Healthcare Network P&L Statement and Expansion Projects

3 MAX Strong track record of successful acquisitions Healthcare • • Management team has done multiple successful acquisitions including BLK, Nanavati and Max Healthcare Adequate headroom driven by strong free cash flows and low leverage to pursue M&A even after spend on brownfield and greenfield expansions FY23 FY22 FY21 FY20 FY19 348 590 Case study on Max acquisition and turnaround EBITDA* (INR Cr) 636 Merger of Max Healthcare and Radiant effective from June 2020 Demonstrated EBITDA margins of 19.2% in Q4 (excl. last 10 days of March due to COVID) 1,305 EBITDA ROCE* Margin 1,636 27.7% 33.1% 26.2% 28.8% 17.5% 14.3% 14.7% 11.1% 9.7% 5.4% Performance improvement from FY19 to FY23 largely driven by: • ~INR 330 Cr impact on EBITDA driven by structural cost initiatives as well as merger synergies, with ~INR 140 Cr flowing in EBITDA in FY20, ~INR 73 Cr flowing in EBITDA in FY21 and balance in FY22 Significant growth in high-end tertiary and quaternary procedures with hiring of new senior clinical teams and deployment of latest medical technology across our Network, including 17 robotic systems *Combined performance of Max Healthcare and Radiant; Excludes COVID-19 vaccination & related antibody tests EBITDA 18

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