Max India Ltd · NSE:MAXIND
Max India — Investor Presentation (September 2023)
64 slides from Max India's investor presentation, Sep 13, 2023
Slide 1: Exchange filing cover letter
September 13, 2023 To, Listing Department, Department of Corporate Services, National Stock Exchange of India Limited, BSE Limited, Exchange Plaza, Plot no. C/1, G Block, Phiroze Jeejeebhoy Towers, Dalal Street, Bandra-Kurla Kurla Complex Bandra (E), Mumbai – 400001 Mumbai – 400051 NSE Scrip Symbol:
Slide 2: Investor Presentation September 13, 2023
Investor Presentation September 13, 2023
Slide 3: Safe harbour
Safe harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Max India Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities
Slide 4: Executive summary
Executive summary • Max group, a leading conglomerate has a history of spotting early trends, creating iconic brands and successful businesses: ― Max Life (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors ― Partnered with best-in-class s
Slide 5: Executive summary
Executive summary • Max group, a leading conglomerate has a history of spotting early trends, creating iconic brands and successful businesses: ― Max Life (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors ― Partnered with best-in-class s
Slide 6: Max group, a leading conglomerate with history of spotting early trends
Max group, a leading conglomerate has a history of spotting early trends, creating iconic brands and successful businesses Max Life Insurance Max Healthcare • Entered Life insurance space in early 2000, in collaboration with • In 2001, Max Group ventured into Healthcare sector and opened its one of
Slide 7: Max group's current areas of business - life insurance, senior care and real estate
Max group’s current areas of business - life insurance, senior care and real estate 01 02 03 04 Revenues: USD 4 billion Diversified business model; Steady revenue growth & Strong history of Customers: ~5 million Well established board cost rationalization leads to entrepreneurship and Employees: ~20
Slide 8: Max group structure overview
Max group structure overview Holding Companies Operating Companies Life Insurance 6.5% 87.0%1 Senior Care 51.1% 100% 100% Real Estate 100% 100% 100% 49.5% Max Sponsors stake (%) in holding Holding Companies stake (%) in Operating companies companies 1 Max Life to be 80:20 JV with Axis Bank post acqu
Slide 9: Executive summary
Executive summary • Max group, a leading conglomerate has a history of spotting early trends, creating iconic brands and successful businesses: ― Max Life (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors ― Partnered with best-in-class s
Slide 10: Our latest bet is on the emerging senior care space in India
Our latest bet is on the emerging senior care space in India which is already a $ 10-12bn market and growing exponentially Fastest growing Increasingly Healthcare is largest age segment in living alone share of their India wallets, with multiple 17% of elderly are living unmet needs alone 130 mn sen
Slide 11: Antara has identified four focus areas comprising ~60% of the opportunity
Of all the value pools, Antara has identified four focus areas comprising ~60 % of the opportunity High Senior care Products and Senior care value pools medical devices (except core healthcare), USD billion 0.5 1.6 Annual revenue Potential Independent Living (USD bn) Safety services Competitive inte
Slide 12: Executive Summary
Executive Summary • Max group, a leading conglomerate has a history of spotting early trends, creating iconic brands and successful businesses: ― Max Life (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors ― Partnered with best-in-class s
Slide 13: Financial strength and unique competencies being leveraged for senior care
Financial strength and unique competencies being leveraged to make a foray into the senior care space 03 04 Two entities - Residences for seniors Only player providing an for independent living and Assisted integrated Senior care ecosystem Care services for healthcare Uniquely placed with our 02 05
Slide 14: Integrated senior care ecosystem through the verticals
Antara’s focus is on creating an integrated senior care ecosystem through the verticals #SeniorCarestartswithAntara 13
Slide 15: Residences for seniors – demand-supply mismatch
1. Residences for seniors – fast emerging category with sizeable demand- supply mismatch Senior Living Housing Unit Demand Senior Living Housing Growth Levers Upto 5K 5K-10K Evolving needs of seniors, Significant demand supply strong preference for 10K-15K 15K-20K mismatch for senior’s residences in
Slide 16: Care Homes – large and profitable market globally
2. Care Homes – While nascent in India, it is a large and profitable market globally Potential users Market Size Use cases Description # in ‘000 USD million Emerging competition ▪ 60+ years with dementia (stage 2+) Long stay ▪ >15 L income segment 120 600 1 Memory care ▪ Social stigma not relevant ▪
Slide 17: Care at Home – among fastest growing segments in healthcare
3. Care at Home - Home healthcare amongst the fastest growing segment within healthcare Care is shifting home … …and big bets are being made by players • Increasing cost of in-hospital treatment • 70% healthcare needs can be met at home with ~30% better recovery rate • Need for continuity of care po
Slide 18: Medical equipment (MedCare) – opportunity in patient aids
4. Medical equipment (MedCare) - Huge underlying opportunity in patient aids segment Medical devices segment market size Medical devices segment market size Instruments & • Category includes Mobility products, Physio products, appliances Respiratory products, Orthotics etc. • Expected growth CAGR of
Slide 19: Phygital platform (AGEasy) – addressable spend pool
5. Phygital platform (AGEasy) – Significant addressable spend pool in non- prescription healthcare; Estimated market size to be INR 40,000 Crore by FY28 1501 Crore ~65% have at least 1 health condition Estimated population of India in 2028 22.51 Crore 22% urban seniors are living alone or with spous
Slide 20: Antara aspires to take its offerings pan-India in the next 3-5 years
Antara aspires to take its offerings pan-India in the next 3-5 years Antara plans to invest around Rs. 550-700 crore in the next 4-5 years across all business verticals. Treasury Corpus & monetizable assets (~ Rs 500 Cr) shall be used to fund the same and fund raise shall be planned at appropriate t
Slide 21: Executive Summary
Executive Summary • Max group, a leading conglomerate has a history of spotting early trends, creating iconic brands and successful businesses: ― Max Life (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors ― Partnered with best-in-class s
Slide 22: Residences for Seniors
Residences for Seniors
Slide 23: Early trend identified in 2010, aspiration to create 8-10 communities
Early trend identified in 2010, aspiration to create 8-10 communities across India 2010 2011-12 2013-16 2017-18 2019-20 2021-present • Extensive market • Antara Senior • Antara brand • Best in class • 63% of • 98% of research, Living launched Dehradun apartments sold apartments have benchmarking inc
Slide 24: Antara Dehradun – 98% of units sold
Antara Dehradun – 98% of units sold as of Jun’23 end, continues to be cash and PBT positive, Cash surplus ~Rs 100+ Cr as of Jun’23 14 Acres 5,75,500 1,400-6,600 Land Parcel of the Average Apartment company's flagship Saleable area Size range in Sq Ft project in sq ft 60,000 0.3 pm1 ~Rs 15,1001 Clubh
Slide 25: Learnings from Dehradun leveraged to pivot business model
Learnings from Dehradun being leveraged to pivot business model to overcome friction to purchase Old Approach New Approach A capex light model with a Focus on core Business competencies, Design, Sell, Operate, Strategic Buy, Build, Sell, Operate Model partnerships for land and construction Average A
Slide 26: Antara Noida Phase 1: 100% of units sold
Antara Noida Phase 1: 100% of units sold as of Jun’23 end, collection efficiency ~ 97% 340 ~7,45,000 2,000 Saleable area Average Apartment Available Units in sq ft Size in Sq Ft Collection 40:601 Rs 10,4001 efficiency Cumulative sales and collection trend Channel Mix (%) Sales Realisation ~ 97% Dire
Slide 27: Antara Noida: targeting planned IRRs
Antara Noida (Under Construction): targeting to achieve planned IRRs; cost headwinds being mitigated through timely delivery and cost optimization Project Cost for Phase - Payment plan 1&2 (including Land) Antara Fee (S&M, PM) (break-up basis units sold) Rs.983 ~10% 10:90 Payment Plan Construction L
Slide 28: Noida Phase I – Construction on track
Noida Phase I – Construction on track, Top floor slab completed for all residences 30th Floor 28th 28th Floor Floor 28th Floor Residence 1 Residence 2 Residence 3 27
Slide 29: Future projects to focus on core strengths
For future projects, Antara shall focus only on our core strengths of Design, Sales & Marketing and Operations Land 25-40% Design and architecture 5-8% Construction 35-50% Sales & Mktg 5-7% Operations NA Activities acquisition with benchmark costs (as a % Project management 10-12% IRR 20-25% of proj
Slide 30: Growth Initiatives: Bengaluru, Gurugram, Noida Phase II
Growth Initiatives : Due-Diligence completed for Bengaluru; Documentation in progress for Gurugram; In dialogue for Noida Phase II and discussions underway for other geographies Areas Update Next steps • The application for launch of Phase II was returned seeking • Re-application for RERA within sti
Slide 31: Care Homes/ Memory Care Homes
Care Homes/ Memory Care Homes
Slide 32: Care homes/memory care homes: integrated ecosystem
Care homes/memory care homes: an integrated and seamless ecosystem that provides care, comfort and companionship to seniors ❖ Offer support to seniors with ambulatory, neurological, ageing related conditions and those who need assistance in daily activities ❖ Several care options to choose from incl
Slide 33: Care homes/memory care homes – encouraging trends and outlook
Care homes/memory care homes – encouraging trends and outlook • Consistent increase in leads Market • ~50% enquirers for Interest understanding the product 01 and • ~20-25% of all our leads are Curiosity qualified • Increasing interest in this category from small hotels as 02 Competition well as exi
Slide 34: Care Home: Net revenue at Rs 1.3 Cr in Q1FY24
Care Home (CH): Net revenue at Rs 1.3 Cr in Q1FY24 Occupancy trend at Care Homes (bed days) Care Homes Revenue (Rs Lacs) 9% 2% YoY YoY 240 4000 3686 210 200.0 3137 169.0 3200 180 158.0 2665 2414 150 132.2 2400 2190 129.4 120 1600 90 60 800 30 0 0 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q1FY23 Q2FY23 Q3FY
Slide 35: Gurugram Care Home proof of success established
Gurugram CH^ Proof of success established, Lower occupancy and channel mix temporarily impacted revenue and margins for Q1FY24 Net Revenue (Rs Lacs) Key learnings so far 120 • Per day pricing in the range of 97.9 INR 4000-5000 per day 100 94.5 89.8 82.6 82 • 23 patients staying in the 80 76.4 center
Slide 36: Care at Home
Care at Home 35
Slide 37: Care at home: Delivery of healthcare services at home
Care at home: Delivery of Healthcare services in the comfort of a home like environment Every aspect of our service reflects the guiding principles behind our endeavours to nurture Convenience, Clinical Quality & Trust Clinical Quality Convenience Trust ▪ Care plan curated by ▪ Superior health care
Slide 38: Care at home: service offerings second to none
Care at home: service offerings second to none PHYSIOTHERAPY AND HOME CRITICAL CARE HOME DIAGNOSTICS REHABILITATION FOR CONTINUITY OF CARE NURSING CARE PATIENT CAREGIVER OTHER SERVICES AT HOME 37
Slide 39: Launched India's first health check-up on wheels
Launched India’s first of its kind health check-up on wheels No hassle of Bone Mineral Senior-friendly Blood Test travelling Density (BMD) Trained and Zero risk of hospital certified staff 1st time in India acquired infection Image Here Image Here Clinical competence Treadmill X-ray & Doctor Consult
Slide 40: Care at Home – Net revenue at Rs 1.7 Cr, up 43%
Care at Home – Net revenue at Rs 1.7 Cr, growth of 43% y-o-y, Contribution margin improved to 17% in Q1FY24 (7% in Q1FY23) Patient served (Nos) Care at Homes Revenue^ (Rs Lacs) 2500 300 15% 43% 2000 YoY 250 YoY 200 1500 150 163.7 172.3 170.3 1000 153.8 1497 100 119.2 1303 1429 1401 500 1159 50 0 0 Q
Slide 41: MedCare
MedCare 40
Slide 42: MedCare: synergistic to existing business lines
MedCare : synergistic to existing business lines 1 Augments the seniors’ ecosystem – Residences, Care Homes, Care at Home and Medcare products 2 Opportunity to create a truly retail Antara brand –allowing for future brand extensions 3 Synergistic to existing business lines – Care Homes & Care at Hom
Slide 43: MedCare: Net revenue at Rs 1.2 Cr, grew 71%
MedCare: Net revenue at Rs 1.2 Cr, grew 71% y-o-y MedCare Revenue (Rs Lacs) 71% Contribution margin at 1% in Q1FY24 (0% in Q1FY23) YoY Outlook 80 133.3 ❖ Deepen/ build new distribution channels to augment reach 119.2 40 77.5 ❖ Expand product portfolio 69.8 64.9 ❖ Enhance capabilities for launching w
Slide 44: AGEasy – Platform initiative in Phygital format
AGEasy – Platform initiative in Phygital format to empower seniors to age with ease and Joy through health and wellness solutions Source: ... 43 ^ Revenue reported above is on net basis after discounts
Slide 45: What is AGEasy (1/2)
What is AGEasy (1/2) 1 AGEasy is.. Antara’s unique suite of product and service solutions to manage chronic health conditions of seniors 2 1.5 Crore seniors (age 55 yrs+) in Urban India (Sec A, B) ; who are already Our customer is.. spending ~INR 40K Cr per year on non-prescriptive healthcare 3 The
Slide 46: What is AGEasy (2/2)
What is AGEasy (2/2) 5 How this works We will reach Seniors at multiple “moments of truth”. Seniors will be guided through is… an expert assisted journey to find personalized solutions for their conditions 6 a) Expert assisted journey using a personalized recommendation engine b) What makes us Diffe
Slide 47: Rapid progress in building AGEasy
Rapid progress in building AGEasy - All building blocks in place 1 Brand Partnerships • New brand name, nomenclature designed after customer research • Advisory panel of 3-4 Orthopedic completed surgeons setup for credibility and • Defined vision for new brand validation of solution • Discussions on
Slide 48: AGEasy launched with 17 products across 4 categories
AGEasy launched with 17 products across 4 categories along with physiotherapy services for knee pain and fall detection Knee pain / knee health solution Fall Detection Braces and supports Nutraceuticals Pain Relief Physiotherapy Fall Detection 1 Comfort Knit Knee Cap 9 Vitamin 13 Pain Relief Gel To
Slide 49: AGEasy - Knee pain solutions for levels of Osteoarthritis
AGEasy - Chronic Issue I - Knee pain solutions catering to different levels of Osteoarthritis Osteoarthritis level (OA) Activity level Early Mild Moderate Severe Comfort Knit Knee Reaction Web Hinged Knee Cap OA Adjuster 3 Cap Brace Activity level Activity level Activity level Activity level Knee su
Slide 50: AGEasy – Fall Solutions
AGEasy – Chronic Issue II - Fall Solutions Available at Go-Live Available within 3-6 months of Go-Live Intervention What is included Readiness Fall prevention Smartwatch in partnership with ▪ Predicting possible fall Owlytics (includes predictive technology) ▪ Auditing and modification of Fall-proof
Slide 51: AGEasy – Fall Detection by smart watch
AGEasy – Fall Detection – Empowering Fall detection by smart watch The AGEasy Empower watch empowers you to overcome your fears and help you be connected to your loved ones whenever and wherever you want with its advanced fitness tracking, fall detection and connectivity features • Optimized solutio
Slide 52: AGEasy – Fossil-Skagen Fall prevention & Detection Smartwatch
AGEasy – Fall Detection – Advanced Watch - Fossil-Skagen Fall prevention & Detection Smartwatch Fall Risk Assessment Fall Detection • The fall detection feature uses a combination • Continuous fall risk assessment is provided, of sensors to detect a fall. If a fall is and in the event of a potential
Slide 53: AGEasy – Health Studios across Delhi, Gurugram, Bengaluru
AGEasy – Phygical Presence - 3 Health Studios across Delhi, Gurugram, and Bengaluru Locations finalized, design complete, construction in progress Delhi Gurugram Bengaluru 1/F, K-1/84, K-BLOCK, DT Mega Mall, Gurgaon Plot no.27/A, 1st main, 1st C.R. PARK, NEW DELHI- block, Jakkasandra main 110019 roa
Slide 54: Executive Summary
Executive Summary • Max group, a leading conglomerate has a history of spotting early trends, creating iconic brands and successful businesses: ― Max Life (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors ― Partnered with best-in-class s
Slide 55: Consolidated Financials
Consolidated Financials Consolidated Financials 54
Slide 56: Antara entering next phase of growth, several strategic initiatives underway
Antara entering next phase of growth, several strategic initiatives underway Care Homes / New Platform Residences Memory Care Care@Home MedCare Products Development ▪ 3 new ▪ 150-200 beds ▪ Accelerate the ▪ Increasing ▪ Launch of platform for communities capacity being launch of next awareness and s
Slide 57: Max India: Key Highlights (Q1FY24)
Max India : Key Highlights (Q1FY24) Consolidated Revenue Consolidated EBITDA^ Consolidated Balance Sheet Max India Q1FY24 Q1FY24 Treasury & Other Assets Networth Rs 46 Cr -1% Rs (7) Cr^ Rs 520 Cr+ Rs 532 Cr [Rs 46 Cr] [Rs 1 Cr] [Rs 550 Cr] [Rs 633 Cr] Doon Community Noida Community Growth update Res
Slide 58: Well capitalised with ~Rs 520 crores of Treasury and other assets
Well capitalised to pursue growth opportunities with ~ Rs 520 crores of Treasury (including surplus in subsidiaries) and other monetisable assets Senior living – Residences for Seniors Assisted Care Services – Other Assets^ (Rs 363 Cr) Invested Capital (Rs 397 Cr) Invested Capital (Rs 84 Cr) Antara
Slide 59: Consolidated Revenue at Rs 46 Cr in Q1FY24
Consolidated Revenue at Rs 46 Cr in Q1FY24 similar to Q1FY23; Consolidated EBITDA loss at Rs 7 Cr in Q1FY24 vs gain of Rs 1 Cr in Q1FY23, largely on account of investments for growth Particulars (Rs. Crs.) Q1 FY24 Q1 FY23 Y-o-Y Total Income 45.5 46.1 -1% Total Expenses 52.4 44.9 EBITDA (6.9) 1.2 Dep
Slide 60: Balance Sheet: Net worth of Rs 532 Crores
Balance Sheet: Strong BS position with Net worth of Rs 532 Crores Particulars (Rs in Crs.) 30-Jun-23 31-Mar-23 Particulars (Rs in Crs.) 30-Jun-23 31-Mar-23 Non-Current Assets 290.0 291.5 Equity 532.4 542.1 Non-Current Liabilities 44.7 49.8 Current Assets 433.6 461.9 Current liabilities 146.5 161.5 T
Slide 61: Annexure
Annexure 60
Slide 62: Highly experienced board of directors & leadership team
Max India: Highly experienced and versatile board of directors & leadership team Board of Directors Mr. Analjit Mr. Mohit Singh Mrs. Tara Talwar Chairman & Singh Vachani Mr. Rajit Mehta Non Executive Founder Vice Chairperson Managing Director Director Mrs. Mrs. Bhawna Mr. Niten Mr. Pradeep Mr. Rohit
Slide 63: Antara Senior Care team
Antara Senior Care team Mrs. Tara Singh Vachani Vice Chairperson Mr. Rajit Mehta Antara Senior Living team Managing Director & Chief Executive Officer Mr. Ajay Mr. Sandeep Mr. Kenneth Mr. Sanjay Mr. Rohit Khatua Mr. Prem Mr. Shantanu Mr. Vaibhav Mr. Pankaj Chawla Ms. Simardeep Mr. Badar Afaq Agrawal
Slide 64: Contact us
Contact us Company Investor Relations Advisors Max India Limited Strategic Growth Advisors Pvt. Ltd. CIN: L74999MH2019PLC320039 CIN: U74140MH2010PTC204285 Mr. Ajay Agrawal/ Mr. Nishant Kumar Mr. Rahul Agarwal / Mr. Aakash Mehta ajay.agrawal@antaraseniorcare.com rahul.agarwal@sgapl.net / nkumar@maxin