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Investor Presentaiton

6 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 considering brownfield and greenfield expansions Case study on Max acquisition and turnaround EBITDA Margin 9.7% 14.7% (3.9%) 16.2% 23.2% 24.1% 27.2% Received shareholder approval in Q1FY20 590 348 EBITDA (INR Cr) • Q1FY22 EBITDA of ~INR 360 Cr more than FY19 full year combined EBITDA of MHC and Radiant of ~INR 348 Cr 360 253 263 143 -22 FY19 FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Performance improvement driven by: • ~INR 220 Cr worth of initiatives implemented with ~INR 140 Cr flowing in EBITDA in FY20 • Increased high-end tertiary and quaternary procedures with hiring of new senior clinical teams Sharp recovery driven by: • 8% revenue growth in H2, post lifting of lockdown • Full year impact on FY21 EBITDA of the initiatives implemented in FY20, amounting to ~INR 80 Cr • New structural cost initiatives worth ~INR 108 Cr were implemented with ~INR 73 Cr flowing in EBITDA in FY21 24

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