Max Healthcare Institute Ltd · NSE:MAXHEALTH
Max Healthcare Institute — Q3 FY23 Earnings Presentation
41 slides from Max Healthcare Institute's earnings presentation, Feb 2, 2023
Slide 1: Earnings update – Q3 & 9M ended Dec'22
Earnings update – Q3 & 9M ended Dec’22 February 02, 2023
Slide 2: 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 3: Notes to Network Consolidated Financials
Notes to Network Consolidated Financials 1. Strictly applying the principles of IND AS 110, the financial results of MHIL Group consists of operating performance of MHIL, its subsidiaries and deemed separate entities (i.e. silos for Managed Healthcare Facilities). However, in order to present a fair
Slide 4: Content
Content Q3 FY23 Highlights 05 9M ended Dec’22 Highlights 19 Covid-19 Update 27 About the Company 30 4
Slide 5: Q3 FY23 Highlights
By MAX Healthcare Q3 FY23 Highlights
Slide 6: Executive Summary: Q3 FY23 (1/2)
Executive Summary: Q3 FY23 (1/2) Gross revenue for Q3 FY23 was INR 1,559 Cr compared to INR 1,392 Cr in Q3 FY22 and INR 1,567 Cr in Q2 FY23 Gross revenue (excl. Covid-19 vaccination) for Q3 FY23 was INR 1,559 Cr compared to INR 1,385 in Q3 FY22 and INR 1,567 in Q2 FY23, reflecting a growth of +13% Y
Slide 7: Executive Summary: Q3 FY23 (2/2)
Executive Summary: Q3 FY23 (2/2) ARPOB1 for Q3 FY23 stood at INR 66.8k versus INR 61.0k in Q3 FY22 (+10% YoY) and INR 66.0k in Q2 FY23 (+1% QoQ) Increase in ARPOB over Q3 FY22 was led by improvement in revenue share from oncology, orthopaedics, etc; increase in OP revenues including pharmacy and pri
Slide 8: Key Financial Highlights
Key Financial Highlights Gross Revenue (INR Cr) Operating EBITDA (INR Cr) +2.1% 1,567 1,559 419 1,392 410 0 0 364 7 +12.6% +15.2% 1,385 1,567 1,559 Q3 FY22 Q2 FY23 Q3 FY23 Q3 FY22 Q2 FY23 Q3 FY23 Covid-19 vaccination & related antibody tests revenue Margin1 (%) Q3 FY22 : 27.6% | Q2 FY23 : 27.7% | Q3
Slide 9: Key Operational Highlights
Key Operational Highlights ARPOB1 (INR/OBD) (‘000) Avg. Inpatient Occupancy (%) +1.2% -1.2% pt 66.0 66.8 74% 78% 77% 61.0 +2.5% pt +9.5% Q3 FY22 Q2 FY23 Q3 FY23 Q3 FY22 Q2 FY23 Q3 FY23 ALOS2 (in days) Outpatient consults (‘000)3 -0.1 day +0.7% 4.3 4.3 4.2 570 574 537 +6.8% Q3 FY22 Q2 FY23 Q3 FY23 Q3
Slide 10: Speciality Profile
Speciality Profile Q3 FY22 Q3 FY23 Others Others 9.1% Pulmonology Oncology* Pulmonology 8.4% Oncology* MAS and 4.0% 23.4% MAS and 4.2% general surgery 21.3% general surgery 5.2% 5.2% OBGY and OBGY and pediatrics 5.8% pediatrics 6.5% Gross IP revenue Gross IP revenue INR 1,220 Cr INR 1,082 Cr 12.7% C
Slide 11: Payor Profile
Payor Profile Share of Revenue Q3 FY22 Q3 FY23 18.3% 19.4% 35.7% 37.3% 6.0% 8.6% 37.3% 37.5% Self Pay TPA & corporates International Institutional Note: Excludes revenue from Covid-19 vaccination & related antibody tests, SBUs and other operating income 11
Slide 12: Network P&L Statement: Q3 FY23
Network P&L Statement: Q3 FY23 Figs in INR Cr Q3 FY22 Q2 FY23 Q3 FY23 Amount % NR Amount % NR Amount % NR Gross revenue 1,392 1,567 1,559 Net revenue 1,317 100.0% 1,482 100.0% 1,478 100.0% Direct costs 516 39.2% 575 38.8% 573 38.8% Contribution 801 60.8% 907 61.2% 905 61.2% Indirect overheads1 437 3
Slide 13: Memorandum Profit & Loss Consolidation sheet for Q3 FY23
Max Healthcare: Memorandum Profit & Loss Consolidation sheet of Network Financials for Q3 FY23 Figs in INR Cr MHIL, its Partner Healthcare Facilities ("PHF") Financials Eliminations MHC Network subsidiaries & (IGAAP Unaudited)* & (Consolidated) Silos Adjustment(2) (Certified by an IND AS Balaji GM M
Slide 14: Gross revenue from hospitals, by region
Gross revenue from hospitals, by region Gross Revenue* (INR Cr) Operational beds (Q3 FY23) 955 Delhi 962 1,981 869 164 Uttar Pradesh 157 376 140 132 Maharashtra 134 281 118 127 Punjab 131 312 110 59 Uttarakhand 59 201 48 52 Haryana 53 92 45 Q3 FY23 Q2 FY23 Q3 FY22 *Excludes revenue from Covid-19 vac
Slide 15: Max Lab: Key performance indicators
Max Lab: Key performance indicators Operational footprint Gross Billing Value (INR Cr) Net revenue (INR Cr) (as of Dec, 2022) 47 46 30 380+ 28 Partner-run 40 2 1 25 1 37 24 0 collection centres 35 2 22 2 4 6 5 3 38 45 45 24 29 27 45% 23 32 31 19 19 YoY Company owned collection centres (CoCC) Q3 Q4 Q
Slide 16: Clinical and Research & Academics Update
Clinical and Research & Academics Update 16
Slide 17: Clinical Update
Clinical Update Till date we have performed 1980+ Liver Transplants, ~3300 Kidney Transplants & 1600+ Bone Marrow Transplants Performed the Lymphedema Surgery (complex super microsurgery) on a 43 year old cancer patient at BLK-Max Treated an eleven year old child suffering from a rare genetic condit
Slide 18: Research and Academics Update
Research and Academics Update National and international publications 75 scientific publications in high impact factor journals during Q3 FY23 Top high Index and high impact factor publications are from Radiology, Cardiology , Endocrinology, Internal Medicine ~100 clinical trials are currently under
Slide 19: 9M ended Dec'22 Highlights
9M ended Dec’22 Highlights 19
Slide 20: Executive Summary: 9M ended Dec'22
Executive Summary: 9M ended Dec’22 9M ended Dec’22 Gross revenue1 at INR 4,599 Cr versus INR 4,211 Cr in 9M ended Dec’21 Gross revenue (excl. Covid-19 vaccination) for 9M ended Dec’22 was INR 4,597 Cr compared to INR 3,977 Cr in 9M ended Dec’21, reflecting a growth of +16% YoY Covid-19 Vaccination r
Slide 21: Key Financial Highlights
Key Financial Highlights Gross Revenue (INR Cr) Operating EBITDA (INR Cr) +9.2% +10.4% 4,599 4,211 1,199 2 1,085 234 +15.6% 0 85 +19.8% 4,597 1,199 3,977 1,001 9M ended Dec’21 9M ended Dec’22 9M ended Dec’21 9M ended Dec’22 Covid-19 vaccination & related antibody tests EBITDA Covid-19 vaccination &
Slide 22: Key Operational Highlights
Key Operational Highlights ARPOB1 (INR/OBD) (‘000) Avg. Inpatient Occupancy (%) 66.3 57.1 +16.2% 77% -1% pt 76% 9M ended Dec’21 9M ended Dec’22 9M ended Dec’21 9M ended Dec’22 ALOS2 (in days) Outpatient consults (‘000) 4.8 1,693 -0.5 days 4.2 +12.8% 1,501 9M ended Dec’21 9M ended Dec’22 9M ended Dec
Slide 23: Speciality Profile
Speciality Profile 9M ended Dec’21 9M ended Dec’22 Others Others Pulmonology 9.3% 8.6% Oncology* Oncology* Pulmonology# MAS and 3.7% 22.9% 20.2% general surgery 7.8% 5.5% MAS and general surgery OBGY and 4.9% pediatrics 6.0% OBGY and Gross IP revenue pediatrics 4.9% Gross IP revenue INR 3,159 Cr 11.
Slide 24: Payor Profile
Payor Profile Share of Revenue 9M ended Dec’21 9M ended Dec’22 17.2% 20.2% 36.4% 37.9% 8.3% 4.8% 37.2% 38.0% Self Pay TPA & corporates International Institutional Note: Excludes revenue from Covid-19 vaccination & related antibody tests, SBUs and other operating income 24
Slide 25: P&L Statement: 9M ended Dec'22
P&L Statement: 9M ended Dec’22 Figs in INR Cr 9M ended Dec’21 9M ended Dec’22 Amount % NR Amount % NR Gross revenue1 4,211 4,599 Net revenue 3,992 100.0% 4,353 100.0% Direct costs 1,606 40.2% 1,699 39.0% Contribution 2,386 59.8% 2,653 61.0% Indirect Overheads2 1,300 32.6% 1,454 33.4% Operating EBITD
Slide 26: Memorandum Profit & Loss Consolidation sheet for 9M ended Dec'22
Max Healthcare: Memorandum Profit & Loss Consolidation sheet of Network Financials for 9M ended Dec’22 Figs in INR Cr MHIL, its Partner Healthcare Facilities ("PHF") Financials Eliminations MHC Network subsidiaries & (IGAAP Unaudited)* & (Consolidated) Silos Adjustment(2) (Certified by an IND AS Bal
Slide 27: Covid-19 Update
By MAX Healthcare Covid-19 Update
Slide 28: COVID-19 Update (1/2)
COVID-19 Update (1/2) Key contributions* : Our response : First private hospital to offer a dedicated facility in Delhi for COVID-19 care Infrastructure One of the first private sector labs to start COVID-19 testing support ~20 11,20,000+ 21,00,000+ Operationalised one of the largest COVID-19 vaccin
Slide 29: COVID-19 Update (2/2)
COVID-19 Update (2/2) Occupancy (%) Post sharp fall in occupancies at the start of first wave of 87 85 COVID-19 in Mar. 2020, the overall occupancy steadily 76 70 79 81 72 78 81 76 79 75 72 68 69 72 75 69 70 7474 74 74 75 improved starting Jun. 2020, as the hospitals started to admit 60 COVID-19 pat
Slide 30: About the Company
By MAX Healthcare About the Company
Slide 31: India's Second Largest Hospital Chain by revenue, EBITDA and market cap
Max Healthcare: India’s Second Largest* Hospital Chain in terms of revenue, EBITDA and market capitalisation Current capacity 3,400+ beds 17 ~85% ~77% NCR Facilities Beds in metros Q3 FY23 Occupancy 280 Shalimar Bagh 540 402 378 BLK Patparganj 12% 59% 34% Eqova Vaishali Revenue CAGR^ EBITDA CAGR^ Q3
Slide 32: 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 33: State-of-the-art infrastructure
State-of-the-art infrastructure Robotics TrueBeam Stx LINAC System Cath Lab – Artis Zee Pure Advanced robotics provides high precision and Provides a variety of treatment techniques Artis zee floor-mounted system with enables minimal invasive surgery across such as HyperArc and RapidArc to address a
Slide 34: Strong Focus on Research and Academics
Strong Focus on Research and Academics Research: Academics: Significant strategic partnerships including Deakin University, Max Institute of Medical Excellence (MIME) is the education division Australia, Imperial College London, Ashoka University, Pfizer Inc and of MHC for medical education & traini
Slide 35: Financial performance snapshot
Financial performance snapshot Figs in INR Cr FY20 FY21 FY22 9M ended Dec’22 Amount % NR Amount % NR Amount % NR Amount % NR Gross revenue1 4,356 3,881 5,509 4,599 Net revenue 4,023 100.0% 3,629 100.0% 5,218 100.0% 4,353 100.0% Direct costs 1,715 42.6% 1,508 41.6% 2,103 40.3% 1,699 39.0% Contributio
Slide 36: Strong financial profile to support expansion plans
Multiple avenues for future growth • Optimise Payor mix 1 Optimising Existing Strong cash generation from 2 Infrastructure • Increase utilization & improve process efficiencies operations • Focus on tower specialties & case mix INR ~856 Cr in 9M ended Dec’22 Strong financial profile to support expan
Slide 37: Awards and Accolades
Awards and Accolades Operational Clinical Safety Service Quality Others Excellence Patient Safety Award EY Entrepreneur Of The Economic Times Certified Great Place to by FICCI Year 2021 India Award in Healthcare Award 2022 Work by Great Place to Business transformation under five categories Work Ins
Slide 38: Network Holding Structure
Network Holding Structure Balaji Society (Max Patparganj) Max Shalimar Bagh Valid till 2065 Max Dehradun Medical Service Agreement with Society Max Panchsheel Immigration centre (Lajpat Nagar) Max Saket (West) MHIL Devki Devi Society SBUs (MaxLab, Max@Home) (Max Saket East, Immigration centre (Mohal
Slide 39: 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 40: Definitions
Definitions Term Description Amount billed to the patients/customers as per contracted/rack rates, as applicable, including the patients from the economically weaker section (EWS) on discharge basis; Also includes movement in unbilled revenue at the end of the Gross Revenue period for patients admit
Slide 41: 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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