Healthcare Network P&L Statement and Expansion Projects

MAX Dominant presence in the most attractive markets (1/2) Healthcare Low bed density, higher per capita income, higher ARPOB and rising insurance penetration make Delhi and Mumbai attractive avenues for growth High demand-supply gap in Delhi NCR & Mumbai... Total beds per '000 population ...coupled with rising insurance penetration 37% Health insurance Gross Premiums (INR in Bn) 1.9 Delhi NCR 602 4.3 3.8 3.6 20% 517 3.3 CAGR 399 3.0 350 27% 738 252 306 518 562 207 434 355 294 232 19 62 80 113 98 86 122 FY16 FY17 FY18 FY19 FY20 FY21 FY22 Mumbai Chennai Bengaluru Hyderabad Govt. sponsored Group Individual Health insurance penetration WHO recommendation Higher proportion of beds in these cities positions MHC for industry leading ARPOB on an aggregate basis 62 52 30 37 • ARPOB¹ 67 54 35 (INR '000) 82% 76% 72% % of bed 58% 39% metro cities 22% capacity in key • MHC has ~2,900 beds in Delhi NCR & Mumbai - highest proportion compared to peers Large metros have inherent advantages: High per capita income, high insurance penetration and propensity to pay for high end quaternary care facilities - Availability of senior/ statured clinical talent leading to metros becoming regional hubs - Max Healthcare Fortis Narayana Apollo KIMS (Hospital Health Hospitals Hospitals business) (India) Aster Hospital (India) Higher health awareness (1) ARPOB for FY23 (excl. Covid-19 vaccination revenues); Apollo's revenue has been grossed up for adjustment of doctor fees as per the disclosures in the last annual report of FY23 Source: CRISIL research, IRDAI and company websites/presentations

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