Reference to ConCall, i am requesting the management for a tour of their Care Home & AGEasy Health Studio in NCR.
Please let me know if anyone would like to join ? Would be better, if we can have a group of investors.
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I get a feeling that the company is stretched too thin with too many items in parallel. They will need to fight competition in every aspect. Their only uniqueness seem to be that they are the only listed player who is doing all of these together in an integrated way.
The reviews of Antara are quite good. I would normally the company focusses more on Antara and scale it out. But, I might be wrong as the market opportunity could be in an integrated approach.
Disc: Tracking
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Antara has senior living and care homes if I am not wrong. By Antara, which part of business you meant?
By Too many items, you are referring to which all businesses? Why I ask this is because of various things that happened with this group last few years, it is not clear to many what the listed Max India holds…so would be good if you elaborate more here…
I was referring to the first three items which seem to be the core of the business. MedCare and Phygital platform seem to be distractions.
Having 5 different lines of business is what I consider as too many, considering where the company is currently. It would spread out management bandwidth considerably.
Rgd. MaxIndia’s business verticals, you can refer to the snippet from presentation:
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I agree with your thesis. However, remember that Max India has a proven track record in many areas. Doing it before gives them a higher probability of success since the learnings are already noted, and failures won’t be a negative surprise but a probabilistic bet.
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Residence - this is new for the management. Dehradun took many years to sell. If I am not mistaken, it started in 2013 and sold out in 2021. They learned many things which they have mentioned during the council. End-result is a unique project where the resale value is almost 2x the original price.
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Care home - they have experience in healthcare and hospitality. Replicating while keeping in mind the specifics is the key which they are aware of.
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Care at Home - same as 2. My view is that this will not make much money bc. of the competition and non-sticky nature of the game - but is rather for the captive audience for 1 and 2.
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Medcare - very appealing for the audience in 1 and 2. They are partnering and white-labelling, not many ways to go wrong here.
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AGEasy - this won’t make money. just a distribution channel to sell 2,3,4
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Customer service and design seem to be poor.
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I have come across this co recently and i was trying to decipher the projections they have made in their annual reports because of the multiple verticals that the co is into. Can anyone explain how much revenue the company is planning to achieve?
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This is a note for Max Healthcare. The stock has nearly 7x from 2020 listing levels, backed by some excellent performance metrics, like ARPOB, Bed capex, cash flows, etc, under able leadership of Abhay Soi.
Key Highlights of Q3 Performance
• Gross Revenue stood at INR 1,779 Cr for Q3 FY24, +14% growth YoY
• Network Operating EBITDA was INR 471 Cr, growth of +12% YoY
• Operating Margin stood at 27.9% versus 28.3% in Q3 FY23 and 28.7% in Q2 FY24
• EBITDA per bed improved to INR 75.6 lakhsin Q3 FY24, from INR 66.9 lakhs in Q3 FY23 and INR 75.0 lakhs in Q2 FY24
• PAT grew by 26% YoY to INR 338 Cr in Q3 FY24 Vs INR 269 Cr in Q3 FY23 and INR 338 Cr in Q2 FY24
• Cash from Operations was INR 226 Cr in Q3 FY24, of this INR 137 Cr was spent towards ongoing capacity expansion projects & INR 97 Cr was paid as dividend; Net Cash4 as on Dec 31, 2023 stood at INR 1,295 Cr
• Bed occupancy in Q3 FY24 stood at 73% and OBD’s were lower by ~1% YoY
• ARPOB improved to INR 76.8k in Q3 FY24 vs. INR 66.8k in Q3 FY23 and 74.6K in Q2 FY24
• Free treatment provided to 36,695 patients in OPD and 1,249 patients in IPD from the economically weaker sections
• YoY growth in EBITDA was impacted due to movement in provision for doubtful debts, reversal of provision for Phantom Stock Plan in Q3 FY23, GST costs on variable fees and one-time litigation costs, with overall impact of ~INR 25 Cr on like-to-like basis
Link to Conf Call Transcript: 8d528467-3384-4cf8-b1e5-5175f5c4c037.pdf (bseindia.com)
Link to Q3 Presentation: 3c35594c-b44e-4a92-aedc-bda4ad8db4dc.pdf (bseindia.com)
@adminph2, @Administrator - Can a separate thread be created for Max Healthcare? or let me know the criteria for spinning a separate thread and will try to work on it.
But this is Max India forum, not healthcare.
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My apologies, but the Title is the old one when Max Healthcare was in the fold.
I did request the moderator in the last line, if this was not noticed. Refer to my older post on Max healthcare, reason why i end up here of that company. Max India - Demerger, Will sum of parts be greater than single entity - #94 by ashwind
Below average numbers as expected. They did not have much in inventory to sell the residences. Other business such as Care Homes and Care at homes are still small to make any impact in the overall performance.
Quarterly result link:
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Hi @ashwind , If possible, could you please make a separate thread for max healthcare. Looking forward to it.