1. society
2. welfare
3. healthcare

Max India Limited
Investor Presentation
November, 2014
www.maxindia.com
BSE Scrip Code: 500271, NSE Ticker: MAX, Bloomberg: MAX:IN
1
MAX GROUP - OVERVIEW
www.maxindia.com
2
Max Group Vision
“To be the most admired corporate for service excellence”
Sevabhav
Excellence
Credibility
• Positive social impact
• Culture of Service
• Helpfulness
• Mindfulness
• Expertise
• Entrepreneurship
• Dependability
• Business performance
• Transparency
• Respect
• Integrity
• Governance
3
Our Businesses
Multi-business corporate
Focused on people and service
“ IN THE BUSINESS OF LIFE ”
Life Insurance
Protecting Life
74:26 JV* with Mitsui
Sumitomo;
Largest non bank lead
private life insurer
Healthcare
Caring for Life
Health Insurance
Enhancing Life
Equal JV^ with Life
Healthcare, SA;
2,000 beds
74:26 JV with BUPA
Finance Plc, UK
Senior Living
100% Owned;
Continuing Care
Retirement Community in
Dehradun
Clinical Research
Speciality Films
Corporate Social Responsibility
100% owned;
557 active sites
Niche high barrier polymer films & Leather
Finishing Foils
Focus on healthcare, children and the
environment
*Max India currently holds 71.1% in Max Life
^Current holding in MHC is Max India-46%, Life Healthcare-46% and IFC-7.5%
4
A unique investment opportunity
and a resilient business model
1
INR 116 billion+ Revenues*..INR 100 billion+ MCap.. 5 Mn+ Customers..15,000 Employees..
55,000+^ Agents.. 2,100+ Doctors
2
Strong growth trajectory even in challenging times; a resilient & diversified business model
3
Steady revenue growth and cost rationalization leads to strong financial performance
4
Well established board governance….internationally acclaimed domain experts inducted
5
Diversified ownership…..marquee investor base
6
Superior brand recall with a proven track record of service excellence
7
Strong history of entrepreneurship and nurturing successful business partnerships
Pharma
Electronic
Component
Mobile
Telephony
Hutchison
*Total Revenue for FY14,
^Across Life and Health Insurance
Communication
Services
COMSAT
Plating
Chemicals
Medical
Transcription
Life
Insurance
ATOTECH
5
Growth potential recognized by the market….
high pedigree investor base
Shareholding Pattern
as on Sep 30, 2014
Others
8.7%
Shareholding
Concentrated
with Marquee
Investors
•
•
•
•
•
•
•
•
•
Reliance MF
Temasek
Fidelity
Norges
New York Life
Jupiter
GIC
ICICI Prudential
Comgest
Mutual
Funds
11.2%
Promoters
40.5%
FII (Others)
21.0%
IFC
3.1%
Goldman
Sachs
15.5%
Number of outstanding shares : 26.55 Cr.
6
Consistent track record of strong growth across businesses
with the group turning strong profits
Rs Cr.
Operating Revenue Trend
10000
Rs Cr.
Operating
8000
Revenue
FY 10
FY 11
FY 12
FY 13
FY 14
5,574
6,668
7,648
8,180
9,139
2,087
1,223
914
2,444
2,544
7,661
7,891
8,562
10,624
11,683
(86)
32
242
991*
274
6000
Investment and
4000
2000
4508
5574
6668
7643
8180
9139
Other Income
Total Revenue
Profit / (Loss)
0
before Tax
FY 09
FY10
FY11
FY12
FY 13
FY14
Rs Cr.
Profitability Trend
400
300
Net Worth
200
32
100
242
274
Loan Funds
197
0
Net Fixed
-100
FY 11
FY 12
FY 13
FY 14
1,993
1,944
2,513
2,903
2,984
440
507
549
676
702
965
1,017
1,256
1,361
1,495
909
540
397
409
235
13,836
17,215
20,458
24,716
Assets
(86)
-200
Treasury
-300
-400
FY 10
Corpus
(333)
FY 09
FY10
FY11
FY12
FY 13
FY 14
Life Ins. AUM
10,121
* Investment & Other Income and PBT for FY13 includes income from stake sale in Max Life amounting to Rs. 802 Cr and Rs.794 Cr, respectively.
However, PBT for FY13 has been appropriately adjusted in the chart to reflect proper trends
7
MAX LIFE INSURANCE COMPANY (Max Life)
www.maxnewyorklife.com
8
The Essence of our chosen Strategy
Our objective
To be the most admired life insurance
company in India with sharp focus on
financial metrics
Our approach
To serve the long-term savings and
protection needs of mass affluent+
customers through a high quality agency
supplemented by our privileged
bancassurance partnership
Sources of competitive advantage
”Build a robust multichannel distribution
architecture while Max
Life’s proprietary high
quality agency will
remain the core
distribution channel.”
Key choices
RECREATE
GROW
TURBOCHARGE
OPPORTUNISTIC
REDUCE
 High quality
 Privileged banc-
 Product
 New PD deals
 Group business
 Discover growth
 Cost
– Driving cost
“platinum
standard” agency
that we were
known for
assurance
relationship with
Axis Bank
 Expand
bancassurance
development
process
 Change
management and
governance
 Persistency
options for the
future
management
– Lowering
costs of
agency
management
9
Product Mix of top insurers observed steering towards a
linked heavy portfolio driven by buoyancy in equity markets
H1 FY - 2015
H1 FY - 2014
Par
ICICI Pru
3% 37%
HDFC Life
40%
SBI
Birla Sunlife
Kotak Life
60%
9%
27%
Max Life
35%
68%
4%
18%
Non Par
56%
40%
51%
ULIP
16% 2%
27%
38%
20%
51%
21% 11%
45%
20%
53%
14%
63%
40%
42%
82%
4%
23%
41%
35%
34%
32%
39%
KEY INSIGHTS
ICICI Prudential is one of the top insurers to have witnessed a sharp rise in UL design products. Also, the PAR segment has gained traction primarily filling
the void left by index linked plans (since Sep 30th)
HDFC Life’s NPar segment has picked up with online term product showing great potential. High ULIP share is attributed to it’s high dependence on the
Banca channel (66% FYP share in H1 FY15)
SBI Life’s non-par segment has shrunk as it’s top selling NPar products - ‘Flexi-Smart’ and ‘Subh Nivesh’ are now being sold as PAR products
Birla Sunlife’s vision series (Vision life/income etc) has lifted the Par contribution. ULIP share to decrease going forward with the exit of Citibank in Q2’14
Max Life saw a surge in UL sales on account of buoyant equity markets
SOURCE: Market Intelligence & Internal Estimates | Public Disclosures
10
Max Life continues to perform better than the top private
insurers on agency efficiency parameters
Average Branch Productivity
Average Agent Productivity
In Rs. Lakhs per month
In Rs. 000's per month
1,735
9.7
Max Life
1,696
8.6
897
6.5
SBI Life
Industry
Performance
1,147
7.9
Productivity solutions through
various bets by most insurers has led
to improved agent productivity in
Q1’FY 15; though decline in case rate
801
3.0
ICICI Pru
956
3.4
568
3.5
Kotak Life
675
3.5
524
3.5
HDFC Life
671
5.1
Max Life’s
Performance
Max Life continued to lead
productivity parameters (both agent
productivity and branch productivity)
557
3.2
Birla Sunlife
530
3.2
Q1 FY 14
Q1 FY 15
Note: Agency productivity calculated using FYP (100% SP)
SOURCE: Market Intelligence & Internal Estimates | Public Disclosures
11
Max Life well positioned for the transformation

Agency base at ~44,500 agents

H1FY15 Average case size at ~Rs. 31,000 with average case rate ~0.30

Need based insurance sales

400+ trainers on board
Comprehensive product
portfolio with an enduring
customer base

Product mix for H1FY15: Par 63%, Non-par 3%, ULIP 34%

Long tenor products (20 Yr) & a young customer profile (35 Yr)
Disclosures ahead of
competition

Embedded Value; EV for FY14 at Rs. 3,953 Cr, operating RoEV of 15.6%

Implied NBM is 13.4% on APE* for FY14 (FY13 at 14%)

Max Life’s share of private sector for H1FY15 at 10.7% (H1FY14 -10.4%)

Assets under Management at Rs. 28,038 Cr. as at Sep 30, 2014, grow 29% y-o-y

Over 3.6 million polices in-force with Sum assured over Rs. 200,000 Cr.

Business capitalised at Rs. 2,127 Cr. as at Sep 30, 2014; solvency surplus of Rs. 2,254 Cr. and
solvency margin of 475%

Paid Dividend for H1FY15 of Rs.150 Cr post DDT (PY Rs.128 Cr)
Highly productive agency
model and best in class
training
Other key drivers
*APE – Adjusted Premium Equivalent (Annualized First Year Premium adjusted for 10% of Single Premium).
12
Track record of strong performance
1800
New Business Growth – Adjusted FYP 1 and
AUM
Renewal premium and conservation ratio 2
30000
6000
25000
5000
20000
4000
15000
3000
10000
2000
1300
5000
1000
1200
0
1724
1769
1700
1600
1595
20458
1584
13836
1500
24716
17215
1506
90%
82%
83%
81%
81%
78%
80%
1513
60%
10,121
1400
5405
FY 09
FY10
FY11
AFYP (Rs cr)
FY12
FY 13
FY 14
4489
4739
5017
FY 09
FY10
FY11
FY12
FY 13
FY 14
30%
Conservation Ratio
In force business and No. of policies
250
36%
80%
34%
29%
50%
75%
71%
14%
40%
22%
41%
0%
3751
Renewal Premium (Rs cr)
100%
20%
3011
AUM (Rs cr)
Distribution Mix
60%
2014
0
22%
3%
1%
FY09
Group
8%
49%
8%
150
53%
23%
4%
3%
FY10
6%
9%
9%
10%
FY11
FY12
FY13
FY14
Partnership Distribution
Own Channel
3.4
2.6
3.5
3.5
3.6
3.0
200
152
100
50
22%
Bancassurance
200
155
94
123
FY 09
FY10
169
0
FY11
FY12
Sum Asssured (Rs 000's cr)
1. Individual First Year Premium adjusted for 10% single pay
2. Conservation ratio = Renewal premium for the current period / (First Year + Renewal Premium for the previous period)
FY 13
5
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
FY 14
Policies million
13
Accreditations and Awards
Business
Excellence
and Quality
ASQ ITEA Bronze award; CII Commendation for Business Excellence (2008, 2009 & 2010)
CII 2nd Prize in Project of the Year
Global Finance – Best Life Insurance Company, India 2014
Brand
Brand Excellence Award and recognition as Superbrand (2010-11,2013-14), AIMA Loyalty
Award 2012 for Best Loyalty Practices, EFFIE’s Award for Aapke Sacche Advisor Campaign
in 2012
Claims
Settlement
ET Wealth rated Max Life claims settlement highest in the Industry at 99.58%
Swiss Re commendation for claims settlement TAT (2012)s
Product
Innovation
Shiksha Plus II ranked ‘Best Child Plan’ in India by Money Today
Golden Peacock Award for Max Vijay
Funds
performance
Funds Performance Outlook Money award in Top Quartile across all categories (2011)
Technology
CIO 100 Award for technology implementation (2008/2009/2010/2011)
HR Practices
Amongst India's Top 100 Best Companies to Work for (2011, 2012, 2013, 2014) by Great Places
to Work
14
MAX HEALTHCARE (MHC)
www.maxhealthcare.in
15
Indian healthcare industry
poised for exponential growth
KEY HIGHLIGHTS
• Indian Health Industry is poised to double to USD 125 bn by 2015E, driven by a combination of ageing population, growing
lifestyle diseases and medical insurance penetration as well as increasing ability to afford quality healthcare.
• Realization of latent demand through growth in insurance & consumer education likely to be a key growth driver
• Private hospitals to contribute USD 45 Bn by 2012
• Share of top tier private hospitals (>100 beds) is expected to grow to 40% of the total hospital segment by 2015
• Specialty hospitals are estimated to grow faster than overall industry due to rise in lifestyle diseases
• India needs an investment of USD 86 Bn by 2025 to increase bed density to 2 per 1,000 population
Sources: Research on India Report , 2010, Healthcare India Report, Fitch Ratings, 2010, FICCI E&Y Report, 2008
16
Increasing prevalence and propensity
are key market drivers
Growing Health Insurance Market...
Comparative medical cost
120
India
UK
US
100
80
60
111
40
66
51
20
14
17
22
32
FY04
FY05
FY06
FY07
84
65
(USD ’000s)
Rs billion
100
48
32
24
8.5
19.2
18
7
9.8
4.5 6.4
0
FY08
FY09
FY10
FY11
Rising health insurance penetration will make healthcare
affordable
Open Heart
Brazil
3.4
Mexico
2.9
Obesity Surgery
Per Capita Spending (PPP)
8000
3.6
7285
6000
4.2
3.3
Australia
6.4
US
6.8
0
Lap Cholcystectomy
Cost differentials provide a huge untapped market for
medical tourism related business opportunities
International Healthcare Expenditure (as a % of GDP)
India 1.2
Knee replacement
Public
Private
3.1
10
2992
2000
233
837
863
109
0
8.4
5
4000
China
15
20
China
Brazil
Brazil
India
India
USA
USA
UK
UK
Global
Global
On a per capita basis , both in terms of USD and PPP, India’s Healthcare spend is amongst the lowest globally. However India's
healthcare spending is growing at a healthy CAGR of 14%, rising from 5.5 % of GDP (2009) to 8% (2012)
Sources: FICCI & E&Y Report, 2007, IRDA, B&K report, 2009, Crisil, Research on India Report, 2010
17
Extensive focus on service excellence –
a key strength for MHC
Comprehensive and integrated healthcare services
• Complete service profile, cutting edge technology and state of the art infrastructure
• North India centric strategy allows leveraging of medical capabilities
Well established brand name throughout India
•
•
•
•
Patient centric healthcare delivery model with focus on highest quality of care
High operational and clinical efficiency
Won numerous accolades including accreditations by the NABH, NABL and awards by FICCI
Comprehensive range of services offer primary, secondary, tertiary and quaternary care
Network of highly respected and leading specialists
• Team of 2,100+ doctors complemented by 3,100 nurses and 3,000 other trained personnel
Transitions from Tertiary to Quaternary Care
• Foray into latest advancements including Stem Cells, Organ transplants and Genomics
• Revolutionary change in Indian healthcare by introducing Electronic Health Records (EHR) & CRM
• Centres of excellence in cardiac, minimal access, metabolic and bariatric, orthopedics & joint replacement,
neurosciences, pediatrics, obstetrics & gynecology, oncology and aesthetic & reconstructive surgery
Extensive emphasis on medical training and education
• DNB (Diplomate of National Board) & fellowship programs
• High quality nursing and paramedic care supported by nursing and paramedic on-the-job trainings
• Development of New Healthcare professionals and course modules (e.g., case managers, nurse
practitioners )
18
Max Healthcare is focused on North India
Mohali, Punjab
Bathinda,Punjab
Dehradun, Uttrakhand
Saket, New Delhi
Patparganj, New Delhi
Shalimar Bagh, New
Delhi
Gurgaon, Haryana
Pritampura, New Delhi
Noida, Uttar Pradesh
2000 beds across the
network
Panchsheel, New Delhi
MHC network
Oncology
Trauma
Cardio
Cardiac Sciences
Trauma
Ambulatory Surgical Centre
Neuroscience
Shalimar
Bag
Bhatinda
Pitampura
Dehradun
Mohali
Cardiac Science
Noida
Patparganj
Delhi
Oncology
Gurgaon
Neuroscience
Multi
specialty
care
Oncology
Orthopedics
Saket
Urology
Cardiac Science
General
Cardiac Science
Neuroscience
Oncology
Mother & child
MAS
Orthopedics
20
MHC’s Governing Philosophy...
Provide Strategic direction
GMAC1
Clinical excellence –
employer of choice
for physicians
HMAC2
(one for each hospital)
Information
technology and
modern
management
techniques
Drive hospital specific
decisions
Service
excellence
Idea exchange
forum
Doctor Councils
21
MHC delivering superior performance
across all key metric
Revenue and Contribution Margin
1500
1350
1200
1050
900
750
600
450
300
150
0
Avg. operational beds and Avg. revenue per
occupied bed day*
65.0%
1600
63.0%
61.2%
59.2%
59.6%
23585
1400
61.7% 61.0%
1200
59.0%
800
19433
20431
400
57.0%
534
685
824
1149
1407
FY 09
FY10
FY11
FY12
FY13
FY 14
1302
Revenue (Rs cr)
712
751
FY 09
FY10
60000
64390
30000
87522
59130
64335
FY 14
Avg Revenue per bed day (Rs)
4000
1000
2500
493
565
60000
1500
1000
15000
807
800
600
2906
1900
735
594
2000
112668
69375
676
3000
80000
95114
51103
FY13
3500
92857
68806
45000
FY12
Outpatient Trends
76838
75000
FY11
Avg. operational beds
100000
84635
5000
0
Inpatient Trends
90000
10000
992
0
Contribution Margin
120000
105000
926
15000
1472
200
55.0%
25000
20000
1000
57.2%
423
26208
21558
600
56.5%
30000
25126
3103
3636
3799
400
2250
200
500
0
40000
FY 09
FY10
FY11
Inpatient Transactions
FY12
FY13
FY 14
Avg. revenue per patient (Rs)
*Average revenue per occupied bed day has been calculated on inpatient revenue
0
0
FY 09
FY10
FY11
Outpatient transactions (000's)
FY12
FY13
FY 14
Avg. revenue per patient (Rs)
22
MHC – Accreditations and Awards
NABH / NABL Accreditation
National Standards:
Mark of Excellence :
636 aspects are addressed:
ISO 14001:2004 & 18001:2007 at Patparganj , Pitampura & Shalimar Bagh
ISO 9001:2008 at Max Heart & Vascular Institute, Patparganj, Noida,
Pitampura, Shalimar Bagh, Panchsheel Park & Home Office.
Achievements: 2012-13:
MSSH: Shalimar Bagh: NABH New Accreditation
•Patient Rights: respect,
MSSH, Mohali: NABH New Accreditation (awaited shortly)
transparency, consent
•Standardized protocols in all
MSSH, Saket: NABH Reaccreditation
departments: over 200 SOPs
MSSH, Patparganj: NABH Surveillance Accreditation
•Patient safety
Blood Bank: MSSH, Patparganj: NABH Reaccreditation
•Measurement & Evaluation
Pathology Lab: MSSH, Patparganj: NABL Reaccreditation
• Staff Training and safety: on all
Pathology Lab, MSSH, Gurgaon: NABL Reaccreditation
SOPs
Best Corporate Website
– maxhealthcare.in
3rd India Digital Awards
by Internet & Mobile
Association of India
MHC is committed to ensure
that all units are complaint to
the National Standards
Radiation Therapy Radiation Oncology Department,
Saket:
Recognition of Quality Standards conforming to
International Atomic Energy Agency / World Health
Organization
Centre of Excellence Recognition to MHC
for Treatment of Heart Attacks
By Lumen Global 2013
Under leadership of Dr. Roopa Salwan
Under leadership of Dr Anil K Anand & Mr. Munjal
Awarded on 17th Jan, 2013
Past winners: www.mahindra.com and www.volkswagon.co.in
MHC won among 200 Nominations in the Award Category
IAMAI jury evaluated entries based on :
•
•
•
•
•
•
Content
Structure and Navigation
Visual Design
Functionality
Interactivity
Overall Experience
Dr. Arati Verma selected as Co Chairperson of Technical Committee of NABH
23
MAX BUPA HEALTH INSURANCE (Max Bupa)
www.maxbupa.in
24
A symbiotic partnership in
the health insurance space
• India’s leading conglomerate
• Successful track record of
building businesses
• Expertise in life insurance,
health insurance and
healthcare businesses
• Group revenues in FY 2014 –
Rs 11,683 crores
• Local perspective of the Indian
market
• Global Health Insurance provider
with market leadership in UK,
Spain & Australia
• 12 million customers in over 190
countries
• Group revenues in 2012 - £8.5
billion and PBT of £600 million
• Employee base of over 52,000
• Voted as best international health
care provider in 2013
• Culture
of service
excellenceof both partners to build a robust and profitable
Leveraging
the strengths
enterprise with focus on service excellence
25
Industry is poised for an exponential growth
Key drivers of growth
in income levels and healthcare
spend per capita
▪ Increase in willingness
– Rapid scale-up of hospitals and
expansion outside metros
– Take-off of comprehensive
insurance coverage products
e.g. secondary healthcare, outpatient etc.
– Higher need with rise in
incidences of chronic diseases
(viz. cancer, heart disease)
– Acceptability of insurance with
increasing awareness
▪ Increase in ticket size
– Rise in healthcare costs with
GWP (Rs. in Billion)
▪ Increase in affordability
– Increasing affordability with rise
Indian Health Insurance Market (Rs. In Billion)
500
450
400
350
300
250
200
150
100
50
0
464
404
17
22
32
51
66
83
111
131
160
192
231
266
305
351
• Industry grew by 15% in FY 2013-14 marginally lower than
that in the previous fiscal (17% in FY 12-13)
• Growth driven equally by both Private as well as public
sector players (YTD Mar’14 : 14% and 15% respectively)
• Insurers focusing on containing loss ratio’s and improving
profitability
• Standalone health insurers growing aggressively
market inflation
SOURCE: Team analysis, WHO statistics, NCAER, McKinsey Urbanisation report, Government economic survey, BRIC report
26
Max Bupa to capitalise on this opportunity through
innovative product and superior service offering
Simplicity,
Transparency:
Technology &
automation
ahead of curve
Hassle free claim
processing; No
underwriting at point
of claim
Relationship
Manager for
Gold & Platinum
Customers
Good
Hospitalization
experience:
Cashless processing;
No TPA
Value for money:
Comprehensive
benefits for the
money paid
Comprehensive
benefits
Support for
Family’s health
Checkups on
renewal
Access to
information
Health and
wellness focus
24/7 health line
Health Coach
27
Extensive focus on key growth levers to
maximize long-term value
Leveraging Max India and BUPA capabilities
• Max India - strong understanding of Indian Insurance landscape,
learning's from Max Life’s success and leverage synergies with
Max Life and MHC
• BUPA – Product design, underwriting and clinical expertise
Factsheet* – Max Bupa
Gross Written Premium^
Bancassurance would catapult growth
• Opened up to Standalone Health insurers in February 2013
• 4 tie-ups - Standard Chartered, Deutsche, Federal Bank and
Ratnakar Bank successfully launched
INR 309 Cr.
Customer Base^
681K+
Number of Employees
1330+
Pricing for profitability
• Value based pricing based on data and analysis
• Selective targeting of profitable Group business
Continuous product innovation
• Build a culture of innovation and expertise.
• Focus on wellness and specialized products with no age limit and
high sum assured.
• Emphasis on Health Risk Management
Number of Agents
11,400+
Number of Offices
21
Partner Hospitals
3,400+
Focussed customer profile
• Focus on the mass affluent+ customer base
• Robust underwriting procedure
* For the year ended March 31, 2014
^Excludes 1 mn lives under RSBY scheme
28
MAX SPECIALITY FILMS (MSF)
www.maxspecialityfilms.com
29
MSF uniquely positioned to create value
Commodity
Speciality
(Preferred)
Metallised
Films
Coated Films
Foils
Packaging,
Lamination
Packaging,
Lamination,
Industrial,
Packaging,
Industrial
Lifestyle,
Apparels
End Use
Packaging,
Industrial,
Textiles
Max Speciality Films is much more than packaging…

Manufacturer of niche (high margin) and high barrier speciality polymer films

Pioneer in introduction of value added products/technology in India

Value added products account for 55-65% of total sales

Customer Base in India / Exports

New product development – 6 to 8 per year

Long term relationship with blue chip customers; Preferred Vendor
Our Focus
30
Visibility in Top Brands
You will Find
MSF films in…
31
MAX NEEMAN MEDICAL INTERNATIONAL (MNMI)
www.neeman-medical.com
32
MNMI: A comprehensive service offering
• Full service contract research organization (CRO) with focus on Phase II, III & IV trails
• Service offerings include: Project management, Site management, Data management, including, biostatistics and report writing, monitoring services and supply chain management
• Order book of Rs. 17 Cr. as at Sep 2014
• Business Development efforts focused on medium/small-sized biotech & pharma companies
Key Highlights H1FY15
Marquee Clients
• Revenues decline from Rs.6 Cr to Rs. 5 Cr as industry
slowdown due to regulatory uncertainty continues
• Despite significant revenue reduction, pro-active cost
rationalisation enables lower EBITDA impact as EBITDA for
H1FY14 stood at negative 0.8 Cr versus negative 0.2 Cr in
previous H1
• Patient retention rate at 93%
• 5 successful US FDA GCP audits
• Client base stands at 115
• 2000+ Physicians
• 344 studies being executed across 557 sites
33
MAX INDIA FOUNDATION (MIF)
www.maxindiafoundation.org
34
MAX INDIA FOUNDATION
Making a difference… to life
Max India Foundation
Factsheet* – MIF
• Corporate Social Responsibility (CSR) Arm of the Max
India Group focused on providing quality healthcare to
the underprivileged, facilitating awareness of health
Locations
454
NGO Partners
355
Beneficiaries
11,97,683
related issues, and promoting and fostering an ecofriendly healthy environment.
Awards Received:•Golden Peacock Global CSR Award 2011
•Global CSR Awards at the World CSR Day 2012
• Immunization
•Golden Peacock Award for CSR 2012
• Artificial Limbs & Polio
•“Best CSR Practices 2013” at 7th Indy’s Award
Callipers
•“Best CSR Practices 2013”at the World CSR Day
• Health Camps
• “Golden Peacock Award for CSR 2013
• “Outstanding Social Impacts” Award 2014 at the
World CSR Day Congress
Initiatives
• Surgeries & Treatment
• Palliative Care
• Lifeline Express Camps
• Multi-speciality Camps
• Cancer Awareness
• Environment Awareness
* Till Oct 2014
35
Annexures
36
Consolidated Financial Snapshot (Q2 & H1FY15)
(Rs. Cr.)
Particulars
Quarter ended
Sep-14
Sep-13
Y-o-Y
Growth
Half year ended
Sep-14
Sep-13
Y-o-Y
Growth
Total Revenue*
3,291
2,234
47%
6,977
4,567
53%
Operating Revenue
2,483
2,158
15%
4,460
3,880
15%
EBITDA
183
152
20%
324
250
30%
PBT
116
93
24%
193
135
43%
Particulars
Net Worth
Preference Shares
Loan Funds
Fixed Assets (Net Block)
Treasury Corpus (Debt M. Funds & Term Deposits)
Life Insurance Investments (AUM)
30-Sep-14
31- Mar-14
Growth
2,940
2,984
-
65
65
-
876
702
25%
1,487
1,495
-1%
384
247
55%
28,038
24,716
13%
*Revenue comprises of operating revenue, investment & other income; It includes Investment gain on UL portfolio (MLIC) of Rs. 1753 Cr. in H1FY15,
against gain of Rs. 167 Cr. in H1FY14. In Q2FY15 MLIC UL Invt. gain is Rs 393 Cr. vs. loss of Rs 201 Cr. in Q2FY14
37
Road Map to Becoming India’s Most Admired
Life Insurance Company
Key Public Messages





VISION
A trusted life insurance specialist
Customer centric
Financially responsible and strong
A great place to work
An admired member of the community
Key Differentiators
 Financial Strength & Security
 Quality of agents
 Flexible Products
 Service Excellence
 Fair Terms of Business
 Part of top quartile new
Life Insurance Companies
 National Player
MISSION
 Brand of FIRST choice
 Employer of Choice
 Principal of Choice for Agents
WHAT –Comprehensive suite ofproducts,
competitive pricing, extensive distribution,
persistency, customer service excellence,
OBJECTIVES profitable portfolios
KEY
STRATEGIES






Excellence
Honesty
Knowledge
Caring
Integrity
Teamwork
HOW –TalentedPeople, Professional & Productive Agents,
Performance Metrics, Leverage Technology, Teamwork,
Customer Centric, Innovative Distribution and Marketing
What-When-Who-How-Cost linkage plans at Departmental and
Individual levels
INITIATIVES
VALUES & BELIEFS
Become the most admired Life Insurance Company in India
OPERATING PRINCIPLES









METRICS &
STANDARDS
Customer comes first
International quality standards

Do it right the first time

Fact based decisions

Bias for result oriented action

Financial strength & discipline

Direct and open communication

Respect Max & NYLI values & parentage
Fun at work
Input
Output
External
Internal
Absolute
Ratios
PERFORMANCE
MGMT PROCESS
 GMPR Ratings
 TEC/TTR – Templates
 Primary, Shared and
Contributory
 Balanced scorecard
 Core, Functional and
Leadership Competencies
38
Market Position Insurance Sales
Rank
Individual New Business Premium (Rs. Cr)
Premium Adjusted for 10% single premium
Company
Apr’14-Sep’14
Apr’13-Sep’13
Growth (%)
Private Market
Share
1
ICICI Prudential
1,748
1,357
28.9%
23.6%
2
HDFC Life
1,115
864
29.0%
15.0%
3
SBI Life
905
985
-8.1%
12.2%
4
Max Life
792
709
11.7%
10.7%
5
Reliance Life
529
522
1.3%
7.1%
6
Birla Sunlife
329
383
-14.1%
4.4%
7
Bajaj Allianz
305
389
-21.6%
4.1%
8
PNB MetLife
260
262
-0.7%
3.5%
9
Exide Life
186
200
-7.0%
2.5%
10
Kotak Life
176
165
6.7%
2.4%
1,075
986
9.0%
14.5%
7,421
6,823
8.8%
LIC
9,553
12,150
-21.4%
Grand Total
16,974
18,973
-10.5%
Market Share of Pvt.
Players
43.7%
36.0%
Others
Private Total
Source: Life Insurance Council | IRDA Website
39
Protection Oriented, Longer Tenor Life Insurance
PRODUCT TYPE
PROPORTION OF
POLICIES (%, by
number)
WHOLE LIFE
17.2
ENDOWMENT
37.5
TERM
1.8
DEFERRED
ANNUITY
0.1
MONEY BACK
6.2
UNIT LINKED
35.2
HEALTH
0.4
Tenure
(Years)
Age of Insured
(Years)
43
16
33
34
26
35
17
41
15
30
15
36
14
GUARANTEED
INCOME
1.5
39
19
45
20
As on 30th Sep 2014
Max Life Average
35
Max Life Average
40
Max Life – Embedded Value
March 31, 2014
Amount in Rs. Cr.
379*
34
Operating
Variance*
240
Unwind of
Discount**
3,756
79
309
Non
Recurring
Variance
3,953
SH
dividend
payouts
Value of New
Business
2,021
1,858
1,898
Implied NBM*** is
13.4% on APE****
(14% in 2012-13)
Operating RoEV of 15.6%
Headline RoEV of 13.5%
Opening EV
1,931
Closing EV
Denotes increase to EV
Net Worth
Denotes decrease to EV
Value of In-force business
* Includes Rs 6 crs of cost underrun..
** Unwind calculated on the expected basis where the Net Worth earns 8.15% and the VIF earns 13%.
*** VNB includes shareholders’ interest in the residual estate from participating business aggregating Rs. 40 Cr. Implied NBM is on a structural basis.
41
Max Life – Key Assumptions to Embedded Value
Economic Assumptions
Cash/Money Market/TB
8.5%
G Secs
8.8%
Corporate Bonds
9.6%
Equities
13.00%
Unit Linked Fund Growth Rate
10.50%
Interest Rate on Non-Unit Reserves
8.15%
Inflation
6.50%
Risk Discount Rate
13.00%
Service Tax
12.36%
Tax Rate
14.1625% (12.5% + 10% surcharge + 3% education
cess)
The economic assumptions used are internally consistent and have been set with regard to current
economic conditions
Operating Assumptions
Operating assumptions like mortality, morbidity and lapses are set on a best estimate basis, based on
Company’s own experience where available. Maintenance expense assumptions are in line with the
current experience and acquisition expense assumptions are based on structural level expenses
42
Max Life – Sensitivities to Embedded Value
Value of In force
Value of New
Business
Mortality +10%
-2.20%
-5.20%
Mortality -10%
2.20%
5.20%
Lapses +10%
-3.90%
-6.50%
Lapses -10%
4.20%
7.20%
Maintenance Expenses +10%
-1.10%
-1.80%
Maintenance Expenses -10%
1.10%
1.80%
RDR +100bps
-4.20%
-7.20%
RDR – 100bps
4.70%
8.00%
Investment Return +100bps and RDR +100 bps
-2.00%
-0.10%
Investment Return -100bps and RDR -100 bps
2.20%
0.00%
Base Case (% change*)
* For the purpose of par sensitivity analysis, the impact on enhanced dividends has not been allowed for.
43
Max Life Embedded Value – Basis of Preparation
Max Life’s Embedded Value is guided by the European Embedded Value (EEV) principles and is consistent with
the reporting of traditional embedded values on a deterministic basis
Allowance for risk has been made through the use of a single risk discount rate (“Top down discount rate
approach”), including allowance for the time value of financial options and guarantees
Explicit allowance is made for the cost of capital where the capital is defined as the higher of the internal required
solvency margin (being 170% of the Minimum Required Solvency Capital) and the internal economic capital
requirement
Operating experience assumptions are set on a best estimate basis, reflecting the Company’s recent experience as
well as the expected future experience adjusted for Management actions and non recurring factors contributing to
current experience in order to avoid arbitrary changes in assumptions
Operating experience assumptions are monitored on a six-monthly basis at a granular level, including channel and
product, and are reviewed by the Product, Actuarial and Risk Management Committee of the Board
The EV assessment does not include any value generated by future new business but various assumptions used to
make the assessments are based on the ability of the company to continue writing new business
It is to be noted that the EV methodology is in line with accepted international practices, however the results have
not been subject to an external review. The results have been reviewed internally by members of the Product,
Actuarial and Risk Management Committee of the Board, including actuaries who have expertise in this area.
44
Max Life Insurance
Key Business Drivers
Unit
Quarter Ended
Sep'14
a) Gross written premium income
Sep'13
Y-o-Y
Growth
Half-Year Ended
Sep'14
Y-o-Y
Growth
Sep'13
Rs. Crore
First year premium
432
416
4%
787
718
10%
Renewal premium
1,366
1,160
18%
2,356
2,101
12%
139
103
35%
252
185
36%
1,937
1,679
15%
3,395
3,005
13%
165
136
21%
283
248
14%
25.7%
28.3%
-9%
27.8%
29.8%
-7%
436
415
5%
791
708
12%
%
86.7%
79.0%
9.4%
83.6%
76.9%
8.7%
f) Average case size (Agency)
Rs.
31,411
28,877
9%
30,647
27,884
10%
g) Case rate per agent per month
No.
0.31
0.43
-28%
0.30
0.40
-25%
h) Number of agents (Agency)
No.
44,521
39,233
13%
44,521
39,233
13%
i) Paid up Capital
Rs. Crore
2,127
2,127
0%
2,127
2,127
0%
j) Individual Policies in force
No. Lacs
36.20
35.48
2%
36
35
2%
k) Sum insured in force (Including Group)
Rs. Crore
201,302
186,841
8%
201,302
186,841
8%
Single premium
Total
b) Shareholder Profit (Pre Tax)
Rs. Crore
c) Expense to Gross Premium
%
d) Individual Adjusted Premium (APE*)
e) Conservation ratio
Rs. Crore
*Individual First Year Premium adjusted for 10% single pay
45
MHC – Vision / Mission
PASSION Build Trust
Key Differentiators






Focused NCR centric delivery – for operational excellence
Leadership in 5 super-specialties in tertiary care
- ‘Star’ physicians supported by a group of high quality physicians
Ethics
Memorable brand experience
- ‘Star’ and quality physicians
- Infrastructure and equipment
- No surprises – cost of care, pricing, medication
- Signage
- Look – feel – smell - touch
High quality nursing and paramedic care supported by nursing
and paramedic college
Technology and IT
VISION
•
•
•
•
•
•
MISSION
GOALS
KEY
OBJECTIVES
STRATEGIES
•
•
Deliver international class healthcare with a total service focus, by creating an
institution committed to the highest standards of medical & service excellence,
patient care, scientific knowledge, research and medical education.
Create exceptional standards of Medical & Service Excellence
Care provider of FIRST CHOICE
Principal Choice for Physicians
Ethical Practices
Create International Centre of Excellence for select Super Specialties.
Safety – Patient, Customer, Staff
Profitable without profiteering.
Seamless linkage between secondary and tertiary care.
WHAT –Medical USP’s ; Best in class ; Comprehensive care ;
Convenience & accessibility ; Seamless service ; Patient records ; Consistent and
customised care ; Service excellence ; Preventive health ; Caring place to work.
HOW –Train train train ; Partnership with Medical community ; Principalchoicefor physicians ;
Never ending focus on medical and service excellence ; Build lasting customer relationships ;
No franchising.
• WHAT- HOW - WHEN - COST - LINKAGE
• Shared responsibility with single accountability.
• Unique approach through:
- International benchmarking.
- Walk the Talk
- Medical – Management Alignment.
- Rehearse rehearse
- Train train train.
- Mystery customers
INITIATIVES
Key Public Messages










Medical Excellence
Service Excellence – Total Experience
In your community - near you
High-end tertiary care in Private
sector
Comprehensiveness
Referral system – National &
International
Value for money
Corporate Social Responsibility
VALUES & BELIEFS
•
•
•
•
•
•
•
•
•
Caring
Excellence
Integrity
- Personal
- Professional
Accountability
Openness/Transparency
Teamwork
Win-win partnerships
OPERATING PRINCIPLES
•
•
•
•
•
•
•
•
•
Courtesy & Caring always
Customer comes first
Do it right first time
International image standards
Direct & open communications
Create trust
Compliance
Fun at work
Reward & Recognition
METRICS &
STANDARDS
• JCIA Accreditation
• ISO 9001 : 2000
• Integrated Management System
• Credentialing / Grant ofprivileges
• Employee productivity
• Employee Engagement survey
• Service Dashboard - Sparsh
• NABH/NABL Accreditation
• Adverse event Measurement.
- IT Capability
- Cost Efficiency
- Attrition Management
PERFORMANCE
MGMT PROCESS
•
•
•
•
•
Competence rating
Potential analysis
PSC model
Balanced scorecard
Performance / Risk linked
reward.
46
MHC Tertiary Care Facility, Saket
[South Delhi]
MAX DEVKI DEVI HEART & VASCULAR INSTITUTE and MAX SUPER SPECIALITY HOSPITAL
( East :- December 2004, South :- February 2010, West :- May 2006 )

504 beds incl 176 critical care beds

20 Modular OTs, 2 Cath Labs

Tower Specialties – Cardiac Sciences, Minimal Access, Metabolic & Bariatric Surgery, Neuroscinces, Comprehensive Oncology
(Surgical, Medical and Radiation) & Ortho

Nuclear Diagnostic Services

Advanced CT Scan Imaging

Centralized Emergency Command with Advanced Cardiac Life Support Ambulances and Air Evacuation Service

462 clinicians, 1298 nurses and 529 support staff

3,700 in-patients and 20,000 out-patients every month

100+ international patients every night
47
MHC Tertiary Care Facility, Patparganj
[East Delhi]
PATPARGANJ BALAJI HOSPITAL (PPG I ) and PATPARGANJ SUPER SPECIALITY HOSPITAL (PPG II)
(May 2005)
(Feb 2010)













400 beds
3 OTs
232 doctors, 571 nurses
Cardiac Sciences
Neurosciences
Ortho & joint replacement
Oncology
Bone marrow / stem cell transplants
Minimal access leproscopy and bariatric surgery General
Nephrology, urology
Aesthetic & Reconstructive surgery
Plastic Surgery & Gastroenterology
Other allied specialties
48
MHC Tertiary Care Facility
[ North India]
Mohali
(September 2011)
Bhatinda
(September 2011)


















200 Beds
5 OTs
100 doctors, 183 nurses
Oncology
Cardiac Sciences
Orthopedics & joint replacement
Neuroscience
Dentistry & Day Care
Critical Care & Emergency medicine
200 beds
5 Ots
62 doctors, 112 nurses
Oncology
Cardiac Sciences
Orthopedics & joint replacement
Neuroscience
Mother and Child Care
Emergency medicine and critical care
49
MHC Tertiary Care Facility
[ North India]
Shalimar Bagh
(November 2011)










280 patient beds
7 OTs
Neurosciences
Orthopedics and joint replacement
Urology & Nephrology
Obstetrics & Gynaecology
Pulmonary and respiratory medicine
Plastic Surgery and Reconstructive
Gastro & Endoscopy
Paediatrics
Dehradun
(May 2012)







200 beds
4OTs
Neurosciences
Cardiac Care
Orthopaedics
Urological Services
69 doctors, 98 nurses
50
MHC Secondary Care Facility
[ Suburb of Delhi ]
GURGAON (July 2007)











80 inpatient beds
3 OTs
Orthopedics & Trauma
Ophthalmology (anterior and posterior)
Woman and child (including infertility)
Medical & surgical intensive care
Nephrology and urology
Aesthetic and reconstructive surgeries
General and minimally invasive surgeries
PHP and OPD
Pediatric & Neonatal Intensive Care
PITAMPURA (February 2002)
(North Delhi)
NOIDA (August 2002)




















90 inpatient beds
2 OTs
Lithotripsy
Mother and child care
Aesthetic & Reconstructive Surgery
Non-invasive cardiology
Physiotherapy
Pediatric & Neonatal Intensive Care
Full range diagnostics
PHP, OPD and Dentistry
32 inpatient beds
2 OTs
Mother and child care
Non-invasive cardiology
Laparoscopic surgery
Orthopedics
ENT, ophthalmology
Urology and nephrology
Full range diagnostics
PHP, OPD and Dentistry
51
MHC Speciality Centres – Panchsheel
[South Delhi]
OPTHALMOLOGY AND DENTAL CARE
(November 2005)
 Lasik, OPD and diagnostics
 Dental – 5 chambers
 Support services and offices
SPECIALIST CONSULTS AND
HIGH-END DIAGNOSTICS
(August 2006)








GP and specialist consults
Diagnostics
Neurology (EEG and EMG)
Preventive health and chronic care
Physiotherapy
Minor procedures and emergencies
IVF
Home Care
52
MHC – Key Physicians
Padma Shri Dr. Rustom Phiroze Soonawala
MD, FRCS, FRCOG
Chairman, Obstetrics & Gynaecology
 Eminent and Internationally renowned Obstetrician & Gynaecologist.
 Former President of the Federation of Obstetricians and Gynaecologists
Padma Shri Dr. Pradeep K Chowbey
Prior to joining MHC, he was Chairman of the Minimal Access Metabolic & Bariatric surgery
MBBS, MS, FIMSA, FAIS, FICS, FACS,
center, Sir Ganga Ram Hospital. He has been visiting faculty to the best Medical Institutions like
Doctor of Science (Honoris Causa)
Memorial Sloan Kettering Cancer Hospital, NewYork, John Hopkins Institute in USA & Royal
Chief- Surgery & Allied Surgical Specialties
Marsden Cancer Hospital, in U.K. Dr. Chowbey has done his MBBS followed by MS, General
Director - Minimal Access, Metabolic & Bariatric Surgery
Surgery(1977) from Govt. Medical College, Jabalpur & MNAMS, National board of Examination.
Dr. S.K.S. Marya (M.S., DNB, Mch, FICS)
Chairman - Orthopaedics & Joint Replacement
 Renowned Joint Replacement Surgeon having 30 years experience.
 Pioneered bilateral Hip and Knee Joint replacement.
 Author and teacher par excellence.
 Renowned Neuro Surgeon having 40 years experience.
Dr. A.K.Singh (M.S., Mch, Diploma WFNS)
Director – Max Institute of Neurosciences, Dehradun
 Pioneer in the field of neurosurgery, credited with many ‘firsts’ in India - Median Corpectomy
for Cervical Spondylosis; Direct Trans Nasal Trans Sphenoidal removal of Pituitary Tumors
and many others. Also won BC Roy Award amongst others
 Author and teacher par excellence.
Dr. Harit Chaturvedi (MS, MCH)
Chief Consultant & Director – Surgical Oncology
 Having 25 years of experience in Surgical Oncology.
 Served institutions of repute like Rajiv Gandhi Cancer Institute, Indraprastha Apollo Hospitals,
Batra Hospital & Medical Research Centre, New Delhi.
Dr. Anurag Krishna
 20 years experience in Paediatric surgery -complex congenital malformations
MS, MCh., FAMS
 Published 50 scientific papers in leading national and international journals
Director, Paediatrics and Paediatric Surgery
 Served as Member of the Board of Management of Sir Ganga Ram Hospital.
53
Max Healthcare*
Key Business Drivers
Unit
Quarter Ended
Sep-14
a) Revenue (Gross)
Half year ended
Y-o-Y
Growth
Sep-13
Sep-14
Y-o-Y
Growth
Sep-13
Rs. Crore
Inpatient Revenue
324
261
23%
634
496
28%
Day Care Revenue
15
12
30%
29
23
29%
Outpatient Revenue
Other Operating Income
96
-
77
1
25%
-
188
-
148
4
26%
-
435
351
24%
851
671
27%
%
Rs. Crore
62.2%
45
61.9%
31
44%
61.9%
85
61.6%
48
77%
EBITDA (%)
%
10.3%
8.9%
-
10.0%
7.2%
-
Cash Profit
Rs. Crore
22
8
180%
40
3
1389%
Inpatient Procedures
34,100
28,796
18%
65,994
54,254
22%
Day care Procedures
6,841
4,465
53%
13,045
8,580
52%
1,149,478
994,938
16%
2,231,608
1,870,773
19%
No.
1,660
1,440
15%
1,629
1,417
15%
%
76.4%
77.7%
-
76.6%
73.7%
-
Total
b) Profitability
Contribution (%)
EBITDA
c) Patient Transactions (No. of Procedures)
No.
Outpatient Registrations
d) Average Inpatient Operational Beds
e) Average Inpatient Occupancy
f) Average Length of Stay
No.
3.42
3.58
4%
3.46
3.53
2%
g) Avg. Revenue/Occupied Bed Day (IP)
Rs.
27,709
25,392
9%
27,799
25,922
7%
*The above results are for MHC Network of hospitals and includes results for Max Super Specialty Hospital, Saket, unit of Devki Devi Foundation and Max Super Speciality
54
Hospital, Patparganj, unit of Balaji Medical and Diagnostic Research Centre
MHC –Investment Pattern as on 30th September 14
Equity
Capital
Rs. 959 Crore

Max India – Rs. 281 Cr
Life healthcare** – Rs. 111 Cr
IFC, Washington – Rs. 32 Cr
Securities Premium– Rs. 529 Cr
ESOPs – Rs. 6 Cr

IFC, Washington – Rs. 65Cr




Preference
Capital
Project Cost*
Rs. 1,756 Crore
Rs. 65 Crore
Debt
Funds
Rs. 692Crore

Indian Banks and Financial
Institutions
 Drawn – Rs. 680Cr
 Future (tied-up) – Rs. 12 C
Internal
Accruals
Rs. 40 Crore
*The above project cost includes project cost for Dehradun and Phase II of Mohali and Bathinda
** Life Healthcare’s total investment in MHC is Rs. 517 Cr. of which Rs. 89 Cr. used towards payment of redemption premium on IFCs preference shares
has been adjusted above
55
Max Bupa Health Insurance
Key Business Drivers
Unit
Quarter Ended
Sep-14
a) Gross written premium income
Half year ended
Y-o-Y
Sep-13
Growth
Y-o-Y
Sep-14
Sep-13
Growth
Rs. Crore
First year premium
34
39
-14%
63
71
-12%
Renewal premium
52
32
63%
97
59
63%
87
71
22%
160
130
22%
Total
b) Net Earned Premium
Rs. Crore
80
58
37%
154
106
46%
c) Net Profit / Loss Before Tax
Rs. Crore
(21)
(31)
32%
(47)
(62)
25%
d) Claim Ratio (B2C Segment)
%
51%
55%
-
52%
56%
Rs.
6,452
5,241
23%
6,173
5,308
16%
%
91%
87%
5%
88%
85%
4%
10,278
10,124
2%
10,278
10,124
2%
726
556
31%
726
556
31%
216,819
162,310
34%
362,837
291,592
24%
e) Av. premium realization per life (B2C)
f) Conservation ratio (B2C Segment)
g) Number of agents
h) Paid up Capital
g) No. of Lives (excl Rural & Social)
No.
Rs. Crore
No.
56
Max Specialty Films
Quarter Ended
Key Business Drivers
Unit
Sep-14
a) Sales Quantity – BOPP
b) Revenue
Half year ended
Y-o-Y
Growth
Sep-13
Sep-14
Y-o-Y
Growth
Sep-13
Tons
Rs. Cr.
11,152
11,943
-7%
22,486
22,981
-2%
200
194
3%
390
353
10%
35
32
10%
70
58
20%
18%
17%
18%
16%
20
16
38
28
10%
8%
10%
8%
(5)
5
(2)
7
-2.5%
2.6%
-1%
2%
c) Profitability:
Contribution
Contribution Margin
EBITDA
EBITDA Margin
PBT
Margin
Rs. Cr.
%
Rs. Cr.
%
Rs. Cr.
%
25%
-
36%
-
• Revenue up 3% and contribution up 10% driven by product mix changes resulting in improved realizations in Q2
• Higher realisations, coupled with cost-saves, lead to 25% higher EBITDA vis-à-vis Q2FY14
• Loss in the quarter is on account of one time fee on financial restructuring and fresh borrowings consequent to
transfer of MSF to a subsidiary – Rs. 8.2 Cr.
• Continues to aggressively tap growth opportunities with key FMCG brands
57
Disclaimer
This presentation has been prepared by Max India Limited (the “Company”). No representation or warranty, express or implied, is made and no
reliance should be placed on the accuracy, fairness or completeness of the information presented or contained in the presentation. The past
performance is not indicative of future results. Neither the Company nor any of its affiliates, advisers or representatives accepts liability
whatsoever for any loss howsoever arising from any information presented or contained in the presentation. The information presented or
contained in these materials is subject to change without notice and its accuracy is not guaranteed.
The presentation may also contain statements that are forward looking. These statements are based on current expectations and assumptions
that are subject to risks and uncertainties. Actual results could differ materially from our expectations and assumptions. We do not undertake
any responsibility to update any forward looking statements nor should this be constituted as a guidance of future performance.
This presentation does not constitute a prospectus or offering memorandum or an offer to acquire any securities and is not intended to provide
the basis for evaluation of the securities. Neither this presentation nor any other documentation or information (or any part thereof) delivered or
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given or made, such information or representation must not be relied upon as having been authorised by or on behalf of the Company any of
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58
MAX INDIA LTD.
Max House, Okhla, New Delhi – 110 020
Phone: +91 11 26933601-10 Fax: +91 11 26933619
Website: www.maxindia.com
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