Max India Ltd · NSE:MAXIND
Max India — Investor Presentation (December 2022)
53 slides from Max India's investor presentation, Dec 13, 2022
Slide 1: Investor Presentation December 14, 2022
Investor Presentation December 14, 2022
Slide 2: 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 3: Executive summary
Executive summary • Max group, a leading conglomerate has a history of spotting early trends, creating iconic brands and successful businesses: ― Max Life Insurance (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors ― Partnered with best-
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 Insurance (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors ― Partnered with best-
Slide 5: Max group 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 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 6: 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 4.2 billion Diversified business model; Steady revenue growth & Strong history of Customers: 4.8 million Well established board cost rationalization leads to entrepreneurship and Employees:
Slide 7: Max group structure overview
Max group structure overview Holding Companies Operating Companies Life Insurance 14.7% 87.0%1 Senior Care 51.1% 100% 100% Real Estate 100% 100% 100% 49.5% Max Sponsors stake (%) in holding Holding Companies stake (%) in Operating companies companies 1 Max Life to be 80:20 JV with Axis Bank post acq
Slide 8: Executive summary
Executive summary • Max group, a leading conglomerate has a history of spotting early trends, creating iconic brands and successful businesses: ― Max Life Insurance (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors ― Partnered with best-
Slide 9: 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 10: 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 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 Insurance (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors ― Partnered with best-
Slide 12: Financial strength and unique competencies being leveraged for senior care
Financial strength and unique competencies being leveraged to make a foray into the senior care space 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 Well capital
Slide 13: Antara's integrated senior care ecosystem through four verticals
Antara’s focus is on creating an integrated senior care ecosystem through four verticals #SeniorCarestartswithAntara 13
Slide 14: 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 15: 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 16: Care at Home - among the fastest growing segments within 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 17: Medical equipment (MedCare) - opportunity in patient aids segment
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 18: 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 over Rs. 300 crore in the next four to five years across all business verticals and has sufficient liquidity to finance this growth Company has outlined a five-year vision for Antara following its initial suc
Slide 19: Executive Summary
Executive Summary • Max group, a leading conglomerate has a history of spotting early trends, creating iconic brands and successful businesses: ― Max Life Insurance (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors ― Partnered with best-
Slide 20: Residences for Seniors
Residences for Seniors
Slide 21: Early trend identified in 2010, aspiration to create 9-10 communities
Early trend identified in 2010, aspiration to create 9-10 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 • 94% of research, Living launched Dehradun apartments sold apartments have benchmarking inc
Slide 22: 1st Community - Antara Dehradun – 94% of units sold
1st Community - Antara Dehradun – 94% of units sold as of Sep’22 end, repaid all debt, continues to be cash and PBT positive 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 0.7 pm1 ~Rs 13,0001 Clubhouse s
Slide 23: Learnings from Dehradun being 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 24: 2nd Community - Antara Noida Phase 1: 92% of units sold
2nd Community - Antara Noida Phase 1: 92% of units sold as of Sep’22 end 340 7,45,000 2,000 Saleable area Average Apartment Available Units in sq ft Size in Sq Ft 42:581 11.7 pm1 Rs 8,7001 Channel Mix (%) Sales Realisation Sales Velocity Direct: Partners Per Sq.ft Cumulative sales and collection tre
Slide 25: Antara Noida: targeting planned IRRs through sales velocity and timely delivery
Antara Noida (Under Construction): targeting to achieve planned IRRs inspite of cost headwinds through robust 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 26: Fifteenth floor roof slab casted in R1, R2 & R3
Fifteenth floor roof slab casted in R1, R2 & R3 16 16 15 1511 12 15 14 14 11 14 10 13 13 10 13 9 12 13 14 12 12 12 9 11 118 13 11 11 10 12 8107 10 10 9 11 9 79 6 10 9 8 8 8 6 9 5 8 7 7 7 8 5 6 7 6 4 7 6 56 45 6 3 5 5 4 5 34 4 2 3 4 4 23 3 2 1 3 2 3 1 1 2 1 2G G 2 1 G G 1 G 1 B G G B B As on 05-12-20
Slide 27: Future projects to focus on core strengths of 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 28: Growth initiatives: partnerships for Gurugram, Bengaluru and Pune
Growth Initiatives : Progressing as planned on partnerships for Gurugram and Bengaluru; Scouting for better opportunity at Pune; likely to close two opportunities by Mar’23 Areas Update Next steps • Know How Partnership with Max Estates on DM Fee model for a • Business plan finalization Gurugram res
Slide 29: Care Homes/ Memory Care Homes
Care Homes/ Memory Care Homes
Slide 30: Care homes/memory care homes: integrated ecosystem for seniors
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 31: 3 new Care Homes launched in Delhi NCR
3 new Care Homes launched in Delhi NCR, capacity increased by 60+ beds to ~150+ beds in H1FY23, plan to reach 225 beds by FY23 end Delhi Greater Kailash II 32 rooms (38 beds) Dwarka Suite Room Sunken Engagement 14 rooms (14 beds) Court Jasola Vihar 10 rooms (10 beds) Gurugram Nurse Lounge Area DLF P
Slide 32: One of its kind Memory Care Home, South City, Gurugram
One of its kind Memory Care Home, South City, Gurugram, launched in Sep’22 32
Slide 33: 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 34: Care Home: Net revenue at Rs 1.7 Cr in Q2FY23
Care Home (CH): Net revenue at Rs 1.7 Cr in Q2FY23, grew 53% y-o-y, led by bed addition and improvement in occupancy Occupancy trend at Care Homes (bed days) Care Homes Revenue^ (Rs Lacs) 106% 53% YoY YoY 3600 210 3137 3200 180 169.0 2800 2414 150 132.2 2400 123.3 2001 110.7 2000 120 99.9 1521 1533
Slide 35: Gurugram CH proof of success established
Gurugram CH Proof of success established; Contribution margin improved to ~ 8% in Q2FY23 ahead of business plan assumptions Net Revenue (Rs Lacs) Key learnings so far 100 89.8 • Per day pricing in the range of 90 82.6 INR 4000-5000 per day 80 76.4 • 16 patients staying in the 70 60.6 centre as on Se
Slide 36: Care at Home
Care at Home 36
Slide 37: 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 38: 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 38
Slide 39: 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 40: Care at Home – Net revenue at Rs 1.64 Cr
Care at Home – Net revenue at Rs 1.64 Cr, sequential growth of 37% q-o-q over Q1FY23 and Contribution margin improved to 14% in Q2FY23 Transaction (Nos) Care at Homes Revenue (Rs Lacs) 4500 300.0 4000 24% QoQ 250.0 37% 3500 QoQ 3000 200.0 2500 150.0 164.0 163.7 2000 1500 3000 3300 3100 128.0 125.4 2
Slide 41: MedCare
MedCare 41
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: Net revenue at Rs 0.7 Cr, contribution margin 3%
MedCare: Net revenue at Rs 0.7 Cr, grew 36% y-o-y and Contribution margin improved to 3% in Q2FY23 First Antara branded wheelchair launched, senior specific features incorporated in design, available on various e-commerce platforms like Amazon, Flipkart etc. MedCare Revenue^ (Rs Lacs) Nylon upholste
Slide 44: Executive Summary
Executive Summary • Max group, a leading conglomerate has a history of spotting early trends, creating iconic brands and successful businesses: ― Max Life Insurance (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors ― Partnered with best-
Slide 45: Consolidated Financials
Consolidated Financials Consolidated Financials 45
Slide 46: Key Highlights (Q2 & H1FY23)
Key Highlights (Q2 & H1FY23) Consolidated Revenue Consolidated EBITDA Treasury & Other - H1FY23/ Q2FY23 - H1FY23/ Q2FY23 monetizable assets - Sep 22 Max India Rs 107 Cr / Rs 61 Cr5%/ 39%^ Rs 6.4 Cr/ Rs 5.2 Cr4.3x/ 6%^ Rs 450 Cr+^^ [Rs 102 Cr / Rs 44 Cr^] [Rs 1.5 Cr/ Rs 4.9 Cr^] [Rs 550 Cr+] Doon - U
Slide 47: Well capitalised with ~Rs 450 crores of assets
Well capitalised to aggressively pursue growth opportunities with ~ Rs 450 crores of assets Senior living – Residences for Seniors Assisted Care Services – Other Assets^ (Rs 394 Cr) Invested Capital (Rs 387 Cr) Invested Capital (Rs 55 Cr) Antara 1.0 – Dehradun (Asset Heavy) Care at Home (Home Care)
Slide 48: Consolidated Revenue at Rs 107 Cr in H1FY23, Up 5%
Consolidated Revenue at Rs 107 Cr in H1FY23, Up 5%^ y-o-y (Q2 Up 39% y-o-y). Consolidated EBITDA at Rs 6 Cr in H1FY23, Up 4.3x y-o-y Particulars (Rs. Crs.) Q2 FY23 Q2 FY22 Y-o-Y H1 FY23 H1 FY22 Y-o-Y Total Income 61.0 43.9 39% 107.1 101.6 5% Total Expenses 55.8 39.0 100.7 100.1 EBITDA 5.2 4.9 6% 6.4
Slide 49: Balance Sheet: Net worth of Rs 540 Crores
Balance Sheet: Strong BS position with Net worth of Rs 540 Crores Particulars (Rs in Crs.) 30-Sep-22 31-Mar-22 Particulars (Rs in Crs.) 30-Sep-22 31-Mar-22 Non-Current Assets 301.4 304.9 Equity 539.7 637.1 Non-Current Liabilities 62.0 63.7 Current Assets 469.2 549.1 Current liabilities 168.9 153.2 T
Slide 50: Annexure
Annexure 50
Slide 51: 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. Ashok Mrs. Bhawna Mr. Niten Mr. Pradeep
Slide 52: Antara Senior Care team
Antara Senior Care team Mrs. Tara Singh Vachani Vice Chairperson Mr. Rajit Mehta Antara Senior Living team Managing Director & Chief Executive Officer Mr. Ajay Mr. Sandeep Mr. Kenneth Mr. Sanjay Ms. Jasrita Dhir Mr. Prem Mr. Shantanu Mr. Ashish Mr. Pankaj Chawla Ms. Simardeep Mr. Badar Afaq Agrawal
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