#1MAX Healthcare Investor Presentation November 7, 2023#2MAX Disclaimer Healthcare This presentation and the accompanying slides (the "presentation") contains selected information about the activities of Max Healthcare Institute Limited's ("Max Healthcare"/"MHIL"/"MHC"/"Company") as at the date of the presentation. 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Certain financial information contained in this presentation reflects aggregated totals of historical MHIL and Radiant Life Care Private Limited ("Radiant"), prior to their merger. These aggregated financial totals are unaudited, unreviewed and do not reflect a pro forma accounting under any accounting standards. As a result, these figures are subject to change and should not be relied upon. Furthermore, certain financial information presented herein differs from that of the audited financials of MHIL, because it includes financial information received from "Partner Healthcare Facilities". As reflected in this presentation, this combined financial information does not meet statutory, regulatory or other audit or similar stipulated requirements of MHIL. The financial information relating to Partner Healthcare Facilities has not been verified by the Company. Accordingly, to that extent, no reliance should be placed on the financial information of such Partner Healthcare Facilities included in this presentation. MHIL may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such change or changes. This presentation contains certain "forward looking statements" including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to the Company's future business developments, results of operations and financial performance. While these forward-looking statements indicate our assessment and future expectations concerning the development of our business, a number of risks, uncertainties and other unknown factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, general market conditions, macro- economic, governmental and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with us, legislative developments, and other key factors beyond the control of MHIL, such as Covid-19, that could affect our business and financial performance. The Company and or its representatives do not guarantee that the assumptions underlying such forward-looking statements or management estimates are free from errors nor do they accept any responsibility for the future accuracy of the forward-looking statements contained in this presentation or the actual occurrence of the forecasted developments. MHIL undertakes no obligation or undertaking to publicly revise any forward-looking statements to reflect future / likely events or circumstances. Given these uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements and management estimates. Any person / party intending to provide finance / invest in the shares / businesses of MHIL shall do so after seeking their own professional advice and after carrying out their own due diligence procedure to ensure that they are making an informed decision. This presentation is strictly confidential and may not be copied or disseminated, reproduced, re-circulated, re-distributed, published or advertised in any media, website or otherwise, in whole or in part, and in any manner or for any purpose. No person is authorised to give any information or to make any representation not contained in or inconsistent with this presentation and if given or made, such information or representation must not be relied upon as having been authorised by any person. 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This presentation is not intended to be a prospectus, a statement in lieu of a prospectus, an offering circular, an advertisement, preliminary placement document, placement document or an offer document by whatever name called under the Companies Act, 2013 as amended, or the rules made thereunder, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended or any other applicable law in India. This presentation is being provided solely for the information of the attendees. The distribution of this presentation in certain jurisdictions may be restricted by law and recipients should inform themselves about and observe any such restrictions. In particular, this presentation may not be transmitted or distributed, directly or indirectly, in the United States, Canada or Japan. This document does not constitute or form part of, and should not be construed as, an offer to sell or issue or the solicitation of an offer to purchase securities of the Company or any member of the Group or an inducement to enter into investment activity, in any jurisdiction. In particular, this document and the information contained herein do not constitute or form part of any offer of securities for sale in the United States and are not for publication or distribution in the United States. No securities of the Company have been or will be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to registration or an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended. 2#3MAX Content Healthcare Company Overview Key Growth Drivers Financial Highlights Appendix 14 04 13 22 29 3#4MAX Healthcare Company Overview 4#5MAX Healthcare Max Healthcare: India's second largest* hospital chain in terms of revenue, EBITDA and market capitalisation NCR Current capacity ~3,530 beds 402 Shalimar Bagh III J 17 Facilities ~82% Beds in metros هم 良 ~75% H1 FY24 Occupancy 516 402 387 13% 41% BLK Patparganj Vaishali ~36% Eqova Panchsheel¹ Lajpat Nagar 1,2 Revenue CAGR^ 3 years EBITDA CAGR^ 3 years H1 FY24 ROCE Dwarka Vikrant 521 Noida¹ 250 94 Saket³ Smart Shareholding structure (as on September 30, 2023) Top Public investors: Sec. 56 Sec. 534 Sec. 43 Gurugram Gurugram Gurugram Outside NCR Mumbai 328 Mohali¹,2 220 Current hospitals and medical centres Upcoming hospitals Bathinda 200 Dehradun 213 4.4% 23.8% . 11.4% Capital Group (All funds) • 60.4% Abhay Soi FPIs and FIls Dlls Others • Government of Singapore / GIC GQG Partners (All funds) Blackrock/iShares (All funds) HDFC Mutual Funds Vanguard (All funds) Canara Robeco Mutual Funds SBI Mutual Funds * Based on publicly available information for listed companies (FY23) | (1) Standalone speciality clinics with outpatient and day care services | (2) 2 facilities each at these locations (3) 320 beds in East Block and 201 in West Block | (4) Currently the land at Sec. 53 is under litigation with HSVP | ^ CAGR is calculated for FY20 to FY23 5#6MAX Vision: To be the most well-regarded healthcare provider in India Healthcare To be the most well regarded healthcare provider in India committed to the highest standards of clinical excellence and patient care supported by latest technology and cutting edge research * Quaternary care facilities Best-in-class clinical outcomes *Patient centric approach Global best practices * Rewarded by growth Constant pursuit to strengthen management Collaborative approach * Patients Clinicians BEING 'WELL REGARDED' MEANS... Employees Investors World class infrastructure State-of-the-art technology *Well defined clinical protocols *Focus on research and academics Strong governance Profitable growth Healthy balance sheet Efficient operations 9#72000 MAX Healthcare Journey so far Dr. B L Kapur Memorial Hospital, Rajendra Place (1) Dr. Balabhai Nanavati Hospital, Mumbai(1) • Radiant-Max Healthcare merger and listing on BSE and NSE • Discontinuation of Max Multi Speciality Centre, Pitampura Executed O&M Agreement for the first asset light model in Dwarka, Delhi for 300+ beds (1) 2009 2014 2016 2018 2020 2021 2022 2023 Acquired stake in Eqova healthcare having potential to add 400+ beds in the East Delhi(1) 2012 O • Max Multi Speciality Centre, Max Super Max Hospital, Gurugram 2014 Pitampura Speciality • Max Multi Hospital, Speciality Centre, Patparganj 2008 Ο Max Super 2010 Speciality Hospital, Dehradun Noida Max Multi Speciality Centre, Panchsheel park 2002 Ο 2004 2006 2000 Max Super Speciality Hospital, (East Block) Saket (1) Inorganic expansion Max Super Speciality Hospital, (West Block) Saket • Max Super Speciality Hospital, Bathinda • Max Super Speciality Hospital, Mohali ⚫Max Super Speciality Hospital, Shalimar Bagh Max Multi Speciality Hospital, Greater Noida Max Institute of Cancer Care, Lajpat Nagar • Max Super Speciality Hospital, Vaishali (Crosslay)(1) • Max Smart Super Max Medcentre, Lajpat Nagar (Immigration Department) Speciality Hospital, Saket (Saket City)(1) • Raised INR 1,200 Cr equity through Qualified Institutional Placement (QIP) • Medcentre, Mohali (Immigration Department) • Acquired exclusive rights to aid development of a 500 bed hospital in South Delhi(1) • Secured two prime land parcels in Gurugram with potential to add 1,000 beds Discontinuation of Max Multi Speciality Hospital, Greater Noida • Commissioned and operationalized 92-bed oncology block at Max Super Speciality Hospital, Shalimar Bagh • Launched our proprietary omnichannel app, 'Max MyHealth' RADIANT LIFE CARE ● MAX HEALTHCARE 7#8MAX Healthcare Leading clinically comprehensive hospital chain with excellent research and academics foundation Complex procedures performed High end quaternary care facilities TERNATIONAL INTERNATIONAL ACCREATION AACI QUALIT including 3 JCI and 2 AACI accredited Transplants (1) Robotic surgeries Cardiac procedures (2) Neuro Orthopedic Oncology surgeries (3) surgeries (4) surgeries(5) Est. Annual Count* ~1,200 ~3,920 ~41,380 ~9,420 ~28,280 ~14,220 State of the art infrastructure Ortho & Spine Robots Da Vinci Xi Robot Radixact TomoTherapy TrueBeam Stx LINAC 3.0 Tesla MRI Digital PET CT - Discovery MI Focus on Research and Academics Research Significant strategic partnerships: Imperial College London, Ashoka University, IIT Bombay, IIIT Delhi, IIIT D iHub Innovation Center, Pfizer, RMIT and Deakin University 30,000+ research participants and USD 2 million in research grants 2,200+ research publications in indexed journals over last 8 years Private bio bank - ~22,000 bio samples stored Several research grants from leading organisations such as CSIR, DBT, ICMR, DST ¡HUB, Wellcome Trust, BIRAC, INSA, DHR, Pfizer, NIHR, MRC, Innovate UK Al enabled Radiomics project with IIT Delhi and HKA automation project with IIT Bombay 500 clinical research projects completed to date, 120 ongoing Academics Max Institute of Medical Excellence (MIME) is the education division of MHC for medical education & training Signed MoU with the prestigious Royal College Of Obstetricians & Gynecologists UK, for MRCOG training Only approved center in North India for hosting MRCP PACES UK exam and running the IMT program with JRCPTB, UK at Level 3 accreditation (~50 students enrolled). • Started (i) First time in India - Advanced Stroke Life Support Course in association with American Heart Association & Gordon Center USA (ii) Advanced Trauma Life Support Instructor course in association with American College of Surgeons, USA (iii) American Heart Association Training Centre faculty course (iv) Clinical rotations tie up with Bridgetown International University, Barbados (v) Affiliation with Lincoln American University, Guyana for MBBS students • Masters in Emergency Medicine trainee doctors accredited through George Washington University, USA • 500 trainee doctors are part of DNB program, with NBE across 33 specialties; ~27,000 trainees enrolled in the last 3 years across various academic programs (1) Transplants include kidney, heart, liver, lung, etc. | (2) Includes Cardiac Surgery, Cardiac Paed. Surgery, Vascular Surgery, Angioplasty, Angiography and Other Cardiac Procedures | (3) Includes Surgical and Spinal Surgeries | (4) Includes Joints and Other surgeries | (5) Includes Onco Surgical and bone marrow transplant (BMT) *Q2 FY24 Annualized numbers 8#9MAX Dominant presence in the most attractive markets (1/2) Healthcare Low bed density, higher per capita income, higher ARPOB and rising insurance penetration make Delhi and Mumbai attractive avenues for growth High demand-supply gap in Delhi NCR & Mumbai... Total beds per '000 population ...coupled with rising insurance penetration 37% Health insurance Gross Premiums (INR in Bn) 1.9 Delhi NCR 602 4.3 3.8 3.6 20% 517 3.3 CAGR 399 3.0 350 27% 738 252 306 518 562 207 434 355 294 232 19 62 80 113 98 86 122 FY16 FY17 FY18 FY19 FY20 FY21 FY22 Mumbai Chennai Bengaluru Hyderabad Govt. sponsored Group Individual Health insurance penetration WHO recommendation Higher proportion of beds in these cities positions MHC for industry leading ARPOB on an aggregate basis 62 52 30 37 • ARPOB¹ 67 54 35 (INR '000) 82% 76% 72% % of bed 58% 39% metro cities 22% capacity in key • MHC has ~2,900 beds in Delhi NCR & Mumbai - highest proportion compared to peers Large metros have inherent advantages: High per capita income, high insurance penetration and propensity to pay for high end quaternary care facilities - Availability of senior/ statured clinical talent leading to metros becoming regional hubs - Max Healthcare Fortis Narayana Apollo KIMS (Hospital Health Hospitals Hospitals business) (India) Aster Hospital (India) Higher health awareness (1) ARPOB for FY23 (excl. Covid-19 vaccination revenues); Apollo's revenue has been grossed up for adjustment of doctor fees as per the disclosures in the last annual report of FY23 Source: CRISIL research, IRDAI and company websites/presentations#10MAX Healthcare Dominant presence in the most attractive markets (2/2) Being metro-centric also positions MHC well to capitalise on medical tourism India's foreign medical tourism industry has been growing Break-up of medical tourists* by major country of origin 18 company & partner-owned Patient Assistance Centres (PACS) across 15 countries, 1 more upcoming No. of tourists in lakhs 7.0 6.4 30% 5.0 4.3 ~3 million medical tourists in India by 2030e Fall due to COVID-19 Others, 8% CIS (Eastern Europe), 3% Afghanistan, 5% Iraq, 7% 3.2 Africa, 8% 2.3 1.8 21.2% 2.9% 4.9% 4.9% 6.1% 6.4% 6.8% 2.4% 2014 2015 2016 2017 2018 2019 2020 2021 Middle East, 12% Bangladesh, 57% Foreign tourists for medical purposes % of total tourists *Based on data as of 2019, since 2020 and 2021 were impacted due to COVID-19 ..... MHC is well-equipped to serve medical tourists Company-owned PACs Partner-owned PACS Upcoming PACS Note: Map not to scale Modern infrastructure and facilities State-of-the-art Availability of senior medical equipment clinical talent Reputed for tertiary/ quaternary care High global and domestic connectivity Source: Ministry of Tourism, CRISIL research 10#11MAX Healthcare Strategy going forward Build on Clinical Expertise Attract best-in-class talent to focus on industry leading patient outcomes Focus on Capital Light Adjacencies Max Lab and Max@Home 罾 Leverage Technology Develop best-in-class digital ecosystem & deploy latest medical technologies Optimise Existing Infrastructure Payor mix, Capacity Utilisation, ALOS and Procedure Mix Expand Bed Capacity Brownfields and Greenfields (incl. asset light models) Mergers & Acquisitions Leverage expertise and balance sheet to pursue value accretive M&A Strong free cash flow generation and Net Cash surplus on balance sheet along with brand equity, capability and track record to generate industry leading ROCES and deliver long term growth 11#12MAX Healthcare Best in class performance parameters ARPOB(1) (INR/OBD) ('000) Operating parameters 59 75 90 I 67 Occupancy (%) 75% 76% 74% 60 58 63% 64% 62% 67% 63% 64% 45 52 54 48 45 I Max Healthcare Apollo Hospitals Fortis Max Healthcare (Hospitals Business) (Hospital Business) Apollo Hospitals (Hospitals Business) Pre-tax ROCE (2) (%) Operating EBITDA per bed (3,4) 33% 35% Financial parameters 29% Fortis (Hospital Business) (INR lakh) Op. EBITDA Margin 27% 28% 27% 19% 20% 19% 15% 17% 15% 40 57 99 70 66 25% 25% 21% 10% 10% 9% I Max Healthcare Apollo Hospitals L FY22 Fortis FY23 41 44 37 32 27 32 27 32 Max Healthcare I Apollo Hospitals Fortis _ J (Hospitals Business) (Hospital Business) Q1 FY24 (1) ARPOB calculated on gross revenue excluding revenue from Covid-19 vaccinations, non captive Pathology and Pharmacy; ARPOB of Apollo & Fortis is as published in their Earning's update | (2) Indicative company level ROCE; Apollo ROCE is as published in their earning update for their consolidated financial performance; Fortis EBIT is computed from Group Consolidated P&L including share of Profits in associates and Capital employed is after adjusting for cash & bank balances assuming 85% of that are held in short term FDRs | (3) Operating EBITDA excludes exceptional items and non operating Income and non cash items | (4) Operating EBITDA per bed includes that from vaccinations in absence of information for other players and excludes that from non captive Pathology and Pharmacy; Apollo revenue & EBITDA includes Indraprastha Apollo Delhi. The revenue has been grossed up for adjustment of doctor fees as per the disclosures in the last annual report of FY22 for the calculation of operating EBITDA margin % 12#13MAX Healthcare Key Growth Drivers 13#14MAX Healthcare Strong cash generation from operations INR 697 Cr in H1 FY24 + Headroom to raise debt given current leverage Net Cash Surplus of INR 1,303 Cr as on Sept. 30, 2023 + Demonstrated ability to generate high return on capital employed ~36% ROCE in H1 FY24 Long term growth potential Multiple avenues for future growth • Focus on tower specialities & case mix 1 2 Optimising Existing Infrastructure 3.1 Brownfield • Increase utilization & improve process efficiencies Optimize payor mix ~2,600 beds addition via brownfield expansion - ROCE accretive Strong financial profile to support future growth 4 3.2 Asset light Significant 3 increase in capacity 3.3 Greenfield (~2X bed capacity in next 4-5 years) 3.4 M&A Capital Light Adjacencies 5 Digital Platform R . • • • Management contracts and long term leases of "build-to- suit" properties Greenfield hospitals in highly attractive and compelling territories with attractive payback - Acquired land parcels with potential to add 1,000 beds Strong track record of successful M&A and turnaround Limited competitive intensity and robust deal pipeline Adequate headroom for M&A even after brownfield capex, driven by strong free cash flows and low leverage ROCE threshold levels of 20-25% within 4-5 years post acquisition • Non-captive pathology - Max Lab . Homecare Max@Home Leverage brand, customer loyalty and data to build a digital ecosystem 14#152 MAX Healthcare Bed share Growth opportunity in existing facilities Optimising payor mix . 31.3% 29.2% 28.5%* 36.5% 34.2% 2.8% 5.0% 5.5% 2.0% 5.4% 63.8% 66.0% 65.8% 66.0% 58.1% FY20 FY21 FY22 FY23 H1 FY24* Institutional International Self Pay, TPA and Corporate • Push for reduction in institutional business in order to cater to demand from preferred channels, driven by - Steady pace of organic growth in Self Pay, TPA and corporate channels, and Growth in International medical tourism, post resumption of regular international travel Increase in upcountry footfalls consequent to improved connectivity Given that ARPOB for institutional business is ~40% lower than other channels, its replacement has the potential to unlock incremental 300-400 bps in EBITDA margins *In H1 FY24, we added 122 beds at Max Super Speciality Hospital, Shalimar Bagh and decided to ramp up occupancy on some of these beds with institutional patients. Excluding this hospital, the institutional bed share for H1 FY24 dropped to 26.4%. 15#163 MAX Healthcare Existing valuable land bank to enable addition of 4,000+ beds, with 2,600 beds coming over next 4 years Indicative timelines for completion of expansion projects Dwarka, South-west Delhi Gurugram## Saket Complex (Smart) Mohali Nanavati Hospital* Saket Complex (Vikrant) Patparganj, East Delhi 7,464 150 200 500 500 3,534^ 300 250 300 250 350 200 111 329 190 300 FY23 FY24 FY25 FY26 FY27 FY28 & onwards Total Bed Additions** 300 819 1,100 Estimated Capex# (INR Cr) 1,350## To be 918 1,592 1,377 552 firmed up 521* Brownfield Greenfield *160 beds need to be demolished before commencement of Phase 2 | ** No. of beds may vary slightly subject to configuration of ward beds | #Values are estimated based on EPC model of contracting and will be firmed as each project's execution gains momentum ## Currently, the land parcel at Sector-53 is under litigation with HSVP. May impact 500 beds potential assumed FY28 onwards | ^ Includes 122 beds added at Max Shalimar Bagh - 92 beds (added in March 2023) at the new oncology tower and 30 beds (added in June 2023) through internal 16 reconfiguration#173 MAX Healthcare Status of ongoing expansion projects Dwarka - 300 beds MAX Application of OC has been submitted in October. Majority of the MEP and interior work are complete. Lift installation and other finishing work are in progress. Expected commissioning by end of Q4 FY24, subject to developer obtaining the OC. Mohali - 190 beds Nanavati - 329 beds in Phase I All statutory approvals to start the construction have been received • • D-wall is completed and excavation work is underway. EPC contractor has mobilized people on site. • Design development is in progress and the project is largely on time. Excavation and raft work are complete. Steel fabrication up to ground level and slab work have also been completed. Ground level structure is expected to be completed in Q3 and the project is largely on schedule. Sec. 56, GGN - 300 beds in Phase I Saket Complex (Max Smart) - 350 beds in Phase I Saket Complex (Vikrant) - 300 beds in Phase I Saket (East & West) Max Smart Phase I MAX Vikrant D-wall has been completed and site excavation is nearly done. EPC contractor is on board and design development is under progress. TDR approval for additional 0.5 FAR has been received. • The process of transplanting the trees has been initiated, which are on the critical path. The work on project will start in December 2023. Environmental Clearance has been received from the State Level Environment Impact Assessment Authority. Submission of drawings on Municipal Corporation of Delhi (MCD) portal is in process. 17#183 MAX Strong track record of successful acquisitions Healthcare • • Management team has done multiple successful acquisitions including BLK, Nanavati and Max Healthcare Adequate headroom driven by strong free cash flows and low leverage to pursue M&A even after spend on brownfield and greenfield expansions FY23 FY22 FY21 FY20 FY19 348 590 Case study on Max acquisition and turnaround EBITDA* (INR Cr) 636 Merger of Max Healthcare and Radiant effective from June 2020 Demonstrated EBITDA margins of 19.2% in Q4 (excl. last 10 days of March due to COVID) 1,305 EBITDA ROCE* Margin 1,636 27.7% 33.1% 26.2% 28.8% 17.5% 14.3% 14.7% 11.1% 9.7% 5.4% Performance improvement from FY19 to FY23 largely driven by: • ~INR 330 Cr impact on EBITDA driven by structural cost initiatives as well as merger synergies, with ~INR 140 Cr flowing in EBITDA in FY20, ~INR 73 Cr flowing in EBITDA in FY21 and balance in FY22 Significant growth in high-end tertiary and quaternary procedures with hiring of new senior clinical teams and deployment of latest medical technology across our Network, including 17 robotic systems *Combined performance of Max Healthcare and Radiant; Excludes COVID-19 vaccination & related antibody tests EBITDA 18#194 MAX Healthcare Develop asset light adjacencies: Max Lab - Non-captive pathology SBU Organised diagnostics players to grow faster than overall Diagnostic Industry India Diagnostic market to see steady growth (INR Bn) 11% CAGR 684 710 596 472 13-14% CAGR 1,360 FY17 FY18 FY20 Source: Axis Capital, Investec reports Net revenue (INR Cr) Indian Diagnostic Industry mix by type of providers Multi-regional chains Standalone 46% 6% 11% Regional chains Operational footprint (as of Sept. 30, 2023) 435+ Partner-run collection centres FY21 FY26E 37% Hospital based Shift to organised diagnostics centers driven by preference for higher quality and brands Investing for growth, 68% CAGR since FY17 EBITDA (INR Cr) 23 Company owned collection centres (CoCC) ~170 Phlebotomist At Site (PAS) 275+ Pick-Up Points (PUPS) 112 5.0 104 50 12.4% 15% 4 4.3% 44 +68% 32 72 3.0 1% 4.7 5% 66 1 1.0 1.4 HLMs & OLMS 0.3 41 27 108 -0.1 -5% -0.9 -1.0 -2.0 24 72 71 -3.1% -0.5% -15% 13 39 -3.0 -7.9% 36 5 -5.0 -25% FY17 FY18 FY19 FY20 FY21 FY22 FY23 H1 Q1 Q2 Q3 Q4 Q1 Q2 Cities of operations FY24 FY23 FY23 FY23 FY23 FY24 FY24 Non-COVID COVID-19 EBITDA EBITDA margin (%) Note: COVID-19 and related tests include RTPCR, Antigen, Antibody, CBNAAT, IL-6, D-Dimer, Ferritin, CRP, LDH, Procalcitonin Margin computed on net revenue, using arm length revenue share between Max Lab and hospitals (60:40 from FY23 onwards) for samples tested in hospital labs * 1,000+ Active Partners 19#204 MAX Healthcare Develop asset light adjacencies: Max@Home - Amongst the largest homecare providers in the country Indian home healthcare is under-penetrated with only ~3.6% of total health spending on home healthcare vis-à-vis ~8.3% in the US Indian home healthcare market expected to grow ~2.5 times by 2025... ...with organized healthcare contributing USD 480 Mn by 2025 and a significant headroom to grow USD Bn Has potential to create ~3.1 Mn jobs % of total Home healthcare market 30% 19.9 14.1 5.4 2020 2023 2025 1.1% 2020 52% 2.4% 2025 Max@Home: Investing in Growth, over 56% CAGR Growth Drivers Home healthcare solutions ~40% less costly compared to hospitals with added convenience Rising doctor's acceptance of home healthcare post pandemic Increase in the size of aging population and prevalence of chronic ailments Insurance policies covering home healthcare expenses Extension of services / scale through digital products Gross revenue (INR Cr) Rapid growth through scale up of direct-to- customer services +56% | 1,250+ team 14 specialized services | 3,000+ transactions daily billed strong Quality & Accreditation Institute 24x7 customer support | QAI (ISQua member) accredited Max@Home's comprehensive and round the clock service offerings Critical Care | Nursing Care | Patient Attendants | X-ray at home | ECG/Holter at home | Dialysis | Physiotherapy | Medical rooms | Doctor Visits | Sleep Studies | Pathology | Pharmacy | Medical Equipment | Immunization 139 112 77 63 70 22 82 28 10 FY17 H1 FY18 FY19 FY20 FY21 FY22 FY23 FY24 *Manpower incl. support & outsourced teams as of September 30, 2023 20 Source: NatHealth - Indian Home Healthcare 2.0#215 4:40 B MAX Healthcare Good Afternoon Max MyHealth - Proprietary digital platform enabling best-in- class omnichannel healthcare experience 'Max MyHealth' offering new age experience for patients and doctors 0 Mr. Anubhav Singh > How can we help you? 0 7:517 Book an Appointment Search Doctor or Speciality a 10 mins Order Book Instant Video Medicines Lab Tests Consultation Admission Advised Patient: Anubhav Singh Doctor: Dr. Sandeep Budhiraja Admission Adviced Wednesday May 17 View Details Book Home Healthcare Services + Home Appointments Emergency Health Records Profile - Call Emergency Services Ambulance Available 24/7 • Single App for all types of consults (physical and virtual) for both doctors and patients; instant consults with a general practitioner within 10 minutes of booking an appointment • Track in-patient admission progress and make payments directly through app; quick access to Emergency and Ambulance services across Max network • Book Max@Home Services on the app • In-app easy access to prescriptions, health records, diagnostic reports, along with graphic trends for better comprehension Find and connect with Doctors across Max Hospitals irrespective of location Link and view family members, book appointments and view health records for all in the same app • Pre-consult document quality checks and case summary preparation for efficient video consults Nearby Hospital Find the nearest Hospital • Enhanced patient experience through intelligent lead management and patient engagement platform (PEP) Digital revenue through online marketing activities and web-based appointments accounted for ~21% of overall revenue in H1 FY24 Leverage Max Healthcare's strong brand, customer base, clinical expertise, doctor network and data to provide existing and new customers with a seamless and best-in-class omnichannel healthcare experience 21#22MAX Healthcare Financial Highlights 22#23MAX Healthcare Network P&L Statement: Q2 FY24 Gross revenue Net revenue Direct costs¹ Figs in INR Cr Q2 FY23 Q1 FY24 Q2 FY24 Amount % NR Amount % NR Amount % NR 1,567 1,719 1,827 1,482 100.0% 1,629 100.0% 1,732 100.0% 575 38.8% 650 39.9% 667 38.5% 907 61.2% 979 60.1% 1,065 61.5% 497 33.5% 543 33.3% 567 32.8% Contribution Indirect overheads² Operating EBITDA (post Ind AS-116) 410 27.7% 436 26.8% 497 28.7% ESOP (Equity-settled scheme) 5 0.4% 12 0.7% 12 0.7% Movement in fair value of contingent consideration payable and amortisation of contract assets³ 6 0.4% 7 0.4% 7 0.4% Reported EBITDA 399 26.9% 417 25.6% 478 27.6% Finance cost (net) 4 14 0.9% (3) (0.2%) (17) (1.0%) Depreciation and amortisation 64 4.3% 64 3.9% 66 3.8% Profit before tax 321 21.7% 356 21.9% 429 24.8% Tax5 (190) Profit after tax 511 (12.8%) 34.5% 66 4.0% 91 5.3% 291 17.8% 338 19.5% 1. 2. Direct costs are lower compared to Q1 FY24 due to increase in medical patients on account of seasonal vector borne diseases Increase in Indirect overheads over Q1 FY24 is mainly attributed to S&M costs for international patients and seasonal increase in power consumption 3. 4. This is a non-cash item representing change in fair value of contingent consideration payable to Trust / Society over the balance period (~20 to 31 years) under O&M Contracts and mainly represents impact of changes in the time value of discounted liability Net of interest income on deposits & tax refunds and includes forex gain / loss, etc. Movement compared with Q1 FY24 is attributed to cash flow from operations and interest capitalisation on projects underway 5. Effective tax rate in Q2 FY24 stood at 21.2%, compared to 18.4% in Q1 FY24, due to increase in medical service fees and O&M fees 23#24MAX Healthcare Network P&L Statement: H1 FY24 Gross revenue¹ Net revenue Direct costs Contribution Indirect overheads Operating EBITDA² Figs in INR Cr FY21 FY22 FY23 H1 FY24 Amount % NR Amount % NR Amount % NR Amount % NR 3,881 5,509 6,236 3,546 3,629 100.0% 5,218 100.0% 5,904 100.0% 3,361 100.0% 1,508 41.6% 2,103 40.3% 2,304 39.0% 1,317 39.2% 2,121 58.4% 3,115 59.7% 3,600 61.0% 2,043 60.8% 1,485 40.9% 1,725 33.1% 1,964 33.3% 1,110 33.0% 636 17.5% 1,390 26.6% 1,636 27.7% 933 27.8% ESOP (Equity-settled scheme) Movement in fair value of contingent consideration payable and amortisation of contract assets³ 27 0.7% 34 0.7% 34 0.6% 24 0.7% 1 0.0% 7 0.1% 4 0.1% 14 0.4% Transaction Cost including QIP related cost & Loss on fair valuation of pre-merger holding of Radiant under 249 6.9% 0 0.0% Ind AS 103 Exceptional item: Payment to employees under VRS 9 0.2% Reported EBITDA 359 9.9% 1,340 25.7% 1,597 27.1% 895 26.6% Finance costs (net) 187 5.2% 112 2.2% 39 0.7% (20) (0.6%) Depreciation and amortisation 216 6.0% 248 4.8% 260 4.4% 130 3.9% Profit/ (Loss) before tax (45) (1.2%) 979 18.8% 1,298 22.0% 785 23.4% Таха 50 1.4% 143 2.7% (30) (0.5%) 157 4.7% Profit/ (Loss) after tax (95) (2.6%) 837 16.0% 1,328 22.5% 628 18.7% 1. 2. Note: The numbers for the previous period have been re-casted and regrouped to make them comparable with the disclosure in the current period FY22 includes gross revenue of INR 236 Cr from Covid-19 vaccination & related antibody tests compared to INR 2 Cr in FY23 Includes INR 85 Cr towards EBITDA from Covid-19 vaccination & related antibody tests in FY22 3. Non cash item represents the change in fair value of contingent consideration payable to Trust/Society over the balance period (~20 to 31 years) under O&M Contracts and represents change in the WACC, time value of discounted liability and impact of changes in future business plan projections 4. Includes impact of one time reversal of INR 244 Cr deferred tax liability (net of capital gains tax) in FY23 pursuant to voluntary liquidation of a subsidiary 24#25MAX Healthcare Memorandum Consolidation of Network P&L: H1 FY24 MHIL & its subsidiaries & Silos Partner Healthcare Facilities ("PHF") Financials (IGAAP Unaudited)* Eliminations Ind AS Unaudited Balaji Society GM Modi Society Devki Devi Society IND AS & Adjustment (2) Adjustment(¹) Revenue from operations 2,648 310 221 390 (229) Figs in INR Cr MHC Network (Consolidated) (Certified by an ICA) 3,341 Other income (3) 9 2 7 15 (13) 20 Total operating income 2,658 312 228 405 (242) 3,361 Pharmacy, drugs, consumables & other direct costs 556 65 49 106 35 811 Employee benefits expense (4) 443 41 26 40 129 679 Other expenses (5) 892 154 114 185 (3) (405) 938 Total expenses 1,891 259 190 330 (3) (240) 2,427 Operating EBITDA 767 53 38 74 3 (1) 933 Less: non-operating expenses ESOP (Equity-settled Scheme) Movement in fair value of contingent consideration payable and amortisation of contract assets Reported EBITDA Finance costs (Net) Depreciation & Amortisation Profit/ (Loss) before tax Tax Profit/ (Loss) after tax 24 24 1 24 14 14 728 53 38 74 3 (49) (3) 14 9 1 114 9 9 10 2 664 47 15 55 0 ཆ2 ཝ (1) 895 8 (20) (13) 130 785 152 5 157 512 47 15 55 0 (1) 628 *New PHFS i.e. Vikrant Children's Foundation and Nirogi Charitable and Medical Research Trust have not been reflected separately and included in the Eliminations & Adjustments due to negligible values (1) Mainly IND AS 116 (Accounting for Leases) at PHFs | (2) Eliminations relate to revenue from PHFS and intra-network sale/purchase. Also includes consequential impact on amortisation due to reversal of Intangible assets recognized at MHIL & its subsidiaries for contracts with PHFs. The net present value of the amount payable by a PHF to unconsolidated part of the Society over the contract period was accrued during PPA and payment there against has thus been knocked off against the liability so created. Further, cost of non-treating doctors on retainership, forex gain/loss etc. have been reclassified under Employee benefits expense & Finance costs resp. | (3) Other Income includes income from EPCG, unclaimed balances written back, donations & contributions, scrap sale, income from outlets/in hospital displays, etc. | (4) Includes non-clinical doctors on retainership & movement in OCI for actuarial valuation impact but excludes ESOP expenses | (5) Net of bad debts recovered and excludes movement in fair value of contingent consideration and amortisation of contract assets, which is reflected below Operating EBITDA, and includes cost of admitting doctors 25#26MAX Healthcare Network Balance Sheet¹ (Includes Managed and Partner Healthcare Facilities) Figs in INR Cr Sep 2022 Particulars Mar 2023 Sep 2023 7,462 Shareholders' Equity 8,070 8,623 815 Gross Debt 682 606 446 Deferred / Contingent Consideration Payable² 440 463 144 Put Option Liability³ 150 84 137 Lease Liabilities (Ind AS 116) 139 147 (72) Deferred Tax Liability/ (Deferred Tax Asset) (50) (16) 8,932 Total Liabilities 9,430 9,907 3,773 Goodwill 3,773 3,773 3,260 Net tangible Assets (incl. CWIP) 3,458 3,552 680 Intangible Assets (incl. brand and O&M rights) 681 692 205 Right to Use Assets (Ind AS 116) 203 206 1,000 Cash & Bank balance 1,565 1,993 452 Trade Receivables (Net) 4 434 546 84 Inventories 104 98 2 Investments (524) Net Current & Non-Current Assets/ (Liabilities) 5 8,932 Total Assets 2 2 (789) (955) 9,430 9,907 1. 2. 2345 The intra-network dues and intangible assets on account of medical services agreements with PHFS are eliminated and fair value of assets & liabilities of PHFS (as on June 1, 2020) are recognised, with balance reflected under Goodwill Represents fair value of long term liabilities towards fees / revenue share payable to Trust / Societies over the remaining contract period ranging from 20 to 82 years Put Option Liability is for the purchase of balance stake (40%) in Eqova Healthcare Pvt. Ltd. Represents DSO of 61 days. Increase is attributed to growth in revenue from insurance and institutional patients 5. Mainly represents tax refunds receivable, capital advances, provisions for retiral benefits and unfavorable lease liability recognized, PPA, dividend payable to MHIL shareholders and includes Trade payable of INR 792 Cr at the end of Sep 2023 compared to INR 719 Cr at the end of Mar 2023 and INR 661 Cr at the end of Sep 2022 26#27MAX Notes to Network Consolidated Financials Healthcare 1. Max Healthcare Institute Limited ("MHIL"), its subsidiaries and deemed separate entities (i.e. silos for managed healthcare facilities) constitute MHIL Group under IND AS 110. MHIL Group also has long term contracts with certain societies, who own and operate hospitals and act in concert with other Max Hospitals to provide high end medical care to the communities. MHIL Group carries significant financial exposure and control medical operations of these hospitals through Hospital Management Committee structure or otherwise. These hospitals are treated as Partner Healthcare Facilities ("PHF") and form part of Max Network of Hospitals. Given the financial exposure and operating model, it is considered appropriate by MHIL management to disclose the financial performance of the Network Hospitals as a whole, by way of a certified memorandum consolidation of financial results of operations of MHIL, its subsidiaries, managed healthcare facilities and PHFS (all these entities combined together are referred as "Network"), which have been subjected to review by their statutory auditors. 2. The Consolidated financial information contained in this presentation is thus different from that of the MHIL Group since the financials of Partner Healthcare Facilities (PHFS) are also included. The information is drawn up based on the management consolidation of the unaudited financials of the Company, its subsidiaries, managed healthcare facilities and those of the PHFS (prepared under IGAAP), duly adjusted for intra-network eliminations and IND AS related adjustments. The Consolidated financial information post IND AS adjustments, is certified by an independent firm of chartered accountants. 3. Healthcare undertaking of Radiant Life Care Private Limited ("Radiant") and residual business of erstwhile Max India Limited merged into Max Healthcare Institute Limited ("MHIL" or "the Company") through a NCLT approved Composite Scheme of Amalgamation and Arrangement on June 1, 2020. The Group, while accounting for the Business Combination in June 2020 has carried out a fair valuation exercise, whereby the assets and liabilities of the acquired entity (i.e. MHIL) & its subsidiaries and effects thereof were captured in the financials of the Company. The fair valuation exercise has led to an increase in the tangible and intangible assets of the Network by INR 3,662 Cr, which includes INR 252 Cr towards the Partner Healthcare Facilities. Further, the Company acquired a step down subsidiary during Q2 FY22 and the purchase price allocation ("PPA") of this acquisition led to incremental change in tangible and intangible assets by INR 107 Cr beyond the investment value. 4. The Profit & Loss statement in the earnings update is prepared after line by line consolidation of the financials of MHIL, its subsidiaries, deemed separate entities/silos and PHFS, after eliminating intra Network transactions, in an investor friendly format. 5. In order to better explain the financial results, the exceptional items and material items which don't truly represent the operating income/expenditure and are non-cash in nature have been identified and reported separately, to reflect the Operating EBITDA performance of the Network. The numbers are regrouped to meet industry specific information requirement of investors. Further, the Profit after tax includes the impact of change in other comprehensive income and thus reflects Total Comprehensive income for the period. 27#28MAX Healthcare Thank You 28#29MAX Healthcare Appendix 1. ESG & CSR Updates 2. Network Structure 29#30MAX Healthcare Appendix 1 ESG Highlights CSR Initiatives 30#31MAX ESG Highlights Healthcare Environment 33.3% share of renewable energy in total energy mix ISO 14001 certification received for eight hospitals 39% water recycled out of total water consumption in FY 2023, up from 35.9% in FY 2022 > 50% of our waste being disposed through authorized recyclers Water consumption decreased to 0.98 kilolitres per bed in FY 2023 from 1.08 kilolitres per bed in FY 2022 100% water neutrality goal by 2025 Social • • • Employees 49% women employees 9.95 lakh hours of upskilling programmes Certified Great Place to Work® by Great Place to Work institute Patients 363K needy patients treated free in FY 2023 • USD 25 Mn worth of free medical treatment to the underprivileged • Introduced 'MaxCel' platform that aids in comparison of clinical outcomes to enhance patient care • • Community Nutrition support to ~2,300 TB patients for better recovery • ~3,600 physical outreach OPDS in upcountry More than 6,000 community engagement activities conducted Governance Implementing policies benchmarked against global best practices Ensuring diversity in the boardroom Five out of eight directors on the board are independent including one woman director Risk management with a framework that identifies, analyses and mitigates potential threats Instilling ethical conduct by sustaining a culture of accountability 31#32MAX CSR Initiatives Healthcare Initiatives undertaken on Water Sustainability, Nutrition and Education Water Rejuvenation in Ghaziabad, UP CHEST & TO CLINIC Support Govt. of India's Ni-kshay Mitra Programme Focus areas for FY24 and beyond: Education and Water Sustainability 0 DELHI POLICE PUBLIC SCHOOL 14SE DATE, EN EL-1 PR: 25177804 2618725, HELPLINE NO.: 25144444/ 1895 MAX Hedbere Donation of bus for Delhi Police Public School AMORR I. Max Healthcare Scholarships Address the gap of trained healthcare professionals by enabling meritorious students from financially disadvantaged sections of society fulfil their aspirations of a career in medicine Education II. Skill Training for Sustainable Livelihood Targeted EWS beneficiaries to be provided vocational skills training recognized by Govt. of India Water Sustainability III. Water Rejuvenation Construction of water recharge structures e.g. ponds in the vicinity of our operations, in line with our stated ESG goal of water neutrality by FY25 32 32#33MAX Healthcare Appendix 2 Network structure 33#34MAX Healthcare Network Holding Structure (as of September 30, 2023) Max Shalimar Bagh Max Dehradun Max Panchsheel Immigration centre (Lajpat Nagar) Max Saket (West) SBUS (MIME, Max@Home) Immigration centre (Mohali) Max Healthcare Institute Limited (MHIL) Medical Service Agreement Balaji Society (Max Patparganj) Valid till 2065 Devki Devi Society (Max Saket East, Onco day care center) Valid till 2064 100% 100% 100% 100% 100% 100% Shareholding: 60%, Option rights: 40% 100% 100% Max Lab HBPL (Max ALPS Hospital Limited Bathinda) Ltd.# (Max CRL (Max Vaishali) (Max Noida) Saket City Hospitals Ltd.## Max Healthcare FZ-LLC (Dubai) (Max Mohali) MHC Global Healthcare Nigeria Ltd. Max Hospitals and Allied Services Ltd.# Gurugram) 100% Medical Service Agreement O&M / Medical O&M / Medical Service Agreement Service Agreement Gujarmal Modi BLK-Max Hospital Valid till 2054 Medical Services contain specific specialities & Pathology/Radiology services, as may be the case ET Planners Pvt. Ltd. Medical Service Agreement Vikrant Children's foundation & research Centre Valid till 2111 Society (Max Smart) Valid till 2105 Eqova Healthcare Pvt. Ltd.^ O&M / Medical Service Agreement Medical Service Agreement Muthoot Hospital Max Dwarka Valid till 2082 Nanavati Max Hospital Valid till 2043 Nirogi Charitable and Medical Research Trust Valid till 2112 Owned Partner healthcare facilities Managed healthcare facilities # The Boards of Alps Hospitals Ltd. and Max Hospitals and Allied Services Ltd. have approved a scheme of amalgamation of the two entities and the same is yet to be approved by Hon'ble NCLT, Mumbai Bench | ## Under voluntary liquidation, letter of distribution of its business undertaking has been issued by the liquidator on August 31, 2022 and its operations have been consolidated with MHIL | ^ MHIL holds & has exercised the right to appoint majority directors in Eqova Healthcare | MHIL - Max Healthcare Institute Limited; CRL - Crosslay Remedies Limited; HBPL - Hometrail Buildtech Private Limited | Validity includes extensions available under the contract 34#35MAX List of Network Healthcare Facilities Healthcare Name Location Description Max Super Speciality Hospital, (West Block) Saket Max Super Speciality Hospital, (East Block) Saket Delhi Hospital Delhi Hospital Max Smart Super Speciality Hospital, Saket Delhi Hospital BLK-Max Super Speciality Hospital, Rajendra Place Delhi Hospital Nanavati Max Hospital, Mumbai Mumbai Hospital Max Hospital, Gurugram Gurugram Hospital Max Super Speciality Hospital, Patparganj Delhi Hospital Max Super Speciality Hospital, Vaishali Ghaziabad Hospital Max Super Speciality Hospital, Shalimar Bagh Delhi Hospital Max Super Speciality Hospital, Mohali Max Super Speciality Hospital, Bhatinda Max Super Speciality Hospital, Dehradun Mohali Hospital Bathinda Hospital Dehradun Hospital Max Multi Speciality Centre, Panchsheel Park Delhi Medical centre Max MedCentre, Lajpat Nagar (Immigration Department) Delhi Medical centre Max Institute of Cancer Care, Lajpat Nagar Delhi Medical centre Max Multi Speciality Centre, Noida Noida Medical centre Max MedCentre, Mohali Mohali Medical centre In addition to the above, there are 4 new upcoming Network facilities - one each in South Delhi (Saket Complex - Vikrant), East Delhi (Patparganj), North West Delhi (Dwarka) and Gurugram (Sector 56) As on September 30, 2023 35#36Term MAX Definitions Healthcare Description ALOS ARPOB Cash from operations Contribution CTI EBITDA per bed Gross Revenue Indirect overheads Net Revenue OBD Operating EBITDA Greenfield / Brownfield expansion Average Length of Stay: discharged patients stay in the hospital, basis admission and discharge time Average Revenue per Occupied Bed; Gross revenue divided by the occupied bed days; excludes revenue from Covid-19 vaccination & related antibody tests and Max Lab operations Represents cash generated from operations after amount deployed for routine capex, finance cost and working capital changes relating to operations Net revenue minus material cost, F&B cost and salary/professional fess paid to clinicians credentialed for OPD consultations and IPD admissions Represents self pay, private insurance & international patient segments where hospital tariff is the basis for billing/ contract Operating EBITDA divided by occupied bed days, annualised. Excludes incremental EBITDA from Covid-19 vaccination & related antibody tests and Max Lab operations Amount billed to the patients/customers as per contracted/rack rates, as applicable, including the patients from the economically weaker section (EWS) on discharge basis; Also includes movement in unbilled revenue at the end of the period for patients admitted in the hospital on reporting date and other operating income such as SEIS income, EPCG income, unclaimed balances written back, etc. Major costs include - Personnel costs (excl. clinicians credentialed for OPD consultations and IPD admissions), hospital services, admin, provision for doubtful debts, advertisement and allied costs, power and utilities, repair and maintenance Gross revenue minus management discounts, amount billed to EWS patients, employee discounts, marketing discounts and allowance for deductions for expected credit loss Occupied Bed Days Contribution minus indirect overheads, excluding one-off expenses, extraordinary expenses and specific non-cash expenses (itemised separately) which are accrued due to IND AS requirements, but are not operating in nature; Greenfield expansion denotes capacity addition at a new hospital in a new location; Brownfield expansion implies bed addition at or within 1 km of existing, operational Max hospital 36#37MAX About Us Healthcare Max Healthcare Institute Limited (MHIL) is India's leading provider of healthcare services. It is committed to the highest standards of medical and service excellence, patient care, scientific and medical education. For further information, please visit www.maxhealthcare.in MHIL has major concentration in north India consisting of a network of 17 healthcare facilities. Out of the total network, eight hospitals and four medical centres are located in Delhi and the NCR and the others are located in the cities of Mumbai, Mohali, Bathinda and Dehradun. The Max network includes all the hospitals and medical centres owned, operated and managed by the Company and its subsidiaries, and partner healthcare facilities. These include state-of-the-art tertiary and quaternary care hospitals at Saket, Patparganj, Vaishali, Rajendra Place, and Shalimar Bagh in NCR Delhi and one each in Mumbai, Mohali, Bathinda and Dehradun, secondary care hospital in Gurgaon and Day Care Centres at Noida, Lajpat Nagar and Panchsheel Park in NCR Delhi and one in Mohali, Punjab. The hospitals in Mohali and Bathinda are under PPP arrangement with the Government of Punjab. In addition to its core hospital business, MHIL has two SBUS - Max@Home and MaxLab. Max@Home is a platform that provides health and wellness services at home and MaxLab offers diagnostic services to patients outside its network. Contact: Aakrati Porwal Max Healthcare Institute Ltd. Tel: +91 9920 409393 Email: [email protected] Anoop Poojari / Suraj Digawalekar CDR India Tel: +91 98330 90434/98211 94418 Email: [email protected], [email protected] 37 32