Max India Ltd · NSE:MAXIND
Max India — Investor Presentation (June 2023)
52 slides from Max India's investor presentation, Jun 14, 2023
Slide 1: Exchange filing cover letter
June 14, 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 Complex Bandra (E), Mumbai – 400001 Mumbai – 400051 NSE Scrip Symbol: MAXIND BSE
Slide 2: Investor Presentation June 14, 2023
Investor Presentation June 14, 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 Insurance (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors ― Partnered with best-
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 Insurance (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors ― Partnered with best-
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 10.15% 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 ac
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 Insurance (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors ― Partnered with best-
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: Competitive intensity: Antara's four focus areas
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 Insurance (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors ― Partnered with best-
Slide 13: Financial strength and unique competencies leveraged for senior care
Financial strength and unique competencies being leveraged to make a foray into the senior care space 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 Well capital
Slide 14: Antara's integrated senior care ecosystem through four verticals
Antara’s focus is on creating an integrated senior care ecosystem through four 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 – fastest growing segment within 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: 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 over Rs. 300 crore in the next four to five years across all business verticals and has sufficient liquidity to finance this growth Company has outlined a five-year vision for Antara following its initial suc
Slide 20: Executive Summary
Executive Summary • Max group, a leading conglomerate has a history of spotting early trends, creating iconic brands and successful businesses: ― Max Life Insurance (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors ― Partnered with best-
Slide 21: Residences for Seniors
Residences for Seniors
Slide 22: Early trend identified in 2010, aspiration to create 9-10 communities
Early trend identified in 2010, aspiration to create 9-10 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 23: 1st Community - Antara Dehradun – 98% of units sold
1st Community - Antara Dehradun – 98% of units sold as of Mar’23 end, continues to be cash and PBT positive, Cash surplus ~Rs 80 Cr as of Mar’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 1.3 pm1 ~Rs
Slide 24: 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 25: 2nd Community - Antara Noida Phase 1: 100% of units sold
2nd Community - Antara Noida Phase 1: 100% of units sold as of Mar’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 43:571 Rs 9,8002 efficiency Cumulative sales and collection trend Channel Mix (%) Sales Realisa
Slide 26: Antara Noida: targeting planned IRRs, cost headwinds mitigated
Antara Noida (Under Construction): targeting to achieve planned IRRs; cost headwinds being mitigated through sales velocity, price increase and timely delivery Project Cost for Phase - Payment plan 1&2 (including Land) Antara Fee (S&M, PM) (break-up basis units sold) 983 Rs. ~10% 10:90 Payment Plan
Slide 27: Ahead of Plan - roof slabs completed
Ahead of Plan - 29th floor roof slab of R1 & 27th floor roof slab of R2 & R3 respectively completed within Mar 23 R1 - 29th Floor R2 - 27th Floor R3 - 27th Floor 26
Slide 28: Future projects focus on Design, Sales & Marketing and Operations
For future projects, Antara shall focus 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 project c
Slide 29: Growth Initiatives: key terms agreed for Gurugram and Bengaluru
Growth Initiatives : Preliminary Key terms agreed for Gurugram and Bengaluru; In discussions for opportunities at other geographies Areas Update Next steps • RERA application for Phase II filed in May 2023 • Sales Launch post RERA approval Noida Phase II • Liaison with NOIDA and RERA in progress • L
Slide 30: Care Homes/ Memory Care Homes
Care Homes/ Memory Care Homes
Slide 31: 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 32: 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 33: Care Home: Net revenue at Rs 1.6 Cr in Q4FY23
Care Home (CH): Net revenue at Rs 1.6 Cr in Q4FY23, grew 28% y-o-y, led by bed addition Occupancy trend at Care Homes (bed days) Care Homes Revenue (Rs Lacs) 33% 28% YoY YoY 240 4000 3686 210 200.0 3137 3200 180 169.0 2665 158.0 2414 150 132.2 2400 2001 123.3 120 1600 90 60 800 30 0 0 Q4FY22 Q1FY23
Slide 34: Gurugram CH proof of success; contribution margins improving
Gurugram CH Proof of success established; Contribution margins steadily improving from (-)25% to ~ 13% in eight quarters 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 • 20 patients staying in the 80 76.4 center as on Ma
Slide 35: Care at Home
Care at Home 34
Slide 36: Care at home: healthcare services in a home-like environment
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 37: Care at home: service offerings
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 36
Slide 38: 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 39: Care at Home – Net revenue at Rs 1.5 Cr, growth of 23%
Care at Home – Net revenue at Rs 1.5 Cr, growth of 23% y-o-y led by high margin service offerings Transaction* (Nos) Care at Homes Revenue^ (Rs Lacs) -36% 300 4000 YoY 23% 250 YoY 3200 200 2400 150 163.7 172.3 153.8 1600 3300 3100 125.4 2700 100 119.2 2500 2100 800 50 0 0 Q4FY22 Q1FY23 Q2FY23 Q3FY23
Slide 40: MedCare
MedCare 39
Slide 41: 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 42: MedCare: Net revenue at Rs 1.3 Cr, grew 2.3x
MedCare: Net revenue at Rs 1.3 Cr, grew 2.3x y-o-y Antara branded wheelchair, walker and commode MedCare Revenue (Rs Lacs) chair launched, senior specific features incorporated in 2.3x design, now available on Amazon, Flipkart & Tata 1MG, YoY sold ~125 units through offline & online channels 80 133.
Slide 43: Executive Summary
Executive Summary • Max group, a leading conglomerate has a history of spotting early trends, creating iconic brands and successful businesses: ― Max Life Insurance (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors ― Partnered with best-
Slide 44: Consolidated Financials
Consolidated Financials Consolidated Financials 43
Slide 45: Max India: Key Highlights (Q4 & FY23)
Max India : Key Highlights (Q4 & FY23) Consolidated Revenue Consolidated EBITDA Balance Sheet (Mar 23) Max India FY23 Q4FY23 FY23 Q4FY23 Treasury & Other Assets Networth Rs 213 Cr 16%^ Rs 60 Cr 17% Rs 12 Cr Rs 5 Cr Rs 530 Cr+ Rs 542 Cr [Rs 185 Cr] [Rs 52 Cr] [Rs (1) Cr] [Rs (2) Cr] [Rs 540 Cr] [Rs 6
Slide 46: Well capitalised to pursue growth opportunities
Well capitalised to pursue growth opportunities with ~ Rs 530 crores of Treasury (including surplus in subsidiaries) and other monetisable assets Senior living – Residences for Seniors Assisted Care Services – Other Assets^ (Rs 390 Cr) Invested Capital (Rs 387 Cr) Invested Capital (Rs 67 Cr) Antara
Slide 47: Consolidated Revenue and EBITDA FY23
Consolidated Revenue at Rs 213 Cr in FY23 (Rs 60 Cr in Q4) Consolidated EBITDA at Rs 12 Cr in FY23 vs loss of Rs 1 Cr in FY22 (Rs 5 Cr in Q4 vs loss of Rs 2 Cr in PY) Particulars (Rs. Crs.) Q4 FY23 Q4 FY22 FY23 FY22 Total Income 60.2 51.5 213.5 237.4 Total Expenses 55.0 53.5 201.8 238.0 EBITDA 5.2 (
Slide 48: Balance Sheet: Net worth of Rs 542 Crores
Balance Sheet: Strong BS position with Net worth of Rs 542 Crores Particulars (Rs in Crs.) 31-Mar-23 31-Mar-22 Particulars (Rs in Crs.) 31-Mar-23 31-Mar-22 Non-Current Assets 291.5 304.9 Equity 542.1 637.1 Non-Current Liabilities 49.8 63.7 Current Assets 461.9 549.1 Current liabilities 161.5 153.2 T
Slide 49: Annexure
Annexure 48
Slide 50: 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. Mr. Ashok Mrs. Bhawna Mr. Niten Mr. Pradeep
Slide 51: 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 Ms. Jasrita Dhir Mr. Prem Mr. Shantanu Mr. Vaibhav Mr. Pankaj Chawla Ms. Simardeep Mr. Badar Afaq Agrawal
Slide 52: 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