Max India Ltd · NSE:MAXIND
Max India — Investor Presentation (December 2023)
65 slides from Max India's investor presentation, Dec 4, 2023
Slide 1: Max India Limited filing cover letter
mAx INDIA LIMITED December 4, 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 — 400 001 Mumbai — 400051 NSE Sc
Slide 2: Investor Presentation December 2023
Investor Presentation December 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 (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 has a history of spotting early trends, creating iconic brands
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 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: 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: Antara has identified four focus areas comprising ~60% of the opportunity
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 leveraged 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 healthcare Uniquely placed with our 02 05
Slide 14: Antara's focus is on an integrated senior care ecosystem
Antara’s focus is on creating an integrated senior care ecosystem through the verticals #SeniorCarestartswithAntara 13
Slide 15: Residences for seniors – sizeable 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 – nascent in India, large and profitable 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 – among the fastest growing segments in 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) – huge 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: Phygital platform (AGEasy) – addressable spend pool in non-prescription healthcare
5. Phygital platform (AGEasy) – Significant addressable spend pool in non- prescription healthcare; Estimated market size to be INR 40,000 Crore by FY28 1501 Crore ~65% have at least 1 health condition Estimated population of India in 2028 22.51 Crore 22% urban seniors are living alone or with spous
Slide 20: Competition Trends: Development in Agetech space
Competition Trends : Development in Agetech space - New players entering senior space with innovative models Tech Based Healthcare Digital Community Raised funding of $1 Funding of $3.5 Mn led Mn by Matrix partners Other Services Backed by Ratan TATA Existing players Update Raised $2mn in pre-series
Slide 21: 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 around Rs. 550-700 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
Residences for Seniors
Slide 24: Early trend identified in 2010, aspiration to create 8-10 communities
Early trend identified in 2010, aspiration to create 8-10 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 • All units sold research, Living launched Dehradun apartments sold (except 1 benchmarking i
Slide 25: 1st Community - Antara Dehradun – all units sold
1st Community - Antara Dehradun – All units sold (except 1 occupied by employee) as of Sep’23 end, continues to be cash and PBT positive, Cash surplus ~Rs 125 Cr+ as of Sep’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 proj
Slide 26: 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 27: 2nd Community - Antara Noida Phase 1: 100% of units sold
2nd Community - Antara Noida Phase 1: 100% of units sold as of Sep’23 end, collection efficiency ~ 96% 340 ~7,45,000 2,000 Saleable area Average Apartment Available Units in sq ft Size in Sq Ft Collection 40:60 ~Rs 10,4001 efficiency Cumulative sales and collection trend Channel Mix (%) Sales Realis
Slide 28: Antara Noida: targeting planned IRRs; cost headwinds mitigated
Antara Noida (Under Construction): targeting to achieve planned IRRs; cost headwinds being mitigated through timely delivery and cost optimization 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 Construction
Slide 29: Noida Phase I – External & Internal finishing work
Noida Phase I – External & Internal finishing work Lift Lobby Wall Tiling Option R2 External Paint Colour Shade Common Area Flooring 28
Slide 30: Noida Phase I – Construction on track
Noida Phase I – Construction on track, Top floor slab completed for all residences Oct’23 Oct’23 29
Slide 31: Future projects focus on Design, Sales & Marketing and Operations
For future projects, Antara shall focus only 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 proj
Slide 32: Residences update: Doon and Noida sold out; other cities progressing
Residences update : Doon and Noida sold out; Documentation in final stages for Bengaluru & Gurugram; Commercials finalized for Hyderabad; Discussion ongoing for Other Geographies DOON GURGAON Only one unit left for sale – occupied by Binding Term Sheet executed Inhouse doctor Agreement in final stag
Slide 33: Care Homes/ Memory Care Homes
Care Homes/ Memory Care Homes
Slide 34: 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 35: 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 36: Care Home: Net revenue Rs 1.34 Cr in Q2FY24
Care Home (CH): Net revenue at Rs 1.34 Cr in Q2FY24, adjusted for inoperative Care Homes revenue grew 45% y-o-y Occupancy trend at Care Homes (bed days) Care Homes Revenue (Rs Lacs) 34% 45% YoY YoY 240 4000 1966 210 113.8 1710 3200 180 89.8 2454 150.7 2184 2284 150 129.2 130.4 2400 120 1600 90 60 80
Slide 37: Gurugram CH proof of success established
Gurugram CH Proof of success established, H1FY24 revenue and margins impacted due to lower occupancy, channel mix and one-off maintenance costs Net Revenue (Rs Lacs) Key learnings so far 120 • Per day pricing in the range of 97.9 INR 5000-6000 per day 100 94.5 89.8 82.6 82 85.8 • 19 patients staying
Slide 38: Care at Home
Care at Home 37
Slide 39: Care at home: healthcare services in the comfort of a 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 40: Care at home: service offerings second to none
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 39
Slide 41: 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 42: Care at Home – highest ever net revenue in Q2
Care at Home – Highest ever net revenue ~ Rs 2.1 Cr in Q2, growth of 27% y-o-y; Contribution margin improved to 20% in Q2FY24 (14% in Q2FY23) Patient served (Nos) Care at Homes Revenue^ (Rs Lacs) 2000 19% YoY 300 27% 250 YoY 1500 1700 1429 1497 200 1401 207.4 1000 1159 150 172.3 170.3 163.7 153.8 10
Slide 43: MedCare
MedCare 42
Slide 44: 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 45: MedCare: highest ever net revenue in Q2
MedCare: Highest ever net revenue ~ Rs 1.75 Cr in Q2, grew 169% y-o-y, margins impacted by shift in channel mix from B2C to B2B MedCare Revenue (Rs Lacs) 169% Contribution margin at -2%^ in Q2FY24 (3% in Q2FY23) YoY ^ margins impacted due to higher contribution of B2B sales as comparted to B2C sales
Slide 46: AGEasy Health Studio
AGEasy HEATH STUDIO DELHI | BENGALURU
Slide 47: AGEasy: launched Aug 21, 2023; live across all platforms
AGEasy : Launched on Aug 21, 2023; live across all platforms; Physical Presence - 3 Health Studios across Delhi, Gurugram and Bengaluru Website – Sep 4th Traffic – 4K visits/day 70 Orders Health Studio- Sep 4th 61 Expert Sessions completed # 12 Orders Amazon – Aug 21st ; WhatsApp - Sep 4th # 2500+ O
Slide 48: What is AGEasy (1/2)
What is AGEasy (1/2) 1 AGEasy is.. Antara’s unique suite of product and service solutions to manage chronic health conditions of seniors 2 1.5 Crore seniors (age 55 yrs+) in Urban India (Sec A, B) ; who are already Our customer is.. spending ~INR 40K Cr per year on non-prescriptive healthcare 3 The
Slide 49: What is AGEasy (2/2)
What is AGEasy (2/2) 5 How this works We will reach Seniors at multiple “moments of truth”. Seniors will be guided through is… an expert assisted journey to find personalized solutions for their conditions 6 a) Expert assisted journey using a personalized recommendation engine b) What makes us Diffe
Slide 50: Rapid progress in building AGEasy
Rapid progress in building AGEasy - All building blocks in place 1 Brand Partnerships • New brand name, nomenclature designed after customer research • Advisory panel of 3-4 Orthopedic completed surgeons setup for credibility and • Defined vision for new brand validation of solution • Discussions on
Slide 51: AGEasy launched with 17 products across 4 categories
AGEasy launched with 17 products across 4 categories along with physiotherapy services for knee pain and fall detection Knee pain / knee health solution Fall Detection Braces and supports Nutraceuticals Pain Relief Physiotherapy Fall Detection 1 Comfort Knit Knee Cap 9 Vitamin 13 Pain Relief Gel To
Slide 52: AGEasy - Chronic Issue I - Knee pain solutions
AGEasy - Chronic Issue I - Knee pain solutions catering to different levels of Osteoarthritis Osteoarthritis level (OA) Activity level Early Mild Moderate Severe Comfort Knit Knee Reaction Web Hinged Knee Cap OA Adjuster 3 Cap Brace Activity level Activity level Activity level Activity level Knee su
Slide 53: AGEasy – Chronic Issue II - Fall Solutions
AGEasy – Chronic Issue II - Fall Solutions Available at Go-Live Available within 3-6 months of Go-Live Intervention What is included Readiness Fall prevention Smartwatch in partnership with ▪ Predicting possible fall Owlytics (includes predictive technology) ▪ Auditing and modification of Fall-proof
Slide 54: AGEasy – Fall Detection by smart watch
AGEasy – Fall Detection – Empowering Fall detection by smart watch The AGEasy Empower watch empowers you to overcome your fears and help you be connected to your loved ones whenever and wherever you want with its advanced fitness tracking, fall detection and connectivity features • Optimized solutio
Slide 55: AGEasy – Fossil-Skagen Fall prevention & Detection Smartwatch
AGEasy – Fall Detection – Advanced Watch - Fossil-Skagen Fall prevention & Detection Smartwatch Fall Risk Assessment Fall Detection • The fall detection feature uses a combination • Continuous fall risk assessment is provided, of sensors to detect a fall. If a fall is and in the event of a potential
Slide 56: AGEasy: Amazon journey
AGEasy : Amazon journey 106 Average 87 daily Rev. run rate (INR k/day) 47 22 4 5 5 Aug 21st W1 W2 W3 W4 W5 W6 W7 Capitalizing on Getting basics in place Start accelerating Amazon GIF sales • Fixing account health • Scale up spends (0.4 L/day to • Proactive inventory planning • Test and learn campaig
Slide 57: Assisted care update
Assisted care update: 3 Care homes (~150-200 beds) in Bengaluru; Search initiated for ~100 beds in NCR and Chennai; AGEasy launched with 17 products across 2 chronic conditions Care homes MEDCARE • 800+ SKUs available including Antara labelled • 2 Care homes (68 beds) operational in Gurgaon products
Slide 58: 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 59: Consolidated Financials
Consolidated Financials Consolidated Financials 58
Slide 60: Well capitalised with ~Rs 530+ crores of Treasury and monetisable assets
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 347 Cr) Invested Capital (Rs 397 Cr) Invested Capital (Rs 103 Cr) Antar
Slide 61: Consolidated Revenue at Rs 55 Cr in Q2FY24
Consolidated Revenue at Rs 55 Cr in Q2FY24, 21% sequential growth q-o-q over Q1FY24; Consolidated EBITDA at Rs 1.5 Cr in Q2FY24 vs loss of Rs 7 Cr in Q1FY24 Particulars (Rs. Crs.) Q2FY24 Q1FY24 Q-o-Q Q2FY23 Y-o-Y H1FY24 H1FY23 Y-o-Y Total Income 55.1 45.5 21% 61.0 -10% 100.6 107.1 -6% Total Expenses
Slide 62: Annexure
Annexure 61
Slide 63: 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. Niten Mr. Pradeep Mr. Rohit Dr. Ajit Sh
Slide 64: 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 Mr. Vaibhav Agrawal Sannoo
Slide 65: 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