Max India Limited — Interim / Quarterly Report 2022

Aug 12, 2021

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Max India Limited Investor Release Q1FY22

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www.maxindia.com

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Max India : Key Highlights

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Capital reduction update: Shareholders approval received; NCLT filing to be initiated in Aug’21

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Max India has Treasury Corpus of Rs 399 Cr to support Antara’s growth and Capital reduction ( Rs 92 Cr ) To conserve the negative spread on treasury yields and borrowing, temporary facility of Rs 95 Cr being given to Doon and Noida project. Replenishment of Corpus expected in around 2 years

Care at Home: Net revenue at Rs 4.6 Cr, 4x growth q-o-q and Contribution margin at 34% in Q1FY22 (12% in FY21), primarily driven by covid led revenue ( Rs 3.6 Cr )

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Care Homes : Two Care Homes fully operational (70 bed capacity) in South Delhi and Gurgaon. Net revenue at Rs 1.05 Cr in Q1FY22 against Rs 0.55 Cr in Q4FY21, 91% growth q-o-q; Contribution margin at -33% in Q1FY22 (-227% in FY21) MedCare: Net revenue clocked at Rs 1.7 Cr in Q1FY22 led by respiratory sale during covid wave; Contribution margin at 12% in Q1FY22

Dehradun : Cumulative units sold at 146 and Sales collections at INR 418 Cr as of Jun’21 Noida: Cumulative units sold at 170 and Sales collections at INR 38 Cr as of Jun’21

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Antara “ Who We Are”

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This information was prepared by Antara Senior Living Ltd. It is not to be used or relied upon by any 3 [rd]
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Care at Home revenue at Rs 4.6 Cr in Q1FY22 primarily driven

b covid services a ainst Rs 1.2 Cr in 4FY21 y g Q

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Revenue and Volume trend
6000 600.0
457.2
4500 450.0
3000 300.0
119.1
1500 100.5 150.0
33.2
4.5
300 ~ 1,600 ~ 3,000 4,200 5,600
0 0.0
Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22
Volume served (nos) Revenue (Rs lacs)
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Q1FY22 Contribution from Care at Home 34% (Rs 1.5 Cr), driven by higher contribution on covid services

1. Covid services revenue at Rs ~3.6 Cr

2. Non covid services at Rs ~1.0 Cr v/s Rs ~1.2 Cr in Q4’21

(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)]

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Care Homes revenue increases to Rs 1.05 Cr in Q1FY22 against Rs 0.55 Cr in Q4FY21

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Revenue and Occupancy trend
8000 120.0
6,370
6,300 104.7
6000 90.0
4,274
4000 60.0
2,720 55.2
2000 1,322 30.0
28.1
777
6.5 350
177 ~
0 0.0
Q2FY21 ~ ~ Q3FY21 Q4FY21 Q1FY22
Available (bed days) Occupied (bed days) Revenue (Rs lacs)
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Q1FY22 Contribution from Care Homes -33% (- Rs 0.34 Cr)

1. Q1FY22 Revenue: Gurgaon Care Home Rs 0.47 Cr and GK Care Home at Rs 0.58 Cr

2. Q1FY22 occupancy for Gurgaon at 25% and GK at 17%

3. Center break-even expected at ~45-50% occupancy

(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)]

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MedCare revenue clocked at ~ Rs 1.7 Cr primarily driven by

res irator sale durin covid wave p y g

Revenue trend

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171.5
47.3
21.6
6.8
Q2FY21 Q3FY21 Q4FY21 Q1FY22
Revenue (Rs lacs)
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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 1.7 Cr includes ~ Rs 1.44 Cr from respiratory sale

• Contribution margin ~ 12% (Rs ~21 lacs) in Q1’22

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Note: Revenue reported above is on net basis after discounts

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Launched India’s first health check-up on wheels

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1 [st] time in
No hassle of
India
travelling
Trained and
Senior-friendly certified staff
Clinical competence Zero risk of
-
at par with hospital-acquired
hospital standards infection
Package details:
Blood Test Treadmill Test (TMT)
Doctor Consult Bone Mineral Density (BMD)
X-ray Electrocardiography (ECG)
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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

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Antara Dehradun: Cumulative net sales at 146; Net collections at

INR 418 Cr as of June’21

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Cumulative sales and collection trend
Available units – 197; Saleable area (sq ft) : ~ 5,75,500
150
450 146
142
418
140
420
134
396
130
130
390
375
124
120
360 351
340
110
330
100
300
Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22
Collection (Rs Cr) Units sold (nos)
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Key highlights:

• Sales : net sales velocity healthy at ~1.83 per month (for last six months)

• Focus on virtual meetings

• Resident referrals

• Channel partners active in Doon

• Pricing : Avg. sales realisation ~ Rs 12,500/ sq ft in Q1FY22

• Collections : Maintained a robust monthly collection trend of ~ INR 7 Cr per month

• Rs 101 Cr

• Debt : Debt outstanding as at Jun’21 end:

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Antara Noida: Cumulative net sales at 170; Net collections at INR

38 Cr as of June’21

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Cumulative sales and collection trend
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50 200
Phase I Available units – 340; Saleable area (sq ft): ~
170
7,45,000
153
40 38 160
134
32
111
30 120
23
20 80
15
38
10 40
2
- 0
Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22
Collection (Rs Cr) Units sold (nos)
Payment plan (break-up basis units sold)
2%
5% Flexi Payment Plan
6% (10:20:70)
Flexi Payment Plan
(10:20:30:40)
DOWN PAYMENT PLAN
54%
Construction Link Payment
33% Plan
10:90 Payment Plan
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Key highlights:

• Sales : maintained a net sales velocity of ~6 per month (for last six 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 7,000 per sq ft in Q1FY22

• Project cost for Phase 1 (incl. Land) : Rs 330 Cr

• Project update : Excavation for R1 and R2 completed, Piling for R1 started, PMC on board, construction to commence from Q2FY22

• Phase 1 Project completion expected by Mar’25

• Equity Funding (including Rs 31 Cr for Phase II) :

  • Equity invested till Jun’21 : Rs 27 Cr

  • Committed capital for FY22 : Rs 40 Cr

  • Peak equity requirement : Rs 74 Cr

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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.

No person is authorised to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorised by or on behalf of the Company any of its affiliates, advisers or representatives.

The Company’s Securities have not been and are not intended to be registered under the United States Securities Act of 1993, as amended (the “Securities Act”), or any State Securities Law and unless so registered may not be offered or sold within the United States or to, or for the benefit of, U.S. Persons (as defined in Regulations S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the applicable State Securities Laws.

This presentation is highly confidential, and is solely for your information and may not be copied, reproduced or distributed to any other person in any manner. Unauthorized copying, reproduction, or distribution of any of the presentation into the U.S. or to any “U.S. persons” (as defined in Regulation S under the Securities Act) or other third parties ( including journalists) could prejudice, any potential future offering of shares by the Company. You agree to keep the contents of this presentation and these materials confidential.

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