MAXHEALTHNSE14 February 2024

Max Healthcare Institute Limited has informed the Exchange about Investor Presentation

Max Healthcare Institute Limited

February 14, 2024

Listing Department, National Stock Exchange of India Limited Exchange Plaza, Plot C-1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051

Listing Department, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001

Symbol: MAXHEALTH

Scrip Code: 543220

Sub.: Presentation for Investor Conference

Dear Sir / Madam,

This is in continuation to our earlier intimation dated February 4, 2024 wherein we had informed that the senior management of the Company will be participating in Axis Capital India Conference scheduled to be held on Thursday, February 15, 2024.

In this regard, please find enclosed herewith the investor presentation to be made during aforesaid conference.

This disclosure will also be hosted on Company's website viz. www.maxhealthcare.in.

Kindly take the same on record.

Thanking you

Yours truly, For Max Healthcare Institute Limited

Dhiraj Aroraa SVP - Company Secretary and Compliance Officer

Encl.: As above

Max Healthcare Institute Limited Corp Office: 2nd Floor, Capital Cyberscape, Sector - 59, Golf Course Extension Road, Gurugram - 122102, Haryana T: +91-124-620 7777

Max Healthcare Institute Limited Regd. Office: 401, 4th Floor, Man Excellenza, S. V. Road, Vile Parle (West), Mumbai, Maharashtra - 400 056 T: +91-22 2610 0461/62 E: secretarial@maxhealthcare.com, investors@maxhealthcare.com

www.maxhealthcare.in

(CIN: L72200MH2001PLC322854)

Investor Presentation

February 13, 2024

Disclaimer

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. None of MHIL, its directors, promoter, or affiliates, nor any of its or their respective employees, advisers or representatives or any other person accept any responsibility or liability whatsoever, whether arising in tort, contract or otherwise, for any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of this presentation or its contents or otherwise in connection with this presentation, and makes no representation or warranty, express or implied, for the contents of this presentation including its accuracy, fairness, completeness or verification or for any other statement made or purported to be made by any of them, or on behalf of them, and nothing in this presentation or at this presentation shall be relied upon as a promise or representation in this respect, whether as to the past or the future. Past performance is not a guide for future performance.

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. Failure to comply with this restriction may constitute a violation of the applicable securities laws. By reviewing this presentation, you agree to be bound by the foregoing limitations.

The information contained in this presentation is for general information purposes only and does not constitute an offer or invitation to sell, directly or indirectly, in any manner, or recommendation or solicitation of an offer to subscribe to securities for or invitation to purchase any securities of MHIL. This presentation should not form the basis of, or be relied upon in any connection with any contract, commitment or investment decision whatsoever. Nothing in this presentation is intended by MHIL to be construed as financial, legal, accounting or tax advice. This presentation has not been approved and will not be reviewed or approved by any statutory or regulatory authority in India or by any stock exchange in India. 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.

Content

Company Overview

Key Growth Drivers

Financial Highlights

Appendix

Company Overview

Max Healthcare: India’s second largest* hospital chain in terms of revenue, EBITDA and market capitalisation

Current capacity ~3,550 beds

NCR

17 Facilities

~82% Beds in metros

~75% 9M FY24 Occupancy

402

Shalimar Bagh

516

402

BLK

Patparganj

Eqova

387

Vaishali

Panchsheel1

Dwarka

Vikrant

Lajpat Nagar1,2

521

250

Noida1

104

Saket3

Smart

Sec. 56 Gurugram

Sec. 534 Gurugram

Sec. 43 Gurugram

Outside NCR

328

220

200

219

Mumbai

Mohali1,2

Bathinda

Dehradun

Current hospitals and medical centres

Upcoming hospitals

13% Revenue CAGR^ 3 years

41% EBITDA CAGR^ 3 years

~35% 9M FY24 ROCE

Shareholding structure (as on December 31, 2023)

4.0%

11.6%

23.7%

60.7%

Abhay Soi

DIIs

FPIs and FIIs

Others

Top Public investors:

Capital Group (All funds)

• • 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

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 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

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 with Muthoot Hospitals Pvt. Ltd. in Dwarka, Delhi for 300+ beds (our first asset-light model)(1)

2000

2009

2014

2020

2021

2022

2023-24

• Max Multi

Speciality Centre, Pitampura

• Max Multi

Speciality Centre, Noida

Max Super Speciality Hospital, Patparganj

Max Hospital, Gurugram

2008

Max Multi Speciality Centre, Panchsheel park

2002

2006

2004

2000

Max Super Speciality Hospital, (East Block) Saket

Max Super Speciality Hospital, (West Block) Saket

(1) Inorganic expansion

2012

2014

2016

2018

Max Institute of Cancer Care, Lajpat Nagar

2010

Max Super Speciality Hospital, Dehradun

• Max Super Speciality Hospital, Bathinda

• Max Super Speciality

Hospital, Mohali

• Max Super Speciality

Hospital, Shalimar Bagh

Max Multi Speciality Hospital, Greater Noida

Max Medcentre, Lajpat Nagar (Immigration Department)

• Max Super Speciality Hospital, Vaishali (Crosslay)(1)

• Max Smart Super

Speciality Hospital, Saket (Saket City)(1)

Acquired stake in Eqova healthcare having potential to add 400+ beds in the East Delhi(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

• Acquired 100% stake in

200-bed Alexis Multispecialty Hospital, Nagpur

• Entered into an SPA for acquisition of 550-bed Sahara Hospital in Lucknow

• Commissioned and

operationalized 92-bed oncology block at Max Super Speciality Hospital, Shalimar Bagh

• Launched our proprietary omnichannel app, ‘Max MyHealth’

Discontinuation of Max Multi Speciality Hospital, Greater Noida

RADIANT LIFE CARE

MAX HEALTHCARE

Leading clinically comprehensive hospital chain with excellent research and academics foundation

Complex procedures performed

High end quaternary care facilities

Transplants(1)

Robotic surgeries

Cardiac procedures(2)

Neuro surgeries(3)

Orthopedic surgeries(4)

Oncology surgeries(5)

Est. Annual Count*

~1,050

~3,810

~37,910

9,800

~27,370

~12,360

including 3 JCI and 2 AACI accredited

State of the art infrastructure

Ortho & Spine Robots

Radixact TomoTherapy

TrueBeam Stx LINAC

Da Vinci Xi Robot

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, IIT Delhi, BITS Pilani, Pfizer, RMIT and Deakin University – 30,000+ research participants and USD 2 million in research grants

• ~2,500 research publications in indexed journals over last 8

years including Nature with Impact Factor 69.50.

• Wellcome Trust funded Metabolic Disease biobank, with

~22,000 samples, and a BIRAC funded Oncology biobank

• Several research grants from leading organisations: CSIR, DBT, ICMR, DST iHUB, Wellcome Trust, BIRAC, INSA, DHR, NIHR, MRC, Innovate UK, etc.

• AI-enabled Radiomics project with IIIT Delhi and HKA

automation project with IIT Bombay

• 600+ 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; PhD in Health Sciences & MPH with AcSIR.

• ~500 trainee doctors are part of DNB program, with NBE across 33 specialties; ~30,000

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) *Q3 FY24 Annualized numbers

Dominant presence in the most attractive markets (1/2)

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…

…coupled with rising insurance penetration

Total beds per ‘000 population

Health insurance Gross Premiums (INR in Bn)

3.8

3.3

4.3

3.6

3.3

3.0

1.9

Delhi NCR

Mumbai

Chennai

Bengaluru

Hyderabad

Lucknow

WHO recommendation

37%

602

738

20% CAGR

399

518

517

562

98 FY20

86 FY21

122 FY22

27%

207

232 49 FY16

252

294 62 FY17

306

355

80 FY18

350

434

113 FY19

Govt. sponsored

Group

Individual

Health insurance penetration

Higher proportion of beds in these cities positions MHC for industry leading ARPOB on an aggregate basis

ARPOB1 (INR ‘000)

82%

% of bed capacity in key metro cities

76%

72%

• MHC has ~2,900 beds in Delhi NCR & Mumbai

– highest proportion compared to peers

•

Large metros have inherent advantages:

58%

39%

－ High per capita income, high insurance penetration and propensity to pay for high end quaternary care facilities

22%

－ Availability of senior/ statured clinical talent leading to

Max Healthcare

Fortis (Hospital business)

Narayana Health (India)

Apollo Hospitals

KIMS Hospitals

Aster Hospital (India)

metros becoming regional hubs

－ 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 9

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, 2 more upcoming

No. of tourists in lakhs

2.3

1.8

2.4%

2.9%

~3 million medical tourists in India by 2030e

30%

5.0

4.3

7.0

6.4

6.5

Fall due to COVID-19

3.2

1.9

21.2%

Others, 8%

CIS (Eastern Europe), 3%

Afghanistan, 5%

Iraq, 7%

Africa, 8%

4.9%

6.1%

6.4%

6.8%

10.5%

Middle East, 12%

2014

2015

2016

2017

2018 2019

2020

2021

2022

Bangladesh, 57%

Company-owned PACs

Partner-owned PACs

Upcoming PACs

Foreign tourists for medical purposes

% of total tourists

*Based on data as of 2019, since 2020 and 2021 were impacted due to COVID-19

Note: Map not to scale

MHC is well-equipped to serve medical tourists

Modern infrastructure and facilities

State-of-the-art medical equipment

Availability of senior clinical talent

Reputed for tertiary / quaternary care

High global and domestic connectivity

Source: Ministry of Tourism, CRISIL research

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

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

Best in class performance parameters

ARPOB(1) (INR/OBD) (‘000)

Occupancy (%)

75%

76%

75%

63%

64%

65%

63%

67%

66%

Operating parameters

Max Healthcare

Apollo Hospitals

Fortis Healthcare

Max Healthcare

Apollo Hospitals

Fortis Healthcare

Pre-tax ROCE(2) (%)

Operating EBITDA per bed(3,4) (INR lakh)

Op. EBITDA Margin

27% 28%

28%

19% 20%

19%

15% 17%

17%

33%

35%

29%

Financial parameters

25%

27%

21%

10%

Max Healthcare

Apollo Hospitals

Fortis

Max Healthcare

Apollo Hospitals

Fortis Healthcare

(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 %

FY22

FY23

9M FY24

Distinguished Board and a dynamic management team

Distinguished Board of Directors

Mr. Abhay Soi Chairman and Managing Director

Mr. Mahendra Gumanmalji Lodha Chartered accountant & Investment Professional

Ms. Amrita Gangotra Technology Leader & Former member of Exec. Mgmt at Bharti Airtel, Vodafone Hungary

Mr. Michael Neeb Former President of HCA Healthcare

Mr. Anil Bhatnagar Senior Lawyer & Arbitrator

Mr. Narayan K. Sheshadri Non-executive Chairman of AstraZeneca Pharmaceuticals and PI Industries

Mr. Kummamuri Narasimha Murthy Chartered Accountant

Mr. Pranav Amin Managing Director Alembic Pharmaceuticals

Chairman and MD

Non-Executive Director

Independent Director

Experienced and dynamic management team

Col. HS Chehal Senior Director & COO (Cluster 2)

Mr. Umesh Gupta Senior Director – HR & Chief People Officer

Mr. N Venkatesan Director & Chief Procurement Officer

Dr. Mradul Kaushik Senior Director – Operations & Planning

Ms. Vandana Pakle Senior Director – Corporate Affairs

Mr. Prashant Singh Director – IT & Chief Information Officer

Mr. Anas Wajid Senior Director – Chief Sales and Marketing Officer

Mr. Yogesh Sareen Senior Director & Chief Financial Officer

Mr. Rakesh Kaushik Director – Legal & Regulatory Affairs

Mr. Keshav Gupta Senior Director – Growth, M&A and Business Planning

Col. Binu Sharma Senior Director – Nursing

Dr. Vinita Jha EVP – Clinical Directorate

Dr. Sandeep Buddhiraja Group Medical Director

Mr. Arjun Sharma Director & Chief Digital Officer

Dr. Abhaya Indrayan Chief Biostatistician, Academics & Research

Key Growth Drivers

Multiple avenues for future growth

Strong cash generation from operations

INR 924 Cr in 9M FY24

Headroom to raise debt given current leverage

Net Cash Surplus of INR 1,295 Cr as on Dec. 31, 2023

Demonstrated ability to generate high return on capital employed

~35% ROCE in 9M FY24

Long term growth potential

Optimising Existing Infrastructure

•

Focus on tower specialities & case mix

Increase utilization & improve process efficiencies

• Optimize payor mix

h t w o r g e r u t u f

t r o p p u s o t e

l i f o r p

a i c n a n i f g n o r t S

3.1

Brownfield

3.2

Asset light

• ~2,600 beds addition via brownfield expansion – ROCE

accretive

• Management contracts and long-term leases of “build-to-

suit” properties

3.3

Greenfield

• Greenfield hospitals in highly attractive and compelling

territories with attractive payback – Acquired land parcels with potential to add 1,000 beds

3.4

M&A

Strong track record of successful M&A and turnaround

• • Adequate headroom for M&A even after brownfield

capex, driven by strong free cash flows and low leverage • Robust deal pipeline - recently acquired Sahara Hospital in

Lucknow and Alexis Hospital in Nagpur

• ROCE threshold levels of 20-25% within 4-5 years post

acquisition

Significant increase in capacity

(~2X bed capacity in next 4-5 years)

Capital Light Adjacencies

• Non-captive pathology – Max Lab • Homecare – Max@Home

Digital Platform

•

Leverage brand, customer loyalty and data to build a

digital ecosystem

Growth opportunity in existing facilities

Optimising payor mix

Bed share

36.5%

34.2%

5.4%

2.0%

31.3%

29.2%

28.8%*

to demand from preferred channels, driven by -

• Push for reduction in institutional business in order to cater

2.8%

5.0%

5.6%

– Steady pace of organic growth in Self Pay, TPA and

corporate channels, and

– Growth

in International medical

tourism,

post

resumption of regular international travel

58.1%

63.8%

66.0%

65.8%

65.6%

– Increase in upcountry footfalls consequent to improved

FY20

FY21

FY22

FY23

9M FY24*

Institutional

International

Self Pay, TPA and Corporate

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 9M 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 9M FY24 dropped to 26.7%. 16

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

3,534^

300

FY23

FY24

Bed Additions**

Estimated Capex# (INR Cr)

Brownfield

Greenfield

300

918

329 190 300

FY25

819

1,592

7,464

150 200 500

500

250 300 350 200

250

111

FY26

1,100

1,377

FY27

521*

552

FY28 & onwards potential&

Total

1,350##

To be firmed up

*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 reconfiguration | &Beds shown under FY28 & onwards only indicate the expansion potential. However, no plans have been formalized yet for such expansion.

Status of ongoing expansion projects

Dwarka – 300 beds

Mohali – 190 beds

Nanavati – 329 beds in Phase I

• Application of OC has been submitted in October. • Lift installation and other finishing work are in progress.

• All key functional heads are in place, middle level staff

•

being recruited. Expected commissioning by end of Q4 FY24, subject to developer obtaining the OC.

• All statutory approvals to start the construction have

been received.

• Design development is under finalization and base raft

concrete activities have started. Project is largely on schedule.

•

• •

Basement and ground level structures have been completed. Steel fabrication above ground floor has begun. 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

Max Smart Phase I

Vikrant

Saket (East & West)

• Approval for structural drawings has been received in

Jan 2024.

• Design development is ongoing and RCC works have

commenced. Project is largely on schedule.

•

Tree transplantation work is underway, with 159 trees transplanted and balance 316 trees in process. Existing structures have been demolished as per plan and shoring work for sewage & water treatment plants is ongoing. Barring the initial delay of 6-7 months the project is on schedule.

•

Building plans have been re-submitted to Municipal Corporation of Delhi (MCD) post their initial review. • Dues for water & sewer infra charges have been paid,

while Forest NOC has also been applied. Tender documents are under review for floating to the contractors. Project is largely on schedule.

•

Snapshot of recent inorganic transactions

Sahara Hospital, Lucknow

Alexis Hospital, Nagpur

Type of expansion

Acquisition

Bed Capacity

~550 beds (250 beds operational), 8.9L sft. BUA (G+17 floors, OC for G+8)

Acquisition

200 beds, 2.25L sft. BUA (G+6 floors)

Lucknow:

Nagpur:

Key Pointers

Largest city of UP; high pop. density (~46L), ₹96K GDP/capita Access to medical talent: 4 med. colleges + public hospitals Good connectivity: Kanpur, Allahabad, Gorakhpur, Varanasi Potential proven by peers such as Apollo, Medanta

Hospital:

Well-planned, NABH accredited tertiary care facility High quality design (Hafeez Contractor), construction (L&T) Nursing college with annual intake of ~100 students 27-acre prime land parcel: sufficient headroom for growth

Located in high-income catchment area of Gomti Nagar Potential for further ramp up via augmentation of clinical programs Since 2009, hospital has served ~2L IPD, 2L ICU, 6L OPD patients and conducted over 46,000 surgeries Current revenue run rate of ~INR 200 Cr Ample expansion scope, with option to set up a medical college on unused land parcel

3rd largest city of Maharashtra; high pop. density (~47L) High affordability, good insurance penetration Ready availability of medical talent (med. colleges, hospitals) Well connected: Amravati, Jalgaon, Bhopal, etc. Market viability proven by chains like KIMS, Wockhardt

Hospital:

Only JCI accredited facility in Nagpur Very well-built & maintained tertiary care hospital, equipped with high-end BME Enjoying good brand equity

Attracts patients from MP & Chhattisgarh due to its strategic location in the affluent area of Mankapur (North Nagpur) Run rate of Revenue & EBITDA is INR ~150 Cr & ~25 Cr Potential for further ramp up via augmentation of clinical programs Can be expanded by ~140 beds due to FAR availability and internal reconfiguration

Strong track record of successful acquisitions

• 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

Case study on Max acquisition and turnaround

EBITDA* (INR Cr)

436

EBITDA Margin

ROCE*

1,636

27.7%

33.1%

1,305

26.2%

28.8%

636

Merger of Max Healthcare and Radiant effective from June 2020

590

Demonstrated EBITDA margins of 19.2% in Q4 (excl. last 10 days of March due to COVID)

348

17.5%

14.3%

14.7%

11.1%

9.7%

5.4%

FY23

FY22

FY21

FY20

FY19

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

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)

Indian Diagnostic Industry mix by type of providers

1,360

35-40%

Standalone

Multi-regional chains

11%

Regional chains

46%

12-17%

472

596

684

710

37%

45-50%

Hospital based

FY17

FY18

FY20

FY21

FY26E

Source: Axis Capital, Investec reports

Shift to organised diagnostics centers driven by preference for higher quality and brands

Investing for growth, 68% CAGR since FY17

Net revenue (INR Cr)

EBITDA* (INR Cr)

112

106

108

105

104

+68%

FY17

FY18

FY19

FY20

FY21

FY22

FY23

9M FY24

5.0

3.0

1.0

-1.0

-3.0

-5.0

12.4%

4.7

5.5%

1.8

4.3%

1.4

1.0%

0.3

-0.9

-3.1%

-0.1

-0.5%

Q2 FY23

Q3 FY23

Q4 FY23

Q1 FY24

Q2 FY24

Q3 FY24

15%

-3%

-9%

-15%

Non-COVID

COVID-19

EBITDA

EBITDA margin (%)

Operational footprint (as of Dec. 31, 2023)

525+

Partner-run collection centres

23 Company owned collection centres (CoCC)

~160 Phlebotomist At Site (PAS)

275+ Pick-Up Points (PUPs)

44 HLMs & OLMs

Cities of operations

1,070+ Active Partners

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

Develop asset light adjacencies: Max@Home – Amongst one of 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

Growth Drivers

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%

14.1

19.9

5.4

2020

2023

2025

52%

2.4%

1.1%

2020

2025

Max@Home: Investing in Growth, over 56% CAGR

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

14 specialized

services

3,000+ daily billed

transactions

1,250+ strong QAI Quality & Accreditation Institute

(ISQua member) accredited

team*

24x7 customer

support

+56%

Max@Home’s comprehensive and round the clock service offerings

112

139

126

9M FY24

*Manpower incl. support & outsourced teams as of December 31, 2023

10 FY17

FY18

FY19

FY20

FY21

FY22

FY23

Source: NatHealth – Indian Home Healthcare 2.0

Max MyHealth – Proprietary digital platform enabling best-in- class omnichannel healthcare experience

‘Max MyHealth’ offering new age experience for patients and doctors

Monthly Active Users ('000s)

~4.5 lac Patient registrations till date

10.9

70.9

Over 5X growth

70,000+ Monthly Active Users

Deployed BOSS - our home grown appointment management system, across all units

• Single app for all types of consults (physical and virtual) & Max@Home

services; instant consults with a general practitioner within 10 minutes of

booking an appointment

• Track in-patient admission progress and make payments directly through

app; link and view family members, book appointments and view health

records for all

• Quick access to Emergency and Ambulance services across Max network

• Pre-consult document quality checks and case summary preparation

• Enhanced patient experience through intelligent lead management and

patient engagement platform (PEP)

Digital revenue through online marketing activities and web-based appointments accounted for ~22% of overall revenue in 9M 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

Financial Highlights

Network P&L Statement: Q3 FY24

Gross revenue

Net revenue Direct costs1

Contribution Indirect overheads2

Figs in INR Cr

Q3 FY23

Q2 FY24

Q3 FY24

Amount

% NR

Amount

% NR

Amount

% NR

1,559

1,478

573

905

486

100.0%

38.8%

61.2%

32.9%

1,827

1,732

667

1,065

567

100.0%

38.5%

61.5%

32.8%

1,779

1,689

650

1,038

567

100.0%

38.5%

61.5%

33.6%

Operating EBITDA (post Ind AS-116)

419

28.3%

497

28.7%

471

27.9%

ESOP (Equity-settled scheme)

Movement in fair value of contingent consideration payable and amortisation of contract assets3

Reported EBITDA Finance cost (net)4

Depreciation and amortisation

Profit before tax Tax5

Profit after tax

0.8%

0.4%

401

27.1%

331

269

0.5%

4.3%

22.4%

4.2%

18.2%

478

(17)

429

338

0.7%

0.4%

27.6%

(1.0%)

3.8%

24.8%

5.3%

19.5%

(8)

467

(14)

411

338

0.7%

(0.5%)

27.7%

(0.8%)

4.1%

24.3%

4.3%

20.0%

1. Direct costs include material cost, F&B and Clinician’s cost, etc. 2. 3. This is a non-cash item representing change in fair value of contingent consideration payable to Trust/Society over the balance period (~19 to 30 years) under O&M Contracts and

Indirect overheads include personnel cost and other indirect overheads.

mainly represents impact of changes in the time value of discounted liability

4. Net of interest income on deposits, capitalisation of projects underway and tax refunds, and includes forex gain/loss, etc. 5. Effective tax rate in Q3 FY24 stood at 17.7% compared to 18.6% in Q3 FY23

Network P&L Statement: 9M FY24

Gross revenue1 Net revenue Direct costs Contribution Indirect overheads

Operating EBITDA1

Figs in INR Cr

FY21

FY22

FY23

9M FY24

Amount 3,881

3,629

1,508

2,121

1,485

% NR

100.0%

41.6%

58.4%

40.9%

Amount 5,509

5,218

2,103

3,115

1,725

% NR

100.0%

40.3%

59.7%

33.1%

Amount 6,236

5,904

2,304

3,600

1,964

% NR

100.0%

39.0%

61.0%

33.3%

Amount 5,325

5,049

1,968

3,081

1,677

% NR

100.0%

39.0%

61.0%

33.2%

636

17.5%

1,390

26.6%

1,636

27.7%

1,404

27.8%

ESOP (Equity-settled scheme) Movement in fair value of contingent consideration payable and amortisation of contract assets3 Transaction cost including QIP related cost & Loss on fair valuation of pre-merger holding of Radiant under Ind AS 103

Exceptional item: Payment to employees under VRS Reported EBITDA Finance costs (net) Depreciation and amortisation Profit / (Loss) before tax Tax4 Profit / (Loss) after tax

0.7 %

0.0%

0.7%

0.1%

249

6.9%

359

187

216

(45)

(95)

9.9%

5.2%

6.0%

(1.2%)

1.4%

(2.6%)

1,340

112

248

979

143

837

0.2%

25.7%

2.2%

4.8%

18.8%

2.7%

16.0%

1,597

260

1,298

(30)

1,328

0.6%

0.1%

27.1%

0.7%

4.4%

22.0%

(0.5%)

22.5%

1,362

(34)

200

1,196

229

966

0.7%

0.1%

27.0%

(0.7%)

4.0%

23.7%

4.5%

19.1%

Note: The numbers for the previous period have been re-casted and re-grouped to make them comparable with the disclosures in the current period 1. 2. Non-cash item represents the change in fair value of contingent consideration payable to Trust/Society over the balance period (~19 to 30 years) under O&M Contracts and represents

FY22 includes gross revenue of INR 236 Cr and EBITDA of INR 85 Cr from Covid-19 vaccination & related antibody tests compared to INR 2 Cr revenue in FY23

change in the WACC, 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 FY23 pursuant to voluntary liquidation of a subsidiary

Memorandum Consolidation of Network P&L: 9M FY24

MHIL & its subsidiaries & Silos

Ind AS Unaudited

Partner Healthcare Facilities ("PHF") Financials

(IGAAP Unaudited)*

Balaji Society

GM Modi Society

Devki Devi Society

IND AS Adjustment(1)

Eliminations & Adjustment (2)

Revenue from operations Other income(3) Total operating income Pharmacy, drugs, consumables & other direct costs Employee benefits expense(4) Other expenses(5) Total expenses Operating EBITDA

Less: non-operating expenses

3,983

3,998

823

663

1,351

2,837

1,161

469

472

239

396

324

332

167

278

589

607

162

289

510

(5)

(343)

(17)

(360)

193

(615)

(371)

Figs in INR Cr

MHC Network (Consolidated) (Certified by an ICA)

5,023

5,049

1,202

1,016

1,427

3,645

1,404

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 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

1,196

1,362

1,119

1,023

800

175

223

229

966

200

(20)

(79)

(34)

(4)

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 other Society over the contract period was accrued during PPA and payment made for the year there against in Q3 FY24 has 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) Includes cost of admitting doctors, net provision for doubtful debts & excludes movement in fair value of contingent consideration and amortisation of contract assets that is reflected below operating EBITDA

Network Balance Sheet1 (Includes Managed and Partner Healthcare Facilities)

Sep 2022

Particulars

Mar 2023

Sep 2023

Figs in INR Cr

7,462

Shareholders' Equity

815

446

144

137

(72)

Gross Debt Deferred / Contingent Consideration Payable2 Put Option Liability3

Lease Liabilities (Ind AS 116)

Deferred Tax Liability / (Deferred Tax Asset)

8,932

Total Liabilities

3,773

3,260

680

205

1,000

452

(524)

8,932

Goodwill

Net tangible Assets (incl. CWIP)

Intangible Assets (incl. brand and O&M rights)

Right to Use Assets (Ind AS 116)

Cash & Bank balance Trade Receivables (Net)4

Inventories

Investments

Net Current & Non-Current Assets / (Liabilities)5

Total Assets

8,070

682

440

150

139

(50) 9,430

3,773 3,458

681

203

1,565

434

104

(789)

9,430

8,623

606

463

147

(16)

9,907

3,773 3,552

692

206

1,993

546

(955)

9,907

1. 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

2. 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 3. Put Option Liability at the end of Sep. 2023 is for the purchase of balance stake (40%) in Eqova Healthcare Pvt. Ltd. 4. 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

Notes to Network Consolidated Financials

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.

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.

Thank you

Appendix

1. ESG & CSR Updates

2. Network Structure, IT & HR

Appendix 1

ESG Highlights

CSR Initiatives

ESG Highlights

Environment

33.3% share of renewable energy in total energy mix

39% water recycled out of total water consumption in FY 2023, up from 35.9% in FY 2022

Water consumption decreased to 0.98 kilolitres per bed in FY 2023 from 1.08 kilolitres per bed in FY 2022

ISO 14001 certification received for eight hospitals

> 50% of our waste being disposed through authorized recyclers

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

Community

• 363K needy patients treated free in FY

• Nutrition support to ~2,300 TB patients

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

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

CSR Initiatives

Initiatives undertaken on Education

CMD and DG Delhi Prisons inaugurating the Max Skill Training for Sustainable Livelihoods at Tihar Jail

Press coverage in Times of India & Dainik Jagran

Media coverage on AajTak news channel

Focus areas for CSR: Education and Water Sustainability

Education

Water Sustainability

I. Max Healthcare Scholarships

II. Skill Training for Sustainable Livelihood

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

Max Healthcare Skill Training being conducted at Tihar Jail is considered India’s largest and 1st ever instance of a corporate sector partnership for correctional reforms in India. Under this initiative, 1200 undertrials are learning new skills to forge a new future for themselves upon release and re-integrate into society.

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

Appendix 2

Network structure

IT Infrastructure

HR Initiatives

Network Holding Structure (as of February 12, 2024)

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 Daycare Centre)

Valid till 2064

100%

Shareholding: 60%, Option rights: 40%

Max Lab Limited

HBPL (Max Bathinda) (Max Mohali)

Medical Services contain specific specialities & pathology / radiology services, as may be the case

Alps Hospital Ltd.# (Max Gurugram)

100%

ET Planners Pvt. Ltd.

Medical Service Agreement

Vikrant Children’s Foundation & Research Centre Valid till 2111

CRL (Max Vaishali) (Max Noida)

Max Healthcare FZ-LLC (Dubai)

MHC Global Healthcare Nigeria Ltd.

Max Hospitals and Allied Services Ltd.#

Eqova Healthcare Pvt. Ltd.^

Medical Service Agreement

O&M / Medical Service Agreement

Medical Service Agreement

Gujarmal Modi Society (Max Smart)

Valid till 2105

BLK-Max Hospital

Max Hospital Dwarka

Nanavati Max Hospital

Valid till 2054

Valid till 2082

Valid till 2043

Nirogi Charitable & Medical Research Trust

Valid till 2112

Owned

Partner Healthcare Facilities

Managed Healthcare Facilities

99.9%

Alexis Multi- speciality Hospital Pvt. Ltd.

# 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 | Saket City Hospital Ltd., a WOS is under voluntary liquidation and its business undertaking has been distributed by the liquidator on Aug 31, 2022 to 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

Our Digital Backbone

Modernization of IT infra

▪ Modernisation of Core HIS, EMR and

other apps

▪ Implementation of SDWAN for better user experience and cost optimization

▪ Enhancement of BCP for improved

RPO/RTO

▪ Cloud journey started with Data Lake,

Patient Mobile App, Doctor App

▪ Adoption of best-in-class Alternative

Payment Model (APM)

Cyber Security

▪ Implementation of robust cyber security framework incl. EDR, SOC, WAF, etc., along with cyber insurance coverage ▪ ISO 27001 underway with revamp of

policies

▪ Digital Personal Data Protection Act 2023 implementation underway

▪ Network segmentation and adoption of Cyber Resilience program in progress ▪ Augmentation of in-house SOC team

Digitization & AI

▪ Multiple AI projects running in radiology (Qure AI, Predible’s LungIQ, Zebra’s, etc.) + few pilot projects for disease prediction

▪ Use of Low Code tech for faster delivery – 40 apps developed till date, more in pipeline

▪ Gen AI, LLM being evaluated for case summarization, speech-to-text, etc. ▪ IoT being leveraged for optimizing patient workflows such as porter mgmt., PHP, ambulance, etc.

Data Analytics

▪ Comprehensive data lake developed for

use in analytics and clinical research ▪ Enhancement of analytics platform for

Predictive Analysis

▪ Command Centre under evaluation for enhanced patient safety and experience

▪ IoT based continuous patient

monitoring to be initiated for better clinical decision-making

Our people help us – to serve, to excel

COMPASSION

EXCELLENCE

EFFICIENCY

CONSISTENCY

▪ Travel tickets ‘to and fro’ home

▪ ~1 Mn hours of upskilling

to our nurses once a year

▪ 100% off on consultations for

our employees and their immediate families

▪ 1-4 weeks of leave for parents

with adopted kids

programme through capability development initiatives

▪ Curated Functional Upskilling Programme for Excellence (FUPE) for functional expertise and Hospital Operations Programme for Excellence (HOPE) for aspiring leaders

▪ Differentiated reward strategy for medical and non-medical staff to drive targeted outcomes

▪ Internal Job Posting Policy to provide diversified career opportunities for employees

▪ Technology driven HR

processes to enhance user experience and engagement

▪ Received Great Place To Work

certification for two consecutive years, through consistently prioritizing employee well-being and development

▪ Notable increase in employee

engagement scores from 72% to 79%

IIM Ahmedabad & IIM Kashipur First of its kind Max Talent Development Programme curated by Premier B schools

UMANG – Pride within our employee recognition platform, wherein 1 employee was rewarded every 41 mins

5,000+ apprentices upskilled in our hospitals under the guidance of Ministry of Skill Development

1 crore+ ESOPs approved under ESOP Scheme 2022 for non- medical as well as medical staff. Vesting b/w year 1 and 5, linked to individual & org. performance

27,000+ employee lives touched through medical benefits programme

List of Network Healthcare Facilities

Name

Location

Description

Max Super Speciality Hospital, (West Block) Saket

Max Super Speciality Hospital, (East Block) Saket

Max Smart Super Speciality Hospital, Saket

BLK-Max Super Speciality Hospital, Rajendra Place

Nanavati Max Hospital, Mumbai

Max Hospital, Gurugram

Max Super Speciality Hospital, Patparganj

Max Super Speciality Hospital, Vaishali

Max Super Speciality Hospital, Shalimar Bagh

Max Super Speciality Hospital, Mohali

Max Super Speciality Hospital, Bhatinda

Max Super Speciality Hospital, Dehradun

Max Multi Speciality Centre, Panchsheel Park

Max MedCentre, Lajpat Nagar (Immigration Department)

Max Institute of Cancer Care, Lajpat Nagar

Max Multi Speciality Centre, Noida

Max MedCentre, Mohali

Delhi

Mumbai

Gurugram

Delhi

Ghaziabad

Delhi

Mohali

Bathinda

Dehradun

Delhi

Noida

Mohali

Hospital

Medical centre

In addition to the above, there are 6 new upcoming Network facilities – one each in South Delhi (Saket Complex – Vikrant), East Delhi (Patparganj), North West Delhi (Dwarka), Gurugram (Sector 56), Lucknow (Gomti Nagar) and Nagpur (Mankapur)

As on February 12, 2024

Definitions

Term

ALOS

ARPOB

Average Length of Stay: discharged patients stay in the hospital, basis admission and discharge time

Description

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

Cash from operations

Represents cash generated from operations after amount deployed for routine capex, finance cost and working capital changes relating to operations

Contribution

CTI

EBITDA per bed

Gross Revenue

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.

Indirect overheads

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

Net Revenue

Gross revenue minus management discounts, amount billed to EWS patients, employee discounts, marketing discounts and allowance for deductions for expected credit loss

OBD

Occupied Bed Days

Operating EBITDA

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 / Brownfield expansion

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

About Us

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

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. 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

Max Healthcare Institute Ltd.

Tel: +91 9920 409393

Email: aakrati.porwal@maxhealthcare.com

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 with the

Tel: +91 98330 90434 / 98211 94418

Government of Punjab.

Email: anoop@cdr-india.com, suraj@cdr-india.com

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.

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