company Dividend paid by subsidiary company	(32.07) (32.07)
	Lease payments	(38.10)	(38.53)
	Lease payments	(38.10)	(38.53)
	Proceeds from issue of NCDs (see note 14) Proceeds from issue of NCOs (see note 14) Net cash from/ (used in) financing activities (C) Net cash from/ (used in) financing activities (C)	496.00 496.00 426.80 426.80	(38.52) (38.52)
D	Net increase / (decrease) in cash and cash equivalents (A+B+C)	(358.07)	(335.63)
D	Net increase I (decrease) in cash and cash equivalents (A+B+C)	(358.07)	(335.63)
E	Cash and cash equivalents as at the beginning of the period	715.57	767.01
E	Cash and cash equivalents as at the beginning of the period	715.57	767.01

	Cash and cash equivalents as at the end of the period *	357.50	431.38
	Cash and cash equivalen ts as at the end of the period *	357.50	431.38
	* Components of Cash and Cash Equivalents •Components of Cash and Cash Equivalents Cash on hand Cash on hand	36.12 36.12	26.44 26.44
	Balances with scheduled banks Balances with scheduled banks
	-On current accounts	321.38	374.94
	-On curTent accounts	321.38	374.94
	-Deposits with original maturity of upto 3 months -Deposits with original maturity of upto 3 months		30.00 30.00
	Total cash and cash equivalents	357.50	431. 38
	Total cash and cash equivalents	357.50	431.38

Max Financial Services Limited CIN: L24223PB1988PLC008031 Max FinanCJial Services Limited CIN: L24223PB1988PLC008031

Notes to the consolidated unaudited financial results Notes to the consolidated unaudited financial results

5 These consolidated unaudited financial results for the quarter and six months ended September 30, 2021 have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held today. These results have been reviewed by the statutory auditors of the Company. These consolidated unaudited financial results for the quarter and six months ended September 30, 2021 have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meet ing held today. These results have been reviewed by the statutory auditors of the Company.
6 The consolidated unaudited financial results comprise the financial results of Max Financial Services Limited ('the Parent' or 'the Company') and its subsidiary (collectively referred as the 'Group'). The consolidated unaudited financial results have been prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 'Interim Financial Reporting' prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. The consolidated financial results comprise the financial results of Max Financial Services Limited and its subsidiary listed below: 6 The consolidated unaudited financial results comprise the financial results of Max Financial Servk:es limited ('the Parent' or 'the Company') and its subsidiary (collectively referred as the 'Group'). The consolidated unaudited financial results have been prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 'Interim Financial Reparting' prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. The consolidated financial results comprise the financial results of Max Financial Services Limited and its subsidiary listed below:

Name of Subsidiary Name of Subsidiary	Country of Country of incorporation incorporation	Portion of Portion of ownership as at September 30, September 30, 2021 2021	Portion of Portion of ownership as at June 30, 2021 June 30, 2021	Portion of Portion of ownership as at ownership as at ownership as at ownership as at ownership as at March 31, 2021 March 31, 2021	Portion of Portion of ownership as at September 30, September 30, 2020 2020
Max Life Insurance Company Limited	India	81.83%	81.83%	90.83%	72.52%
Max Life Insurance Company Limited	India	81.83%	81.83%	90.83%	72.52%

7 During the quarter ended September 30, 2021, the following movements under Max Employee Stock Option Plan-2003: a) the Company had allotted 8,003 equity shares of Rs. 2 each to an employee arising from exercise of options; During the quarter ended September 30, 2021, the following movements under Max Employee Stock Option Plan·2003: a) the Company had allotted 8,003 equity shares of Rs. 2 each to an employee arising from exercise of options;

b) the Company has forfeited 41,396 unvested stock options granted to the Chief Financial Officer on account of his resignation. b) the Company has forfeited 41,396 unvested stock options granted to the Chief Financial Officer on account of his resignation.

8 The Company had entered into a option arrangement relating to equity shares of Max Life Insurance Company Limited ('Max Life') executed during the year ended March 31, 2016, amongst the Company, Axis Bank Limited and Mitsui Sumitomo Insurance Company Limited. As per the arrangement, the Company has to settle such liability by payment of cash upon exercise of option. As required under Ind AS, put option granted to non-controlling interest is initially recognised in the consolidated financial statements by the Group as a financial liability at the fair value of the amount that may become payable upon exercise of option and is adjusted against the shareholders' equity. In the absence of any mandatorily applicable accounting guidance, the Company has elected an accounting policy to recognise changes on subsequent measurement of the liability / termination in shareholders' equity. 8 The Company had entered into a option arrangement relating to equity shares of Max Life lnsurance Company Limited ('Max life') executed during the year ended March 31, 2016, amongst the Company, Axis Bank Limited and Mitsui Sumitomo Insurance Company Limited. As per the arrangement, the Company has to settle such liability by payment of cash upon exercise of option. As required under Ind AS, put option granted to non·controlling interest is initially recognised in the consolidated financial statements by the Group as a financial liability at the fair value of the amount that may become payable upon exercise of option and is adjusted against the shareholders' equity. In the absence of any mandatorily applicable accounting guidance, the Company has elected an accounting policy to recognise changes on subsequent measurement of the liability/ termination in shareholders' equity.

On March 15, 2021, the Company had acquired 0.74% equity shares of Max Life from Axis Bank Limited at a price of Rs. 166 per share (being fair value of Max Life determined on the date of transaction). Pursuant to such purchase and termination Letter to the Option Agreement entered among Axis Bank Limited, MSI, Max Life and the Company, balance equity share options of Max Life had been cancelled and accordingly, the gross obligations under put arrangement stands cancelled. On March 15, 2021, the Company had acquired 0.74% equity shares of Max Life from Axis Bank Limited at a price of Rs. 166 per share (being fair value of Max Life determined on the date of transaction). Pursuant to such purchase and termination Letter to the Option Agreement entered among Axis Bank Limited, MSI, Max Life and the Company, balance equity share options of Max Life had been cancelled and accordingly, the gross obligations under put arrangement stands cancelled.

9 The Board of Directors of the Company in its meeting held on March 3, 2020, had approved entering into a Put/Call arrangement for acquisition of balance shares held by MSI in Max Life Insurance Company Limited ('Max Life') and matters incidental thereto at a price of Rs. 85 per share ("MSI Put/Call Option"). The shareholders of the Company approved the said MSI Put/Call Option on May 27, 2020. 9 The Board of Directors of the Company in its meeting held on March 3, 2020, had approved entering into a Put/Call arrangement for acquisition of balance shares held by MSI in Max Life Insurance Company Limited ('Max Life') and matters incidental thereto at a price of Rs. 85 per share ("MSI Put/Call Option'"'). The shareholders of the Company approved the said MSI Put/Call Option on May 27, 2020.

The Company had executed definitive agreement with the parties, which is subject to receipt of requisite regulatory approvals. During the quarter ended June 30, 2021, Max Life had filed an application for approval with IRDAI for acquisition of 99,136,573 equity shares (balance shares held by MSI) of Max Life by the Company held by MSI constituting 5.17% equity stake in Max Life under MSI Put/Call option. Pending receipt of requisite approvals, the said transaction cannot be considered concluded at the current date and hence, no adiustments have been made in the financial results. The Company had executed definitive agreement with the parties, which is subject to receipt of requisite regulatory approvals. During the quarter ended June 30, 2021, Max Life had filed an application for approval with IRDAI for acquisition of 99,136,573 equity shares (balance shares held by MSI) of Max Life by the Company held by MSI constituting 5.17% equity stake in Max Life under MSI Put/Call option. Pending receipt of requisite approvals, the said transaction cannot be considered concluded at the current date and hence, no adiustments have been made in the financial results.

10 The Board of Directors of the Company in its meeting held on April 27, 2020 approved entering into definitive agreements with Axis Bank for the sale of equity share capital of Max Life, a subsidiary of the Company, to Axis Bank, subject to receipt of shareholders' approval and other requisite regulatory approvals. The shareholders of the Company approved the transaction on June 16, 2020. 10 The Board of Directors of the Company in its meeting held on April 27, 2020 approved entering into definitive agreements with Axis Bank for the sale of equity share capital of Max Life, a subsidiary of the Company, to Axis Bank, subject to receipt of shareholders' approval and other requisite regulatory approvals. The shareholders of the Company approved the transaction on June 16, 2020.

On October 30, 2020, the Company, Max Life, Axis Bank and its subsidiaries (together "Axis Entities"), i.e. Axis Capital Limited and Axis Securities Limited ("Axis Bank subsidiaries") entered into agreements for acquisition of upto 19.002% of the equity share capital of Max Life ("Agreements"). Under the Agreements, Axis Bank will acquire upto 9.002% of the equity share capital of Max Life and Axis Bank subsidiaries will acquire upto 3% of the share capital of Max Life. In addition, Axis Entities will have a right to acquire upto 7% of the equity share capital of Max Life, in one or more tranches. On October 30, 2020, the Company, Max Life, Axis Bank and its subsidiaries (together .,Axis Entities"), i.e. Axis Capital Limited and Axis Securities limited ("Axis Bank subsidiaries") entered into agreements for acquisition of upto 19.002% of the equity share capital of Max Life ("Agreements"). Under the Agreements, Axis Bank will acquire upto 9.002% of the equity share capital of Max Life and Axis Bank subsidiaries wilt acquire upto 3% of the share capital of Max Life. In addition, Axis Entities will have a right to acquire upto 7% of the equity share capital of Max Life, in one or more tranches.

On April 6, 2021, the Company has transferred 172,731,531 equity shares of Rs. 10 each of Max Life to Axis Bank, fully paid up at a price of Rs. 32.12 per share for consideration aggregating to Rs. 554.81 crores. The difference in consideration received and the amount by which non-controlling interests are adjusted is recognised in equity reserves of the Group. The transaction price of Rs. 31.51 and Rs. 32.12 per share is computed based on the valuation of Max Life conducted as per Rule 11 UA read with Rule 11 UAA of the Income-tax Rules, 1962 (herein referred to as 'Transaction Price'). The methodology of computation of transaction price was approved by 99.90% shareholders through postal ballot and also stated in the definitive agreements entered with Axis Entities. On April 6, 2021, the Company has transferred 172,731,531 equity shares of Rs. 10 each of Max Life to Axis Bank, fully paid up at a price of Rs. 32.12 per share for consideration aggregating to Rs. 554.81 crores. The difference in consideration received and the amount by which non-controlling interests are adjusted is recognised in equity reserves of the Group. The transaction price of Rs. 31.51 and Rs. 32.12 per share is computed based on the valuation of Max Life conducted as per Rule 11 UA read with Rule 11 UAA of the Income·tax Rules, 1962 (herein referred to as 'Transaction Price'). The methodology of computation of transaction price was approved by 99.90% shareholders through postal ballot and also stated in the definitive agreements entered with Axis Entities.

In respect of right of Axis entities to acquire 7% of equity share capital of Max Life, the Company had executed definitive agreement with the parties, which is subject to receipt of requisite regulatory approvals. Pending receipt of requisite approvals, the said transaction cannot be considered concluded at the current date and hence, no adjustments have been made in the financial results. In respect of right of Axis entities to acquire 7% of equity share capital of Max Life, the Company had executed definitive agreement with the parties, which is subject to receipt of requisite regulatory approvals. Pending receipt of requisite approvals, the said transaction cannot be considered concluded at the current date and hence, no adjustments have been made in the financial results.

Max Financial Services Limited CIN: L24223PB1988PLC008031 Max Financial Services Limited CIN: L24223PB1988PLC008031

Registered Office: Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, District Nawanshahr, Punjab - 144533 Website: wvvw.maxfinancialservices.com Registered Office: Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, District Nawanshahr, Punjab - 144533 Website: www.maxfinancialservices.com

Notes to the consolidated unaudited financial results Notes to the consolidated unaudited financial results

11 The Group has considered the impact of COVID-19 on its operations as well as its consolidated financial results: 11 The Group has considered the impact of COVID-19 on its operations as well as its consolidated financial results:

a) In respect of the Company: The Company has assessed the impact of COVID-19 on its operations as well as its financial results, including carrying amounts of trade receivables, investments and property, plant and equipment, as at September 30, 2021. In assessing the Carrying value of these assets, the Company has used internal and external sources of information up to the date of approval of these unaudited financial results, and based on current estimates, expects the net carrying amount of these assets to be recovered. The Company will continue to closely monitor any material changes to the business and financial statements due to COVID-19. a) Jn respect of the Company: The Company has assessed the impact of COVID-19 on its operations as well as its financial results, including carrying amounts of trade receivables, investments and property, plant and equipment, as at September 30, 2021. In assessing the Carrying value of these assets, the Company has used internal and external sources of information up to the date of approval of these unaudited financial results, and based on current estimates, expects the net carrying amount of these assets to be recovered. The Company will continue to closely monitor any material changes to the business and financial statements due to COVID-19.

b) In respect of the subsidiary Company, Max Life Insurance Company Limited: The subsidiary Company has assessed the impact of COVID-19 pandemic (COVID-19) on its operations as well as its financial results, including but not limited to the areas of investments, valuation of policy liabilities and solvency, for the period ended September 30, 2021. The impact of COVID 19 in the future may be different from that estimated as at the date of approval of these financial results and the company will continue to closely monitor any material changes to future economic condition. b) In respect of the subsidiary Company, Max Life Insurance Company limited: The subsldfary Company has assessed the impact of COVID-19 pandemic (COVID-19) on its operations as well as its financial results, including but not limited to the areas of invm;tmonts, VJluation of policy liabl1itio5 and 'olvoncy, for tho poriod ondod ioptombor JO, 2021. Tho impact of COVID 19 in tho future may be different from that estimated as at tho data of ilpproval of thoso financial rosults and tho c:ompany will continue to aloscly monitor any material changes to future economic (!Ondition.
12 Employee benefits expenses for the quarter ended June 30, 2021 includes one time special incentive of Rs. 12.25 crores paid to senior leadership team of the Group for their valued contribution in consummation of Max Financial - Axis transaction. 12 Employee benefits expenses for the quarter ended June 301 2021 includes one - time special incentive of Rs. 12.25 crores paid to senior leadership team of the Group for their valued contribution rn consummation of Max Financial - Axis transaction.
13 During the quarter ended March 31, 2021, the subsidiary company had changed its business model relating to investments in debt securities held under Non-linked policyholders' fund and has accordingly, reclassified such investments from Amortized cost (AC) measurement model to Fair Value Through Other Comprehensive Income (FVOCI) measurement model. The reclassification is applied prospectively from April 1, 2021 (Reclassification date) and the net gain arising out of such reclassification has been recognized in Other Comprehensive Income (OCI) and transferred to Policyholders' Fund as restricted life insurance surplus during the six months ended Sedptember 30, 2021. 13 During the quarter ended March 31, 2021, the subsidiary company had changed its business model relating to investments in debt securities held under Non-linked policyholders' fund and has accordingly, reclassified such investments from Amortized cost (AC) measurement model to Falr Value Through Other Comprehensive Income (FVOCI) measurement model. The reclassification is applied prospectively from April 1, 2021 (Reclassification date) and the net gain arising out of such reclassification has been recognized in Cl.her Comprehensive Income (OCI) and transferred to Policyholders' Fund as restricted life Insurance surplus during the six months ended Sedptember 30, 2021.
14 The subsidiary Company, Max Life Insurance Company Limited has issued and allotted 4,960 unsecured, subordinated, listed, rated, redeemable, taxable, non-cumulative, non convertible debentures (NCDs) of Rs. 10 lakhs each on a private placement basis at the interest rate of 7.50% per annum amounting to Rs. 496.00 crores, which are listed on the Wholesale Debt market (WDM) segment of National Stock Exchange on August 02, 2021 and are redeemable at the end of 10 years from the date of allotment with a call option to the company to redeem the NCDs post the completion of 5 years the date of allotment and annually Mei eaftei. The NCDs are rated by CRISIL arid ICRA and have been assigned rating of "CRISIL AA+/stable" and "ICRA AA+/stable" respectively.' 14 The subsidiary Company, Max Life Insurance Company Limited has issued and allotted 4,960 unsecured, subordinated, listed, rated, redeemable, taxable, non-cumulative, non convertible debentures (NCDs) of Rs. 10 takhs each on a private placement basis at the interest rate of 7 .50% per annum amounting to Rs. 496.00 crores, which are listed on the Wholesale Debt market (WDM) segment of National Stock Exchange on August 02, 2021 and are redeemable at the end of 10 years from the date of allotment with a call CiJ)tion to the compJny to 1edt.em the- NCO:i JJ<.i!Jl the: <..Cln'l~leli<iu <if 5 yeor!J r10rn the c.lote c.ir c.11!c.itment anc.I armuall)' l11e1eartet . T11e NCDs a1e 1atecJ liy CRI91LancJ ICRA C111cJ !lave been assigned rating of "CRISI L AA+/stable" and "JCRA AA+/stable" respectively.'
15 The Code on Social Security, 2020 (Code') related to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Group will assess the impact of the code when it comes into effect and will record, if any. 15 The Code on Social Security, 2020 ('Code') related to employee benefits during employment and pest-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Group will assess the impact of the code when it comes into effect and will record, if any.
16 The figures for the previous periods/ year have been regrouped / reclassified wherever necessary, to make them comparable. 16 The figures for the previous periods/ year have been regrouped/ reclassified wherever necessary, to make them comparable.

By Order of the Board ...0•• • Mohit Talwar Managing Director DIN : 02394694 By Order of the Board Moh it Talwar Managing Director DIN : 02394694

Date : November 09, 2021 Date : November 091 2021

Place : Gurugram Place : Gurugram

eloitte as i s ells Deloitte Haskins & Sells LLP

Chartered Accountants 7th Floor Building 10 Tower B ULF Cyber City Complex DLF City Phase II Gurugram-122 002 Haryana, India Chartered Accountants 7th Floor Building 1 O Tower B Dll- lyber llty lomplex DLF City Phase II Gurugram-122 002 Haryana, India

Tel: +91 124 679 2000 Fax: +91 124 679 2012 Tel: +91 124 679 2000 Fax: +91 124 679 2012

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE UNAUDITED F/NANCIAL RESULTS INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE UNAUDITED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF MAX FINANCIAL SERVICES LIMITED TO THE BOARD OF DIRECTORS OF MAX FINANCIAL SERVICES LIMITED

1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of Max Financial Services Limited ("the Company"), for the quarter and six months ended September 30, 2021 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. 1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of Max Financial Services Limited ("the Company"), for the quarter and six months ended September 30, 2021 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" (''Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (!CAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
1. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. 4. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/ 100018) f KinS Chartered Accountants )mil S L SINGH ARORA Partner S,,, (Membership No. 098564) For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/. -100018) -~ (]) ~' -<'~\~\Chancrcd 1 - ') ~~ccoontont> f} ~ 'if o// (Membership No. 098564) ~/ UDIN : 21098564AAAAD04622 Partner

UDIN : 21098564AAAAD04622

Gurugram, November 9, 2021 Gurugram, November 9, 2021

Max Financial Services Limited Max Financial Serv ices Limited
CIN: L24223PB1988PLC008031 CIN: L24223PB1988PLC0080 31
Registered Office: Bhai Mohan Singh Nagar, Rail Majra, Tehsil Balachaur, District Nawanshahr, Punjab - 144533 Registered Office: Bhal Moha n Singh Nagar, Rall Majra, Te hsil Bala chaur, District Nawanshahr, Punjab - 144533

(Rs. in Crores Particulars 3 months ended 30.09.2021 3 months ended 30.06.2021 3 months ended 30.09.2020 6 months ended 30.09.2021 6 months ended 30.09.2020 Year ended 31.03.2021 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1. Revenue from operations (a) Interest income - - - - - 0.01 (b) Dividend income _ 144.46 - 144.46 - 185.78 (c) Rental income 0 10 0 11 0 10 0.1.1 0.21 0.42 (d) Gain on fair value changes on derivative financial instruments (See note 7) - 46.58 - 27.62 91 47 - on investments in mutual funds 8.75 7.46 1.86 16.21 5.63 8.07 (e) Sale of services 5.44 5.46 5.44 10.90 10.50 20.63 2. Total revenue from operations 14.29 157.49 53.68 171.78 43.96 306.38 3. Other income 0.56 0.76 0.23 1.32 0.67 1.43 4. Total income (2+3) 14.85 158.25 53.91 173.10 44.63 307.81 5. Expenses (a) Finance costs 0.03 0.05 0.05 0.08 0.10 0.22 (b) Impairment loss on investment in subsidiary (See note 9) 88.16 (c) Loss on sale of investment in subsidiary (See note 9) - - _ - - 32.89 (d) Employee benefits expenses (See note 11) 2.69 13.07 5.06 15.76 9.35 21.25 (e) Depreciation, amortisation and impairment 0.83 0.99 0.81 1.82 1.74 3.80 (f) Legal and professional expenses 3.35 3.46 5.12 6.81 10.30 18.32 (g) Other expenses 2.82 2.74 2.51 5.56 4.67 13.70 6. Total expenses 9.72 20.31 13.55 30.03 26.16 178.34 7. Profit before tax (4-6) 5.13 137.94 40.36 143.07 18.47 129.47 8. Tax expense (a) Current tax (1.07) 33.43 2.48 32.36 2.48 39.09 (b) Deferred tax charge / (credit) 2.67 6.99 9.66 (8.85) 9. Total tax expense 1.60 40.42 2.48 42.02 2.48 30.24 10. Profit for the period / year (7-9) 3.53 97.52 37.88 101.05 15.99 99.23 11. Other comprehensive income / (loss): Items that will not be reclassified to profit or loss: - Remeasurement of the defined benefit obligations 0.65 0.01 0.17 0.66 (0.13) 0.02 Income tax relating to items that will not be reclassified to profit or loss (0.19) (0.19) (0.01) 12. Total other comprehensive income / (loss) 0.46 0.01 0.17 0.47 (0.13) 0.01 13. Total comprehensive income (10+12) 3.99 97.53 38.05 101.52 15.86 99.24 14. Paid-up equity share capital (Face value of Rs. 2) 69.02 69.02 53.91 69.02 53.91 69.02 15. Other equity - 6,576.44 16. Earnings per share (EPS) (Rs.) (not annualised for the quarter) (a) Basic EPS 0.10 2.83 1.40 2.93 0.59 3.38 (b) Diluted EPS 0.10 2.83 1.40 2.93 0.59 3.38 See accompanying notes to the standalone unaudited financial results , Particulars 1. Reven u e from operations (a) Interest income (b) Dividend Income (c) ke-ntal income (c1) Gain on fair value changes on derivative financial Instruments (See note 7) • on lnvt'stmt'nt~ In mutl1al funds (e) Sale of services 2. To tal re v enue f rom op e ratio n s 3. Other Income 4. Total inc ome (2+3) 5 . Ex pe nses (a) FlnMce costs (b) Impairment loss on investment In subsidiary (See note 9) (c) Loss on sale of Investment In subsidiary (See note 9) (d) Employee benefits expenses (See note 11) {e) Depreciation, amortisation and impainnent (f) Legal and professional expenses (g) Other expenses 6. Totar' expe n ses 7 . Pro fit be fore t ax (4·6) 8. Tax e xpe n s e (a) Current tax (b) Deferred tax charge I (credit) 9. Tot a l tax expe ns e 1 0 . Profit for the pe riod I year (7~9) 11. Oth er compre he nsive In come/ (loss): Items that will not be reclassified to profit or loss: • Remeasurement of the defined benefit obl!gatlons Income tax relating to Items that wlll not be reclassified to profit or loss 12 . Total other compre hensive income / (loss) 13. Tot a l compre he n sive income (10+1 2) 14. Paid-up equity share capital (face value of Rs. 2) 15. Other equity 16. Earnings per share (EPS) (Rs.) (not annualised for the quarter) (a) Basic EPS (b) Diluted EPS See accompanying notes to the standalone unaudited financial results 3 month s e nde d 3 m on t hs end ed 3 m on ths ended 6 m on ths e nded 6 m on t hs e nded 30 .09.20 21 30.06.2021 3 0 .0 9.20 20 30.09.2021 30.09.2 0 20 (Unau d ited) (J 10 8.76 5.44 14.29 0.56 14.85 O.oJ 2.69 0.83 3.35 2.82 9.72 5 .13 (1.07) 2.67 1 .60 3.53 0.65 (0.19) 0.415 J .99 69.02 0.10 0.10 (Unaudited) 144.46 ti 11 7.<t6 5.46 157.49 0.76 158.25 0 .05 13.07 0.99 3 .46 2.74 20.31 1J7.94 33.43 6.99 4 0 .42 97.52 0.01 0.01 97.5J 69.02 2.83 2.83 ( Unaudited) 0 10 46.58 Li6 5.44 5J.68 0.23 5 3 .9 1 0.05 5.06 0.81 5.12 2.51 13.55 4 0 .J6 2.48 2.48 37.88 0.17 0.17 38 .05 53.91 1.40 1.40 (Un audited) 144.46 0 l1 16.21 10.90 171.78 1.32 173.10 0.08 15.76 1.82 6.81 5.56 JO.OJ 143.07 J2.J6 9.66 42.02 101.05 0.66 (0.19) 0 .47 101.52 69.02 2.9J 2.9J (Un a udited) O . .ll 27.62 ~.~J 10.50 43 .96 0.67 44.63 0.10 9.J5 1.74 10.30 4.67 2 6.16 18.47 2.48 2.48 15.99 (0.13) (0 .13) 15.8 6 53.91 0.59 0.59 (Rs. In Crores) Year end e d 31.03.20 2 1 (Audited) 0.01 185.78 0.42 qt 47 0.07 20.63 306.38 1.43 3 0 7 .81 0.22 88.16 32.89 21.25 J.80 18.J2 13.70 178.34 129.47 39.09 (8.85) 30.24 99 .23 0 02 (0.01) 0.01 99.2 4 69.02 6,576.44 3.38 3.38

STATEMENT or STANDALONE UNAUDITED FINANCIAL RESULTS TOR WE QUARTER AND SIX MONIIIS ENDED SEPTEMBER 30, :011 8TAT~P.1trn or 5TANC..ALOIU UNAUtllTl!I> rtNANC.lAL Rt5Ul1!i r6K 111[ QUAN.l [K ANl> SU. M(.fHfllS ! ^H lJo!!tl StF- TtMUl:rt Jb, 1021

Date : November 9, 2021 Place : Gurugram Date : November 9, 2021 Place : Gurugram

sz• 0 kips Chartered Accountants

By Order of the Board am.

Mohit Talwar Managing Director DIN : 02394694 Mohlt Talwar Managing Director DIN : 02394694

Website: www.maxfinancialservices.com Website: www.maxfinanclalservices.co m

Max Financial Services Limited CIN: L24223PB1988PLC008031 Registered Office: Bhai Mohan Singh Nagar, Rail Majra, Tehsil Balachaur, District Nawanshahr, Punjab - 144533 Website! www.maxfinancialserviceccom Max Financial Services Limited CIN: L24223PB1988PLC008031 Registered Office: Bhai Mohan Singh Nagar, Rail Majra, Tehsil Balachaur, District Nawanshahr, Punjab - 144533 Webtiiite: www.maxfinancialservices.com

Notes to the standalone unaudited financial results: Notes to the standalone unaudited financial results:

1 STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2021 1 STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2021

			Rs. in Crores (Rs. in Crores)
	Particulars	As at	As at
	Particulars	As at	As at
		30.09.2021 30.09.2021	31.03.2021 31.03.2021
		(Unaudited) (Unaudited)	(Audited) (Audited)
A. A.	A551!!T5 ASSETS
1. 1.	Financial assets Financial assets
	(a) Cash and cash equivalents	0.32	0.22
	(a) Cash and cash equivalents	0.32	0.22
	(b) Bank balance other than (a) above	1.19	1.24
	{b) Bank balance other than (a) above	1.19	1.24
	(c) Receivables - trade receivables	10.10	19.18
	(c) Receivables - trade receivables	10.10	19.18
	(d) Loans	0.02	-
	(d) Loans	0.02	-
	(e) Investments (See note 9)	6,744.02	6,616.37
	(e) Investments (See note 9)	6,744.02	6,616.37
	(f) Other financial assets	0.78	0.54
	(f) Other financial assets	0.78	0.54
	Total financial assets	6,756.43	6,637.55
	Total financial assets	6,756.43	6,637.55
2. 2.	Non financial assets Non financial assets
	(a) Current tax assets (net)	-	3.88
	(a) Current tax assets (net)	-	3.88
	(b) Deferred tax assets (net)	-	8.84
	(b) Deferred tax assets (net)	-	8.84
	(c) Property, plant and equipment	20.93	21.72
	(c) Property, plant and equipment	20.93	21.72
	(d) Right-of-use assets	2.36	3.40
	(d) Right-of-use assets	2.36	3.40
	(e) Other non-financial assets	0.99	1.16
	(e) Other non-financial assets	0.99	1.16
	Total non-financial assets	24.28	39.00
	Total non-financial assets	24.28	39.00
	Total assets	6,780.71	6,676.55
	Total assets	6,780.71	6,676.55
B. B.	LIABILITIES AND EQUITY LIABILITIES AND EQUITY LIABILITIES LIABILITIES
I I 1. 1.	Financial liabilities Financial liabilities
	(a) Trade payables (a) Trade payables
	(i) (i) total outstanding dues of micro enterprises and small enterprises total outstanding dues of micro enterprises and small enterprises	- -	0.08
	(ii) total outstanding dues of creditors other than micro enterprises and small total outstanding dues of creditors other than micro enterprises and small (ii)	4.28 4.28	0.08 10.17 10.17
	enterprises enterprises
	(b) Lease liabilities	2.43	3.46
	(b) Lease liabilities	2.43	3.46
	(c) Other financial liabilities	1.10	1.26
	(c) Other financial liabilities	1.10	1.26
	Total financial liabilities	7.81	14.97
	Total financial liabilities	7.81	14.97
2. 2.	Non financial liabilities Non financial liabilities
	(a) Current tax liabilities	10.38	1.09
	(a) Current tax liabilities	10.38	1.09
	(b) Provisions	11.82	13.16
	(b) Provisions	11.82	13.16
	(c) Deferred tax liabilities (net)	1.01	-
	(c) Deferred tax liabilities (net)	1.01	-
	(d) Other non-financial liabilities	1.56	1.87
	(d) Other non-financial liabilities	1.56	1.87
	Total non-financial liabilities	24.77	16.12
	Total non-financial liabilities	24.77	16.12
	Total liabilities	32.58	31.09
	Total liabilities	32.58	31.09
II II	EQUITY EQUITY
	(a) Equity share capital	69.02	69.02
	(a) Equity share capital	69.02	69.02
	(b) Other equity	6,679.11	6,576.44
	(b) Other equity	6,679.11	6,576.44
	Total equity	6,748.13	6,645.46
	Total equity	6,748.13	6,645.46
	Total liabilities and equity	6,780.71	6,676.55
	Total liabilities and equity	6,780.71	6,676.55

Max Financial Services Limited Max Financial Services Limited

CIN: L24223PB1988PLC008031 Registered Office: Bhai Mohan Singh Nagar, Rail Majra, Tehsil Balachaur, District Nawanshahr, Punjab - 144533 CIN: L24223PB1988PLC008031 Registered Office: Bhai Mohan Singh Nagar, Rail Majra, Tehsil Balachaur, District Nawanshahr, Punjab - 144533

Website: www.maxfinancialservices.com Website: www.maxfinancialservices.com

Notes to the standalone unaudited financial results: Notes to the standalone unaudited financial results:

2 STANDALONE CASH FLOW STATEMENT FOR THE SIX MONTHS YEAR ENDED SETEMBER 30, 2021 2 STANDALONE CASH FLOW STATEMENT FOR THE SIX MONTHS YEAR ENDED SETEMBER 30, 2021

			(Rs. In crores) (Rs. In crores)
	Particulars Particulars	6 months ended 6 months ended 30.09.2021 30.09.2021	6 months ended 6 months ended 30.09.2020 30.09.2020
		(Unaudited) (Unaudited)	(Unaudited) (Unaudited)
A.	A. Cash flow from operating activities Cash flow from operating activities
	Profit before tax	143 07	18 47
	Profit before tax	141 07	1R 47

	Adjustments for: Adjustments for:
	Depreciation, amortisation and impairment	1.82	1.74
	Depreciation, amortisation and impairment	1.82	1.74
	Finance costs Finance costs Net loss / (profit) on sale / disposal of property, plant and equipment Net loss I (profit) on sale/ disposal of property, plant and equipment	0.08 0.08	0.10 0.10
	Net loss / (gain) on fair value changes Net loss / (gain) on fair value changes	0.01 0.01	-
	- on derivative financial instruments - on derivative financial instruments	-	(27.62) (27.62)
	- on investments in mutual funds	(16.21)	(5.63)
	- on investments in mutual funds	(16.21)	(5.63)
	Liabilities/provisions no longer required written back	(0.75)	(0.08)
	Liabilities/provisions no longer required written back	(0.75)	(0.08)
	Provision for rates and taxes Provision for rates and taxes	0.01 0.01	-
	Expense on employee stock option scheme	0.18	1.03
	Expense on employee stock option scheme	0.18	1.03
	Operating profit/ (loss) before working capital changes	128.21	(11.99)
	Operating profit/ (loss) before working capital changes	128.21	(11.99)
	Changes in working capital: Changes in working capital:
	Adjustments for (increase)/ decrease in operating assets: Adi!i.!~tments for (in!:regsell detrease in QQerS1ting asse~:
	Trade receivables	9.08	8.59
	Trade receivables	9.08	8.59
	Loans	(0.02)	0.01
	Loans	(0.02)	0.01
	Other financial assets	(0.25)	0.18
	Other financial assets	(0.25)	0.18
	Other non-financial assets	0.92	0.17
	Other non-financial assets	0.92	0.17
	Adjustments for increase / (decrease) in operating liabilities: Adjustments for increase L (decrease) in QQerating liabilities:
	Trade payables Trade payables Other financial liabilities	(5.95) (5.95)	(2.68) (2.68)
	Other financial liabilities Provisions Provisions	(0.16) (0.16} (0.69) (0.69)	(1.30) (1.30) 1.08 1.08
	Other non-financial liabilities	(0.32)	(0.98)
	Other non-financial liabilities	(0.32)	(0.98)
	Cash generated from operations	130.82	(6.92)
	Cash generated from operations	130.82	(6.92)
	Net income tax (paid}/ refunds	(19.19)	(122.63)
	Net income tax (paid) / refunds	(19.19)	(122.63)
	Net cash flow from / (used in) operating activities (A)	111.63	(129.55)
	Net cash flow from/ (used in) operating activities (A}	111.63	(129.55)
B.	B. Cash flow from investing activities Cash flow from investing activities
	Capital expenditure on property, plant and equipment including capital advances	(0.04)	(0.23)
	Capital expenditure on property, plant and equipment including capital advances	(0.04)	(0.23)
	Proceeds from sale of property, plant and equipment	0.04	0.05
	Proceeds from sale of property, plant and equipment	0.04	0.05
	Bank balances not considered as Cash and cash equivalents (net) Bank balances not considered as Cash and cash equivalents (net)	0.05 0.05
	Investments in mutual funds Investments in mutual funds
	- Purchased	(1,389.91)	(34.34)
	- Purchased	(1,389.91)	(34.34)
	- Proceeds from sale	723.66	182.10
	- Proceeds from sale	723.66	182.10
	Investments in equity shares of subsidiary company Investments in equity shares of subsidiary company - Proceeds from sale (See note 9) - Proceeds from sale (See note 9)	554.81	-
	Net cash flow from / (used in) investing activities (B) Net cash flow from / (used in) investing activities ( B)	554.81 (111.39) (111.39)	147.58 147.58
c.	C. Cash flow from financing activities Cash flow from financing activities
	Proceeds from ESOPs exercised (including share premium)	0.97	0.01
	Proceeds from ESDPs exercised (includ ing share premium)	0.97	0.01
	Payments of lease liability	(1.11)	(0.52)
	Payments of lease liability	(1.11)	(0.52)
	Net cash flow from / (used in) financing activities (C)	(0.14)	(0.51)
	Net cash flow from / (used in) financing activities (C)	(0.14)	(0.51)
	Net (decrease)/increase in cash and cash equivalents (A+B+C)	0.10	17.52
	Net (decrease)/increase in cash and cash equivalents (A+B+C)	0.10	17.52
	Cash and cash equivalents as at the beginning of the year	0.22	0.29
	Cash and cash equivalents as at the beginning of the year	0.22	0.29
	Cash and cash equivalents as at the end of the period *	0.32	17.81
	Cash and cash equivalents as at the end of the period *	0.32	17.81
	* Comorises: Comprises:
	a. Cash on hand	0.01	0.01
	a. Cash on hand	0.01	0.01
	b. Balance with scheduled banks b. Balance with scheduled banks - in current accounts - in current accounts	0.31 0.31	17.80 17.80
		0.32 0.32	17.81 17.81

Note: Net cash flow from / (used in) operating activities include interest and dividend received Note: Net cash flow from I (used in) operating activities include interest and dividend received 144.46

c, 140 I

144.46

Max Financial Services Limited CIN: L24223PB1988PLC008031 Max Financial Services Limited CIN: L24223PB1988PLC008031

Registered Office: Bhai Mohan Singh Nagar, Rail Majra, Tehsil Balachaur, District Nawanshahr, Punjab - 144533 Registered Office: Bhai Mohan Singh Nagar, Rail Majra, Tehsil Balachaur, District Nawanshahr, Punjab - 144533

Website: www.maxfinancialservices.com Website: www.maxfinancialservices.com

Notes to the standalone unaudited financial results: Notes to the standalone unaudited financiill r0&ults1

3 These standalone unaudited financial results for the quarter and six months ended September 30, 2021 have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held today. These results have been reviewed by the statutory auditors of the Company. 3 These standalone unaudited financial results for the quarter and six months ended September 30, 2021 have been reviewed by the Audit Committee and approved by the Board of Directors of t he Company at its meeting held today. These results have been reviewed by the statutory auditors of the Company.
4 The standalone unaudited financial results of the Company have been prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 'Interim Financial Reporting' prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. 4 The standalone unaudited financial results of the Company have been prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 'Interim Financial Reporting' prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued th61r61und61r ~nd other ~cco nting principl95 ganerally accepted in India.
5 the Company is an Unregistered Core Investment Company (Unregistered C1C), and is primarily engaged in the business of growing and nurturing business investments and providing management advisory services to group companies in India. The Company views these activities as one business segment, therefore there are no separate reportable segments as per Indian Accounting Standard-108 (Ind AS-108) on Operating Segment. ^~I he lompany is an Unregii;tered lore lnve5tment Company (Unregistered UC), ilnd ii primarily eng;iged in the buoine'5 of growing and nurturing business investments and providing management advisory services to group companies in India. The Company views these activities as one business segment, therefore there are no separate reportable segments as per Indian Accounting Standard-108 (Ind AS-108) on Operating Segment.
6 During the quarter ended September 30, 2021, the following movements under Max Employee Stock Option Plan-2003: a) the Company had allotted 8,003 equity shares of Rs. 2 each to an employee arising from exercise of options; b) the Company has forfeited 41,396 unvested stock options granted to the Chief Financial Officer on account of his resignation. 6 During the qu;irter ended September 30, 2021, the following movements under Max Employee Stock Option Plan-2003: a) the Company had allotted 8,003 equity shares of Rs. 2 each to an employee arising from exercise of options; b) the Company has forfeited 41,396 unvested stock options granted to the Chief Financial Officer on account of his resignation.
7 Gain/(loss) on fair value changes on derivative financial instruments represents gain/(loss) arising out of the Option arrangements relating to equity shares of Max Life Insurance Company Limited (Max Life), executed during the year ended March 31, 2016, amongst the Company, Axis Bank Limited and Mitsui Sumitomo Insurance Company Limited (MSI) and accounted for Fair Value Through Profit or Loss account (FVTPL) in standalone financial results of the Company as per Ind AS 109. 7 Gain/(loss) on fair value changes on derivative financial instruments represents gain/(loss) arising out of the Option arrangements relating to equity shares of Max Life Insurance Company Limited (Max Life), executed during the year ended March 31, 2016, amongst the Company, Axis Bank Limited and Mitsui Sumitomo Insurance Company Limited (MS!) and accounted for Fair Value Through Profit or Loss account (FVTPL) in standalone financial results of the Company as per Ind AS 109.

On March 15, 2021, the Company had acquired 0.74% equity shares of Max Life from Axis Bank Limited at a price of Rs. 166 per share (being fair value of Max Life determined on the date of transaction). Pursuant to such purchase and termination Letter to the Option Agreement entered among Axis Bank Limited, MSI, Max Life and the Company, balance equity share options of Max Life had been cancelled. On March 15, 2021, the Company had acquired 0. 74% equity shares of Max Life from Axis Bank Limit ed at a price of Rs. 166 per share (being fair value of Max Life determined on the dat e of transaction). Pursuant to such purchase and termination Letter to the Option Agreement entered among Axis Bank Limited, MS!, Max Life and the Company, balance equity share opt ions of Max Life had been cancelled.

8 The Board of Directors of the Company in its meeting held on March 3, 2020, had approved entering into a Put/Call arrangement for acquisition of balance shares held by Mitsui Sumitomo Insurance Company Limited (MSI) in Max Life Insurance Company Limited Max Life') and matters incidental thereto at a price of Rs. 85 per share ("MSI Put/Call Option"). The shareholders of the Company approved the said MSI Put/Call Option on May 27, 2020. 8 The Board of Directors of the Company in its meeting held on March 3, 2020, had approved entering into a Put/Call arrangement for acquisition of balance shares held by Mitsui Sumitomo Insurance Company Limited (MS!) in Max Life Insurance Company Limited ('Max Life') and matt ers incidental thereto at a price of Rs. 85 per share ("MS! Put/Call Option") . The shareholders of the Company approved the said MS! Put/Call Option on May 27, 2020.
The Company had executed definitive agreement with the parties, which is subject to receipt of requisite regulatory approvals. During the quarter ended June 30, 2021, Max Life had filed an application for approval with IRDAI for acquisition of 99,136,573 equity shares (balance shares held by MSI) of Max Life by the Company held by MSI constituting 5.17% equity stake in Max Life under MSI Put/Call option. Pending receipt of requisite approvals, the said transaction cannot be considered concluded at the current date and hence, no adjustments have been made in the The Company had executed definitive agreement with the parties, which is subject to receipt of requisite regulatory approvals. During the quarter ended June 30, 2021, Max Life had filed an application for approval with !RDA! for acquisition of 99,136,573 equity shares (balance shares held by MS!) of Max Life by the Company held by MS! constituting 5.17% equity stake in Max Life under MS! Put/Call option. Pending receipt of requisite approvals, the said transaction cannot be considered concluded at the current date and hence, no adjustments have been made in the
financial results. 9 The Board of Directors of the Company in its meeting held on April 27, 2020 approved entering into definitive agreements with Axis Bank for the sale of equity share capital of Max Life, a subsidiary of the Company, to Axis Bank, subject to receipt of shareholders' approval and other requisite regulatory approvals. The shareholders of the Company approved the transaction on June 16, 2020. financial results. 9 The Board of Directors of the Company in its meeting held on April 27, 2020 approved ent ering into definitive agreements with Axis Bank for the sale of equity share capital of Max Life, a subsidiary of the Company, to Axis Bank, subject t o receipt of shareholders' approval and other requisite regulatory approvals. The shareholders of the Company approved the transact ion on June 16, 2020.

On October 30, 2020, the Company, Max Life, Axis Bank and its subsidiaries (together "Axis Entities"), i.e. Axis Capital Limited and Axis Securities Limited ("Axis Bank subsidiaries") entered into agreements for acquisition of upto 19.002% of the equity share capital of Max Life ("Agreements"). Under the Agreements, Axis Bank will acquire. upto 9.002% of the equity share capital of Max Life and Axis Bank subsidiaries will acquire upto 3% of the share capital of Max Life. In addition, Axis Entities will have a right to acquire upto 7% of the equity share capital of Max Life, in one or more tranches. On October 30, 2020, the Company, Max Life, Axis Bank and its subsidiaries (together "Axis Entities"), i.e. Axis Capital Limited and Axis Securities Limited ("Axis Bank subsidiaries") entered into agreements for acquisition of upto 19.002% of the equit y share capit al of Max Life ('Agreements"). Under t he Agreements, Axis Bank will acquire. upto 9.002% of the equity share capital of Max Life and Axis Bank subsidiaries will acquire upto 3% of the share capital of Max Life. I n addit ion, Axis Entities will have a right to acquire upto 7% of the equity share capital of Max Life, in one or more tranches.

Pursuant to receipt of all the approvals, the Company had transferred 38,376,257 equity shares of Rs. 10 each of Max Life to Axis Capital Limited and 19,188,128 equity shares of Rs. 10 each of Max Life to Axis Securities Limited on March 26, 2021, fully paid up at a price of Rs. 31.51 per share for consideration aggregating to Rs. 181.39 crores. The weighted average carrying value of such investments was Rs. 37.22 per share•and hence, a loss on sale of investments of Rs. 32.89 Crores has been recorded during the year ended March 31, 2021. Pursuant to receipt of all the approvals, the Company had transferred 38,376,257 equity shares of Rs. 10 each of Max Life to Axis Capital Limited and 19,188,128 equity shares of Rs. 10 each of Max Life to Axis Securities Limited on March 26, 2021, fully paid up at a price of Rs. 31.51 per share for consideration aggregating to Rs. 181.39 crores. The weighted average carrying value of such investments was Rs. 37.22 per share·and hence, a loss on sale of investments of Rs. 32.89 Crores has been recorded during t he year ended March 31, 2021.

On April 6, 2021, the Company had transferred 172,731,531 equity shares of Rs. 10 each of Max Life to Axis Bank, fully paid up at a price of Rs. 32.12 per share for consideration aggregating to Rs. 554.81 crores. Consequently, the Company had accounted for an impairment loss of Rs. 88.16 crores in the value of such investments during the year ended March 31, 2021, being the difference between weighted average carrying value of such investments i.e. Rs. 37.22 per share and the transaction price. The transaction price of Rs. 31.51 and Rs. 32.12 per share, for the aforesaid transfer of shares effected on March 26,2021 and April 6, 2021 were respectively computed based on the valuation of Max Life conducted as per Rule 11 UA read with' Rule 11 UAA of the Income-tax Rules, 1962 (herein referred to as 'Transaction Price'). The methodology of computation of transaction price was approved by 99.90% shareholders through postal ballot and also stated in the definitive agreements entered with Axis Entities. On April 6, 2021, the Company had transferred 172,731,531 equity shares of Rs. 10 each of Max Life to Axis Bank, fully paid up at a price of Rs. 32.12 per share for consideration aggregating to Rs. 554.81 crores. Consequently, the Company had accounted for an impairment loss of Rs. 88.16 crores in the value of such investments during the year ended March 31, 2021, being the difference between weighted average carrying value of such investments i.e. Rs. 37.22 per share and the transaction price. The transaction price of Rs. 31.51 and Rs. 32.12 per share, for the aforesaid transfer of shares effected on March 26,2021 and April 6, 2021 were respectively computed based on the valuation of Max Life conducted as per Rule 11 UA read with' Rule 11 UAA of t he Income-tax Rules, 1962 (herein referred t o as 'Transaction Price'). The methodology of computation of transaction price was approved by 99.90% shareholders through postal ballot and also stated in the definitive agreements entered with Axis Entities.

Max Financial Services Limited CIN: L24223PB1988PLC008031 Registered Office: Bhai Mohan Singh Nagar, Rail Majra, Tehsil Balachaur, District Nawanshahr, Punjab - 144533 Website! www-maxfinancialservices corn Max Financial Services Limited CIN: L24223PB1988PLC008031 Registered Office: Bhai Mohan Singh Nagar, Rail Majra, Tehsil Balachaur, District Nawanshahr, Punjab - 144533 Website: www.ma'KfinanC"ialserviC"es <"Om

Notes to the standalone unaudited financial results: Notes to the standalone unaudited financial results:

10 The Company has assessed the impact of COVID-19 on its operations as well as its standalone unaudited financial results, including carrying amounts of trade receivables, investments and property, plant and equipment, as at September 30, 2021. In assessing the Carrying value of these assets, the Company has used internal and external sources of information up to the date of approval of these standalone unaudited financial results, and based on current estimates, expects the net carrying amount of these assets to be recovered. The Company will continue to closely monitor any material changes to the business and financial results due to COVID-19. 10 The Company has assessed the impact of COVID- 19 on its operat ions as well as its standalone unaudited financial results, including carrying amounts of tradE> rE>cE>ivablE>s, invE>stmE>nts and property, plant and E>quipment, as at September .10, 2021. I n a~sE>ssing thE> .arrying value of these assets, the Company has used internal and eMternal sources of information up to the date of approval of t hese standalone unaudited financial results, and based on current estimates, expects the net carrying amount of these assets to be recovered. The Company will continue to closely monitor any material changes to the business and financial results due to COVID-19.
11 Employee benefits expenses for the quarter ended June 30, 2021 includes one time special incentive of Rs. 7.75 crores paid to senior leadership team of the Company for their valued contribution in consummation of Max Financial - Axis transaction. 11 Employee benefits expenses for the qunrter ended June 30, 2021 Includes one - time special Incentive of Rs. 7.75 crores paid to senior leadership team of the Company for their valued contribution in consummation of Max Financial - Axis transaction.
12 The Code on Social Security, 2020 ("Code") relating to employee benefits during employment and post-ernployment benefits received Presidential assent in September, 2020. The Code has been published in Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective. 12 The Code on Social Security, 2020 ("Code") relating to employee benefits during employment and post·e·mployment benefits received Presidential assent in September, 2020. The Code has been published in Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company will assess t he Impact of the Code when It comes Into effect and will record any related Impact In the period the Code becomes effective.
13 The figures for the previous period/year have been regrouped / reclassified wherever necessary, to make them comparable. 13 The figures for the previous period/year have been regrouped/ reclassified wherever necessary, to make them comparable.

By Order of the Board

Mohit Talwar Managing DirectOr DIN : 02394694 Mohit Talwar Managing Director DIN : 02394694

Date : November 9, 2021 Place : Gurugram Date : November 9, 2021 Place : Gu rug ram

AI assistant

Max Financial Services Limited Interim / Quarterly Report 2021

60505_rns_2021-11-09_24290024-be8b-4f10-94e1-94b6f49e758b.pdf

Sub.: Board meeting for unaudited financial results for the quarter/half year ended September 30, 2021

eloitte as i s- ells LL Deloitte Haskins & Sells LLP

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED UNAUDITED FINANCIAL RESULTS INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED UNAUDITED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF MAX FINANCIAL SERVICES LIMITED TO THE BOARD OF DIRECTORS OF MAX FINANCIAL SERVICES LIMITED

Deloitte Haskins & Sells LLP Deloitte Haskins &: Sells LLP

Max Financial Services Limited CIN: L242231, 81988PLC00803/ Milx Finiln clill Services Limited

Notes to the consolidated unaudited financial results Notes to the consolidated unaudited financial results

Registered Office: Bhal Mohan Singh Nagar, Rallmajra, Tehsil Balachaur, District Nawanshahr, Punjab - 144533 Registered Office: Bhal Mohan 51nQh Hagu, ftallmajra, Tehtll lalachaur, District Na wa nsha hr, Pu njab· 144533

Notes to the consolidated unaudited financial results Notes to the consolidated unaudited financial results

eloitte as i s ells Deloitte Haskins & Sells LLP

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE UNAUDITED F/NANCIAL RESULTS INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE UNAUDITED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF MAX FINANCIAL SERVICES LIMITED TO THE BOARD OF DIRECTORS OF MAX FINANCIAL SERVICES LIMITED

1 STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2021 1 STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2021

Max Financial Services Limited Max Financial Services Limited

2 STANDALONE CASH FLOW STATEMENT FOR THE SIX MONTHS YEAR ENDED SETEMBER 30, 2021 2 STANDALONE CASH FLOW STATEMENT FOR THE SIX MONTHS YEAR ENDED SETEMBER 30, 2021

Max Financial Services Limited CIN: L24223PB1988PLC008031 Max Financial Services Limited CIN: L24223PB1988PLC008031

Notes to the standalone unaudited financial results: Notes to the standalone unaudited financiill r0&ults1

AI assistant

Max Financial Services Limited — Interim / Quarterly Report 2021

60505_rns_2021-11-09_24290024-be8b-4f10-94e1-94b6f49e758b.pdf

Sub.: Board meeting for unaudited financial results for the quarter/half year ended September 30, 2021

eloitte as i s- ells LL Deloitte Haskins & Sells LLP

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED UNAUDITED FINANCIAL RESULTS INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED UNAUDITED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF MAX FINANCIAL SERVICES LIMITED TO THE BOARD OF DIRECTORS OF MAX FINANCIAL SERVICES LIMITED

Deloitte Haskins & Sells LLP Deloitte Haskins &: Sells LLP

Max Financial Services Limited CIN: L242231, 81988PLC00803/ Milx Finiln clill Services Limited

Notes to the consolidated unaudited financial results Notes to the consolidated unaudited financial results

Registered Office: Bhal Mohan Singh Nagar, Rallmajra, Tehsil Balachaur, District Nawanshahr, Punjab - 144533 Registered Office: Bhal Mohan 51nQh Hagu, ftallmajra, Tehtll lalachaur, District Na wa nsha hr, Pu njab· 144533

Notes to the consolidated unaudited financial results Notes to the consolidated unaudited financial results

eloitte as i s ells Deloitte Haskins & Sells LLP

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE UNAUDITED F/NANCIAL RESULTS INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE UNAUDITED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF MAX FINANCIAL SERVICES LIMITED TO THE BOARD OF DIRECTORS OF MAX FINANCIAL SERVICES LIMITED

1 STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2021 1 STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2021

Max Financial Services Limited Max Financial Services Limited

2 STANDALONE CASH FLOW STATEMENT FOR THE SIX MONTHS YEAR ENDED SETEMBER 30, 2021 2 STANDALONE CASH FLOW STATEMENT FOR THE SIX MONTHS YEAR ENDED SETEMBER 30, 2021

Max Financial Services Limited CIN: L24223PB1988PLC008031 Max Financial Services Limited CIN: L24223PB1988PLC008031

Notes to the standalone unaudited financial results: Notes to the standalone unaudited financiill r0&ults1

More from Max Financial Services Limited

Max Financial Services Limited Interim / Quarterly Report 2021