Max India Ltd · NSE:MAXIND
Max India — Q2 FY2025 Earnings Presentation
51 slides from Max India's earnings presentation, Nov 28, 2024
Slide 1: Exchange filing cover letter
November 28, 2024 Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex, Dalal Street Bandra (East) Mumbai – 400 001 Mumbai – 400051 Scrip Code: 543223 Name of Scrip: MAXIND Sub: Investor Presentation
Slide 2: Investor Presentation November 2024
Investor Presentation November 2024
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 & 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 str
Slide 5: Max Group Overview
MAX GROUP OVERVIEW OMAX Ite
Slide 6: Max group history of spotting early trends and creating brands
Max group, a leading conglomerate has a history of spotting early trends, creating iconic brands and successful businesses MAX 1.0 MAX 2.0 MAX 3.0 (1982-2000) (2000-2020) (2020 onwards) Electronic Pharma Components Mobile Communication Telephony services Plating Medical Chemicals Transcription In ad
Slide 7: Max group's current areas of business
Max group’s current areas of business - life insurance, senior care and real estate 01 02 03 04 Revenues: USD 6 billion Diversified business model; Well established board Steady revenue growth & Strong history of Customers: ~4 million governance; cost rationalization leads to entrepreneurship and Em
Slide 8: Max group structure overview
Max group structure overview Holding Companies Operating Companies Life Insurance 3.34% 80.98%1 Senior Care 50.94% 100% 100% Real Estate Commercial 45.26% 51-100% /Residential 100% 100% SPVs Max Sponsors stake (%) in holding Holding Companies stake (%) in Operating companies companies 1 Max Life to
Slide 9: Integrated senior care is an untapped megatrend in India
INTEGRATED SENIOR CARE IS AN UNTAPPED MEGATREND IN INDIA, WITH PROMISING ECONOMIC PROSPECTS
Slide 10: Emerging senior care space in India, a $7 bn market
Our latest bet is on the emerging senior care space in India which is already a $ 7 bn market^ and growing exponentially Baby boomers becoming More nuclear families More children becoming NRIs Growth seniors Levers More affluence in this segment Less stigma about living alone Deeper pain point Faste
Slide 11: Competition trends in Indian senior care space
Competition Trends : Indian Senior care space is evolving rapidly, new players entering with innovative models Tech Based Healthcare Digital Community Other Services Raised funding Funding of $3.5 Mn of $1 Mn led by Matrix partners Backed by Ratan TATA Residences Assisted Care Merger of Kites and Me
Slide 12: Regulatory and industry trends
Regulatory and industry trends : Structure, framework and policies evolving; Antara playing key role in advising policymakers Gerontology Leveraging Expanding Building Other Education & Technology for Healthcare Age-Friendly developments Workforce Senior Care Access and Communities Development Affor
Slide 13: Financial strength and competencies leveraged for senior care
Financial strength and unique competencies being leveraged to make a foray into the senior care space Comprehensive senior care ecosystem building a 03 04 A replicable playbook to drive robust growth flywheel for customer retention and optimized Integrated Solid Growth acquisition costs with a clear
Slide 14: Antara's integrated senior care ecosystem
Antara’s focus is on creating an integrated senior care ecosystem 13
Slide 15: Assets Business - Residences
ASSETS BUSINESS - RESIDENCES
Slide 16: Senior living market in India
Assets (Residences)– Current senior living market in India is USD 2-3 billion expected to witness a CAGR of more than 30% and reach USD 12 billion by 2030 India Senior Living market landscape Senior Living Housing Growth Levers 2024 2030F 2030F vs 2024 Evolving needs of seniors, Significant demand s
Slide 17: Antara Dehradun – all units sold
Antara Dehradun – All units sold in Mar’24, continues to be cash and PBT positive, Cash surplus Rs 115 Cr as of Sep’24 14 Acres 5,75,500 1,400-6,600 Land Parcel of the Saleable area Average Apartment company's flagship in sq ft Size range in Sq Ft project 60,000 Rs 115 Cr 88% Clubhouse size Cash Sur
Slide 18: Antara Noida Phase 1 – all units sold
Antara Noida Phase 1: All units sold in Mar’23, collection efficiency ~ 98% 340 ~7,45,000 2,000 Saleable area Average Apartment Available Units in sq ft Size in Sq Ft Collection 40:60 ~Rs 10,4001 efficiency Channel Mix (%) Sales Realisation ~ 98% Cumulative sales and collection trend Direct: Partner
Slide 19: Antara Noida cost headwinds and Phase 2 update
Antara Noida (Under Construction): Cost headwinds being mitigated through sales velocity, price increase and timely delivery; headwinds for Phase 2 approval continues leading to delay in launch resulting in IRR dip of 1% Project Cost for Phase - 1&2 (including Land) Antara Fee (S&M, PM) Noida Phase
Slide 20: Antara Noida Phase I finishing work
Antara Noida Phase I – Finishing work moving as per plan with all construction linked payment milestones delivered Structural work MEP work Finishing work 19
Slide 21: Gurugram intergenerational community launched
Gurugram - Intergenerational Community launched by Max Estates Gurgaon Limited (MEGL) in Aug’24; Senior living towers to be managed by Antara; 75% booking secured within 60 days of launch Customer Retention & Healthy Mix of 74:26 CP Collaboration from Partners: Direct Activities; 50+ LPs sales onboa
Slide 22: Gurugram senior living units sold
Gurugram - 214 units of Senior Living sold till Sep’24, with sales collection ~ Rs 107 Cr 292 ~7,63,500 ~ 2,600 Saleable area Average Apartment Available Units in sq ft Size in Sq Ft Collection 26:74 ~Rs 21,0001 efficiency Channel Mix (%) Sales Realisation ~ 95% Direct: Partners Per Sq.ft Project 21
Slide 23: Services (Care Homes / Care at Home) Business Update
SERVICES (CARE HOMES/ CARE AT HOME) BUSINESS UPDATE
Slide 24: Care Homes market in India
Services (Care Homes) – Still evolving in India, it is a large and profitable market globally Potential users Market Size Use cases Description # in ‘000 USD million ▪ 60+ years with dementia (stage 2+) Long stay >20 L income segment 120 600 1 ▪ Memory care ▪ Social stigma not relevant Long stay ▪ 7
Slide 25: Care homes and memory care homes
Care homes/memory care homes: an integrated and seamless ecosystem that provides care, comfort and companionship to seniors ❖ Offer assisted living and transition care support to seniors with ambulatory, neurological, ageing related conditions, seniors with pre/post hospital episode and those who ne
Slide 26: 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 • ~35% of all our leads are Curiosity qualified • Increasing interest in this category from small hotels as 02 Competition well as existi
Slide 27: Care Home net revenue Q2FY25
Care Home (CH): Net revenue at Rs 1.7 Cr in Q2FY25, Up 29%* y-o-y; Contribution margin at 2%^ in Q2FY25 from -15%^ in Q2FY24 Occupancy trend at Care Homes (bed days) Care Homes Revenue (Rs Lacs) 15%* 29%* YoY YoY 3000 240 210 2561 2633 2250 2492 180 2284 2320 167.9 146 153.9 140.9 150 130.4 1500 120
Slide 28: Gurugram care home unit economics
Gurugram CH unit economics established; Net revenue at Rs 1.2 Cr in Q2FY25, Up 37% y-o-y; Contribution margins maintained at 18% in Q2FY25 Net Revenue (Rs Lacs) Key learnings so far 140 131.3 • Achieved ARPOB of Rs 6,170 in 117.5 Q2FY25, up 15% y-o-y 120 110.7 97.9 98.3 • 17 patients staying in the
Slide 29: Care homes bed capacity increase
Care Homes : Bed capacity increased to 300+ beds (234 beds added out of which 161 beds operational); On plan for ~600 beds by Q4 FY25 Geography Existing Capacity (Oct’24) Planned Capacity in H2FY25 ▪ DLF Gurgaon - 32 beds ▪ Memory Care Homes – 36 beds Delhi-NCR ▪ Noida - 53 beds ▪ Sector 24, Gurugra
Slide 30: Care at Home market
Services (Care at Home) – While evolving in India, it is a large and profitable market globally • Home healthcare market size in India estimated to be USD 9 billion in 2023 and projected to reach USD 21.3 billion by 2027, expected to grow at 25% CAGR over next 4 years • Key Drivers: An ageing popula
Slide 31: Care at home service delivery
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 32: Care at Home highest ever net revenue
Care at Home – Highest ever net revenue ~ Rs 4.3 Cr in Q2FY25, growth of 109% y-o-y; NCR Contribution margin at 22% in Q2FY25 Patient served (Nos) Care at Homes Revenue^ (Rs Lacs) 66% 3000 YoY 109% YoY 2826 2811 2859 480 2400 400 432.6 2276 375.6 1800 320 1714 302.9 240 1200 249.8 160 207.4 600 80 0
Slide 33: Products (AGEasy) Business Update
PRODUCTS (AGEASY) BUSINESS UPDATE
Slide 34: AGEasy addressable spend pool in non-prescription healthcare
Products (AGEasy) – Significant addressable spend pool in non-prescription healthcare; Estimated market size to be INR 40,000 Crore by FY28 1.61 Crore seniors in SecA and SecB with ~65% have at least 1 health condition 22% urban seniors are living alone or with spouse; likely to have greater control
Slide 35: Antara AGEasy
Antara AGEasy is .... 8 …expand portfolio of products and solutions to In the next 6 encompass Knee pain, Fall, Respiratory ;Test and learn months we will.. customer acquisition approach 7 The big vision … Empowering seniors to age with ease and joy through health is… and wellness solutions 6 a) Dif
Slide 36: AGEasy highest ever revenue
AGEasy^: Highest ever revenue Rs 6.6 Cr in Q2FY25, 255% y-o-y; Month-on month increase in revenues for Q2FY25; Achieved annual revenue run rate of Rs 25-30 Cr Key highlights • Launched 180+ SKUs so far across 3 conditions: AGEasy^ Revenue (Rs Lacs) Joint Pain Lung Health Fall Prevention/Detection 25
Slide 37: Customer reviews and ratings for AGEasy
Customers review and rating for AGEasy products Top 3 products based on Top 3 products based on reviews and ratings on Amazon reviews and ratings on D2C • Bunion Corrector (Rating 4.88) 82,711Total • AGEasy Joint Care Vitamin D3 + K2 (Rating 4.86) • Ossur back brace 13542 D2C Lives touched 69169 Ama
Slide 38: What customers are saying about AGEasy
What are Customers saying about AGEasy NPS Customer success stories Apr’24 - 22nd Oct’24 “One of our customer suffering from severe osteoarthritis and unable to undergo surgery, sought guidance from our CC team. April May June July Aug Sept Oct They connected her with Dr. Arti, our expert, who recom
Slide 39: Strong endorsement for Antara brand from stakeholders
STRONG ENDORSEMENT FOR ANTARA BRAND FROM STAKEHOLDERS
Slide 40: Endorsement from customers, employees and partners
Strong endorsement for our brand and offerings by customers, employees and partners Strong endorsement for our brand Antara has been certified as Great Place to Work and offerings by customers and received Business World HR Excellence Award • Residences (Doon): SAT index at 88% (Q1FY25 85%) • Care H
Slide 41: Antara aspires to create integrated ecosystem for seniors
ANTARA ASPIRES TO CREATE INTEGRATED ECOSYTEM FOR SENIORS
Slide 42: Antara aspires to take offerings pan-India
Antara aspires to take its offerings pan-India in the next 4-5 years Antara plans to invest around Rs. 600-700 crore in the next 4-5 years across all business verticals. Treasury Corpus & monetizable assets (~ Rs 370 Cr) shall be used to fund the same and fund raise (~ Rs 250 Cr) over next 12-18 mon
Slide 43: Consolidated Financial Performance Update
CONSOLIDATED FINANCIAL PEFRFORMANCE UPDATE
Slide 44: Consolidated Financial Performance Q2FY25
Consolidated Financial Performance (Q2FY25): Revenue at Rs 48 Cr grew 48% sequentially q-o-q over Q1FY25; EBITDA loss reduced to Rs 16 Cr in Q2FY25 vs Rs 22 Cr in Q1FY25 Particulars (Rs Cr) Q2FY25 Q1FY25 QoQ(%) Q2FY24 YoY(%) H1FY25 H1FY24 YoY(%) Total Income 47.5 32.1 48% 55.1 -14% 79.6 100.6 -21% T
Slide 45: Revenue and EBITDA improved across business verticals
Financial Performance: Revenue and EBITDA improved across all business verticals in Q2FY25 compared to Q1FY25; Focus now on scale-up in H2FY25 ▪ Consolidated revenue of Rs 48 Cr for Q2FY25 vs Rs 32 Cr in Q1FY25, 48% better than last quarter, due to higher DM fees Consolidated revenues from Gurugram
Slide 46: Balance Sheet: Consolidated Net worth
Balance Sheet: Consolidated Net worth of Rs 445 Crores as of Sep’24 Particulars (Rs in Crs.) 30-Sep-24 31-Mar-24 Particulars (Rs in Crs.) 30-Sep-24 31-Mar-24 Equity 444.8 492.3 Non-Current Assets 359.5 341.1 Non-Current Liabilities 67.3 53.2 Current Assets 298.6 343.2 Current liabilities 146.0 138.8
Slide 47: Well funded to pursue growth opportunities
Well funded to pursue growth opportunities over next 12 months with Rs 370+ crores of Treasury and other monetisable assets; fund raising discussions initiated for future growth Senior living – Residences for Seniors Assisted Care Services – Other Assets^ (Rs 195 Cr) Invested Capital (Rs 441 Cr) Inv
Slide 48: Annexures
ANNEXURES OMAX2 LIMITED 2
Slide 49: Board of directors and 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. Mr. Niten Mr. Pradeep Mr. Rohit Dr. Ajit Sh
Slide 50: Antara Senior Care leadership team
Antara Senior Care leadership team Mrs. Tara Singh Vachani Vice Chairperson Mr. Rajit Mehta Antara Senior Living team Managing Director & Chief Executive Officer Mr. Ajay Mr. Kenneth Mr. Prem Mr. Rohit Mr. Sanjay Ms. Simardeep Mr. Sandeep Mr. Shantanu Ms. Trapti Mr. Vipin Agrawal Sannoo Rathore Khat
Slide 51: 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