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% 26.8% Received shareholder approval in Q1FY20 EBITDA (INR Cr) 348 590 H1FY22 EBITDA of ~INR 722 Cr more than FY21 full year EBITDA of INR 636 Cr 362 360 253 263 59 25 143 301 337 -22 FY19 FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Covid-19 vaccination & related antibody tests EBITDA Sharp recovery driven by: Q2FY22 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 • Normalisation of non-covid IPD admissions and OPD footfalls in Q2 FY22 • New structural cost initiatives worth ~INR 108 Cr were implemented with ~INR 73 Cr flowing in EBITDA in FY21 • Full year impact on FY21 EBITDA of the initiatives implemented in FY20, amounting to ~INR 80 Cr 25

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