Healthcare Network P&L Statement and Expansion Projects

2 MAX Healthcare Bed share Growth opportunity in existing facilities Optimising payor mix . 31.3% 29.2% 28.5%* 36.5% 34.2% 2.8% 5.0% 5.5% 2.0% 5.4% 63.8% 66.0% 65.8% 66.0% 58.1% FY20 FY21 FY22 FY23 H1 FY24* Institutional International Self Pay, TPA and Corporate • Push for reduction in institutional business in order to cater to demand from preferred channels, driven by - Steady pace of organic growth in Self Pay, TPA and corporate channels, and Growth in International medical tourism, post resumption of regular international travel Increase in upcountry footfalls consequent to improved connectivity Given that ARPOB for institutional business is ~40% lower than other channels, its replacement has the potential to unlock incremental 300-400 bps in EBITDA margins *In H1 FY24, we added 122 beds at Max Super Speciality Hospital, Shalimar Bagh and decided to ramp up occupancy on some of these beds with institutional patients. Excluding this hospital, the institutional bed share for H1 FY24 dropped to 26.4%. 15

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