Max India Limited (Max India), the holding company of Antara Senior Living Limited (Antara) and a joint venture partner in Max Healthcare Limited (MHC), today announced its financial results for the third quarter of the financial year 2019-20 (Q3FY20).
Max Healthcare reported 9MFY2020 revenues of Rs 2,216 Crore, growing 12 per cent, while its EBITDA saw a robust increase of 103 per cent to Rs 320 Crore.
In Q3FY2020, MHC reported revenues of Rs 749 Crore, showing a growth of 12 per cent while its EBITDA for this period was Rs 121 Crore, growing 92 per cent.
MHC saw a healthy expansion in margins to an all-time high of ~16 per cent making it the fifth consecutive quarter of margin expansion.
Key Financial Highlights (9MFY2020):- Max Healthcare Network Net revenue grows 12 per cent to Rs 2,216 Crore.- Max Healthcare Network reports EBITDA growth of 103 per cent at Rs 320 Crore.
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In December 2019, Max India completed the divestment of its 51 per cent stake in Max Bupa Health Insurance to leading Private Equity firm True North. As a result of this transaction, Max India has a strong treasury corpus of over Rs 500 Crore for its future plans.
Max India's wholly-owned subsidiary Antara Senior Living reported total collections of Rs 332 Crore from its Dehradun facility and has sold 123 units till date.
Antara launched its second community in Noida on January 15, 2020 with an emphasis on an urban lifestyle for seniors. Located just off the Noida Expressway, as a part of an upcoming Golfing Community in Sector 150, the first phase of Antara Noida is spread across approximately 4 acres with over 300 apartments.
The community offers Senior-specific design features, focuses on holistic wellbeing, has primary healthcare services with emergency response teams, and boasts of a world-class expansive club as well. It will promote and facilitate an active and engaging lifestyle with curated resident engagement programs.
The second community is an integral part of Antara's strategic shift towards creating an integrated eco-system to address the life care and lifestyle needs of seniors. Antara is evaluating various asset-light models to launch other senior care formats.
Commenting on the financial performance and developments in Q3FY2020, Mohit Talwar, Vice-Chairman, Max Group and Managing Director, Max India Limited, said, "This financial year has truly been one of performance revival for Max India, with Max Healthcare showing robust growth in its revenue and EBITDA. I am also happy to announce that our 100 per cent subsidiary Antara Senior Living has expanded its horizons to become a broad-based senior living player, catering to all needs of the 55 and above population segment."
"With the Noida launch, it will offer the perfect blend of lifecare and urban lifestyle. We now remain committed to utilizing the proceeds from Max Bupa's divestment to reward shareholders and to support Antara in its upcoming endeavors," he added.
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