Max India Limited — Earnings Release 2023

May 25, 2023

May 25, 2023

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To,

Listing Department, National Stock Exchange of I n dia Limited, Exchange Plaza, Plot no. C/1, G Block, Bandra-Kurla Complex Band r a (E), Mumbai – 400051

Department of Corporate Services, BSE Limited, Phiroze Jeejeebhoy Tow e rs, Dalal Street, Mumbai – 400001

NSE Scrip Symbol: MAXIND

BSE Scrip Code: 543223

Dear Sir/Madam,

Sub: Investor Release– Q4 FY 23

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclos u re Requirements) Regulations, 2015, we are e nclosing Investor Release – Q4 FY 23 b e ing issued by the Company on the outcome of t he Board meeting.

You are requested to kindly t a ke the aforesaid on record.

Thanking you,

Yours faithfully, For Max India Limited

Digitally signed by PANKAJ PANKAJ CHAWLA CHAWLA Date: 2023.05.25 17:44:14 +05'30' Pankaj Chawla Company Secretary and Compliance Officer

Encl.: As above

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Investor Release May 25, 2023

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, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections.

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2

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Max India : Key Highlights (Q4 & FY23)

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Consolidated Revenue Consolidated EBITDA Balance Sheet (Mar 23)
FY23 Q4FY23 FY23 Q4FY23 Treasury & Other Assets Networth
Rs 213 Cr 16%^ Rs 60 Cr 17% Rs 12 Cr Rs 5 Cr Rs 530 Cr+ Rs 542 Cr
[Rs 185 Cr] [Rs 52 Cr] [Rs (1) Cr] [Rs (2) Cr] [Rs 540 Cr] [Rs 637 Cr]
Doon Community Noida Community Growth update
Unit Sold Collections Unit Sold Collections
Preliminary key terms agreed for
193 8% Rs 638 Cr 25% 340 37% Rs 252 Cr 2.1X Gurugram and Bengaluru. Negotiation
[179] [Rs 510 Cr] [249] [Rs 82 Cr]
for Binding Documentation in progress
Care Homes Care at Home MedCare
Revenue Margin Revenue Margin Revenue Margin
(FY23) (FY23) (FY23) (FY23) (FY23) (FY23)
Rs 6.6 Cr 50% -37% Rs 6.1 Cr 18% 12% Rs 3.5 Cr 2.3X -0.4%
[Rs 4.4 Cr] [-33%] [Rs 5.1 Cr] [20%] [Rs 1.9 Cr] [4%]
Figures in [brackets] are for corresponding previous year numbers. * Unit sold / Collections since inception ** FY22 revenue excludes covid led revenue
^ FY22 numbers excludes one-off revenue & expenses on account of sale of land in Doon, Max Skill and Covid led revenue 3
Max India
Residences
Assisted Care
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Residences for Seniors

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1[st] Community - Antara Dehradun – 98% of units sold as of Mar’23 end, continues to be cash and PBT positive, Cash surplus ~Rs 80 Cr as of Mar’23

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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 1.3 pm [1] ~Rs 14,800 [1]
Clubhouse size Sales Realisation
Sales Velocity
square foot Per Sq.ft
Rs 80 Cr Rs 8 Cr [1] 90%+
Cash Surplus as of Resident
Monthly Sales
Mar’23 end Satisfaction Score
Collection
Focus on sales closure and running a vibrant community
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Cumulative sales and collection trend
Collection (Rs Crore) Units Sold (nos)
193
179 183 185 189
592 615 638
552
510
Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23
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1 for last 3 months

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2nd Community - Antara Noida Phase 1: 100% of units sold as of Mar’23 end, collection efficiency ~ 97%

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340 ~7,45,000 2,000
Saleable area Average Apartment
Available Units
in sq ft Size in Sq Ft
Collection
43:57 [1] Rs 9,800 [2]
efficiency
Cumulative sales and collection trend
Channel Mix (%) Sales Realisation
~ 97%
Direct: Partners Per Sq.ft
Collection (Rs Crore) Units Sold (nos)
313 334 340
278
Project 249
March 2025 Rs 13 Cr [2]
update
29 [th] / 27 [th] / 27 [th ]
floor roof slab of Estimated 252
Monthly Sales 212
R1/ R2 / R3 Completion 166
Collection 123
completed 82
Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23
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1 for last 12 months

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6

2 for last 3 months

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 - 1&2 (including Land) No. of Units

Rs. 983 Crore 550

Means of Finance

From External Debt: ~Rs 75 crore From Internal Debt ~Rs 66 crore Equity: ~Rs 28 crore Balance from Customers collections: ~Rs 814 crore

Antara Fee (S&M, PM)

~10% of Revenue Antara Share in Surplus ~62.5% of Surplus IRR 15-17%

Payment plan (break-up basis units sold)

10:90 Payment Plan Construction Linked Payment Plan Down Payment Plan Flexi Payment Plan (10:20:30:40) Flexi Payment Plan (10:20:70 )

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2% [1%]
13%
27%
57%
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Ahead of Plan - 29[th] floor roof slab of R1 & 27[th] floor roof slab of R2 & R3 respectively completed within Mar 23

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R1 - 29 [th] Floor
R2 - 27th Floor
R3 - 27th Floor
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Growth Initiatives : Preliminary Key terms agreed for Gurugram and Bengaluru; In discussions for opportunities at other geographies

Areas

Update

Next steps

• RERA application for Phase II filed in May 2023

• Noida Phase II • Close Liaison with NOIDA and RERA in progress • Preliminary Key terms agreed with Developer for intergenerational

• Gurugram project at Gurugram • Final terms under negotiation • Business plan finalized based current terms

Noida Phase II

• Preliminary Key terms agreed with a Landowner at Bengaluru

• • Initiated process of legal and financial Due Diligence • Another opportunity under negotiation as Plan B

Bengaluru

• Sales Launch post RERA approval

• • Liaison for approval of change in building plan • Business plan amendments basis final negotiation

• • Execution of Final Documentation • Approval from Board and Shareholders, as applicable

• • Business plan modification based on diligence • Execution of Final Documentation • Approval from Board and Shareholders, as applicable

• We are in discussion with landowners at other geographies like

• Other Pune, Goa, Chandigarh etc .

• Geographies • Working on the financial model and preliminary site selections

• Non-binding term sheet sign-off

• • Due Diligence of the opportunity • Business plan discussion and finalization

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Care Homes/ Memory Care Homes

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Care Home (CH): Net revenue at Rs 1.6 Cr in Q4FY23, grew 28% y-o-y, led by bed addition

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Occupancy trend at Care Homes (bed days) Care Homes Revenue (Rs Lacs)
33%
28%
YoY
YoY
240
4000 3686
200.0
210
3137
3200 180 169.0
2665 158.0
2414 150 132.2
2400 123.3
2001
120
1600 90
60
800
30
0 0
Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23
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Contribution margin at -37% in FY23 (FY22 -33%)

Outlook

• ❖ Optimize Occupancy in existing Care homes

• ❖ Launch of Care Home offerings outside NCR by FY24

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❖ Accelerate scale-up

^ Revenue reported above is on net basis after discounts

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Gurugram CH Proof of success established; Contribution margins steadily improving from (-)25% to ~ 13% in eight quarters

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Net Revenue (Rs Lacs)
120
97.9
100 94.5
89.8
82.6
80 76.4
60.6
60 55.6
47
40.7
40
20
0
Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23
Occupa
20% 25% 31% 36% 45% 52% 58% 58% 57%
ncy (%)
Contrib
ution -140% -25% -32% -3% 0% 6% 8% 12% 13%
(%)
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Key learnings so far

• Per day pricing in the range of INR 4000-5000 per day

• 20 patients staying in the center as on Mar’23 end including 10 long stay patients

• Total 182 unique patients served so far

• Consistent improvement in occupancy

• Break-even achieved at ~45% occupancy against original planned at 60%

• High visit to conversion ratio

• Higher upsell / cross-sell Vs. Plan

Contribution is derived at by allocating all direct costs attributable to the business line. [Contribution = (Gross revenue less discounts) – (Direct costs)]

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Care at Home – Net revenue at Rs 1.5 Cr, growth of 23% y-o-y led by high margin service offerings

Transaction* (Nos)

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Care at Homes Revenue^ (Rs Lacs)
300
-36%
4000 23%
YoY
250 YoY
3200
200
2400
150 172.3
163.7
153.8
1600 3300 3100 2700 100 125.4 119.2
2500
2100
800
50
0 0
Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23
Contribution margin at 12% in FY23 (20% in FY22)
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Outlook

• ❖ Increase market coverage and achieve scale

❖ Deepening offerings basket and focus on creating differentiated products specially those with high margins

• ❖ Increasing service delivery capacity and strengthening clinical capabilities

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*Transactions = No of Invoices issued ^Revenue reported above is on net basis after discounts 14

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MedCare: Net revenue at Rs 1.3 Cr, grew 2.3x y-o-y

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MedCare Revenue (Rs Lacs)
2.3x
YoY
80
133.3
40 77.5
69.8
64.9
40.7
0
Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23
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Antara branded wheelchair, walker and commode chair launched, senior specific features incorporated in design, now available on Amazon, Flipkart & Tata 1MG, sold ~125 units through offline & online channels

Contribution margin at -0.4% in FY23 (4% in FY22)

Outlook

• ❖ Deepen/ build new distribution channels to augment reach

• ❖ Scale up to new geographies

• ❖ Enhance capabilities for launching white labelled products

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^ Revenue reported above is on net basis after discounts

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• Consolidated FinancialsConsolidated Financials

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Well capitalised to pursue growth opportunities with ~ Rs 530 crores of Treasury (including surplus in subsidiaries) and other monetisable assets

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Senior living – Residences for Seniors Invested Capital (Rs 387 Cr)

Assisted Care Services – Invested Capital (Rs 67 Cr)

Other Assets^ (Rs 390 Cr)

Antara 1.0 – Dehradun (Asset Heavy) Invested Capital (Rs 157 Cr)

in Rs Cr

Equity Investment 157 ( Represented by unsold inventory, receivables, surplus investments ~ Rs 80 Cr and club house)

Antara 2.0 – Growth (Asset Light) Invested Capital (Rs 230 Cr)

Antara’s Assisted Care Services include ‘Care Homes’, ‘Care at Home’ and ‘MedCare’ products.

Starting with its first facility in Gurugram, Antara has now 152 beds across Delhi NCR and is now the largest provider in NCR.

Cash & cash equivalents^ – Rs 290 Cr

Other monetisable asset – Rs 100 Cr

[Max Towers (61k sq ft) – Rs 100 Cr]

(to be deployed as growth capital in Antara Assisted Care Services and Residences for Seniors business)

Investment in Noida project; Greater Noida Land parcel and intangibles

^As on 31[st] Mar’23 end includes unrealized gain/ interest accrued on MF & FDs of Rs 10 Cr

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Invested capital numbers are as of Mar’23

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Consolidated Revenue at Rs 213 Cr in FY23 (Rs 60 Cr in Q4) Consolidated EBITDA at Rs 12 Cr in FY23 vs loss of Rs 1 Cr in FY22 (Rs 5 Cr in Q4 vs loss of Rs 2 Cr in PY)

Particulars (Rs. Crs.)	Q4 FY23	Q4 FY22	FY23	FY22
Total Income	60.2	51.5	213.5	237.4
Total Expenses	55.0	53.5	201.8	238.0
EBITDA	5.2	**(2.0) **	11.7	(0.6)
Depreciation	2.2	1.9	8.5	7.1
EBIT	3.0	**(3.9) **	3.2	(7.7)
Finance Cost	1.5	1.1	6.2	10.3
Profit/(Loss) Before Tax	1.5	**(5.0) **	**(3.0) **	(18.0)
Tax	5.6	(3.9)	7.4	(1.9)
Loss After Tax	**(4.1) **	**(1.1) **	**(10.4) **	(16.1)
EPS (In INR)	(0.9)	(0.2)	(2.2)	(3.0)

Note: FY22 numbers includes one-off revenue ~ Rs. 52 Cr on account of sale of land in Doon, Max Skill and Covid led revenue

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Balance Sheet: Strong BS position with Net worth of Rs 542 Crores

Particulars (Rs in Crs.)	31-Mar-23	31-Mar-22
Non-Current Assets	291.5	304.9
Current Assets	461.9	549.1
Total Assets	753.4	854.0

Particulars (Rs in Crs.)	31-Mar-23	31-Mar-22
Equity	542.1	637.1
Non-Current Liabilities	49.8	63.7
Current liabilities	161.5	153.2
Total Equity & Liabilities	753.4	854.0

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20

Contact US

Company

Investor Relations Advisors

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Max India Limited

CIN: L74999MH2019PLC320039 Mr. Ajay Agrawal/ Mr. Nishant Kumar ajay.agrawal@antaraseniorcare.com nkumar@maxindia.com

+91 120 4954403 / +91 120 4696000 https://www.maxindia.com/

Strategic Growth Advisors Pvt. Ltd.

CIN: U74140MH2010PTC204285

Mr. Rahul Agarwal / Mr. Aakash Mehta rahul.agarwal@sgapl.net / Aakash.s.m@sgapl.net

• +91 9821438864 / +91 9870679263

www.sgapl.net

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