Max India Ltd · NSE:MAXIND
Max India — Investor Presentation (February 2024)
53 slides from Max India's investor presentation, Feb 27, 2024
Slide 1: Exchange filing cover letter
February 27, 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 February 2024
Investor Presentation February 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 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 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 4 billion Diversified business model; Strong history of Customers: ~5 million Well established board Steady revenue growth & entrepreneurship and Employees: ~20,000 governance; cost rational
Slide 8: Max group structure overview
Max group structure overview Holding Companies Operating Companies Life Insurance 6.5% 87.0%1 Senior Care 50.9% 100% 100% Real Estate Commercial 49.5% 51-100% /Residential 100% 100% SPVs Max Sponsors stake (%) in holding Holding Companies stake (%) in Operating companies companies 1 Max Life to be 8
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: Senior care space in India is 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 Fastest growing Increasingly Healthcare is largest age segment in living alone share of their India wallets, with multiple ~6%^ of elderly are unmet needs living alone 3-4X spend
Slide 11: Antara's four focus areas among senior care value pools
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 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 services, solutions and products Uniquely
Slide 14: Antara's integrated senior care ecosystem
Antara’s focus is on creating an integrated senior care ecosystem Products • AN TA RA Mn Group Mit Residences for seniors MedCarc Products AGEasy Empowering seniors to age Safe, secure and hassle-free with ease and joy through residential communities Wide range of medical equipment to aid health and
Slide 15: Assets (Residences) – growing senior living segment
1. Assets (Residences) – Visible trend of growing segment with 25+ senior living communities operational and 2000+ units under construction Senior Living Housing Growth Levers ➢ Bengaluru, Chennai, Puducherry, and Hyderabad are the most preferred southern cities for Senior Living Evolving needs of s
Slide 16: Services (Care Homes) – large market globally
2. Services (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
Slide 17: Services (Care at Home) – large market globally
2. Services (Care at Home) – While nascent in India, it is a large and profitable market globally 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
Slide 18: Products (AGEasy) – addressable non-prescription healthcare spend
3. 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 cont
Slide 19: Products (MedCare) – fragmented market in India
3. Products (MedCare) – Highly fragmented market in India, increasing adoption by Seniors, potential to create high margin private label portfolio Medical devices segment market size Medical devices segment market size Instruments & • Category includes Mobility products, Physio products, appliances
Slide 20: Competition trends in Indian senior care
Competition Trends : Indian Senior care space is evolving rapidly, new players entering with innovative models Existing players update in Tech Based Healthcare Other Services Assisted Care Raised $2mn in pre-series Raised $ 9.3 mn A majorly from Ranjan Pai from North Haven Acquired Suvitas, Seniorit
Slide 21: Antara aspires to go pan-India in 4-5 years
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 500 Cr) shall be used to fund the same and fund raise shall be planned at appropriate t
Slide 22: 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 23: Residences for Seniors (Assets)
Residences for Seniors (Assets)
Slide 24: Antara Dehradun – all units sold
1st Community - Antara Dehradun – All units sold^, continues to be cash and PBT positive, Cash surplus ~Rs 125 Cr+ as of Dec’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 Collection ~Rs 14,000 60,000 effici
Slide 25: Antara Noida Phase 1 – all units sold
2nd Community - Antara Noida Phase 1: All units sold, collection efficiency ~ 98% 340 ~7,45,000 2,000 Saleable area Average Apartment Available Units in sq ft Size in Sq Ft Collection ~Rs 10,400 40:60 efficiency (last reported) Cumulative sales and collection trend Channel Mix (%) Sales Realisation
Slide 26: Antara Noida under construction: targeting planned IRRs
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: Noida Phase I – terrace slab and crown completed
Noida Phase I – Terrace Slab & Crown completed for all three towers; Finishing work in progress Jan 24 26
Slide 28: Noida Phase I – external and internal finishing work
Noida Phase I – External & Internal finishing work Lift Lobby Wall Tiling Option R2 External Paint Colour Shade Common Area Flooring 27
Slide 29: Residences update across cities
Residences update : Doon^ and Noida sold out; Pre-launch activities on track for Gurugram, Bengaluru and Hyderabad; Exploration for new opportunities in Chennai, Goa, Pune and Chandigarh ongoing DOON GURUGRam All units sold^ Definitive agreement executed 189 apartments have been handed over Massing,
Slide 30: Care Homes/Memory Care Homes/Care at Home (Services)
Care Homes/Memory Care Homes/ Care at Home (Services)
Slide 31: Care homes and memory care homes 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 – 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 33: Care Home net revenue Rs 1.5 Cr in Q3FY24
Care Home (CH): Net revenue at Rs 1.5 Cr in Q3FY24, grew 28%* y-o-y Occupancy trend at Care Homes (bed days) Care Homes Revenue (Rs Lacs) 27% 28% YoY YoY 240 4000 1966 210 113.8 3200 180 150.7 146 2454 2184 2284 2492 150 129.2 130.4 2400 120 1600 90 60 800 1720 85.9 30 0 211 6 62 0 7.3 0.2 3.3 Q3FY2
Slide 34: Gurugram care home contribution margins improving
Gurugram CH Proof of success established, Contribution margins steadily improving from (-)3% to ~ 12% in eight quarters Net Revenue (Rs Lacs) 120 Base Plan Gurugram Assumptions 100 97.9 98.3 Assumptions Actual 94.5 89.8 85.8 82.6 82 INR 4000- INR 4300- 80 76.4 Pricing (Net) 4500 4800 60.6 60 Occupan
Slide 35: Care at home: healthcare services in the comfort of 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 36: Care at Home – highest ever net revenue in Q3
Care at Home – Highest ever net revenue ~ Rs 2.5 Cr in Q3, growth of 45% y-o-y; Contribution margin at 15% in Q3FY24 (14% in Q3FY23) Patient served (Nos) Care at Homes Revenue^ (Rs Lacs) 3000 64% 300 45% YoY YoY 250 2400 249.8 2300 200 207.4 1800 1700 150 172.3 170.3 1497 153.8 1200 1401 100 1159 60
Slide 37: Services business update: care homes and care at home
Services business update: 2 Care homes (168 beds) in Bengaluru; ~ 300 beds identified in NCR, Chennai and Hyderabad Care homes CARE at home • 2 Care homes (68 beds) operational in Gurugram; • ~13,000 lives touched till date since inception 60 beds in Noida expected to be launch by Q4; • 8+ services
Slide 38: AGEasy/MedCare (Products)
AGEASY/MEDCARE (Products)
Slide 39: AGEasy launched Aug 2023; live across platforms
AGEasy : Launched on Aug 21, 2023; live across all platforms; Physical Presence - 3 Health Studios across Delhi, Gurugram and Bengaluru Amazon (Aug 21st) Where we are today • 16K+ customers served; ARR of INR 5 Cr within 3 months; Website 1200+ repeat orders; 80% + revenue from top 8 cities (Sep 4th
Slide 40: Rapid progress in building AGEasy
Rapid progress in building AGEasy - All building blocks in place 1 2 3 4 New Product Amazon Development Playbook D2C Playbook Tech platform • 17+ products • Playbook in place • 3 Health • Tech platform launched for Amazon with studios launched built for seniors • Curated vendors 9% repeat rate • Exp
Slide 41: AGEasy revenue Rs 1 Cr in Q3
AGEasy: Revenue Rs 1 Cr in Q3, good performance on marketplace for braces and pain relief products AGEasy Revenue (Rs Lacs) Outlook 288% 50 YoY 40 ❖ Deeper penetration into existing geographies 43.8 30 ❖ Expansion of product portfolio 28.4 20 23.4 ❖ Integrate with new marketplaces 10 11.3 ❖ More bus
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 highest ever net revenue in Q3
MedCare: Highest ever net revenue ~ Rs 2.1 Cr in Q3, grew 170% y-o-y, margins impacted by shift in channel mix from B2C to B2B MedCare Revenue (Rs Lacs) 170% Contribution margin at -5%^ in Q3FY24 (3% in Q3FY23) YoY ^ margins impacted due to shift in channel mix from B2C to B2B and sale of old invent
Slide 44: Strong endorsement for our brand by customers
Strong endorsement for our brand and offerings by customers ▪ SAT index at 88% ▪ High scores in areas of Housekeeping, Resident Services, Security and resident engagement ▪ The most appreciated thing is the Quality of life at Antara ▪ Residents wanting further enhancements on Clinical Services ▪ Sat
Slide 45: Awards and recognition
Awards and recognition: Antara Senior Care has been awarded for Great Place to Work and Innovative Brand Communications in 2023 Antara Senior Care was awarded for “Innovative Brand Antara Senior Care has been certified as Communications” at the Corp Comm Vision and great workplace by Great Place to
Slide 46: 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 47: Consolidated Financials
Consolidated Financials Consolidated Financials 46
Slide 48: Well capitalised with Rs 500+ crores of treasury and monetisable assets
Well capitalised to pursue growth opportunities with ~ Rs 500+ crores of Treasury (including surplus in subsidiaries) and other monetisable assets Senior living – Residences for Seniors Assisted Care Services – Other Assets^ (Rs 314 Cr) Invested Capital (Rs 400 Cr) Invested Capital (Rs 134 Cr) Antar
Slide 49: Consolidated revenue Rs 145 Cr in 9MFY24; EBITDA loss
Consolidated Revenue at Rs 145 Cr in 9MFY24, down 5% y-o-y; Consolidated EBITDA loss at Rs 18 Cr in 9MFY24 vs gain of Rs 6 Cr in PY Particulars (Rs Cr) Q3FY24 Q2FY24 Q-o-Q Q3FY23 Y-o-Y 9MFY24 9MFY23 Y-o-Y Total Income 44.5 55.1 -19% 46.2 -4% 145.1 153.3 -5% Total Expenses 57.3 53.6 46.1 163.3 146.9
Slide 50: Annexure
Annexure 49
Slide 51: 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 52: 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. Pankaj Mr. Rohit Mr. Sanjay Ms. Simardeep Mr. Sandeep Mr. Shantanu Mr. Vipin Agrawal Sannoo Rathore Chaw
Slide 53: 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