Max India Ltd · NSE:MAXIND
Max India — Investor Presentation (June 2024)
54 slides from Max India's investor presentation, Jun 12, 2024
Slide 1: Filing cover letter to BSE and NSE
June 12, 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 Dea
Slide 2: Investor Presentation June 2024
Investor Presentation June 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 has a history of spotting early trends and creating iconic 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 - 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 6 billion Diversified business model; Strong history of Customers: ~4 million Well established board Steady revenue growth & entrepreneurship and Employees: ~25,000 governance; cost rational
Slide 8: Max group structure overview
Max group structure overview Holding Companies Operating Companies Life Insurance 6.5% 80.98%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
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: Emerging senior care space in India is already 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 COVID-19 lockdowns Baby boomers becoming More nuclear families More children becoming Growth seniors NRIs Levers Urban seniors became tech- More affluence in this Less stigma abou
Slide 11: 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 12: Financial strength and unique competencies leveraged for senior care foray
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 13: Antara's focus is on creating an 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 14: Assets (Residences) - senior living market in India
1. Assets (Residences)– Current senior living market in India is USD 2-3 billion expected to witness a CAGR of more than 30% and reach USD 12 billion by 2030 India Senior Living market landscape Senior Living Housing Growth Levers 2024 2030F 2030F vs 2024 Evolving needs of seniors, Significant deman
Slide 15: Services (Care Homes) - still evolving in India
2. Services (Care Homes) – Still evolving in India, it is a large and profitable market globally Potential users Market Size Use cases Description # in ‘000 USD million Key competitors ▪ 60+ years with dementia (stage 2+) Long stay ▪ >15 L income segment 120 600 1 Memory care ▪ Social stigma not rel
Slide 16: Services (Care at Home) - nascent in India, large 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 17: Products (AGEasy) - addressable spend pool in non-prescription healthcare
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 18: Products (MedCare) - highly 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 19: Regulatory and industry trends for seniors
Regulatory and industry trends : Navigating new shores for Seniors Gerontology Leveraging Expanding Building Other Education & Technology for Healthcare Age-Friendly developments Workforce Senior Care Access and Communities Development Affordability • Specialized Geriatric • Remote Monitoring, • Ayu
Slide 20: Competition trends in Indian senior care space
Competition Trends : Indian Senior care space is evolving rapidly, new players entering with innovative models Tech Based Healthcare Digital Community Other Services Raised funding Funding of $3.5 Mn of $1 Mn led by Matrix partners Backed by Ratan TATA Existing players update in Existing players upd
Slide 21: Antara aspires to take its offerings pan-India in the next 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 435 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, cash and PBT positive
1st Community - Antara Dehradun – All units sold, continues to be cash and PBT positive, Cash surplus ~Rs 125+ Cr as of Mar’24 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 Rs 125 Cr ~Rs 19,0001 Clubhou
Slide 25: Antara Noida Phase 1: all units sold, collection efficiency ~99%
2nd Community - Antara Noida Phase 1: All units sold, collection efficiency ~ 99% 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 Channel Mix (%) Sales Realisation ~ 99% Cumulative sales and collection trend Direct: P
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 - internal plaster and hard flooring completed
Noida Phase I – Internal plaster & Hard flooring completed for all 3 towers Jan 24 Jan’24 May’24 26
Slide 28: Noida Phase I - finishing works on track
Noida Phase I – Finishing works on track , 101111111111:1„,4 It urP . - 27 mAxl INDIA LIMITED
Slide 29: Residences: collection ahead of plans; growth on track
Residences : Collection ahead of plans; Doon continues to be cash surplus; Growth on track.. Gurugram community launch expected in Q2FY25; Bengaluru community launch expected in Q4 FY25 FY24 GURUGRam Bengaluru • 100% inventory sold for Doon and Noida • Pre-launch activities • Approval activities • D
Slide 30: Care Homes/Memory Care Homes/Care at Home (Services)
Care Homes/Memory Care Homes/ Care at Home (Services)
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 assisted living and transition care support to seniors with ambulatory, neurological, ageing related conditions, seniors with pre/post hospital episode and those who ne
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 • ~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 1.4 Cr in Q4FY24
Care Home (CH): Net revenue at Rs 1.4 Cr in Q4FY24, Up 4%* y-o-y Occupancy trend at Care Homes (bed days) Care Homes Revenue (Rs Lacs) 5%* 4%* YoY YoY 3000 240 210 2202 135.1 2250 2492 180 2284 2320 140.9 2184 150 129.2 130.4 146 1500 120 90 750 60 30 463 22.9 0 6 62 0 0.2 3.3 Q4FY23 Q1FY24 Q2FY24 Q
Slide 34: Gurugram CH unit economics established
Gurugram CH unit economics established, Contribution margins steadily improving from 0% to ~16% in eight quarters Net Revenue (Rs Lacs) Key learnings so far 120 110.7 • Per day pricing in the range of 97.9 98.3 INR 5500-6300 per day 100 94.5 89.8 82.6 82 85.8 • 20 patients staying in the 80 76.4 cen
Slide 35: Gearing up for launch of Care Homes in new geographies
Gearing up for the launch of Care Homes in new geographies; Bannerghata CH launched for show arounds Bannerghata Road, Bengaluru Sector 66, Noida Sector 24, Gurugram • Total capacity:53 beds • Total capacity:98 beds • Total Capacity: 83 beds • Finishing work underway • Sprucing work underway • Infra
Slide 36: 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 37: Care at Home - highest ever net revenue in Q4
Care at Home – Highest ever net revenue ~ Rs 3 Cr in Q4, growth of 97% y-o-y; Contribution margin at 9% (NCR margin 19%) in Q4FY24 marginally lower than 11% in Q4FY23, impacted by expansion to new geographies Patient served (Nos) Care at Homes Revenue^ (Rs Lacs) 144% 3000 400 97% YoY YoY 2826 2400 3
Slide 38: Services business update
Services business update: Care at Home registered highest ever revenue in FY24; 600 beds to be operational for Care homes by FY25 year end FY24 Care HOMES CARE AT HOME Bed Additions planned • Expanding footprint NCR: 53 beds in Noida in in NCR, Bengaluru • Care Home: Revenue (Q1), 98 beds in & Chenn
Slide 39: AGEASY/MEDCARE (Products)
AGEASY/MEDCARE (Products)
Slide 40: Rapid progress in building AGEasy
Rapid progress in building AGEasy - All building blocks in place 1 2 3 4 5 Amazon Team and Products Playbook D2C Playbook Tech platform Culture • 30 products • Playbook in place • 3 Health studios launched • Tech platform built for • Headcount as on launched for Amazon with • Experts trained across
Slide 41: AGEasy: revenue Rs 1.4 Cr in Q4FY24
AGEasy: Revenue Rs 1.4 Cr in Q4FY24, Up 53% sequentially q-o-q, good performance on marketplace for braces and pain relief products Key highlights AGEasy Revenue (Rs Lacs) • 3 conditions launched Arthritis/Pain (83%); Fall (14%) & Hearing (3%) • 26K+ customers served; ARR of INR 6 Cr within 6 months
Slide 42: MedCare: highest ever net revenue in Q4
MedCare: Highest ever net revenue ~ Rs 2.7 Cr in Q4, grew 106% y-o-y MedCare Revenue (Rs Lacs) 106% Contribution margin at -5% in Q4FY24 (-5% in Q4FY23) YoY 300 274.2 Outlook 225 209.2 150 175.0 ❖ Deepen/ build new distribution channels to augment reach 133.3 119.2 75 ❖ Expand product portfolio 0 ❖
Slide 43: Products business update
Products business update: MedCare registered highest ever revenue in FY24; AGEasy achieved ARR of Rs 6 Cr with six months of launch FY24 AGEASY MEDCARE • MedCare: Revenue Consolidating Launch 2 new of Rs 7.8 Cr product portfolio conditions: • AGEasy: ARR of Rs and backend to Diabetes & 6Cr within 6
Slide 44: Strong endorsement for brand by customers, employees and partners
Strong endorsement for our brand and offerings by customers, employees and partners Strong endorsement for our brand Antara Senior Care has been certified as great and offerings by customers workplace by Great Place to Work • Residences (Doon): SAT index at 90% • Care Homes: SAT Index at 93% • Care
Slide 45: 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 46: Consolidated Financials
Consolidated Financials Consolidated Financials 45
Slide 47: Well capitalised with Rs 435+ crores of treasury and monetisable assets
Well capitalised to pursue growth opportunities with Rs 435+ crores of Treasury (including surplus in subsidiaries) and other monetisable assets Senior living – Residences for Seniors Assisted Care Services – Other Assets^ (Rs 250 Cr) Invested Capital (Rs 438 Cr) Invested Capital (Rs 169 Cr) Antara
Slide 48: Financial Performance: results better than expected across verticals in FY24
Financial Performance: Results better than expected across all business verticals in FY24; Focus now on growth and scale-up in FY25 ▪ Consolidated revenue of Rs 195 Cr for FY24, 9% lower than last year, due to lesser inventory available for Consolidated sale in Residences vertical in FY24 as compare
Slide 49: Consolidated: revenue Rs 195 Cr in FY24, EBITDA loss Rs 34 Cr
Consolidated: Revenue at Rs 195 Cr in FY24, down 9% y-o-y and EBITDA loss at Rs 34 Cr in FY24 vs gain of Rs 12 Cr in FY23 Particulars (Rs Cr) Q4FY24 Q3FY24 % Q4FY23 % FY24 FY23 % Total Income 49.6 44.5 11% 60.2 -18% 194.7 213.5 -9% Total Expenses 65.7 57.3 55.0 229.0 201.8 EBITDA (16.1) (12.8) 5.2 (
Slide 50: Balance Sheet: net worth of Rs 492 Crores
Balance Sheet: Strong BS position with Net worth of Rs 492 Crores Particulars (Rs in Crs.) 31-Mar-24 31-Mar-23 Particulars (Rs in Crs.) 31-Mar-24 31-Mar-23 Equity 492.3 542.1 Non-Current Assets 341.1 294.3 Non-Current Liabilities 53.2 49.8 Current Assets 343.2 459.1 Current liabilities 138.8 161.5 T
Slide 51: Annexure
Annexure 50
Slide 52: 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 53: 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 54: 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