Max Healthcare Institute Limited
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Key numbers — 40 extracted
INR 3,662
INR 252
INR 107
rs.
3
INR 1,559
INR 1,392
INR 1,567
INR 1,385
13%
INR 7
INR 0.3
INR 419
Risks & concerns — 4 flagged
Reduction compared to Q2 FY23 is mainly due to reversal in provision of doubtful debts post collection of >365 days outstanding Increase in costs is towards grant of 81.84 lakh ESOPs to 271 eligible employees in November’22 This is a non cash item representing change in fair value of contingent consideration payable to Trust/Society over the balance period (~21 to 32 years) under O&M Contracts and mainly represents impact of changes in the time value of discounted liability 4.
— Research and academics
This includes impact of one time reversal of INR 244 Cr deferred tax liability (net) in Q2 FY23 pursuant to voluntary liquidation of a subsidiary Cash from operations during 9M ended Dec’22 was INR 856 Cr and Net Cash3 as at end of 9M ended Dec’22 stands at INR 372 Cr.
— Research and academics
2022 occupancies were lower due to decline in OPD footfalls and overall admissions (both COVID-19 and Non- COVID) due to Omicron scare.
— Our response
Non cash item represents the change in fair value of contingent consideration payable to Trust/Society over the balance period (~21 to 32 years) under O&M Contracts and represents changes in the time value of discounted liability and impact of changes in future business plan projections Includes impact of one time reversal of INR 244 Cr deferred tax liability (net of capital gains tax) in 9M ended Dec’22 pursuant to voluntary liquidation of a subsidiary 4.
— Academics
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Opening remarks
Clinical update
Till date we have performed 1980+ Liver Transplants, ~3300 Kidney Transplants and 1600+ Bone Marrow Transplants Treated an eleven year old child suffering from a rare genetic condition – thrombotic microangiopathy - by performing an extremely complex swap & paired transplant at Nanavati Max
Research and academics
Executed a MoU with Anuva Biotech to undertake genomics based research in breast cancer, lung cancer, diabetes, cardiac disease, kidney disease, drug resistant tuberculosis etc. Published 75 articles in high impact journals during Q3 FY23; ~100 clinical trials and 82 ongoing research grants ~130 MBBS students currently pursuing a 2 year Clinical rotation in collaboration with Lincoln American University Operational highlights (contd..) Clinical Highlights (1) Excluding the revenue from Covid-19 vaccination & related antibody tests and Max Lab operations 7 Key Financial Highlights Gross Revenue (INR Cr) Operating EBITDA (INR Cr) 1,567 0 1,559 0 +12.6% 364 +2.1% 410 419 +15.2% 1,567 1,559 1,392 7 1,385 Q3 FY22 Q2 FY23 Q3 FY23 Q3 FY22 Q2 FY23 Q3 FY23 Covid-19 vaccination & related antibody tests revenue Margin1 (%) Q3 FY22 : 27.6% | Q2 FY23 : 27.7% | Q3 FY23 : 28.3% Operating EBITDA per bed2 (INR Lakhs) 60 64 +3.9% 67 +12.1% Pre-tax ROCE3 32% 33% 34% Q3 FY22 Q2 FY23 Q3 FY23 Q3 FY22 Q2 FY2
Our response
~20 COVID-19 beds occupied on avg. during 9M FY23 11,20,000+ RT PCR tests done 21,00,000+ Vaccine doses administered ~36,600 at hospital ~3,700 at home ~1,150 at hotel Infrastructure support Patients treated Research ~80 COVID-19 related projects initiated ~3,00,000 free meals served Community support *till December 31, 2022 First private hospital to offer a dedicated facility in Delhi for COVID-19 care One of the first private sector labs to start COVID-19 testing Operationalised one of the largest COVID-19 vaccination centres across India spread over 1.65 acres; can operate 50 billing and 40 nursing counters capacity to administer ~10,000 vaccine doses in a day Inoculated up to ~48,600 individuals in a single day across all the channels combined Installed O2 generators at five Network Hospitals in NCR, thereby reducing dependence on liquid medical oxygen First of its kind convalescent plasma therapy trial for critically ill patients Set up COVID-19 related medical processes- Formulat
Top Public investors
Capital Group (All funds) SBI Mutual Funds • • • Government of Singapore / GIC • HDFC Mutual Funds • Ward Ferry • • • Vanguard (All funds) Canara Robeco Mutual Funds Polar Capital (All funds) 5.3% 20.4% 23.8% 50.5% Abhay Soi DIIs FPIs and FIIs Others * Based on publicly available information for listed companies (FY22) | (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 FY19 to FY22 31 Vision: To be the Most Well Regarded Healthcare Provider in India 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 str
Academics
Significant strategic partnerships including Deakin University, Max Institute of Medical Excellence (MIME) is the education division Australia, Imperial College London, Ashoka University, Pfizer Inc and of MHC for medical education & training Anuva Biotech– 30,000+ research participants and 2 million USD research grant 1900+ high index journal research publications in last 7 years Started a 2 year Masters of Public Health program through a collaboration with AcSIR Hosts prestigious Royal college of Physicians exam - successfully hosted 4 examinations Private bio bank - ~22,000 bio samples stored Recognised by JRCPTB to deliver post graduate Internal medicine training outside UK Several research grants from leading organisations such as Conducts Masters in Emergency program in collaboration with CSIR, DBT, ICMR, INSA, DHR, Pfizer, NIHR, MRC, Innovate UK George Washington University, USA Researching use of Artificial Intelligence in Radiology with leading international partners and prest
Contact
facilities. Out of the total network, eight hospitals and four medical centres are located in Aakrati Porwal Delhi and the NCR and the others are located in the cities of Mumbai, Mohali, Bathinda and Dehradun. 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 Max Healthcare Institute Ltd. Tel: +91 9920409393 Email: Aakrati.porwal@maxhealthcare.com Mumbai, Mohali, Bathinda and Dehradun, secondary care hospital in Gurgaon and Day Anoop Poojari / Suraj Digawalekar Care Centres at Noida, Lajpat Nagar and Panchsheel Park in NCR Delhi and one in Mohali, CDR India Punjab. The hospitals in Mohali and Bathinda are under PPP arrangement. Tel: +91 98330 90434 / 98211 94418 In addition to its core hospital business, MHIL has two
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