Max India Ltd

- Currently, Max India Limited is well-funded and does not have any immediate plans for capital raising. - Rajit Mehta mentioned that the company could consider raising capital in the future as scale-up and growth progress, but no confirmation has been made yet. - No specific details were provided on timelines or amounts for any future debt or equity fundraising. - The INR 330 crores approved infusion is internal allocation mainly for Antara Assisted Care and residential vertical, not an external fundraising.

- Approved capex of INR 330 crores allocated primarily to Antara Assisted Care and residential verticals. - INR 180 crores earmarked for Antara Assisted Care and related businesses including Care Homes and AGEasy. - INR 150 crores allocated to residential projects such as new communities in Gurgaon and Bengaluru. - Investment focus on expanding bed capacity with ~600 new beds expected next year (Gurgaon, Bengaluru, Noida, Chennai, Whitefield). - Significant investment in human capital, marketing, and technology platforms for scaling up businesses like AGEasy. - Ongoing launches: Gurgaon intergenerational project (0.72 million sq. ft., 292 units) in Q2 FY25 and Bengaluru project (1.08 million sq. ft., 544 units) expected in Q4 FY25. - Further development of physical infrastructure and specialized teams for multiple disease conditions. - Potential future capital raise possible as scale-up progresses, but not planned currently.

- FY25 outlook: Strong double-digit growth expected in Care at Home segment due to deeper market penetration in Bengaluru, Chennai, and NCR. - Care Homes: Planned significant expansion with 600 beds operational by FY25 year-end, including launches in Bengaluru (Bannerghatta), Noida, Gurgaon, and Whitefield. - AGEasy platform: Rapid growth with ARR of INR 6 crores within 6 months; expects further scale-up and improved contribution margins. - MedCare: Continues strong growth driven by product customization and expanded offline and online channels, including Amazon, contributing to 100% YoY revenue growth. - Assisted Living Communities: New projects in Gurugram and Bengaluru with expected launches in FY25; targeting 1.5 million sq ft development annually for next 3-4 years. - Overall: Expansion phase with upfront investments; management confident growth and margin improvement will manifest by years 3-4 as scale increases.

- FY24 saw strong revenue growth across verticals; however, consolidated EBITDA showed a loss of INR 34 crores due to expansion and scale-up investments. - Expansion year in FY25: Plans to add ~600 care home beds, launch new communities in Gurgaon and Bengaluru, and expand Care at Home in NCR, Bengaluru, Chennai. - Expected occupancy ramp-up in care homes (targeting 70-75%) could lead to contribution margins of around 23-24%. - MedCare and AGEasy are scaling up with significant revenue growth (MedCare 100% YoY, AGEasy with INR 6 cr ARR within 6 months). - Marketing spends remain elevated (~7-8%) to support growth and brand building. - No immediate capital raise planned but possible as scale-up continues. - Profitability expected to improve by years 3-4 as expansions mature, backed by scalable unit economics seen in Gurgaon Care Home. - Focus on operational efficiency and high-margin services to sustain growth and margins.

- The company is actively expanding its orderbook with multiple projects under various stages: - Gurugram community: Prelaunch activities ongoing; RERA approval application submitted; 0.72 million sq ft senior living with 292 apartments; expected launch in Q2 FY25. - Bengaluru community: Definitive agreements closed; financial closure pending; 1.08 million sq ft development with 544 units; expected launch in Q4 FY25. - Additional projects: Advanced discussions underway for Hyderabad, Chandigarh, and other geographies. - Care Homes expansion: - 600 beds targeted by FY25 year-end. - Current beds under fit-out: 83 beds in Bengaluru (Bannerghatta), 53 beds in Noida, 98 beds in Gurgaon, and 85 beds in Whitefield (LOIs signed, construction RFPs out). - Antara Assisted Care expects to add 225 beds across locations by Q2 FY25 and Q3 FY25, indicating a strong pipeline of operational assets ready to launch.