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Max India LimitedMax India Limited
I t P t tiInvestor PresentationNovember 2013
1
BSE Scrip Code: 500271, NSE Ticker: MAX, Bloomberg: MAX:INwww.maxindia.com
MAX GROUP - OVERVIEW
2
www.maxindia.com
Max Group Vision“To be the most admired corporate for service excellence”
Sevabhav• Positive social impact • Culture of Service
Excellence
• Helpfulness • Mindfulness
• Expertise • EntrepreneurshipExcellence
• Dependability • Business performance
• Transparency • RespectCredibility
• Integrity • Governance
3
Our Businesses
M lti b i t F d l d i
“ IN THE BUSINESS OF LIFE ”
Multi-business corporate Focused on people and service
Life InsuranceProtecting Life
HealthcareCaring for Life
Health InsuranceEnhancing Life
Senior LivingProtecting Life Caring for Life Enhancing Life
74:26 JV* with Mitsui Sumitomo;
Largest non bank lead private life insurer
74:26 JV* with Life Healthcare, SA;
2,000 beds
74:26 JV with BUPA Finance Plc, UK
100% Owned;Continuing Care
Retirement Community in Dehradun
Focus on healthcare, children and the environment
Corporate Social ResponsibilityNiche high barrier polymer films & Leather
Finishing Foils
Speciality FilmsClinical Research100% owned;
540+ active sites
4* Max India currently holds 71.1% in Max Life and 65.86% in Max Healthcare
INR 100 Bn+ Revenue* 5 Mn+ Customers 15 000 Employees 50 000^ Agents 1 900+
A unique investment opportunity and a resilient business model
INR 100 Bn+ Revenue .. 5 Mn+ Customers..15,000 Employees.. 50,000^ Agents.. 1,900+ Doctors
Strong growth trajectory even in challenging times; a resilient & diversified business model
1
2
Steady revenue growth and cost rationalization leads to strong financial performance
Well established board governance….internationally acclaimed domain experts inducted
3
4
Diversified ownership…..marquee investor base
Superior brand recall with a proven track record of service excellence
5
6
Strong history of entrepreneurship and nurturing successful business partnerships7
Pharma Electronic Mobile Communication Plating Medical Life Pharma Component Telephony Services Chemicals Transcription
HutchisonCOMSAT
ATOTECH
Insurance
5*Total Revenue for FY13, ^Across Life and Health Insurance
Growth potential recognized by the market….high pedigree investor base
Others9 4%
Shareholding Patternas on Sep 30, 2013
• Reliance MF• Fidelity• Blackrock• Temasek
First State
Shareholding Concentrated
Promoter38.9%
Mutual Funds11.2%
9.4%
• First State• Matthews• Norwegian Govt.
Pension Fund• ICICI Prudential MF• Cresta
Concentrated with Marquee
Investors
IFC
FII (Others)21.1%
IFC3.9%
Goldman Sachs15.5%
Number of outstanding shares : 26.6 Cr.
6
Rs Cr
Consistent track record of strong growth across businesses with the group turning strong profits
8000
10000Operating Revenue Trend
Rs Cr.
Rs Cr. FY 09 FY 10 FY’11 FY12 FY13 H1FY14
Operating Revenue
4,508 5,574 6,668 7,648 8,180 3,880
32444508
55746668
7643 8180
2000
4000
6000 Investment and Other Income
383 2,087 1,223 914 2,444 687
Total Revenue 4,891 7,661 7,891 8,562 10,624 4,567
Expenses 5,224 7,747 7,859 8,320 9,633 3,745
0FY 08 FY 09 FY10 FY11 FY12 FY 13
Profit / (Loss) before Tax
(333) (86) 32 242 991* 135
Rs Cr.
FY 09 FY 10 FY11 FY12 FY13 H1FY14
Net Worth 1,312 1,993 1,944 2,513 2,903 2,919
Loan Funds 347 440 507 549 676 685991
600
800
1000
1200Profitability Trend
Net Fixed Assets
930 965 1,017 1,256 1,361 1,395
Treasury Corpus
413 909 540 397 409 340(60)
(86)
32
242
-400
-200
0
200
400
7
Life Ins. AUM 5,405 10,121 13,836 17,215 20,458 21,735(333)-400
FY 08 FY 09 FY10 FY11 FY12 FY 13
*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.
MAX LIFE INSURANCE COMPANY (Max Life)
8
www.maxnewyorklife.com
The Essence of our chosen StrategySources of competitive advantageTo be the most admired life insurance Our objective
company in India with sharp focus on financial metrics
”Build a robust multi-channel distribution
To serve the long-term savings and protection needs of mass affluent+
customers through a high quality agency supplemented by our privileged
Our approach architecture while Max Life’s proprietary high
quality agency will remain the core
distribution channel.”bancassurance partnership
RECREATE GROW TURBOCHARGE OPPORTUNISTIC REDUCE
Key choices
High quality “platinum standard” agency that we were kno n for
Privileged banc-assurance relationship with Axis Bank
Product development process
Change
New PD deals
Group business
Discover growth options for the
Cost
– Driving cost management
Lo eringknown for Enter another bancassurancearrangement
gmanagement and governance
Persistency management
options for the future
– Lowering costs of agency
9
Traditional products continue to dominate ULIPs
Product MixProduct MixApr‐Sep’12 Apr‐Sep’13
9% 42% 49%ICICI Pru
Par Non Par ULIP
4% 42% 54%
39%
32%
3%
28%
58%
40%
M Lif
HDFC Life
SBI Life
42%
27%
11%
35%
47%
38%
63%
71%
76%
17%
4%
11%
20%
25%
12%
Reliance Life
Bajaj Allianz
Max Life
55%
68%
68%
30%
7%
21%
15%
25%
11%
25%
0%
35%
57%
40%
43%
Kotak Life
Birla Sunlife
18%
4%
40%
56%
42%
40%
Most insurers focused on the major segments which were being phased out on 30th Sep – NAV Guaranteed ULIPs& Index linked non‐par products
Relaunch of closed products: Postponement of implementation date will lead to relaunch of some of the
10SOURCE: Market Intelligence
withdrawn products (withdrawn only from field) till
Product closures & continued agency rationalization lead to an increase in agency efficiency parameters
Average Agent Productivity
Average Agent Case Rate
Average Branch Productivity
Apr‐Sep 2013 2012 2013 2012 2013 2012
Insurer Rs. 000s Rs. 000s # # Rs. Lakhs Rs. Lakhs
Bajaj Allianz 4.0 4.3 0.17 0.20 5.9 6.4
Birla Sunlife 3 8 3 4 0 19 0 20 6 7 7 1Birla Sunlife 3.8 3.4 0.19 0.20 6.7 7.1
HDFC Life 4.9 3.9 0.23 0.16 6.9 7.8
ICICI Prudential 4.5 4.9 0.10 0.14 12.1 8.1
Kotak Life 5.2 4.3 0.19 0.15 8.4 7.2
Max Life 10.7 10.4 0.40 0.45 19.8 19.2
Metlife 4.7 6.1 0.16 0.20 6.4 8.1Metlife 4.7 6.1 0.16 0.20 6.4 8.1
Reliance Life 4.6 3.5 0.25 0.26 5.1 3.5
SBI Life 10.5 8.6 0.38 0.37 14.8 10.8
11SOURCE: News Reports, Quarterly Public Disclosures & Market IntelligenceNote: Agency productivity calculated using FYP (100% SP)
Tata AIA 3.9 3.5 0.14 0.13 7.4 6.5
Hi hl d ti Agency base at 39,000+ agents, average case size at ~Rs. 28,000 with average case rate ~0.45
Max Life well positioned for the transformation
Highly productive agency model and best in class training
New Work System under implementation, 23% y-o-y growth in NWS offices, recruitment up 32%
Need based insurance sales
400+ trainers on board
Comprehensive product P d t i f H1FY14 P 69% N 20% ULIP 11%p p
portfolio with an enduring customer base
Product mix for H1FY14: Par 69%, Non-par 20%, ULIP 11%
Long tenor products (21 Yr) & a young customer profile (35 Yr)
Disclosures ahead of competition
First life insurer to disclose Embedded Value; EV for FY13 at Rs. 3,756 Cr. grows 10% y-o-y pre-dividend
Implied NBM on APE* for FY13 at 21 8% v/s 17 8% in FY 12competition Implied NBM on APE for FY13 at 21.8% v/s 17.8% in FY 12
Max Life’s share of private sector grows to 10.4% in H1FY14;
Assets under Management at Rs. 21,735 Cr. as at Sep 30, 2013, grow 13% y-o-y
Over 3.5 million polices in-force with Sum assured touching Rs. 187,000 Cr.Other key drivers
Business capitalised at Rs. 2,127 Cr. as at Sep 30, 2013; solvency surplus of Rs. 1,941 Cr. and solvencymargin of 520%
Pays interim dividend of Rs.128 Cr to shareholders for H1FY14 after paying dividends of 259 Crdividends for FY 13 (post DDT)
Accreditations & Awards
Ranked 2nd in Insurance Industry for India's Best Companies to Work for 2012 by Great Place to Work and Economic Times
Won the 6th National Conference & Competition on Six Sigma, 2012, held by the Confederation of Indian Industry (CII) for the Green Belt project "Power of Speed - Settlement of Claims within 10 days”
Awarded the 6th AIMIA Loyalty Award in the category 'Financials - Non Banking Financial Services Sector'.
12
Silver EFFIE Award in 2012, for the 'Aapke Sachche Advisor' campaign. Organized by The Advertising Club Bombay in India,
QCI DL Shah Awards for Best Six Sigma Project on economics of Quality - 2012
**APE – Adjusted Premium Equivalent (Annualized First Year Premium adjusted for 10% of Single Premium; Limited Premium valued at 50%).
MAX HEALTHCARE (MHC)
13
www.maxhealthcare.in
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
14Sources: Research on India Report , 2010, Healthcare India Report, Fitch Ratings, 2010, FICCI E&Y Report, 2008
• 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
Growing Health Insurance Market...
Increasing prevalence and propensity are key market drivers
Comparative medical cost
11160
80
100
120
billion
g
100
48
65
Comparative medical cost
India UK US
’000
s)
14 17 22 3251
6684
0
20
40
FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11
Rs
8.5 7 4.5 9.8
3224
6.419.218
Open Heart Knee replacement Lap Cholcystectomy Obesity Surgery
(US
D
Rising health insurance penetration will make healthcare affordable
Cost differentials provide a huge untapped market for medical tourism related business opportunities
International Healthcare Expenditure (as a % of GDP) Per Capita Spending (PPP)
2.9
3.4
1.2
3.3
4.2
3.6
Mexico
Brazil
India
PublicP i
7285
2992
8632000
4000
6000
8000
6.8
6.4
8.4
3.1
0 5 10 15 20
US
Australia Private233
837109
863
0
2000
China Brazil India USA UK Global
China Brazil India USA UK Global
15Sources: FICCI & E&Y Report, 2007, IRDA, B&K report, 2009, Crisil, Research on India Report, 2010
On a per capita basis , both in terms of USD and PPP, India’s Healthcare spend is amongst the lowest globally. However India'shealthcare spending is growing at a healthy CAGR of 14%, rising from 5.5 % of GDP (2009) to 8% (2012)
MHC, with its unique model* is well positioned to deliver high quality of care to patients
Quaternary /Tertiary Care- Max Super Speciality Hospitals – Saket - Max Super Speciality Hospital – Patparganj- Max Super Speciality Hospital – Mohali- Max Super Speciality Hospital – Bhatinda
•Organ Transplant•Neurosciences•Oncology•Cardiac CareMi i ll I i & M t b li SMax Super Speciality Hospital Bhatinda
- Max Super Speciality Hospital – Shalimar Bagh-Max Super Specialty Hospital – Dehradun
Secondary CareSecondary Care
•Minimally Invasive & Metabolic Surgery•Joint Replacement and Orthopedics•Aesthetics and Reconstructive surgery
•Medicine & Allied SpecialtiesMother and Child
Max Hospitals – 3Specialty Centre – 2
•Mother and Child•High-end diagnostics•Infertility and IVF•Eye and Dental care
Primary CareClinics / Implants – 10
•PHP•Specialist doctor consult•Basic diagnostics like pathology collection
•Home Care
• Max Super Specialty Hospitals, SaketM S S i lt H it l P t jNABH & NABL
16
• Max Super Specialty Hospital, Patparganj• Max Hospital, Gurgaon
NABH & NABL Accreditations
*The above model is for MHC’s Network of hospitals and includes Max Super Speciality Hospital , Saket, unit of Devki Devi Foundationand Max Super Speciality Hospital, Patparganj, unit of Balaji Medical and Diagnostic Research Centre
C
Extensive focus on service excellence –a key strength for MHC
• Complete service profile, cutting edge technology and state of the art infrastructure• North India centric strategy allows leveraging of medical capabilities
Comprehensive and integrated healthcare services
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
Well established brand name throughout India
p g p y, y, y q y
•Team of 1,900 doctors complemented by 2,400 nurses and 900 other trained medical personnel*
Network of highly respected and leading specialists
T iti f T ti t Q t C• Foray into Stem cells – service profile enhanced to include Organ Transplant• Revolutionary change in healthcare operations by introducing Electronic Health Records (EHR)• Centres of excellence in cardiac, minimal access, metabolic and bariatric, orthopedics & joint replacement,
neurosciences, pediatrics, obstetrics & gynecology, oncology and aesthetic & reconstructive surgery
Transitions from Tertiary to Quaternary Care
, p , gy gy, gy g y• Research focus- Only centre in Indian subcontinent to conduct basic research in the field of diabetic and
cardiology genetics in collaboration with Imperial College, London
• DNB (Diplomate of National Board) & fellowship programs
Extensive emphasis on medical training and education
17
• DNB (Diplomate of National Board) & fellowship programs• High quality nursing and paramedic care supported by nursing and paramedic college
MHC delivering superior performance across all key metric
56.5%57.2%
59.2% 59.6%61.2%
57 0%
59.0%
61.0%
63.0%
600
750
Revenue and Contribution Margin
18914 19433 2043121558 23585 25126
20000
25000
30000
1000
1200
1400
Avg. operational beds and Avg. revenue per occupied bed day*
372 423 534 685 824 1149
53.1%
49 0%
51.0%
53.0%
55.0%
57.0%
0
150
300
450
662 712 751926 992
1302
0
5000
10000
15000
20000
0
200
400
600
800
49.0%0FY 08 FY 09 FY10 FY11 FY12 FY13
Revenue (Rs cr) Contribution Margin
00FY 08 FY 09 FY10 FY11 FY12 FY13
Avg. operational beds Avg Revenue per bed day (Rs)
Inpatient Trends Outpatient Trends
95114
64785 64390 6880676838
84635 87522
60000
80000
100000
45000
60000
75000
90000
105000Inpatient Trends
3636
446 493565 594
676735
350
500
650
800
20002500300035004000
Outpatient Trends
46532 51103 59130 64335 6937595114
0
20000
40000
0
15000
30000
45000
FY 08 FY 09 FY10 FY11 FY12 FY13
1593 1900 22502906 3103
3636
-100
50
200
0500
10001500
FY 08 FY 09 FY10 FY11 FY12 FY13
18
Inpatient Transactions Avg. revenue per patient (Rs) Outpatient transactions (000's) Avg. revenue per patient (Rs)
*Average revenue per occupied bed day has been calculated on inpatient revenue
MAX BUPA HEALTH INSURANCE (Max Bupa)
19
www.maxbupa.in
A symbiotic partnership in the health insurance space
India’s leading conglomerate Gl b l H lth I id• India’s leading conglomerate• Successful track record of
building businesses • Expertise in life insurance,
• Global Health Insurance provider with market leadership in UK, Spain & Australia
• 12 million customers in over 190 Expertise in life insurance, health insurance and healthcare businesses
• Group revenues in FY 2013 –Rs 10 624 crores
countries• Group revenues in 2012 - £8.5
billion and PBT of £600 millionEmployee base of over 52 000Rs 10,624 crores
• Local perspective of the Indian market
• Culture of service excellence
• Employee base of over 52,000 • Recently voted as best
international health care provider
Leveraging the strengths of both partners to build a robust and profitable
20
Leveraging the strengths of both partners to build a robust and profitable enterprise with focus on service excellence
Industry is poised for an exponential growth
Key drivers of growth
▪ Increase in affordability– Increasing affordability with rise
i i l l d h lth305
351404
464
350400450500
Bill
ion)
Indian Health Insurance Market (Rs. In Billion)
in income levels and healthcare spend per capita
▪ Increase in willingness– Rapid scale-up of hospitals and
i t id t 22 3251 66 83 111
131160
192231
266
100150200250300350
GW
P (R
s. in
expansion outside metros– Take-off of comprehensive
insurance coverage products e.g. secondary healthcare, out-patient etc
17 22 32
050
patient etc.– Higher need with rise in
incidences of chronic diseases (viz. cancer, heart disease)
– Acceptability of insurance with
• Industry grew by 17% in Apr’12-Feb’13 period• CAGR last 5 years at 34%• Expected CAGR of 20 - 25% for next 5-10 years
p yincreasing awareness
▪ Increase in ticket size– Rise in healthcare costs with
market inflation
• Insurers focusing on containing loss ratio’s and improvingprofitability• Standalone health insurers growing aggressively
21SOURCE: Team analysis, WHO statistics, NCAER, McKinsey Urbanisation report, Government economic survey, BRIC report
Relationship
Max Bupa to capitalise on this opportunity through innovative product and superior service offering
Good Hospitalization
experience:Cashless processing;
Simplicity, Transparency:Hassle free claim processing; No Comprehensive
Relationship Manager for
Gold & PlatinumCustomersTechnology &
t ti Cashless processing; No TPA
processing; No underwriting at point
of claim
pbenefitsautomation
ahead of curve
Value for money: Comprehensive benefits for the
money paid
Support for Family’s health
Access to information
Checkups on renewal
Health and wellness focus
Health Coach
information24/7 health line
22
Extensive focus on key growth levers to maximize long-term value
• Max India - strong understanding of Indian Insurance landscape,learning's from Max Life’s success and leverage synergies withMax Life and MHC
• BUPA – Product design, underwriting and clinical expertise
Leveraging Max India and BUPA capabilities
Factsheet* – Max Bupag g p
• Opened up to Standalone Health insurers in February 2013• Tie-up with Deutsche Bank finalised; significant traction on other
discussions
Bancassurance would catapult growth Gross Written Premium^ INR 130 Cr.
Customer Base^ 580K+
• Value based pricing based on data and analysis• Selective targeting of profitable Group business
Pricing for profitability
Customer Base 580K+
Number of Employees 1270+
• Build a culture of innovation and expertise.• Focus on wellness and specialized products with no age limit and
high sum assured.G P l A id t (GPA) d b IRDA 1 t M ’13
Continuous product innovationNumber of Agents 10,000+
• Group Personal Accident (GPA) approved by IRDA on 1st May’13;launched on 15th May’13
• Focus on the mass affluent+ customer base
Focussed customer profile
Number of Offices 21
Partner Hospitals 2,800+
23
• Robust underwriting procedure
* For half-year ended Sep 30, 2013 ^Excludes 781K+ lives under RSBY scheme
MAX SPECIALITY FILMS (MSF)
24
www.maxspecialityfilms.com
Industry marked by robust global and domestic demand
BOPP Global Demand and Supply
6480 6750 7130 7500 7900
77% 76% 77% 77% 78%
60%
80%
100%
6000
8000
10000
(KTA
)
4950 5150 5500 5800 63000%
20%
40%
0
2000
4000
2007 2008 2009 2010 20112007 2008 2009 2010 2011
Capacity Production Utilization
Key Highlights•Growth of flexible packaging Industry ~ 17-18% in India and 7 - 8% globally
•Per capita consumption of BOPP in India relatively lower
•Growth in FMCG and organized retail and changing urban life styles & rural demand.
•Competitive pricing and costs spurs exports from India and restricts imports.
•Shift from PET to BOPP (Indian BOPP:PET products ratio around 1:2 against 3:1 globally)
•BOPP films are recyclable and have a competitive advantage over other plastic and traditional products
25* Surplus absorbed by industry exports, given cost & productivity edge; Source- EY Analysis , AMI BOPP Report-2010
•Convertor industry growing & India becoming global hub for supplies of Flexible Laminates
MSF uniquely positioned to create value
Commodity Speciality(Preferred)
MetallisedFilms Coated Films Foils
End UsePackaging,Industrial,
Textiles
Packaging,Lamination
Packaging,Lamination,Industrial,
Packaging, Industrial
Lifestyle,Apparels
Ma Specialit Films is m ch more than packagingOur Focus
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 60-70% of total sales
Customer Base in India / Exports
New product development – 6 to 8 per year
26
New product development 6 to 8 per year
Long term relationship with blue chip customers; Preferred Vendor
Visibility in Top Brands
You will FindYou will Find MSF films in…
27
MAX NEEMAN MEDICAL INTERNATIONAL (MNMI)
28
www.neeman-medical.com
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, bio-
statistics and report writing, monitoring services and supply chain managementO d b k f R 22 5 C t S ‘13 d
Key Highlights Marquee Clients
• Order book of Rs. 22.5 Cr. as at Sep ‘13 end• Business Development efforts focused on medium/small-sized biotech & pharma companies
Key Highlights• Revenue for H1FY14 stable at Rs. 6.2 Cr. despite industry
slowdown due to regulatory uncertainty
• Pro-active cost rationalisation initiatives result in positive
Marquee Clients
• Pro-active cost rationalisation initiatives result in positiveEBITDA of Rs.0.2 Cr in Q2FY14 as against negative Rs.0.1Cr in Q2FY13; Loss before tax lower at Rs. 0.2 Cr versusRs.0.4 Cr for Q2FY13
• Patient retention rate at 92%Patient retention rate at 92%
• 5 successful US FDA GCP audits
• Client base stands at 115
• 2000+ Physicians
29
y
• 327 studies being executed across 548 sites
MAX INDIA FOUNDATION (MIF)
30
www.maxindiafoundation.org
MAX INDIA FOUNDATIONMaking a difference… to life
Factsheet* – MIF
Locations 369
Max India Foundation
• Corporate Social Responsibility (CSR) Arm of theMax India Group focused on providing quality Locations 369
NGO Partners 317
Max India Group focused on providing qualityhealthcare to the underprivileged, facilitatingawareness of health related issues, and promotingand fostering an eco-friendly healthy environment.
Beneficiaries 4,80,433
• Immunization• Artificial Limbs & Polio
Awards Received:-•Golden Peacock Global CSR Award 2011•Global CSR Awards at the World CSR Day 2012G ld P k A d f CSR 2012
Initiatives
Callipers• Health Camps• Surgeries & Treatment
•Golden Peacock Award for CSR 2012•“Best CSR Practices 2013” at 7th Indy’s Award •“Best CSR Practices 2013”at the World CSR Day,
• Palliative Care• Lifeline Express Camps• Multi-speciality Camp• Cancer Awareness
31
• Cancer Awareness• Environment Awareness
* Till October, 2013
Thank You
32
Road Map to Becoming India’s Most Admired Life Insurance Company
Key Public MessagesKey Public MessagesKey Public MessagesKey Public Messages
A trusted life insurance specialist Customer centric Financially responsible and strong A great place to work An admired member of the community
VISIONVISION Become the most admired Life Insurance Company in India
MISSIONMISSION
Part of top quartile newLife Insurance Companies National Player Brand of FIRST choice
An admired member of the community
KEY KEY WHAT –Comprehensive suite ofproducts, competitive pricing, extensive distribution, persistency customer service excellence
Employer of Choice Principal of Choice for AgentsKey DifferentiatorsKey Differentiators
Financial Strength & Security Quality of agents Flexible Products
OBJECTIVESOBJECTIVES
STRATEGIESSTRATEGIES
persistency, customer service excellence, profitable portfolios
HOW –TalentedPeople, Professional & Productive Agents, Performance Metrics, Leverage Technology, Teamwork, Customer Centric Innovative Distribution and Marketing
e b e oduc s Service Excellence Fair Terms of Business
Customer Centric, Innovative Distribution and Marketing
INITIATIVESINITIATIVES What-When-Who-How-Cost linkage plans at Departmental and Individual levels
VALUES & BELIEFS OPERATING PRINCIPLES METRICS & PERFORMANCE
Excellence Honesty Knowledge Caring Integrity
VALUES & BELIEFSSTANDARDS MGMT PROCESS Customer comes first
International quality standards Do it right the first time Fact based decisions Bias for result oriented action Financial strength & discipline
Input Output External Internal
Ab l t
GMPR Ratings TEC/TTR – Templates Primary, Shared and
ContributoryB l d dIntegrity
TeamworkFinancial strength & discipline
Direct and open communication Respect Max & NYLI values & parentage Fun at work
Absolute Ratios
Balanced scorecard Core, Functional and
Leadership Competencies
33
Protection Oriented, Longer Tenor Life InsurancePROPORTION OF POLICIES (% b
PRODUCT TYPE Tenure (Y )
Age of Insured(Y )
34
3218.4WHOLE LIFE
POLICIES (%, by number)
(Years) (Years)
44
16
34
34
1.4TERM 25
ENDOWMENT 31.316
0.2DEFERRED ANNUITY
6.6MONEY BACK
18
3015
40
UNIT LINKED 39.8
30
3615
15
HEALTH 0 7HEALTH 0.713 38
GUARANTEED INCOME 1.7 4419
34
21 35Max Life Average Max Life Average
As on 30th Sep 2013
Market Position Insurance Sales
S. No. Company Individual New Business Premium (Rs. Cr) Premium Adjusted for 10% single premium
Apr‐Sep’13 Apr‐Sep‘12 Growth (%) Market Share
1 ICICI Prudential 1 357 1 224 11% 19 9%1 ICICI Prudential 1,357 1,224 11% 19.9%
2 SBI Life 985 711 38% 14.4%
3 HDFC Life 864 1,139 ‐24% 12.7%
4 Max Life 709 635 12% 10.4%
5 Reliance Life 522 410 27% 7.6%
6 Bajaj Allianz 389 427 ‐9% 5.7%
7 Birla Sunlife 383 421 ‐9% 5.6%
8 PNB MetLife 262 242 8% 3.8%
9 ING Life 200 209 ‐4% 2.9%
10 Kotak Life 165 158 4% 2.4%
hOthers 986 1,123 ‐12% 14.5%
Private Total 6,823 6,700 2%
LIC 12,150 13,931 ‐13%
Grand Total 18 973 20 631 ‐8%
35
Grand Total 18,973 20,631 ‐8%
Market Share of Pvt. Players 36.0% 32.5%
Source: IRDA website; Max Life Sales are as reported to IRDA (Cash basis)
Max Life – Embedded Value
Amount in Rs. Crore392^
23
19315March 31, 2013
302
Unwind of Di t
Other Operating Variance
Non Operating Variance
213
3,684
Cost Overrun*
3,756
Value of New Business
Discount
1,973
1,858SH
dividend payouts
Implied NBM** is 21.8% on APE***
(17.8% in 2011-12)1,712 1,898
Opening EV Closing EV
Denotes increase to EV Net Worth
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Denotes decrease to EV* Cost Over-run includes over-runs that are relevant to Embedded Value. ^ 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. 32 Cr. Implied NBM is on a structural basis.***APE – Adjusted Premium Equivalent (Annualized First Year Premium adjusted for 10% of Single Premium; Limited Premium valued at 50%).
Value of In-force business
Max Life – Key Assumptions to Embedded Value
Economic Assumptions
Cash/Money Market/TB 7.50%
G Secs 7.96%
Economic Assumptions
Corporate Bonds 8.76%
Equities 13.00%
Unit Linked Fund Growth Rate 10.50%
Interest Rate on Non Unit Reser es 8 15%Interest Rate on Non‐Unit Reserves 8.15%
Inflation 6.50%
Risk Discount Rate 13.00%
Service Tax 12.36%Service Tax 12.36%
Tax Rate 13.52% (12.5% + 5% surcharge + 3% education cess)
Sensitivity
• For change in risk discount rate by 1%, the value of in-force business would change by 4-5%.
Operating Assumptions
• Operating Assumptions like mortality morbidity and lapses are based on our own experience and
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• Operating Assumptions like mortality, morbidity and lapses are based on our own experience and validated with industry / reinsurers experience.
• Expense assumptions are in line with experience and are unchanged from that used last year.
Max Life – Basis of Preparations for Embedded Value
Max Life’s EV guided by European Embedded Value principles
“Top down” allowance for risk including allowance for time value of financial options and guarantees
Explicit allowance for cost of capital where capital is the higher of the required solvency margin and internal capital requirements
Actuarial assumptions based on past experience and on management’s views of future trends in experiencep
Results not audited nor subject to external review but the EV methodology is in line with accepted international practices
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is in line with accepted international practices
New Business Growth – Adjusted FYP 1 and
Track record of strong performanceRenewal premium and conservation ratio 2
1308 159513836
1721520458
15000
20000
25000
1500
2000
jAUM
83% 82% 83% 81% 81%78%
90%
30003500400045005000
p
1584 1724 1506 1513
35755405
10,121
0
5000
10000
0
500
1000
1117 2014 3011 3751 4489 473930%
60%
0500
1000150020002500
FY 08 FY 09 FY10 FY11 FY12 FY 13
AFYP (Rs cr) AUM (Rs cr)
FY 08 FY 09 FY10 FY11 FY12 FY 13
Renewal Premium (Rs cr) Conservation Ratio
5180
In force business and No. of policies100%
Distribution Mix
123
155
152169
1 72.6
33.4 3.5 3.6
2.533.544.55
80100120140160180
14%8%
67% 75% 71%50%
36% 34%
60%
80%
100%
70 94
1231.7
00.511.52
020406080
FY 08 FY 09 FY10 FY11 FY12 FY 132% 1% 3% 6% 9% 9%6% 3% 4%
23%41% 49%
25%22% 22%
22%
0%
20%
40%
FY08 FY09 FY10 FY11 FY12 FY13
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Sum Asssured (Rs 000's cr) Policies million
1. Individual First Year Premium adjusted for 10% single pay2. Conservation ratio = Renewal premium for the current period / (First Year + Renewal Premium for the previous period)
Group Bancassurance Partnership Distribution Own Channel
Max Life Insurance - Financials
Key Business Drivers Unit Quarter Ended Y-o-Y Growth
Half year ended Y-o-Y Growth Sep-13 Sep-12 Sep-13 Sep-12
a) Gross written premium income Rs. Crore
First year premium 416 370 13% 718 644 12%
Renewal premium 1,160 1,095 6% 2,101 2,089 1%
Single premium 103 93 12% 185 168 10%
Total GWP 1,679 1,557 8% 3,005 2,901 4%
b) Shareholder Profit (pre‐tax) Rs. Crore 136 114 20% 248 242 3%
c) Expenses of Management % 18 3% 19 4% 6% 20 1% 20 6% 2%c) Expenses of Management % 18.3% 19.4% 6% 20.1% 20.6% 2%
d) Individual Adjusted Premium (APE*) Rs. Crore 415 366 13% 709 635 12%
e) Conservation ratio** % 79.0% 77.0% 3% 77.0% 77.0% ‐
f) A i R 28 877 24 407 18% 27 884 23 578 18%f) Average case size Rs. 28,877 24,407 18% 27,884 23,578 18%
g) Case rate per agent per month No. 0.43 0.44 ‐2% 0.40 0.45 ‐11%
h) Number of agents No. 39,233 40,021 ‐2% 39,233 40,021 ‐2%
*Individual First Year Premium adjusted for 10% single pay **Conservation Ratio = Renewal Premium for the current period / (First Year + Renewal Premium for the previous period) 40
i) Paid up Capital Rs. Crore 2,127 2,127 0% 2,127 2,127 0%
j) Individual Policies in force No. Lacs 35 35 1% 35 35 1%
k) Sum insured in force Rs. Crore 186,841 158,054 18% 186,841 158,054 18%
MHC – Vision / Mission
B ild T tPASSIONK Diff ti t
VISIONDeliver 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
Build TrustPASSIONKey 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 physiciansMISSION
GOALS • Profitable without profiteering.• Seamless linkage between secondary and tertiary care.
• Principal Choice for Physicians• Ethical Practices • Create International Centre of Excellence for select Super Specialties.• Safety – Patient, Customer, Staff
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
KEY OBJECTIVES
STRATEGIES
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
Technology and IT
VALUES & BELIEFS OPERATING PRINCIPLESMETRICS &
STANDARDSPERFORMANCEMGMT PROCESS
INITIATIVESWHAT- HOW - WHEN - COST - LINKAGE
• Shared responsibility with single accountability.• Unique approach through: - International benchmarking. - Walk the Talk - IT Capability- Medical – Management Alignment. - Rehearse rehearse - Cost Efficiency- Train train train. - Mystery customers - Attrition Management
Key Public Messages Medical Excellence Service Excellence – Total Experience In your community - near you STANDARDS MGMT PROCESS
• Competence rating• Potential analysis• PSC model• Balanced scorecard• Performance / Risk linked
reward.
• Caring • Excellence• Integrity• - Personal• - Professional• Accountability• Openness/Transparency
• Courtesy & Caring always• Customer comes first• Do it right first time• International image standards• Direct & open communications • Create trust• Compliance• Fun at work
• JCIA Accreditation • ISO 9001 : 2000• Integrated Management System• Credentialing / Grant ofprivileges• Employee productivity• Employee Engagement survey• Service Dashboard - Sparsh
In your community near you High-end tertiary care in Private sector Comprehensiveness Referral system – National & International Value for money
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p p y• Teamwork• Win-win partnerships
• Fun at work• Reward & Recognition
Service Dashboard - Sparsh• NABH/NABL Accreditation• Adverse event Measurement.
Corporate Social Responsibility
Padma Shri Dr. Rustom Phiroze Soonawala Eminent and Internationally renowned Obstetrician & Gynaecologist
MHC – Key Physicians
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
MBBS, MS, FIMSA, FAIS, FICS, FACS,
Prior to joining MHC, he was Chairman of the Minimal Access Metabolic & Bariatric surgery
center, Sir Ganga Ram Hospital. He has been visiting faculty to the best Medical Institutions like, , , , , ,
Doctor of Science (Honoris Causa)
Chief- Surgery & Allied Surgical Specialties
Director - Minimal Access, Metabolic & Bariatric Surgery
g p g y
Memorial Sloan Kettering Cancer Hospital, NewYork, John Hopkins Institute in USA & Royal
Marsden Cancer Hospital, in U.K. Dr. Chowbey has done his MBBS followed by MS, General
Surgery(1977) from Govt. Medical College, Jabalpur & MNAMS, National board of Examination.
Renowned Joint Replacement Surgeon having 30 years experienceDr. 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.
Pioneer in the field of neurosurgery credited with many ‘firsts’ in India Median CorpectomyDr. 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.
H i 2 f i i S i l O lDr. 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
Director, Paediatrics and Paediatric Surgery
Published 50 scientific papers in leading national and international journals
Served as Member of the Board of Management of Sir Ganga Ram Hospital.
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MHC – Accreditations and Awards
NABH / NABL Accreditation ISO 14001:2004 & 18001:2007 at Patparganj , Pitampura & Shalimar Bagh
Achievements: 2012-13:
MSSH: Shalimar Bagh: NABH New Accreditation
National Standards: Mark of Excellence :636 aspects are addressed:
•Patient Rights: respect,
NABH / NABL Accreditation 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.
MSSH, Mohali: NABH New Accreditation (awaited shortly)
MSSH, Saket: NABH Reaccreditation
MSSH, Patparganj: NABH Surveillance Accreditation
Blood Bank: MSSH, Patparganj: NABH Reaccreditation
Pathology Lab: MSSH Patparganj: NABL Reaccreditation
Patient Rights: respect,
transparency, consent
•Standardized protocols in all
departments: over 200 SOPs
•Patient safety
M t & E l ti Pathology Lab: MSSH, Patparganj: NABL Reaccreditation
Pathology Lab, MSSH, Gurgaon: NABL Reaccreditation •Measurement & Evaluation
• Staff Training and safety: on all
SOPs
MHC is committed to ensure
Best Corporate Website – maxhealthcare.in3rd India Digital Awards by Internet & Mobile
that all units are complaint to the National Standards
Centre of Excellence Recognition to MHC Radiation Therapy Radiation Oncology Department, Saket:
Awarded on 17th Jan, 2013Past winners: www.mahindra.com and www.volkswagon.co.inMHC won among 200 Nominations in the Award Category
by Internet & Mobile Association of India
gfor Treatment of Heart Attacks
By Lumen Global 2013
Under leadership of Dr. Roopa Salwan
Recognition of Quality Standards conforming to International Atomic Energy Agency / World Health Organization
Under leadership of Dr Anil K Anand & Mr. Munjal
MHC won among 200 Nominations in the Award CategoryIAMAI jury evaluated entries based on :• Content• Structure and Navigation• Visual Design• Functionality• Interactivity
O ll E i
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Dr. Arati Verma selected as Co Chairperson of Technical Committee of NABH • Overall Experience
MHC Tertiary Care Facility, Saket [South Delhi]
MAX DEVKI DEVI HEART & VASCULAR INSTITUTE(East & South)
MAX SUPER SPECIALITY HOSPITAL (West)(May 2006)(East & South)
( East :- December 2004, South :- February 2010) Patient beds – (East ; 207 beds) & (South ; 83 beds) 11 OTs, 2 Cardiac Catheterization Labs Tower Specialties – Cardiac Sciences, Minimal Access,
(May 2006) 184 beds (including 71 critical care beds) 7 OTs, 20 Consult Chambers Tower Specialties– Orthopedics, Neuro Sciences,
Obstetrics & Gynecology, Pediatrics and Aesthetic &pMetabolic & Bariatric Surgery, Comprehensive Oncology (Surgical, Medical and Radiation)
Nuclear Diagnostic Services Advanced CT Scan Imaging
C t li d E C d ith Ad d C di Lif
Reconstructive Surgery Brain Suite (first in Asia) and Intra Operative MRI DSA Lab (for Neuro Sciences) Emergency Services High end Radiology facilities with 64 slice Cardiac CT
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Centralized Emergency Command with Advanced Cardiac Life Support Ambulances and Air Evacuation Service
High end Radiology facilities with 64 slice Cardiac CT
MHC Tertiary Care Facility, Patparganj [East Delhi]
PATPARGANJ BALAJI HOSPITAL (PPG I ) (May 2005)
PATPARGANJ SUPER SPECIALITY HOSPITAL (PPG II) (Feb 2010)(May 2005)
154 inpatient beds 3 OTs General Surgery & MAS Nephrology
(Feb 2010) 259 inpatient beds 7 OTs, 1 Cardiac Catheterization Labs Invasive & Non Invasive Cardiology Cardio Thoracic Vascular SurgeryNephrology
Mother and child care Plastic Surgery & Gastroenterology Other allied specialties
Cardio Thoracic Vascular Surgery Comprehensive Oncology
(Surgical, Medical and Radiation) Orthopedics & Joint Replacement Neurosciences Urology
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Urology Critical Care & Other allied specialties Ambulatory Care
MHC Tertiary Care Facility [ North India]
Mohali (September 2011)
Bhatinda (September 2011)
142 inpatient beds and 45 Critical Care Beds 5 OTs Oncology Cardiac Sciences Orthopedics
141 inpatient beds and 42 Critical Care Beds 5 OTs Oncology Cardiac Sciences OrthopedicsOrthopedics
Neuroscience Mother and Child Care Urology ENT & Dialysis Plastic and Reconstructive Surgery
Orthopedics Neuroscience Mother and Child Care Urology ENT & Dialysis Plastic and Reconstructive Surgery
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Plastic and Reconstructive Surgery Dentistry & Day Care
Plastic and Reconstructive Surgery Dentistry & Day Care
MHC Tertiary Care Facility [ North India]
Shalimar Bagh Dehradun (May 2012)(November 2011)
196 inpatient beds and 80 Critical Care 7 OTs Cardiology , Cathlab and Oncology
(May 2012) 166 inpatient beds and 39 Critical Care 4OTs Neurosciences Cardiac Care
Orthopedics and Neuroscience Mother and Child Care and Urology ENT and Dialysis Plastic Surgery and Reconstructive Dentistry & Day Care
Cardiac Care Orthopedics Mother and Child Internal Medicine General Surgery ENT and Dialysis
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Ophthalmology ENT and Dialysis Eye & Dental Care
MHC Secondary Care Facility [ Suburb of Delhi ]
NOIDA (August 2002)GURGAON (July 2007) PITAMPURA (February 2002)(North Delhi)
32 inpatient beds 2 OTs Mother and child care Non-invasive cardiology
80 inpatient beds 3 OTs Orthopedics & Trauma Ophthalmology (anterior and posterior) Woman and child (including infertility)
(North Delhi) 90 inpatient beds 2 OTs Lithotripsy Mother and child care
Laparoscopic surgery Orthopedics ENT, ophthalmology Urology and nephrology Full range diagnostics
( g y) Medical & surgical intensive care Nephrology and urology Aesthetic and reconstructive surgeries General and minimally invasive surgeries PHP and OPD
Aesthetic & Reconstructive Surgery Non-invasive cardiology Physiotherapy Pediatric & Neonatal Intensive Care Full range diagnostics
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PHP, OPD and Dentistry Pediatric & Neonatal Intensive Care Full range diagnostics PHP, OPD and Dentistry
MHC Speciality Centres – Panchsheel [South Delhi]
OPTHALMOLOGY AND DENTAL CARE (November 2005)
SPECIALIST CONSULTS AND HIGH END DIAGNOSTICS(November 2005)
Lasik, OPD and diagnostics Dental – 5 chambers Support services and offices
HIGH-END DIAGNOSTICS (August 2006)
GP and specialist consults Diagnostics Neurology (EEG and EMG) Neurology (EEG and EMG) Preventive health and chronic care Physiotherapy Minor procedures and emergencies IVF
H C
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Home Care
Max Healthcare* – FinancialsQuarter Ended H lf d d
Key Business Drivers UnitQuarter Ended Y-o-Y
Growth
Half year ended Y-o-Y Growth Sep-13 Sep-12 Sep-13 Sep-12
a) Revenue (Gross) Rs. Crore
Inpatient Revenue 262 198 32% 496 387 28%
Day Care Revenue 12 9 36% 22 18 28%Outpatient Revenue 78 65 19% 148 128 16%Other Operating Income (1) 2 ‐ ‐ 4 ‐Total 351 274 28% 667 537 24%
b) ProfitabilityContribution Margin Rs. Crore 217 168 30% 413 326 27%Contribution (%) % 61.8% 61.2% ‐ 62.0% 60.8% ‐EBITDA Rs Crore 31 5 512% 48 24 97%EBITDA Rs. Crore 31 5 512% 48 24 97%EBITDA (%) % 8.9% 1.9% ‐ 7.2% 4.6% ‐
c) Patient Transactions (No. of Procedures) No.
Inpatient Procedures 28,796 23,820 21% 54,254 45,350 20%
D P d 4 465 3 572 25% 17%Day care Procedures 4,465 3,572 25% 8,580 7,362 17%
Outpatient Registrations 994,938 907,999 10% 1,870,773 1,773,450 5%
d) Average Inpatient Operational Beds No. 1,440 1,261 14% 1,417 1,225 16%
e) Average Inpatient Occupancy % 77.7% 70.2% 11% 73.7% 69.3% 6%
50*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 Hospital, Patparganj, unit of Balaji Medical and Diagnostic Research Centre
f) Average Length of Stay No. 3.58 3.42 ‐4% 3.53 3.43 ‐3%
g) Avg. Revenue/Occupied Bed Day (IP) Rs. 25,392 24,278 5% 25,922 24,874 4%
Max Bupa Health Insurance - Financials
Key Business Drivers Unit Quarter Ended Y-o-Y Growth
Half year ended Y-o-Y Growth Sep-13 Sep-12 Sep-13 Sep-12
a) Gross written premium income Rs Crorea) Gross written premium income Rs. Crore
First year premium 39.2 27.8 41% 71.2 52.6 35%
Renewal premium 31.6 13.0 142% 59.1 24.4 142%
Total 70.7 40.8 73% 130.3 77.0 69%
b) Net Earned Premium Rs. Crore 57.8 29.5 96% 105.5 54.5 93%
c) Average premium realization per life Rs. 5,241 4,880 7% 5,308 5,040 5%
d) Conservation ratio % 83% 80% 4% 82% 77% 6%
e) Number of agents No. 10,124 7,415 37% 10,124 7,415 37%
f) Paid up Capital Rs. Crore 556.0 448.5 24% 556.0 448.5 24%
51
g) No. of Lives (excl Rural & Social) No. 162,310 88,491 69% 291,592 186,780 67%
Max Specialty Films - Financials
Q t E d dKey Business Drivers Unit Quarter Ended Y-o-Y Growth
Half year ended Y-o-Y Growth Sep-13 Sep-12 Sep-13 Sep-12
a) Sales Quantity – BOPP Tons 11,943 12,607 ‐5% 22,981 26,275 ‐13%
b) Revenue Rs. Cr. 194 179 8% 353 381 ‐8%
c) Profitability:
Contribution Margin Rs. Cr. 32 24 35% 58 63 ‐7%
% 17% 13% 16% 16%
EBITDA Rs. Cr. 16 11 46% 28 35 ‐23%
% 8% 6% 8% 9%
• Revenue up 22% over Q1FY14 as market upswing vis‐à‐vis H2FY13 continues
PBT Rs. Cr. 5.2 1.1 354% 7 16 ‐58%
% 3% 1% 2% 4%
Revenue up 22% over Q1FY14 as market upswing vis à vis H2FY13 continues
• EBITDA up 46% vis‐à‐vis Q2FY13 and 33% vis‐à‐vis Q1FY14
• Achieved highest contribution (Rs.25.7/kg) in Sep’13 since Jun‐12… continuous uptrend since Jul‐12
• PBT continues to show positive trends; up 160% vis‐à‐vis Q1FY14 and 354% over Q2FY13
52
• Aggressively tapping growth opportunities with key FMCG brands
Disclaimer
This presentation has been prepared by Max India Limited (the “Company”). No representation or warranty, express or implied, is made and nop p p y ( p y ) p y, p p ,reliance should be placed on the accuracy, fairness or completeness of the information presented or contained in the presentation. The pastperformance is not indicative of future results. Neither the Company nor any of its affiliates, advisers or representatives accepts liabilitywhatsoever for any loss howsoever arising from any information presented or contained in the presentation. The information presented orcontained 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 assumptionsthat are subject to risks and uncertainties. Actual results could differ materially from our expectations and assumptions. We do not undertakeany 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 provideThis presentation does not constitute a prospectus or offering memorandum or an offer to acquire any securities and is not intended to providethe basis for evaluation of the securities. Neither this presentation nor any other documentation or information (or any part thereof) delivered orsupplied under or in relation to the securities shall be deemed to constitute an offer of or an invitation.
No person is authorised to give any information or to make any representation not contained in and not consistent with this presentation and, ifi d h i f ti t ti t t b li d h i b th i d b b h lf f th C fgiven or made, such information or representation must not be relied upon as having been authorised by or on behalf of the Company any of
its affiliates, advisers or representatives.
The Company’s Securities have not been and are not intended to be registered under the United States Securities Act of 1993, as amended (the“Securities Act”), or any State Securities Law and unless so registered may not be offered or sold within the United States or to, or for thebenefit of, U.S. Persons (as defined in Regulations S under the Securities Act) except pursuant to an exemption from, or in a transaction notsubject to, the registration requirements of the Securities Act and the applicable State Securities Laws.
This presentation is highly confidential, and is solely for your information and may not be copied, reproduced or distributed to any otherperson in any manner. Unauthorized copying, reproduction, or distribution of any of the presentation into the U.S. or to any “U.S. persons” (as
53
defined in Regulation S under the Securities Act) or other third parties ( including journalists) could prejudice, any potential future offering ofshares by the Company. You agree to keep the contents of this presentation and these materials confidential.
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MAX INDIA LTD.Max House, Okhla, New Delhi – 110 020
Phone: +91 11 26933601-10 Fax: +91 11 26933619Website: www maxindia com
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Website: www.maxindia.com
