Max Healthcare Institute Ltd · NSE:MAXHEALTH
Max Healthcare Institute — Q1 FY24 Earnings Presentation
37 slides from Max Healthcare Institute's earnings presentation, Aug 7, 2023
Slide 1: Exchange cover letter
August 7, 2023 Listing Department, Listing Department, National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Bandra (E), Dalal Street, Mumbai – 400 051 Mumbai – 400 001 Symbol: MAXHEALTH Scrip Code: 543220 Sub.: Press
Slide 2: Press Release: Max Healthcare posts strong growth in revenue and profitability
PRESS RELEASE Max Healthcare posts strong growth in revenue and profitability Network1 Revenue grew by +17% YoY to INR 1,719 Cr, Operating EBITDA stood at INR 436 Cr, +18% YoY PAT for the quarter grew by +27% YoY to INR 291 Cr • Gross Revenue stood at INR 1,719 Cr for Q1 FY24, +17% growth YoY & +5%
Slide 3: Press Release
PRESS RELEASE Max Shalimar Bagh, which saw a capacity addition of 122 beds in recent months, reported a YoY Revenue & EBITDA growth of +37% & +43% respectively, with an average occupancy of 77%. International patient revenue grew by +31% YoY and +3% QoQ. The share of international patient revenues s
Slide 4: Press Release
PRESS RELEASE at MSSH-Shalimar Bagh Research and Academics: • Published 93 articles in high impact journals during Q1 FY24 • Partnered with IIIT Delhi & IIT Bombay to work in the areas of Oncology, Molecular Genomics & Radiology • ~103 clinical trials ongoing across the Network • 125 research projec
Slide 5: Press Release: About Max Healthcare
PRESS RELEASE About Max Healthcare: Max Healthcare Institute Limited (MHIL) is one of India’s largest hospital chains (considering only income from healthcare services) in fiscal 2023. It is committed to the highest standards of medical and service excellence, patient care, scientific and medical ed
Slide 6: Safe Harbour Disclaimer
PRESS RELEASE Safe Harbour Disclaimer This release contains certain “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Max Healthcare Institute Limited’s (“MHIL”) future business develop
Slide 7: Earnings update – Q1 FY24
Earnings update – Q1 FY24 Aug 07, 2023
Slide 8: Disclaimer
Disclaimer This presentation contains certain “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Max Healthcare Institute Limited’s (“MHIL” / “MHC”) future business developments and econ
Slide 9: Notes to Network Consolidated Financials
Notes to Network Consolidated Financials 1. Max Healthcare Institute Limited (“MHIL”), its subsidiaries and deemed separate entities (i.e. silos for managed healthcare facilities) constitute MHIL Group under IND AS 110 . MHIL Group also has long term contracts with certain societies, who own and ope
Slide 10: Content
Content Q1 FY24 Highlights 05 About the Company 20 4
Slide 11: Q1 FY24 Highlights
By MAX Healthcare Q1 FY24 Highlights
Slide 12: Executive Summary: Q1 FY24 (1/2)
Executive Summary: Q1 FY24 (1/2) Gross revenue was INR 1,719 Cr compared to INR 1,473 Cr in Q1 FY23 and INR 1,637 Cr in Q4 FY23; reflecting a growth of +17% YoY and +5% QoQ. YoY growth of +17% is attributed to increase in ARPOB by +13%, OBDs by +3% and other operating income by 1% Operating EBITDA f
Slide 13: Executive Summary: Q1 FY24 (2/2)
Executive Summary: Q1 FY24 (2/2) ARPOB1 for Q1 FY24 stood at INR 74.8k versus INR 66k in Q1 FY23 +13% YoY and reflects growth of 6% QoQ Increase in ARPOB over Q1 FY23 was driven by disparate growth in revenue from Oncology, Orthopaedics & Cardiac. Further, the price revisions including that in CGHS
Slide 14: Key Financial Highlights
Key Financial Highlights Gross Revenue (INR Cr) Operating EBITDA (INR Cr) +5.0% 1,637 1,719 437 436 1,473 +16.7% 370 +17.9% Q1 FY23 Q4 FY23 Q1 FY24 Q1 FY23 Q4 FY23 Q1 FY24 Margin1 (%) Q1 FY23 : 26.5% | Q4 FY23 : 28.2% | Q1 FY24 : 26.8% Operating EBITDA per bed2 (INR Lakhs) Pre-tax ROCE3 36% 35% 30%
Slide 15: Key Operational Highlights
Key Operational Highlights ARPOB1 (INR/OBD) (‘000) Avg. Inpatient Occupancy +5.8% 3,342 3,386 Op. Beds3 74.8 3,244 70.7 66.0 +13.3% 2405 2,523 2474 Q1 FY23 Q4 FY23 Q1 FY24 Q1 FY23 Q4 FY23 Q1 FY24 ALOS2 (in days) Outpatient consults (‘000) -0.2 day +6.2% 4.2 4.4 624 4.1 588 550 +13.6% Q1 FY23 Q4 FY23
Slide 16: Speciality Profile
Speciality Profile Q1 FY23 Q1 FY24 Others Others Pulmonology 9.4% Pulmonology 9.2% Oncology* Oncology* Liver and biliary Liver and biliary 3.4% 3.3% sciences 25.1% sciences 22.7% 3.8% 3.9% OBGY and OBGY and pediatrics 5.6% pediatrics 5.2% Gross IP revenue MAS and MAS and 5.7% INR 1,158 Cr general su
Slide 17: Payor Profile
Payor Profile Share of Revenue* Q1 FY23 Q1 FY24 18.4% 17.4% 34.1% 37.1% 7.8% 8.9% 37.8% 38.6% Self Pay TPA & corporates International Institutional # Note: *Excludes revenue from SBUs and other operating income #The institutional revenue share has improved YoY despite reduction in bed share, due to
Slide 18: Network P&L Statement: Q1 FY24
Network P&L Statement: Q1 FY24 Figs in INR Cr Q1 FY23 Q4 FY23 Q1 FY24 Amount % NR Amount % NR Amount % NR Gross revenue 1,473 1,637 1,719 Net revenue 1,393 100.0% 1,551 100.0% 1,629 100.0% 1 Direct costs 551 39.6% 605 39.0% 650 39.9% Contribution 842 60.4% 947 61.0% 979 60.1% Indirect overheads2 472
Slide 19: Q1 FY24 Memorandum Consolidation of Network P&L
Q1 FY24 Memorandum Consolidation of Network P&L Figs in INR Cr MHIL, its Partner Healthcare Facilities ("PHF") Financials subsidiaries & Eliminations MHC Network (IGAAP Unaudited)* Silos & (Consolidated) GM Modi Adjustment(2) (Certified by an IND AS Balaji Devki Devi IND AS ICA) Society Unaudited So
Slide 20: Gross revenue from hospitals, by region
Gross revenue from hospitals, by region Gross Revenue* (INR Cr) Operational beds (as at end of Jun’23) 1,047 Delhi 998 2,102 903 184 376 Uttar Pradesh 176 152 140 289 Maharashtra 138 123 145 312 Punjab 136 126 66 213 Uttarakhand 59 57 57 94 Haryana 56 51 Q1 FY24 Q4 FY23 Q1 FY23 *Excludes revenue fro
Slide 21: Max Lab: Key performance indicators
Max Lab: Key performance indicators Operational footprint Gross Billing Value (INR Cr) Net revenue (INR Cr) (as of June, 2023) 54 33 ~430 47 46 48 1 30 29 1 Partner-run 28 40 2 1 0 25 1 0 collection centres 0 2 2 53 33 38 45 45 47 24 29 27 29 39% 22 YoY Company owned collection centres (CoCC) Q1 Q2
Slide 22: Max@Home: Key performance indicators
Max@Home: Key performance indicators Key Pointers Gross revenue (INR Cr) Quarterly Gross Revenue Trend (INR Cr) (as of June, 2023) +7% 139 37 40 14 +54.3% 110 35 36 Specialised 32 +24% Service Lines 76 70 61 27 1,200+ 10 Strong Team* FY17 FY18 FY19 FY20 FY21 FY22 FY23 Q1 Q2 Q3 Q4 Q1 FY23 FY23 FY23 F
Slide 23: Clinical and Research & Academics update
Clinical and Research & Academics update 17
Slide 24: Clinical Update
Clinical Update 2,300+ Liver Transplants, ~3,700 Kidney Transplants & 1,700+ Bone Marrow Transplants performed till date MSSH-Mohali successfully cured a 28-day-old baby suffering from Patent Ductus Arteriosus using a Piccolo device, becoming the only hospital in tri-city to perform such a complex p
Slide 25: Research and Academics Update
Research and Academics Update National and international publications 93 scientific publications in high impact factor journals during Q1 FY24 Top high Index and high impact factor publications are from Cardiology, Oncology, Endocrinology, Internal Medicine and Gastro ~125 research projects are curr
Slide 26: About the Company
By MAX Healthcare About the Company
Slide 27: Max Healthcare: India's Second Largest Hospital Chain
Max Healthcare: India’s Second Largest* Hospital Chain in terms of revenue, EBITDA and market capitalisation Current capacity ~3,550 beds 17 ~82% ~74% NCR Facilities Beds in metros Q1 FY24 Occupancy 402 Shalimar Bagh 540 402 378 BLK Patparganj 13% 41% ~35% Eqova Vaishali Revenue CAGR^ EBITDA CAGR^ Q
Slide 28: Vision: To be the Most Well Regarded Healthcare Provider in India
Vision: To be the Most Well Regarded Healthcare Provider in India To be the most well regarded healthcare provider in India committed to the highest standards of clinical excellence and patient care supported by latest technology and cutting edge research Quaternary care facilities World class infra
Slide 29: State-of-the-art infrastructure
State-of-the-art infrastructure Robotics Ortho Robotic System Spine Robotic System Advanced robotics provides high precision Robotic-assisted surgery for knee It allows surgeons to perform and enables minimal invasive surgery replacement incorporates the placement precise spinal fusion and provide a
Slide 30: Strong Focus on Research and Academics
Strong Focus on Research and Academics Research: Academics: Significant strategic partnerships including Imperial College Max Institute of Medical Excellence (MIME) is the education division London, Ashoka University, IIT Bombay, IIIT Delhi, Pfizer Inc and of MHC for medical education & training Dea
Slide 31: Financial performance snapshot
Financial performance snapshot Figs in INR Cr FY20 FY21 FY22 FY23 Amount % NR Amount % NR Amount % NR Amount % NR 1 Gross revenue 4,356 3,881 5,509 6,236 Net revenue 4,023 100.0% 3,629 100.0% 5,218 100.0% 5,904 100.0% Direct costs 1,715 42.6% 1,508 41.6% 2,103 40.3% 2,304 39.0% Contribution 2,308 57
Slide 32: Strong financial profile to support expansion plans
Multiple avenues for future growth • Focus on tower specialties & case mix 1 Optimising Existing Strong cash generation from 2 Infrastructure • Increase utilization & improve process efficiencies operations • Optimise Payor mix INR ~261 Cr in Q1 FY24 Strong financial profile to support expansion pla
Slide 33: Awards and Accolades
Awards and Accolades Operational Clinical Safety Service Quality Others Excellence Patient Safety Award Forbes India Economic Times Certified Great Place to by FICCI ‘Entrepreneur Of The Healthcare Award 2022 Work by Great Place to Year’ 2023 Award under five categories Work Institute Diamond Award
Slide 34: Network Holding Structure
Network Holding Structure (As at end of Jun’23) Balaji Society (Max Patparganj) Max Shalimar Bagh Valid till 2065 Max Dehradun Max Panchsheel Max Healthcare Institute Medical Service Agreement Immigration centre (Lajpat Nagar) Max Saket (West) Limited (MHIL) Devki Devi Society SBUs (MIME, Max@Home)
Slide 35: List of Network Healthcare Facilities
List of Network Healthcare Facilities Name Location Description Max Super Speciality Hospital, (West Block) Saket Delhi Hospital Max Super Speciality Hospital, (East Block) Saket Delhi Hospital Max Smart Super Speciality Hospital, Saket Delhi Hospital BLK-Max Super Speciality Hospital, Rajendra Plac
Slide 36: Definitions
Definitions Term Description ALOS Average Length of Stay: discharged patients stay in the hospital, basis admission and discharge time Average Revenue per Occupied Bed; Gross revenue divided by the occupied bed days; excludes revenue from Covid-19 ARPOB vaccination & related antibody tests and Max L
Slide 37: About Us
About Us Max Healthcare Institute Limited (MHIL) is India’s leading provider of healthcare services. For further information, please visit It is committed to the highest standards of medical and service excellence, patient care, scientific and medical education. www.maxhealthcare.in MHIL has major c
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