Max Healthcare Institute Ltd · NSE:MAXHEALTH
Max Healthcare Institute — Q3 FY25 Earnings Presentation
50 slides from Max Healthcare Institute's earnings presentation, Jan 30, 2025
Slide 1: Exchange filing cover letter
January 30, 2025 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.: Pre
Slide 2: Max Healthcare Q3 revenue soars by 34% YoY to INR 2,381 Cr
Max Healthcare Q3 revenue soars by 34% YoY to INR 2,381 Cr Operating EBITDA rises to INR 622 Cr, +32% YoY PAT* grows by 15% to INR 390 Cr Key Highlights of Q3 Performance • Gross Revenue stood at INR 2,381 Cr for Q3 FY25, growth of +34% YoY & +7% QoQ • Network1 Operating EBITDA was INR 622 Cr, a gro
Slide 3: Press release: PAT, free cash flow and nine months results
Profit after tax (PAT) before Exceptional Items for the quarter stood at INR 390 Cr compared to INR 338 Cr in Q3 FY24, and INR 349 Cr in Q2 FY25. A one-time cost of INR 74 Cr was incurred for charges paid to the Yamuna Expressway Industrial Development Authority to secure permission for a change in
Slide 4: Press release: management commentary on growth and acquisitions
Over the course of this year we have been able to demonstrate remarkable operating efficiencies in all formats of inorganic growth namely greenfield, acquisitions and brownfield. We have achieved EBITDA breakeven within record time of 6 months from launch at our greenfield hospital in Dwarka. In add
Slide 5: Research and Academics
Research and Academics: • Published 94 articles in high impact journals during Q3 FY25 • 108 clinical trials and 29 grant studies are ongoing • MoU signed with Mazumdar Shaw Medical Foundation (MSMF) adding to the 16 partnerships with national and global academic and industry partners including Impe
Slide 6: About Max Healthcare
About Max Healthcare: Max Healthcare Institute Limited (Max Healthcare) is one of India’s largest healthcare organizations. It is committed to the highest standards of clinical excellence and patient care, supported by latest technology and cutting-edge research. Max Healthcare operates 22 healthcar
Slide 7: Safe Harbour Disclaimer
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 developments and econ
Slide 8: Earnings update – Q3 FY25 & 9M ended Dec'24
Earnings update – Q3 FY25 & 9M ended Dec’24 January 30, 2025
Slide 9: 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 10: 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 11: Content
Content Q3 FY25 Highlights 05 Performance Update on New Units 16 Other Business Highlights 19 9M ended Dec’24 Highlights 22 About the Company 32 4
Slide 12: Q3 FY25 Highlights
By MAX Healthcare Q3 FY25 Highlights
Slide 13: Executive Summary: Q3 FY25 (1/2)
Executive Summary: Q3 FY25 (1/2) Acquired balance stake in Jaypee Healthcare Limited (JHL) making it a wholly-owned subsidiary of MHIL effective November 11, 2024 The Board has accorded approval to enter into an addendum for increasing the bed capacity of upcoming built to suit Inorganic (BTS) hospi
Slide 14: Executive Summary: Q3 FY25 (2/2)
Executive Summary: Q3 FY25 (2/2) Overall occupancy stood at 75%, compared to 73% in Q3 FY24 and 79% in Q2 FY25. YoY OBDs grew by 36% Institutional patient bed share was 30.1% vs 29.5% in Q3 FY24 and 26.8% in Q2 FY25 ARPOB1 for the quarter stood at INR 75.9k compared to INR 76.8k in Q3 FY24 & INR 76.
Slide 15: Highlights
By MAX Healthcare Highlights
Slide 16: Key Financial Highlights
Key Financial Highlights Gross Revenue (INR Cr) Operating EBITDA (INR Cr) +15.7% +19.3% 2,381 622 2,228 566 562 2,058 1,779 +33.8% 471 +32.1% Q3 FY24 Q2 FY251 Q3 FY25 Q3 FY25 Q3 FY24 Q2 FY251 Q3 FY25 Q3 FY25 Existing Overall Existing Overall Margin2 (%) : 27.9% | 26.6% | 28.6% | 27.3% Operating EBIT
Slide 17: Key Operational Highlights
Key Operational Highlights ARPOB1 (INR/OBD) (‘000) Inpatient Volumes3 +6.8% 8.6% 80,575 82.0 71,534 76.8 76.2 75.9 -1.3% 61,458 +42.3% 56,616 Q3 FY24 Q2 FY252 Q3 FY25 Q3 FY25 Q3 FY24 Q2 FY254 Q3 FY25 Q3 FY25 Existing Overall Existing Overall ALOS5 (in days) Outpatient consults (‘000) +7.8% 4.2 4.1 4
Slide 18: Speciality Profile
Speciality Profile Q3 FY24 Q3 FY25# Others Others Gastroentrology Gastroentrology 4.2% 4.4% Pulmonology 4.7% Pulmonology 5.1% Liver and biliary Oncology* Liver and biliary Oncology* 3.9% 3.8% sciences 25.8% sciences 26.0% 3.5% 3.3% OBGY and MAS and pediatrics 5.4% general surgery 4.9% MAS and OBGY a
Slide 19: Payor Profile
Payor Profile Share of Revenue* Q3 FY24 Q3 FY25# 18.3% 19.9% 33.3% 33.4% 9.4% 9.0% 39.0% 37.7% Self Pay TPA & corporates International Institutional Note: *Excludes revenue from SBUs and other operating income # Includes New Units 12
Slide 20: Network P&L Statement: Q3 FY25
Network P&L Statement: Q3 FY25 Figs in INR Cr 1 Q3 FY24 Q2 FY25 Q3 FY25 YoY Amount % NR Amount % NR Amount % NR Growth Gross revenue 1,779 2,228 2,381 Net revenue 1,689 100.0% 2,125 100.0% 2,281 100.0% 35% Direct costs 650 38.5% 843 39.7% 883 38.7% 36% Contribution 1,038 61.5% 1,282 60.3% 1,398 61.3
Slide 21: Q3 FY25: Memorandum Consolidation of Network P&L
Q3 FY25: Memorandum Consolidation of Network P&L Figs in INR Cr MHIL, its Partner Healthcare Facilities ("PHF") Financials subsidiaries & Eliminations(2) MHC Network (IGAAP Unaudited)* Silos & (Consolidated) GM Modi Adjustment* (Certified by an IND AS Balaji Devki Devi IND AS ICA) Society Unaudited
Slide 22: Gross revenue from hospitals, by region
Gross revenue from hospitals, by region Gross Revenue1 (INR Cr) Operational beds (as at end of Dec’24) 1,306 Delhi 2 1,285 2,228 1,072 452 1,115 Uttar Pradesh3 313 200 221 475 Maharashtra4 229 136 144 312 Punjab 139 150 83 219 Uttarakhand 84 74 67 104 Haryana 68 61 Q3 FY25 Q2 FY25 Q3 FY24 (1) Exclud
Slide 23: Performance Update on New Units
Performance Update on New Units 1
Slide 24: Q3 FY25 Performance Update: New Units (1/2)
Q3 FY25 Performance Update: New Units (1/2) Q3 FY24* Q2 FY25 Max Super Specialty Hospital, Lucknow (Acquired) Q1 FY25 Q3 FY25 Operational Beds : 264 • Renovation, equipment procurement and enhancement of Post acquisition clinical program in progress +19 58% +94% • Additional 128 beds (9th to 12th 76
Slide 25: Q3 FY25 Performance Update: New Units (2/2)
Q3 FY25 Performance Update: New Units (2/2) Q2 FY25 Max Super Specialty Hospital, Dwarka (Greenfield) Q3 FY25 Operational Beds: 141 • Achieved EBITDA breakeven in record time of 6 months +34 +76% • Expect significant ramp up hereon due to NABH empanelment, 75 59 transplant licenses and balance 41 33
Slide 26: Other Business Highlight
By MAX Healthcare Other Business Highlight
Slide 27: Max Lab: Key performance indicators
Max Lab: Key performance indicators Operational footprint Gross Billing Value (INR Cr) Net revenue (INR Cr) (as of Dec, 2024) +25% +24% ~500 77 46 Partner-run 68 70 41 42 collection centres 64 38 56 34 23 Company owned collection centres (CoCC) Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 FY24 FY24 FY25 FY25 FY25
Slide 28: Max@Home: Key performance indicators
Max@Home: Key performance indicators Key Pointers Gross revenue (INR Cr) Quarterly Gross Revenue Trend (INR Cr) (as of Dec, 2024) +24% 172 +36% 53 55 15 139 49 Specialised 44 46 110 Service Lines 76 70 61 27 ~1,400 Strong Team* FY18 FY19 FY20 FY21 FY22 FY23 FY24 Q3 Q4 Q1 Q2 Q3 FY24 FY24 FY25 FY25 FY
Slide 29: 9M ended Dec'24 Highlights
9M ended Dec’24 Highlights 22
Slide 30: Executive Summary: 9M ended Dec'24
Executive Summary: 9M ended Dec’24 9M ended Dec’24 Gross revenue for the Network was INR 6,636 Cr versus INR 5,325 Cr in 9M ended Dec’23, reflecting a growth of +25% Operating EBITDA for the Network was INR 1,687 Cr compared to INR 1,404 Cr in 9M ended Dec’23. EBITDA grew by +20% 9M ended Dec’24 EBI
Slide 31: Key Financial Highlights
Key Financial Highlights Gross Revenue (INR Cr) Operating EBITDA (INR Cr) +13.6% 6,636 +13.9% 6,051 1,687 5,325 +24.6% 1,600 1,404 +20.1% 9M ended Dec’23 9M ended Dec’24 9M ended Dec’24 9M ended Dec’23 9M ended Dec’24 9M ended Dec’24 Existing Overall Existing Overall Margin1 (%) 27.8% | 26.6% | 27.7
Slide 32: Key Operational Highlights
Key Operational Highlights ARPOB1 (INR/OBD) (‘000) Inpatient Volumes2 +6.9% +6.0% 2,18,120 80.6 1,73,472 1,83,904 +25.7% 75.4 76.4 +1.3% 9M ended Dec’23 9M ended Dec’24 9M ended Dec’24 9M ended Dec’23 9M ended Dec’24 9M ended Dec’24 Existing Overall Existing Overall ALOS3 (in days) Outpatient consul
Slide 33: Speciality Profile
Speciality Profile 9M ended Dec’23 9M ended Dec’24# Others Others Gastroentrology Gastroentrology 4.5% 4.3% Pulmonology 4.7% Pulmonology 5.2% Liver and biliary Oncology* Liver and biliary Oncology* 3.4% 3.4% sciences 25.4% sciences 25.8% 3.7% 3.2% MAS and MAS and general surgery general surgery 5.1%
Slide 34: Payor Profile
Payor Profile Share of Revenue 9M ended Dec’23 9M ended Dec’24# 18.2% 18.9% 33.6% 34.5% 9.2% 8.8% 39.0% 37.9% Self Pay TPA & corporates International Institutional Note: Excludes revenue from SBUs and other operating income # Includes New Units 27
Slide 35: P&L Statement: 9 months ended Dec'24
P&L Statement: 9 months ended Dec’24 Figs in INR Cr 9M ended Dec’23 9M ended Dec’241 Amount % NR Amount % NR Gross revenue 5,325 6,636 Net revenue 5,049 100.0% 6,341 100.0% Direct costs 1,968 39.0% 2,499 39.4% Contribution 3,081 61.0% 3,842 60.6% Indirect Overheads2 1,677 33.2% 2,155 34.0% Operating
Slide 36: 9M FY25: Memorandum Consolidation of Network P&L
9M FY25: Memorandum Consolidation of Network P&L Figs in INR Cr MHIL, its Partner Healthcare Facilities ("PHF") Financials Eliminations(2) MHC Network subsidiaries & (IGAAP Unaudited)* & (Consolidated) Silos Adjustment* (Certified by an IND AS Balaji GM Modi Devki Devi IND AS ICA) Unaudited Society
Slide 37: Clinical and Research & Academics Update
Clinical and Research & Academics Update 30
Slide 38: Clinical Update
Clinical Update 3,259 Liver Transplants, 4,564 Kidney Transplants & 1,943 Bone Marrow Transplants performed till date. BLK Max successfully treated a 56 year old female with a revision bilateral total knee replacement for infected prostheses, addressing a rare and complex surgical challenge Nanavati
Slide 39: Research and Academics Update
Research and Academics Update National and international publications 94 scientific publications in high impact factor journals during Q3 FY25 Top high Index and high impact factor publications are from Nephrology (Lancet Public Health: 9.43, Lancet Neurol. : 8. 59) & Cardiology (J Am Coll Cardiol:
Slide 40: Max Healthcare: India's second largest hospital chain
Max Healthcare: India’s second largest1 hospital chain in terms of hospital revenue, EBITDA and market capitalisation Current capacity 5,000+ beds Delhi NCR 4 0 2 Shalimar Bagh 5 22 ~78% ~75% BLK 1 6 4 1 3 Facilities Beds in metros Q3 FY25 8 Patparganj 0 7 Vaishali Occupancy 3 0 Panchsheel1 Lajpat 5
Slide 41: 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 42: State-of-the-art infrastructure
State-of-the-art infrastructure Da Vinci Robotic System Cath Lab: Azurion 5 M20 LINAC Machine (Edge) Advanced robotics provides high precision Cathlab is used to visualize the arteries of High precision and integrated LINAC is a and enables minimal invasive surgery the heart and the chambers of the
Slide 43: Strong Focus on Research and Academics
Strong Focus on Research and Academics Research: Academics: Significant strategic partnerships: New collaboration with Boston Max Institute of Medical Education (MIME) is the education division of University, Imperial College London, Ashoka University, IIT Bombay, MHC for medical education & trainin
Slide 44: Historical Financial Performance Snapshot
Historical Financial Performance Snapshot Figs in INR Cr FY22 FY23 FY24 9M FY25 Amount % NR Amount % NR Amount % NR Amount % NR 1 Gross revenue 5,509 6,236 7,215 6,636 Net revenue 5,218 100.0% 5,904 100.0% 6,849 100.0% 6,341 100.0% Direct costs 2,103 40.3% 2,304 39.0% 2,675 39.1% 2,499 39.4% Contrib
Slide 45: Strong financial profile to support future growth
Multiple avenues for future growth • Focus on tower specialities & case mix Optimising Existing 1 2 Infrastructure • Increase utilization & improve process efficiencies Strong free cash flows from • Optimize payor mix operations INR ~303 Cr in Q3 FY25 3.1 Brownfield • ~2,600 beds addition via brownf
Slide 46: 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 47: Network Holding Structure
Network Holding Structure (As at end of Dec’24) 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 48: List of Network Healthcare Facilities
List of Network Healthcare Facilities As on Dec’24 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 Max Smart Super Speciality Hospital
Slide 49: 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 50: About Us
About Us Max Healthcare Institute Limited (Max Healthcare) is one of India’s largest healthcare For further information, please visit organizations. It is committed to the highest standards of clinical excellence and patient www.maxhealthcare.in care, supported by latest technology and cutting-edge
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