Max India's Antara Residences for Seniors Noida project Phase I of 340 apartments - sold out 100%

Max India Ltd has given an update on the following key business metrics of the Company on a Consolidated basis for the fourth quarter and financial year ended March 31, 2023.

Max India is the holding company of the Max Group's Senior Care business. Antara - an integrated service provider for all senior care needs operates two main business verticals, namely Antara Senior Living (Residences for Seniors) and Antara Assisted Care services (Care Homes, Care at Home, and MedCare Products). The company continues to be well-capitalized with a treasury corpus of Rs 290 crore as on March 31, 2023, and other monetizable assets of Rs 160 crore to support Antara's growth plans.

The Company's business update for the fourth quarter and full year ended March 31, 2023, based on a limited review by the Management Team is as follows:

- Antara's Dehradun community - achieved 98% sales of the total inventory, with 193 apartments being sold amounting to a collection of ~ Rs 638 crore as of FY23 end with an annual sales collection of Rs 128 Cr in FY23. The facility achieved monthly sales velocity of over 1.2 units and monthly sales collection of Rs 11 crore in FY23. The average sales realization per sq. ft. improved by 14% from ~Rs. 13,000 per sq ft in Q4FY22 to ~Rs. 14,800 per sq ft in Q4FY23 due to price increase and less discounts. The entire project debt was prepaid in Jun'22 and continues to be cash and PBT positive for FY23. Net surplus cash ~Rs 80 Cr as on Mar'23.

- Antara's Noida community in Sector 150 reported cumulative sales of 340 units, 100% of Phase-I inventory sold and total collection of Rs 252 crore end with an annual sales collection of Rs 171 Cr in FY23. In FY23, the project clocked sales of 91 units, achieving a monthly sales velocity of 8 units and monthly sales collection of more than Rs 14 crore. The average sales realization per sq. ft. improved by 25% from ~Rs. 7,800 per sq ft in Q4FY22 to ~Rs. 9,800 per sq ft in Q4FY23 due to price increase. To securitize seamless construction activity at the Noida community, Rs 75 crore term loan facility was secured from ABFL in Mar'22, out of which Rs 40 Cr was drawn till Mar'22. During FY23, the company has prepaid Rs 18 Cr term loan facility and the outstanding amount is ~Rs 22 Cr as of Mar'23. The construction of the Noida community is in full swing. 28th/26th/26th floor completed in R1/R2/R3 respectively and expect to hand over possession as per commitment by early 2025. In very advanced stages of discussions for our future projects at Gurugram & Bengaluru and also aggressively scouting opportunities in Pune and other geographies.

- During FY23, ~ 7,650 patients were served by the organization, and it launched one of its kind Memory Care Homes in Delhi NCR in addition to increasing Care Homes network from 4 to 6 facilities. The bed capacity increased 71% from 89 in FY22 to 152 in FY23, making us the largest service provider in this category in Delhi-NCR. During Q2FY23 63 beds added, 36 beds in memory care, 13 beds were added in Gurugram care home near Medanta hospital and 14 beds in Dwarka care home near Manipal hospital. We have also expanded our hospital and clinician tie ups expanded to Max Health Care, Narayana, Manipal Dwarka and 1000+ plus engagements held with health care clinical professionals in FY23. In addition, launch of private label products like wheelchair, walkers and commode chairs was done during the year. These products are available in retail channel as well on all major e-commerce platforms (Amazon, Flipkart and Tata 1mg).

The gross revenue of Antara Assisted Care Services grew 48%^ in FY23.

- Care Homes: Gross Revenue grew 55% in FY23 and 16% in Q4FY23
- Care at Home: Gross Revenue grew 16%^ in FY23 and 27% in Q4FY23
- MedCare: Gross Revenue grew 1.3x^ in FY23 and 2.7x in Q4FY23

^ excluding covid led revenue from Q1FY22

The Company will continue to provide the above update on a periodic basis.

Shares of Max India Limited was last trading in BSE at Rs. 86.25 as compared to the previous close of Rs. 84.91. The total number of shares traded during the day was 3853 in over 101 trades.

The stock hit an intraday high of Rs. 86.87 and intraday low of 83.35. The net turnover during the day was Rs. 328959.00.

Source : Equity Bulls

Keywords

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