Max India - Business updates on Senior Care business

Max India is the holding company of the Max Group's Senior Care business. Antara - an integrated service provider for all senior care needs - operates its across two lines of businesses, namely Antara Senior Living (Residences for Seniors) and Antara Assisted Care services (Care Homes, Care at Home, and MedCare Products). The company continues to be well-capitalized with a treasury corpus of Rs 410 crore as on March 31, 2022, and other monetizable assets of Rs 160 crore to support the Max India's Capital Reduction Scheme (Rs 92 Cr) and fuel Antara's growth plans.

The Company's business update for the fourth quarter and full year ended March 31, 2022, based on a limited review by the Management Team is as follows:

• Antara's Noida community in Sector 150 reported cumulative sales of 249 units of the total 340 apartments in Phase-I and total collection of Rs 82 crore. In Q4FY22, the project clocked sales of 36 units, achieving a monthly sales velocity of 12 units and monthly sales collection of more than Rs 5 crore. The average sales realization per sq. ft. improved from ~Rs. 7,150 per sq ft in Q4FY21 to ~Rs. 7,800 per sq ft in Q4FY22 due to price increase. To securitize seamless construction activity at the Noida community, Rs 75 crore term loan facility was secured from ABFL in March 2022. The construction of the Noida community is in full swing and is expected to be completed on time by early 2025.
• Antara's Dehradun community achieved 91% sales of the total inventory, with 179 apartments being sold amounting to a collection of more than Rs 510 crore as of Q4FY22. The facility achieved monthly sales velocity of over 3 units and monthly sales collection of Rs 8 crore in Q4FY22 and prepaid its entire project debt in March 2022 resulting Dehradun to be cash and PBT positive for FY22.
• Antara Assisted Care Services launched two new 10-bedded Care Home facilities at Gurugram and Jasola in New Delhi under the operator model in Q4FY22. During FY22, ~6,200 patients were served, and the Care Homes network increased from 2 to 4 facilities. The bed capacity increased from 70 to 89 beds making us the largest service provider in this category in Delhi-NCR. In addition, Antara Assisted Care Services launched 16 products and services in the Care at Home vertical and ~1,100 SKUs in the MedCare vertical.
• The Care Home vertical average occupancy improved from 10% in FY21 to 24% in FY22. In Q4, average occupancy improved from 12% in Q4FY21 to 28% in Q4FY22.
• The gross revenue of Antara Assisted Care grew ~4x from Rs 5 crore in FY21 to Rs 19 crore in FY22
• The Gross Revenue from Care Homes grew ~5x to Rs 5.6 crore in FY22 from Rs 1.1 crore in FY21.
• The Gross Revenue from Care at Home grew ~3x to Rs 10 crore in FY22 from Rs 3 crore in FY21.
• The Gross Revenue from MedCare Products grew ~4x to Rs 4 crore in FY22 from Rs 1 crore in FY21.
• Further, Antara Assisted Care Services is the youngest organization to receive QAI accreditation for its Care at Home vertical.

The Company will continue to provide the above update on a periodic basis.

Shares of Max India Limited was last trading in BSE at Rs. 76.00 as compared to the previous close of Rs. 76.35. The total number of shares traded during the day was 3827 in over 110 trades.

The stock hit an intraday high of Rs. 76.75 and intraday low of 75.45. The net turnover during the day was Rs. 291950.00.

Source : Equity Bulls

Keywords

MaxIndia INE0CG601016 SeniorCareBusiness BusinessUpdate Q4FY22