Healthcare Network P&L Statement and Expansion Projects

4 MAX Healthcare Develop asset light adjacencies: Max Lab - Non-captive pathology SBU Organised diagnostics players to grow faster than overall Diagnostic Industry India Diagnostic market to see steady growth (INR Bn) 11% CAGR 684 710 596 472 13-14% CAGR 1,360 FY17 FY18 FY20 Source: Axis Capital, Investec reports Net revenue (INR Cr) Indian Diagnostic Industry mix by type of providers Multi-regional chains Standalone 46% 6% 11% Regional chains Operational footprint (as of Sept. 30, 2023) 435+ Partner-run collection centres FY21 FY26E 37% Hospital based Shift to organised diagnostics centers driven by preference for higher quality and brands Investing for growth, 68% CAGR since FY17 EBITDA (INR Cr) 23 Company owned collection centres (CoCC) ~170 Phlebotomist At Site (PAS) 275+ Pick-Up Points (PUPS) 112 5.0 104 50 12.4% 15% 4 4.3% 44 +68% 32 72 3.0 1% 4.7 5% 66 1 1.0 1.4 HLMs & OLMS 0.3 41 27 108 -0.1 -5% -0.9 -1.0 -2.0 24 72 71 -3.1% -0.5% -15% 13 39 -3.0 -7.9% 36 5 -5.0 -25% FY17 FY18 FY19 FY20 FY21 FY22 FY23 H1 Q1 Q2 Q3 Q4 Q1 Q2 Cities of operations FY24 FY23 FY23 FY23 FY23 FY24 FY24 Non-COVID COVID-19 EBITDA EBITDA margin (%) Note: COVID-19 and related tests include RTPCR, Antigen, Antibody, CBNAAT, IL-6, D-Dimer, Ferritin, CRP, LDH, Procalcitonin Margin computed on net revenue, using arm length revenue share between Max Lab and hospitals (60:40 from FY23 onwards) for samples tested in hospital labs * 1,000+ Active Partners 19

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