Max India Limited — Earnings Release 2025

Feb 6, 2025

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February 6, 2025

Listing Department BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai – 400001

Scrip Code: 543223

Listing Department National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East) Mumbai – 400051

Name of Scrip: MAXIND

Sub: Investor Release – Q3 FY25

Dear Sir/Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed Investor Release – Q3'FY25 being issued by the Company on the outcome of its Board Meeting held on February 6, 2025.

You are requested to kindly take the aforesaid on record.

Thanking you,

Yours faithfully, For Max India Limited

Digitally signed by TRAPTI TRAPTI Date: 2025.02.06 18:12:36 +05'30'

Trapti

Company Secretary & Compliance Officer

Encl.: As above

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Investor Release February 6, 2025

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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ALL BUSINESS VERTICALS PROGRESSING AT STEADY PACE

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Key Performance highlights of Q3FY25

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Assets : Residences

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Gurugram: Launched by MEGL in Aug 24 . 240 (82%) units sold for Senior Living Towers secured within 4+ months of launch. Sales collection at Rs 124 Cr.*

Services: Assisted Care

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Care Homes: ~300 bed capacity

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• 160 beds in Gurugram

• 83 beds Bengaluru

• 53 beds in Noida

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Products: AGEasy

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AGEasy performance (Q3)

• Revenue Rs 12.7 Cr, up 3.2x, achieved annual revenue run rate Rs 60 Cr

200-250 beds to be added in Q4

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Noida Phase I: All NOCs received. Finishing Works in Progress. Will be ready for possession within timelines. ITD Sales collection at Rs 382 Cr , up

14% YoY

Doon: Cash surplus of Rs 110 Cr as of Dec’24; Operations revenue Rs 6.1 Cr , up 13 % YoY. Ops reported profit of Rs 0.4 Cr in 9M & break even achieved

Chandigarh: Definitive agreement under final discussion

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• 170 beds in Chennai

• 80 beds in Bengaluru

Revenue at Rs 2.1 Cr, up 40%. Mature beds achieved positive margins

Gurugram Care Home update (Q3)

• Revenue of Rs 1.1 Cr , up 8%

• • Margin 18% in Q3’25 ( 12% in Q3’24)

Care at Home update (Q3)

• Revenue of Rs 4.6 Cr , up 83%

• NCR margin 22% in Q3FY25 vs 18% in Q3FY24

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• Product portfolio expanded to 60 products & 180 SKUs. 10 products amongst top 10 bestsellers on Amazon

• 6X growth in DRR at marketplace with sharp improvement in ROAS

• Initiated sourcing from China, placed orders of Rs 5 Cr for 20 products with improved margins of 20%+

* Max Estates Gurgaon Limited

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BUSINESS AND FINANCIAL PERFORMANCE UPDATE

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Strong endorsement for our brand and offerings by customers, employees and partners

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Antara has been certified as Great Place to Work
and received Business World HR Excellence Award
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Strong endorsement for our brand
and offerings by customers
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• Residences (Doon): SAT index at 88% (Q2FY25 88%)

• Care Homes: SAT Index at 92% (Q2FY25 92%)

• Care at Home: SAT index at 94% (Q2FY25 95%)

• AGEasy: SAT index at 84% (Q2FY25 83%)

• Already Signed MoU with IIT Delhi to Design Innovative Mobility-aid Solutions and collaborated with Dementia India Alliance (DIA)

• Signed up Boat , leading player in wearables, as our technology partner to launch senior specific health and wellness products under AGEasy brand

• Partnered with Dr. Lal PathLabs to provide diagnostic services tailored to meet the needs of seniors

• Listing of Antara’s offerings on Axis bank’s silver lining program website which has ~30 lacs members and onboards 15K members every month.

• Discussion with Axis Max Life Insurance has been concluded for an Annuity plan which will be offered to Antara customers for financing their stay/other expenses.

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Financial Performance: Results across all business verticals in 9MFY25 are as planned; Focus continues on scale-up in Q4FY25

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•
Consolidated
revenues
▪
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• Consolidated revenue of Rs 39 Cr for Q3FY25 vs Rs 48 Cr in Q2FY25, 18% lower than last quarter. Though higher revenue in AGEasy business vertical and strong growth in Care at Home compared to Q2FY25, reduction is attributed to lower revenue in Residences being cyclic in nature

▪ The reduction in consolidated revenues was expected, is temporary and is as per plan.

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▪
Consolidated
EBITDA loss
in line with
expectation
▪
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Consolidated EBITDA loss stood at Rs 24.7 Cr for Q3FY25 vs Rs 15.7 Cr in Q2FY25, owing to lower revenue for Residences vertical and increase in performance marketing spend for Assisted Care business compared to last quarter

▪ vertical and increase in performance marketing spend for Assisted Care ▪ Losses contained through both cost optimization and efficient treasury management

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Well Funded ▪
to pursue
▪
growth
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▪ Treasury and other monetizable assets of Rs 312+ Cr as of Dec’24 end ▪ Consolidated Net worth ~ Rs 400 Cr as of Dec’24 end

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Residences for Seniors

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Antara Dehradun – All units sold in Mar’24, continues to be cash and PBT positive, Cash surplus Rs 110 Cr as of Dec’24

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14 Acres 5,75,500 1,400-6,600
Land Parcel of the
Saleable area Average Apartment
company's flagship
in sq ft Size range in Sq Ft
project
60,000 Rs 110 Cr 88%
Clubhouse size Cash Surplus as of Resident
square foot Dec’24 end Satisfaction Score
Rs 6.1 Cr,
Rs 22,000 11 re-sales
Up 13% YoY [1]
Operations Re-sales realisation Rs 2.2 Cr fee generated
Revenue Per Sq.ft through re-sales
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Focus on running a vibrant community and deeper engagement activities
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Community Operations revenue trend
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Operations Revenue (Rs Crore)
6.61
6.2 6.1
5.41 5.45
Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25
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1 For Q3FY25

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• For 9MFY25

Antara Noida Phase 1: All units sold in Mar’23, 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 10,400[1] efficiency Channel Mix (%) Sales Realisation ~ 99% Direct: Partners Per Sq.ft Project OC status Rs 4 Cr[2] update OC kept in abeyance by Finishing work is in Noida due to Sec 150 progress. Ready for Monthly Sales issue. Resolution possession within Collection timelines discussions underway Focus on works related to finishing, OC and approvals for Noida Phase II

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Cumulative sales and collection trend
Collection (Rs Crore)
382
358
351
342
334
Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25
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1 last reported

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2 last 12 months

Antara Noida (Under Construction): Cost headwinds being mitigated through sales velocity, price increase and timely delivery; headwinds for Phase 2 approval continues leading to delay in launch resulting in IRR dip of 1%

Project Cost for Phase - 1&2 (including Land)

Antara Fee (S&M, PM)

Noida Phase 2 update

Rs. 983 ~10% Crore of Revenue Antara Share in Surplus ~62.5% 550 of Surplus

No. of Units

Means of Finance

IRR

15-16%

From External Debt: ~Rs 40 crore From Internal Debt ~Rs 120 crore Equity: ~Rs 28 crore Balance from Customers collections: ~Rs 795 crore

• RERA application has not been accepted by the authorities apparently due to continuing ambiguities of Sector 150, Noida.

• The Company has filed an appeal against the same before the Appellate authorities.

• While the Company is confident of getting favourable order from the Appellate authorities, extension of validity of Building plans is necessary for which Company is in dialogue with NOIDA.

• Market continues to be positive supported by strong pipeline for Phase 2 and hence the IRR expectancy has been kept as stable.

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Antara Noida Phase I – Finishing work is in progress

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Finishing work

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External works

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Basement Work

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Main Entrance Gate

Gurugram - Intergenerational Community launched by Max Estates Gurgaon Limited (MEGL) in Aug’24; Senior living towers to be managed by Antara; 82% booking secured within 4+ months of launch

Targeted NRI market & participated in Private event in Hong Kong for Brand promotion; 30+ interests

Healthy Mix of 65:35 from Partners: Direct sales

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Received 10+ referrals through Resident referral program & resident engagement event at site planned

2[nd] Project in GGN – E361 Work Initiated for product repositioning, focusing on senior-friendly designs, wellness and infrastructure

Estate 360, first intergenerational living community, honoured with “Themed Project of the Year” award at the Realty+ Conclave & Excellence Awards 2024.

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Gurugram - 240 units (82% of inventory) of Senior Living sold till Dec’24, with sales collection ~ Rs 124 Cr, collection efficiency ~ 99%

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292 ~7,63,500 ~ 2,600
Saleable area Average Apartment
Available Units
in sq ft Size in Sq Ft
Collection
35:65 ~Rs 20,000 [1]
efficiency
Channel Mix (%) Sales Realisation
~ 99%
Direct: Partners Per Sq.ft
Project 240 [1] Rs 124 Cr [1]
First intergenerational Units sold Sales Collection
living community
launched by MEGL
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Focus on marketing efforts through sharp focus on digital and residents reference programs, leveraging combined brand pull up of MEL and Antara

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1 for the period from launch date till Dec’24

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Care Homes/ Memory Care Homes

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Care Homes : ~300 beds operational across NCR and Bengaluru, ~200-250 beds (4 properties) in Bengaluru and Chennai under construction and expected to be operational by Mar’25

Geography			Existing Capacity	Planned Capacity inQ4FY25
Delhi-NCR		▪	DLF Gurgaon - 32 beds
		▪	Memory Care Homes – 30 beds
		▪	Noida - 53 beds
(~213 beds)		▪	Sector 24, Gurugram - 98 beds
Bengaluru	▪		Bannerghatta Road – 83 beds	• Whitefield – 80 beds
				(Work under construction & expected to be
(~163 beds)				operational by Q4Y25)
Chennai				• Chennai – 170 beds
				(Work under construction & expected to be
(170 beds)				operational by Q4Y25)
Cumulative Capacity			296 beds	200-250 beds

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Gurugram Care Homes – 98 bedded new Care Home operational offering assisted living and transition care services

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Customers testimonials – Care Homes

“Had a pre visit to decide on same, following a good recommendation from my family. Very helpful and welcoming. Excellent and caring team - Very polite and nice. Good and regular cleaning. My wife accompanying me attended a few activities which was great. Helped in good send off. Will share to others too”

DLF PHASE 2; Gender – M, Resident

“The entire team at Antara - very caring, making stay comfortable and homely.”

BANNERGHATTA; Gender – F, Caregiver

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“I want to say thank you to Antara care Homes and the staff is perfect, very helpful and room itself is very clean. There is a balcony, the bed, suitable bed and for that end as well and the meal is good. It's very clean here. The nurses are very, very kind person, they always eager to help and I want to say Thank you.”

MCH; Gender – F, Caregiver

“Cooperative, provided 2 people, looking after me very well. Asking for help all time, staff is great. Provide fruit, great alternatives.”

NOIDA; Gender- M, 95, Resident

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Care Home (CH): Net revenue at Rs 2.1 Cr in Q3FY25, Up 40% y-o-y; Mature beds achieved positive margins in Q3FY25

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Occupancy trend at Care Homes (bed days) Care Homes Revenue (Rs Lacs)
21% 40%
YoY YoY
220
3200
205.2
3007
165
2400 2561 2633 167.9
2492
153.9
2320 146
140.9
110
1600
55
800
0
0
Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25
Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25
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Mature beds achieved positive margins in Q3FY25; GGN CH margin at 18% in Q3FY25 (Q3FY24 12%) ~ 200 patients served during Q3FY25 and over 2,000 patients served since inception

Outlook

❖ Optimize Occupancy in existing Care homes

• ❖ Accelerate scale-up within and outside NCR in FY25. Plan to add ~ 200- 250 beds

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Revenue reported above is on net basis after discounts

Gurugram CH unit economics established; Net revenue at Rs 1.1 Cr in Q3FY25, Up 8% y-o-y; Contribution margins improved to 18% in Q3FY25 from 12% in Q3FY24

Net Revenue (Rs Lacs)

94.5 97.9 82 85.8 98.3 110.7 131.3 117.5 106.5 0 20 40 60 80 100 120 140 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Contri bution (%) Occup ancy (%) 58% 50% 54% 58% 59% 57% 12% 1% -1%^ 13% 72% 25% 53% 18% 65% 18% 16% 12%	94.5 97.9 82 85.8 98.3 110.7 131.3 117.5 106.5 0 20 40 60 80 100 120 140 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Contri bution (%) Occup ancy (%) 58% 50% 54% 58% 59% 57% 12% 1% -1%^ 13% 72% 25% 53% 18% 65% 18% 16% 12%	94.5 97.9 82 85.8 98.3 110.7 131.3 117.5 106.5 0 20 40 60 80 100 120 140 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Contri bution (%) Occup ancy (%) 58% 50% 54% 58% 59% 57% 12% 1% -1%^ 13% 72% 25% 53% 18% 65% 18% 16% 12%
		0 20 40 60 80 100 120 140	94.5 97.9 82 85.8 98.3 110.7 131.3 117.5	106.5
			Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25	Q3FY25

Key learnings so far

• Average revenue per occupied bed improved from Rs 5,753 in Q3FY24 to Rs 6,850 in Q3FY25, Up 19% YoY

• 20 patients staying in the center as on Dec’24 end including 13 long stay patients

• Total 320 unique patients served so far

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

• High visit to conversion ratio

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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^ Impacted by one-off repair and maintenance, increase in utility and laundry cost

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Customers testimonials – Care at Home

“I am extremely happy with the physiotherapy sessions provided by Antara for my mother. Over the 30 days of treatment, the results have been remarkable. A special thanks to Dr. Mehfooz, whose expertise, patience, and personalized care truly stood out. Dr. Mehfooz took the time to understand my mother's specific needs and tailored the sessions accordingly, ensuring her comfort throughout. His dedication and positive attitude made the entire process smooth and effective. The professionalism and quality of service at Antara have exceeded my expectations, and I highly recommend them to anyone seeking top-notch physiotherapy care. Thank you for making such a positive difference in my mother's health journey!”

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Gender - F, City - Delhi , Caregiver

“I Had Taken Nursing Services from Antara, well All things are going smooth and fine. Nursing staff Saujanya and her Team leader Ashish is very prompt and solve our all necessary query. Very polite and gentle and show interest in handling every situation.”

Gender - F, City - Delhi , User

“I had vertigo for a long time, and it was really affecting my daily life. After seeing Dr. Shreya, I started feeling much better. She listened carefully and gave me exercises that worked. She was always punctual and made sure to give me her full attention during each session. My vertigo is now under control, and I feel more stable. Thank you so much Antara.”

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Gender - M, User

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Care at Home – Highest ever net revenue ~ Rs 4.6 Cr in Q3FY25, growth of 83% y-o-y; NCR Contribution margin at 22% in Q3FY25 vs 18% in Q3FY24

Patient served (Nos) Care at Homes Revenue^ (Rs Lacs)

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21%
3000 YoY 83%
YoY
2826 2811 2859 500
2745
2400
456.7
2276 400 432.6
1800 375.6
300
302.9
1200 249.8
200
600 100
0 0
Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25
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Margin at 14% in Q3 (PY 15%), impacted by expansion to new geographies. NCR margin at 22% in Q3 vs 18% in Q3FY24 ~ 2,750 patients served during Q3FY25 and around 32,000 patients served since inception

Outlook

❖ Dip in nos of patients served Vs higher revenue is due to continued focus on high margin services

❖ Expansion of bouquet of products and services including new geographies

• ❖ Increasing service delivery capacity and strengthening clinical capabilities

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^Revenue reported above is on net basis after discounts

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24
24
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Customers testimonials and Brand Perceptions for AGEasy

“The best thing one who is unable to get up Brand perceptions on her own in toilet, where one is able to get up with out anyone's help. Thanks to Ageasy Positive Perceptions Perceptions which we Commode Frame” need to work on • • Brand For Seniors Low Offline availability Commode Frame; Gender – M, City – Gujarat, Caregiver • • Affordable Premium Positioning Not seen enough advertisements on “I purchased this for my father as he suffers a • Technologically advanced channels like regional lot in breathing during cough and cold. Easy newspaper to use, light weighted, good for breathing • Unique products issues. Worthy nebuliser at this price range.” • New Age brand Nebuliser; Gender – M, AGE – 78 yrs , City – Delhi, User • Indian brand designed for India • “I recently bought some amazing insoles and Value For Money they have made a huge difference for my • Good Ratings arched feet. Whether I'm at work or working out, these insoles are now a must-have for • Customization for seniors me every day.”

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Insoles; Gender – F, AGE – 44 yrs , City – Delhi, Caregiver

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Antara AGEasy store at Gurugram

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AGEasy^: Exponential Revenue Growth of Rs 12.7 Cr in Q3FY25, 318% y-o-y; Month-on

month increase in revenues for Q3FY25; Achieved annual revenue run rate of Rs 60+ Cr

AGEasy^ Revenue (Rs Lacs)

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318%
MedCare AGEasy
YoY
1250
1000
722.6
750
500 290.9
156.7
143.6
250 95.4 550.0
209.2 274.2 313.5 370.5
0
Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25
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• Achieved an annual revenue trajectory of INR 25Cr+ (Incl. Medcare products) Key highlights

• Product portfolio expanded to 60 products and 180 SKUs

• 68% of customers via Marketplace; 22% via D2C and 10% offline channel

• 6X growth in DRR with sharp improvement in ROAS; 10 products among Top 10 best sellers on Amazon

• Served 1.9+ lacs customers;~ 5,200 repeat customers on D2C channel; ~12,700 repeat on Amazon

• Lung care condition showing initial traction plans in place for offline channel

• 10+ products launched during the quarter

• Initiated sourcing from China, placed orders of Rs 5 Cr for 20+ products with improved margins of 20%+

Outlook

• ❖ Focus on improving margins and improving marketing spend efficiencies

• ❖ Expansion of product portfolio

• ❖ Integrate with new marketplaces

• ❖ More business through D2C channel and Antara AGEasy store walk-ins

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^ MedCare merged with AGEasy w.e.f. Apr’24

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Customers review and rating for AGEasy products

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Total NPS
1,92,906
1st Apr’24 – 31st Dec’24
43,371 D2C
Lives touched
1,49,535 Amazon
NPS
187 Total
83 D2C 762 Total Apr May Jun Jul Aug Sep Oct Nov Dec
104 Amazon
356 D2C 33.67 36.17
406 Amazon 27.37
Unhappy Customer Happy Customers 13.51 10.71 13.24
3,791 - 15.38
2,302
Customers - 40.00
Customers purchased
purchased different
same product more
products on D2C
than once on D2C
- 100.00
10 1 26 37 28 68 95 300 141
# of responses
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5,224 Repeat customers on D2C

12,700 Repeat customers on Amazon

YTD Dec’24 Ach. 26.3 (Target 22.5)

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• Consolidated FinancialsConsolidated Financials

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Consolidated Financial Performance (Q3FY25): Revenue at Rs 39 Cr, down 18% sequentially q-o-q over Q2FY25 ; EBITDA loss at Rs 24.7 Cr in Q3FY25 vs Rs 15.7 Cr in Q2FY25

Particulars (Rs Cr)	Q3FY25	Q2FY25	QoQ(%)	Q3FY24	YoY(%)	9MFY25	9MFY24	YoY(%)
Total Income	39.1	47.5	-18%	44.5	-12%	118.7	145.1	-18%
Total Expenses	63.8	63.2		57.3		180.6	163.3
EBITDA	**(24.7) **	(15.7)		(12.8)		**(61.9) **	(18.2)
Depreciation	5.1	4.6		2.5		13.6	7.2
EBIT	**(29.8) **	(20.3)		(15.3)		**(75.5) **	(25.4)
Finance Cost	2.0	1.7		1.3		5.2	3.3
Loss Before Tax and exceptional item	**(31.8) **	(22.0)		(16.6)		**(80.7) **	(28.7)
Exceptional item	(12.6)	-		-		(12.6)	-
Loss Before Tax (44.4) (22.0) (16.6) (93.3) (28.7)
Tax	0.2	0.7		1.3		1.0	6.1
Loss After Tax	**(44.6) **	(22.7)		(17.9)		**(94.3) **	(34.8)
EPS (In INR)	(10.3)	(5.2)		(4.2)		(21.8)	(8.1)

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30

Balance Sheet: Consolidated Net worth of Rs 400 Crores as of Dec’24

Particulars (Rs in Crs.)	31-Dec-24	31-Mar-24
Non-Current Assets	396.2	341.1
Current Assets	258.2	343.2
Total Assets	654.4	684.3

Particulars (Rs in Crs.)	31-Dec-24	31-Mar-24
Equity	400.1	492.3
Non-Current Liabilities	95.2	53.2
Current liabilities	158.1	138.8
Total Equity & Liabilities	654.4	684.3

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31

Well funded to pursue growth opportunities over next 12 months with Rs 312+ crores of

Treasury and other monetisable assets; fund raising discussions initiated for future growth

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Senior living – Residences for Seniors Invested Capital (Rs 441 Cr)

Assisted Care Services – Invested Capital (Rs 279 Cr)

Other Assets^ (Rs 147 Cr)

Antara Senior Living includes Assets business in which we develop and manage independent senior living communities.

Antara Assisted Care Services business include our Services and Products business.

Cash & cash equivalents^ – Rs 42 Cr

Other monetisable asset – Rs 105 Cr

[Max Towers (61k sq ft)]

Surplus investments in Dehradun Project – Rs 110 Cr

Other monetisable asset (Greater Noida land parcel) – Rs 55 Cr

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

Investment in residential projects

• Gurugram (Rs 33 Cr)

• Noida (Rs 28 Cr)

^As on 31 Dec’24 end includes unrealized gain/ interest accrued on MF & FDs of Rs 4 Cr

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Invested capital numbers are as of Dec’24

32

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

• +91 124 6984448 / +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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