Max India Limited — Interim / Quarterly Report 2022

Nov 10, 2021

Max India Limited

Investor Release

Q2 & H1FY22

November 10, 2021

www.maxindia.com

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) Consolidated Revenue grows 2.4x to Rs 143 Cr, and EBITDA turns positive to Rs 7.3 Cr vs loss of Rs 10.8 Cr in H1FY22, primarily due to higher sales collection and lower finance cost in Doon

Capital reduction update: Scheme has been filed with NCLT in Sep'21, approval and final closing expected in Q4FY22 Max India has sufficient Treasury Corpus of Rs 391 Cr to support Capital reduction (Rs 92 Cr) and Antara's growth 2

Care at Home: Net revenue at Rs 6.2 Cr and Contribution margin improved to 25% in H1FY22 vs 12% in FY21. Q2FY22 3 revenue at Rs 1.64 Cr, grew 5x y-o-y and 25% q-o-q (excluding Covid led services revenue)

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Care Homes : Launched pilot Memory Care floor in GK, Delhi. Net revenue at Rs 2.2 Cr in H1FY22; Contribution margin improved to -33% in H1FY22 vs -227% in FY21; Q2FY22 revenue at Rs 1.1 Cr, grew 17x y-o-y and 6% q-o-q

MedCare: Net revenue clocked at Rs 2.2 Cr and Contribution margin at 8% in H1FY22. Q2FY22 revenue at Rs 0.5 Cr, 5 grew 7x y-o-y and ~2.5x q-o-q (excluding Covid led products revenue)

Dehradun : Cumulative units sold at 157 and Sales collections at Rs 449 Cr as of Sep'21. Non-core P1 land monetised with a net profit of ~ Rs 6 Cr. Sales Proceeds of P1 land partly used for debt prepayment of ~ Rs 22 Cr

6 Noida: Cumulative units sold at 196 and Sales collections at Rs 50 Cr as of Sep'21; Construction work started for Phase 1

Antara **"**Who We Are"

This information was prepared by Antara Senior Living Ltd. It is not to be used or relied upon by any 3rd party without Antara's written consent.

Care at Home revenue at Rs 1.64 Cr in Q2FY22, grew 5x y-o-y and 25% q-o-q (excluding Covid led services revenue)

(a) Revenue reported above is on net basis after discounts

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

Care Homes revenue increases to Rs 1.1 Cr in Q2, grew 17x y-o-y and 6% q-o-q, continues to see headwinds in Post-Covid market recovery

(a) Revenue reported above is on net basis after discounts

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

MedCare revenue at ~ Rs 0.5 Cr in Q2FY22, grew 7x y-o-y and ~2.5x q-o-q (excluding Covid led products revenue)

Key Highlights

• Comprehensive range of products across 5 key categories (over ~800 SKUs)
  • Rehabilitation
  • Respiratory
  • Mobility
  • Bathroom Accessories
  • Preventive & Wellness
• Rental option for select medical equipment
• Revenue of Rs 0.5 Cr in Q2FY22
• Contribution margin **~ 8%** (~ Rs 0.2 Cr) in H1FY22

■ Revenue (Rs lacs)

AACS consolidated revenue at ~ Rs 3.2 Cr in Q2FY22, grew 7x y-o-y and ~26% q-o-q (excluding Covid led products revenue)

H1FY22 Contribution margin ~ 10% (Rs 1.1 Cr) , driven by higher contribution on covid services

(a) Revenue reported above is on net basis after discounts

Launched pilot Memory care floor in GK and India's first PHP Van

AN FARA 8 tA Max Group Company

This information was prepared by Antara Senior Living Ltd. It is not to be used or relied upon by any 3rd party without Antara's written consent.

Two Care Homes launched (Gurgaon & GK II) in the last 1 year

Gurgaon: 26 rooms with single/ twin occupancy, suites GK II: 32 rooms with single/ twin occupancy, suites

Antara Dehradun: Cumulative net sales at 157; Net collections at INR 449 Cr as of Sep'21

Key highlights:

• • Sales: net sales velocity healthy at ~3.67 per month (for last three months)
  • •Focus on virtual meetings
  • •Resident referrals
  • •Channel partners active in Doon
• • Pricing: Avg. sales realisation ~**Rs 13,000/**sq ft (for last three months)
• • Collections: Achieved a robust monthly collection of ~Rs 10 Cr per month in Q2FY22
• • Debt : Debt outstanding as at Sep'21 end: Rs 74.4 Cr (as at Oct'21 Rs 42.3 Cr as BFL debt fully prepaid)

Antara Noida: Cumulative net sales at 196; Net collections at INR 50 Cr as of Sep'21

Payment plan (break-up basis units sold)

Key highlights:

•Sales: net sales velocity healthy at ~8.66 per month (for last

three months)

• • Re-oriented marketing efforts - sharp focus on digital, leveraging quality of life elements of Antara
• •Healthy pipeline of hot & warm clients in place
• •Over 92% collections within time
• •Pricing: Avg. sales realisation ~Rs 7,300 per sq ft in 6MFY22
• • Project cost for Phase 1 (incl. Land) over next 4 years : Rs 330 Cr
• • Project update: Excavation for R1 and R2 completed, Piling for R1 & R2 is under going, PMC on board, civil contractor on board, construction commenced
• •Phase 1 Project completion expected by Mar'25
• • Equity Funding (including Rs 31 Cr for Phase II) :
  • •Equity invested till Sep'21 : Rs 27 Cr
  • •Committed capital for FY22 : Rs 40 Cr
  • •Peak equity requirement : Rs 74 Cr

Disclaimer

This presentation has been prepared by Max India Limited (the "Company"). No representation or warranty, express or implied, is made and no reliance should be placed on the accuracy, fairness or completeness of the information presented or contained in the presentation. The past performance is not indicative of future results. Neither the Company nor any of its affiliates, advisers or representatives accepts liability whatsoever for any loss howsoever arising from any information presented or contained in the presentation. The information presented or contained in these materials is subject to change without notice and its accuracy is not guaranteed.

The presentation may also contain statements that are forward looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from our expectations and assumptions. We do not undertake any responsibility to update any forward looking statements nor should this be constituted as a guidance of future performance.

This presentation does not constitute a prospectus or offering memorandum or an offer to acquire any securities and is not intended to provide the basis for evaluation of the securities. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the securities shall be deemed to constitute an offer of or an invitation.

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