Max India Limited — Interim / Quarterly Report 2021

Feb 10, 2021

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Max India Limited Investor Release Q3 & 9MFY21

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www.maxindia.com

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Max India : Key Highlights

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Capital reduction update: Application seeking in-principle approval of Stock exchanges filed in Nov’20 ; Postal ballot approval from shareholders and NCLT filing to be initiated thereafter. NCLT approval and final closing expected by Q1FY22 end

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Max India has sufficient Treasury Corpus of Rs 390 Cr to support Antara’s growth and Capital reduction ( Rs 92 Cr )

Dehradun : Cumulative units sold at 134 and Sales collections at INR 375 Cr as of Dec’20 Noida: Cumulative units sold at 134 and Sales collections at INR 23 Cr as of Dec’20

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Care at Home: Gross revenue at Rs 116.6 Lacs, 2.5x growth q-o-q. Improved revenue trajectory due to launch of multiple service lines- Critical care, Physio, Path; Pivoted and launched COVID products & Dehradun launched in Dec’20

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Care Homes : Second Care Home launched in G.K. ( South Delhi) on 27[th] Nov’20; Gross revenue at Rs 32.4 Lacs, 4.5x growth q-o-q (Business impacted due to COVID – hospital occupancy and International travel ban)

MedCare: The business line launched in Q3FY21 and first retail store opened in Fortis Hospital Gurugram in Dec’20

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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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Antara Dehradun: Cumulative net sales at 134; Net collections at INR 375 Cr as of Dec’20

Key highlights:

Cumulative sales and collection trend

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124 124
330
Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21
Available units – 197; Saleable area (sq ft) : ~ 5,75,500
Impacted by COVID
140
400
134
130
375
130
375
123
351
120
350
116 340 340
110
325
317
100
300
Collection (Rs Cr) Units sold (nos)
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• Sales : maintained a gross sales velocity^ ~3 per month (for last three months)

  • Reopened experiential stays

  • Resident referrals - 10 sales

  • Channel partners now active in Doon

• Pricing : Avg. sales realisation ~ Rs 13,250/ sq ft in 9M

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

• Rs 144 Cr

• Debt : Debt outstanding as at Dec’20 end:

• ^ before cancellation and replacement sales

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Antara Noida: Cumulative net sales at 134; Net collections at INR 23 Cr as of Dec’20

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10%
Cumulative sales and collection trend
Phase I Available units – 340; Saleable area (sq ft): ~ 7,45,000
Impacted by COVID
Payment plan (break-up basis units sold)
134 150
25
23
120
20 111
15
90
15
60
10
38
27
30
5
2
2
0
-
Q4FY20 Q1FY21 Q2FY21 Q3FY21
Collection (Rs Cr) Units sold (nos)
6%
14%
2%
68%
Down payment Construction linked 10:20:30:40 10:20:70 10:90
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Key highlights:

• Sales : maintained a gross sales velocity^ ~8 per month (for last three months)

• All the inputs in place to support sales

  • 100 site visits done in the last 50 days

  • Increasing customer traction -

  • Robust pipeline of hot & warm clients in place

• Re-oriented marketing efforts - sharp focus on digital, leveraging quality of life elements of Antara

• Over 92% collections within time

• Pricing: Avg. sales realisation ~ Rs 7,000 per sq ft in 9MFY21

• : Rs

• Project cost for Phase 1 (incl. Land) over next 4 years 330 Cr

• : Excavation for R1 & R2 started, PMC on

• Project update board, construction to start from Q1FY22

• Mar’25

• Phase 1 Project completion expected by

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

   - Equity invested till Dec’20 : **Rs 27 Cr**
  
   - Committed capital for FY22 : **Rs 40 Cr**
  
   - Peak equity requirement : **Rs 74 Cr**
  

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• ^ before cancellation

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Antara Assisted Care Services (AACS): Q3FY21 performance

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Care at Home
Revenue and Volume trend
4500 150.0
9 31 46^
116.6
3000 100.0
46.4
1500 50.0
5.9
~ 1,600 ~ 3,500
~ 300
0 0.0
Q1FY21 Q2FY21 Q3FY21
Volume served (nos) Revenue (Rs lacs)
Capacity created (Frontline staff)
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• ^ Frontline staff is being cross utilized between Care Homes & Care at Home 1. Entered Dehradun market in Dec’20

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Care Homes
Revenue and Volume trend
5000 50.0
4,274
4000 40.0
32.4
3000 2,720 30.0
2000 20.0
1000 7.2 10.0
350
97
0 0.0
Q2FY21 Q3FY21
Available (bed days) Occupied (bed days) Revenue (Rs lacs)
1. GK Care home launched on 27 [th] Nov’20
2. Q3 revenue from Gurgaon care home ~ Rs. 23.9 Lacs and GK care
home ~ Rs. 8.5 Lacs.
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1. 4 additional Care Homes and 1 Memory Care Home to be launched in FY22

AACS Capital deployed till Dec’20 Rs 15 Cr, Committed capital for FY22 Rs 70 Cr & Peak capital requirement Rs 225 Cr

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Note:

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1. Revenue reported above is on gross basis before netting of discounts 2. Available and Occupied bed days considered for patient only excludes attendant bed days

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Two Care Homes launched (Gurgaon & GK II) in the last 9 months

Gurgaon: 26 rooms with single/ twin occupancy, suites

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

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MedCare business line launched in Q3FY21: First retail store launched in Fortis Hospital Gurugram in Dec’20

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 22.7 lacs in Q3FY21

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Note: Revenue reported above is on gross basis before netting of discounts

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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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