Max Healthcare Institute Ltd · NSE:MAXHEALTH
Max Healthcare Institute — Q2 FY22 Earnings Presentation
42 slides from Max Healthcare Institute's earnings presentation, Nov 12, 2021
Slide 1: Q2 & H1 FY22 – Earnings update
Q2 & H1 FY22 – Earnings update November 12, 2021
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. Healthcare undertaking of Radiant Life Care Private Limited (“Radiant”) and residual business of erstwhile Max India Limited merged into Max Healthcare Institute Limited (“MHIL” or “the Company”) through a NCLT approved Composite Scheme of Amalgamation and
Slide 4: Content
Content Q2 FY22 Highlights 05 H1 FY22 Highlights 18 Network Balance Sheet 26 Covid-19 Update 28 About the Company 31 4
Slide 5: Q2 FY22 Highlights
By MAX Healthcare Q2 FY22 Highlights
Slide 6: Executive Summary (1/2)
Executive Summary (1/2) Q2 FY22 gross revenue at INR 1,434 Cr versus INR 944 Cr in Q2 FY21 (+52% YoY) and INR 1,385 Cr in Q1 FY22 (+4% QoQ). Covid-19 vaccination and related antibody tests revenue dropped to INR 91 Cr in Q2 FY22 from INR 136 Cr in Q1 FY22 Operating EBITDA for Q2 FY22 was the highest
Slide 7: Executive Summary (2/2)
Executive Summary (2/2) Surgical : Medical revenue share improved to 53:47 compared to 35:65 in Q1 FY22 ALOS normalised to pre-Covid level of 4.3 days in Q2 FY22 versus 5.4 days in Q2 FY21 and 5.9 days in Q1 FY22 OP consults were up by 49% QoQ and stood at 5.8 lakhs in Q2 FY22 Digital revenue throug
Slide 8: Key Financial Highlights
Key Financial Highlights Gross Revenue (INR Cr) Operating EBITDA (INR Cr) +3.6% +0.7% 1,385 +7.6% 1,434 360 362 136 91 59 25 +12.0% 944 +51.9% 143 337 301 1,249 1,343 Q2 FY21 Q1 FY22 Q2 FY22 Q2 FY21 Q1 FY22 Q2 FY22 Covid-19 vaccination & related antibody tests EBITDA Covid-19 vaccination & related a
Slide 9: Specialty Profile
Specialty Profile Q2 FY21 Q2 FY22 Others Others 9.6% Oncology* 6.9% Oncology* Pulmonology Pulmonology 4.5% 21.9% 19.9% MAS and 10.9% general surgery 6.2% MAS and general surgery 4.0% OBGY and OBGY and Gross IP revenue pediatrics 5.4% Gross IP revenue Cardiac pediatrics 4.6% 9.9% INR 1,056 Cr INR 770
Slide 10: Payor Profile
Payor Profile Q2 FY21 Q2 FY22 22.8% 23.5% 38.2% 42.1% 1.6% 3.6% 32.8% 35.4% Self pay TPA & corporates International Institutional Note: Excludes revenue from Covid-19 vaccination & related antibody tests, SBUs and other operating income 10
Slide 11: P&L Statement: Q2 FY22
P&L Statement: Q2 FY22 Figs in INR Cr Q2 FY21 Q1 FY22 Q2 FY22 Amount % NR Amount % NR Amount % NR Gross revenue (incl. movement in unbilled)1 944 1,385 1,434 Net revenue 881 100.0% 1,322 100.0% 1,353 100.0% Direct costs 363 41.2% 538 40.7% 553 40.9% Contribution 518 58.8% 784 59.3% 800 59.1% Indirec
Slide 12: Gross revenue from hospitals, by region
Gross revenue from hospitals, by region Gross Revenue (INR Cr) Operational beds (Q2 FY22)* 837 Delhi 763 1,974 599 140 Uttar Pradesh 128 373 95 109 Maharashtra 98 305 71 114 Punjab 101 333 77 48 Uttarakhand 49 184 40 42 Haryana 42 71 30 Q2 FY22 Q1 FY22 Q2 FY21 Note - Excludes revenue from Covid-19 v
Slide 13: Key Operational Highlights
Key Operational Highlights ARPOB1 (INR/OBD) (‘000) Avg. Inpatient Occupancy (%) +14.5% 59.0 +27.4% 80.8% 75.2% +7.4% pt 51.5 67.8% 46.3 -5.6% pt Q2 FY21 Q1 FY22 Q2 FY22 Q2 FY21 Q1 FY22 Q2 FY22 ALOS2 (in days) Outpatient consults (‘000) 5.9 577 5.4 4.3 +49.0% -1.6 days -1.1 days +65.8% 387 348 Q2 FY2
Slide 14: Max Lab : Key performance indicators
Max Lab : Key performance indicators Gross Merchandise Value (INR Cr) Net revenue (INR Cr) Operational footprint (as of Sep 30, 2021) 54 35 34 28 34 24 20 22 220+ 27 5 17 4 Partner-run 21 16 6 14 14 collection centres 5 4 3 17 19 20 26 29 11 10 12 15 18 13 Company owned Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2
Slide 15: Clinical and Research & Academics update
Clinical and Research & Academics update 15
Slide 16: Clinical Update
Clinical Update Successfully performed a rare surgery to repair a 1.5 year old tendon tear in an international body builder using an allograft Air-lifted a young man from Iraq and treated him for severe ARDS post Covid-19 successfully Conducted bariatric surgery on a two year old girl weighing 45 ki
Slide 17: Research and Academics Update
Research and Academics Update National and international publications 62 scientific publications in high impact factor journals during Q2 FY22 22 Covid-19 and 40 non-Covid related publications; Dept. of Cardiology published the publication with the highest impact factor amongst all non-Covid related
Slide 18: H1 FY22 Highlights
By MAX Healthcare H1 FY22 Highlights
Slide 19: Executive Summary: H1 FY22
Executive Summary: H1 FY22 H1 FY22 gross revenue 1 at INR 2,819 Cr versus INR 1,561 Cr in H1 FY21 (+81% YoY). This includes revenue of INR 227 Cr from Covid-19 vaccination and related antibody tests Operating EBITDA for H1 FY22 at INR 722 Cr versus INR 121 Cr in H1 FY21 (+497%); H1 FY22 operating EB
Slide 20: Key Financial Highlights
Key Financial Highlights Gross Revenue (INR Cr) Operating EBITDA (INR Cr) +80.6% +497.4% 2,819 722 227 85 +66.0% 1,561 637 +427.5% 2,592 121 H1 FY21 H1 FY22 H1 FY21 H1 FY22 Covid-19 vaccination & related antibody tests EBITDA Covid-19 vaccination & related antibody tests revenue Margin1 (%) H1 FY21
Slide 21: Specialty Profile
Specialty Profile H1 FY21 H1 FY22 Others Others 8.8% Oncology* 7.3% Oncology* Pulmonology Pulmonology 19.5% 9.3% 21.5% 9.7% MAS and general surgery MAS and 3.7% general surgery 4.8% OBGY and pediatrics 4.8% Gross IP revenue Gross IP revenue Cardiac OBGY and 4.5% 10.5% INR 1,271 Cr INR 2,077 Cr scien
Slide 22: Payor Profile
Payor Profile H1 FY21 H1 FY22 20.6% 23.7% 38.2% 42.9% 4.1% 2.2% 31.2% 37.1% Self pay TPA & corporates International Institutional Note: Excludes revenue from Covid-19 vaccination & related antibody tests, SBUs and other operating income 22
Slide 23: P&L Statement: H1 FY22
P&L Statement: H1 FY22 Figs in INR Cr H1 FY21 H1 FY22 Amount % NR Amount % NR Gross revenue (incl. movement in unbilled)1 1,561 2,819 Net revenue 1,453 100.0% 2,675 100.0% Direct costs 625 43.0% 1,090 40.8% Contribution 829 57.0% 1,585 59.2% Indirect overheads 708 48.7% 863 32.3% Operating EBITDA 12
Slide 24: Memorandum Profit & Loss Consolidation sheet of Network Financials H1 FY22
Max Healthcare: Memorandum Profit & Loss Consolidation sheet of Network Financials for H1 FY22 MHIL & its Partner Healthcare Facilities ("PHF") Financials subsidiaries & (IGAAP Unaudited)* Silos MHC Network Eliminations (Consolidated) (INR Cr) & (Certified by an Ind AS Balaji GM Modi Devki Devi IND
Slide 25: Key Operational Highlights
Key Operational Highlights ARPOB1 (INR/OBD) (‘000) Avg. Inpatient Occupancy (%) +18.4% 55.1 +21.3% pt 78.0% 46.6 56.7% H1 FY21 H1 FY22 H1 FY21 H1 FY22 ALOS2 (in days) Outpatient consults (‘000) 5.4 964 5.0 -0.4 days +78.6% 540 H1 FY21 H1 FY22 H1 FY21 H1 FY22 (1) ARPOB calculated as gross revenue / t
Slide 26: Network Balance Sheet
By MAX Healthcare Network Balance Sheet
Slide 27: Balance Sheet
Balance Sheet1 (Includes Managed & Partner Healthcare Facilities) Figs in INR Cr Particulars Mar 21 Sep 21 Shareholders' Equity 5,738 6,282 Gross Debt 1,128 1,002 Put Option Liability 82 5 Lease Liabilities (Ind AS 116) 198 196 3 Deferred/Contingent Consideration Payable 428 440 Deferred Tax Liabili
Slide 28: Covid-19 Update
By MAX Healthcare Covid-19 Update
Slide 29: 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 ~45 ~7,30,000 ~20,10,000 Operationalised one of the largest Covid-19 vaccina
Slide 30: Covid-19 Update (2/2)
Covid-19 Update (2/2) Post sharp fall in occupancy rate at the start of first wave of Covid-19 at the end of Mar’20, the overall occupancy steadily Occupancy (%) rose back to normal levels in Q3 FY21 87 85 77 79 79 71 79 81 In Jan’21, occupancy decreased to ~66% levels with decline in 72 66 66 69 75
Slide 31: About the Company
By MAX Healthcare About the Company
Slide 32: Max Healthcare: India's Second Largest Hospital Chain
Max Healthcare: India’s Second Largest* Hospital Chain NCR 280 Shalimar Bagh 17 ~3,400 ~85% Facilities Bed capacity Beds in metros 540 402 378 BLK Patparganj Vaishali Lajpat Panchsheel1 Nagar1,2 Shareholding structure (as on October 31, 2021) 250 521 Noida1 72 Saket3 Smart Top Public investors Gurga
Slide 33: 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 34: 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 35: 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 and Imperial College London – 15,000+ research of MHC for medical education & training participan
Slide 36: Financial performance snapshot
Financial performance snapshot Figs in INR Cr FY19 FY20 FY21 H1 FY22 Amount % NR Amount % NR Amount % NR Amount % NR Gross revenue (incl. movement in unbilled) 3,920 4,356 3,881 2,819 Net revenue 3,599 100.0% 4,023 100.0% 3,629 100.0% 2,675 100.0% Direct costs 1,566 43.5% 1,715 42.6% 1,508 41.6% 1,0
Slide 37: Strong financial profile to support expansion plans
Key drivers for future growth • Optimise Payor mix 1 Optimising Existing Strong cash generation from 2 Infrastructure • Increase utilisation operations • Focus on tower specialities INR ~378 Cr in H1 FY22 • 2,300+ beds addition via brownfield expansion -ROCE Strong financial profile to support expan
Slide 38: Awards and Accolades
Awards and Accolades Operational Clinical Safety Service Quality Others Excellence Patient Safety Award Best use of six sigma Best customer service ET Best Healthcare by FICCI in Healthcare in Healthcare brand Diamond Award for HIMSS-Elsevier Digital Stroke Ready Centre by Healthcare Award 2019 the
Slide 39: Network Structure
Network Structure Balaji Society (Max Patparganj) Max Shalimar Bagh Valid till 2065 Max Dehradun Medical Service Agreement with Max Panchsheel Society Immigration centre (Lajpat Nagar) Max Saket (West) MHIL Devki Devi Society SBUs (MaxLab, Max@Home) (Max Saket East, Immigration centre (Mohali) Onco
Slide 40: 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 41: 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 Gross Revenue at the end of the period for patients admit
Slide 42: About Us
About Us Max Healthcare Institute Limited (MHIL) is India’s leading provider of healthcare services. For further information, It is committed to the highest standards of medical and service excellence, patient care, scientific and medical education. please contact: For more information, visit MHIL h
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