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INDIAN ECONOMIC OUTLOOK

During the past three years, the global economy has faced significant upheavals, resulting in three major shocks. The initial shock occurred in 2020 with the onset of the COVID-19 pandemic. Two years later, as the global economy was in the process of recovering from the pandemic-induced downturn, a new challenge emerged in February 2022—the Russia-Ukraine conflict. This conflict led to a sudden surge in commodity prices, exacerbating already high inflationary pressures and causing disruptions in supply chains. The third challenge materialized when global central banks implemented monetary tightening measures to combat inflation, consequently slowing down economic growth.

The Indian Government on its part pursued a strategy to spur growth and presented a growth-oriented, non-inflationary budget with a focus on capital expenditure and job creation. The government adhered to the fiscal glide path of achieving a 4.5% fiscal deficit in FY26, thereby ensuring commitment towards long-term macro-stability.

India is expected to be one of the worlds fastest growing major economies in 2023 as well. According to the International Monetary Fund (IMF), Indias GDP is expected to grow by 6.9% in 2023 encouraging and attracting foreign investment. Post pandemic, the economy has only grown with gradual uptick in manufacturing and consumption.

India is the 6th largest economy in the world by nominal GDP and the 3rd largest by purchasing power parity (PPP). The countrys economy has undergone major changes in recent years due to the shift to a service-oriented economy and increased integration with the global economy. The Indian economy is characterized by a large labour force, an important agricultural sector, and a rapidly growing service sector. The services sector accounts for a significant portion of the countrys GDP, along with important industries such as information technology, financial services, and healthcare.

As we move into a new fiscal year, India remains on the cusp of unlocking growth, with recovery expected in agriculture, manufacturing, and service sectors. Government policies, including Production-Linked Incentives (PLI), indigenization of defence manufacturing and a focus on capital expenditure with infrastructure creation (roads, railways, irrigation), are expected to boost future growth. India has also followed a prudent monetary policy and RBIs commitment to contain inflation will help ensure macro-stability and lead to more sustainable and inclusive growth over the medium term.

SENIOR LIVING INDUSTRY OUTLOOK

The senior living industry in India is a rapidly growing sector that caters to the housing and care needs of the aging population. As the countrys demographics shift with an increasing number of elderly individuals, there is a growing demand for specialized senior living communities and services. Senior living, as an

The Indian economy is characterized by a large labor force, an important agricultural sector, and a rapidly growing service sector. The services sector accounts for a significant portion of the countrys GDP, along with important industries such as information technology, financial services, and healthcare. industry category, is witnessing a rapid growth with the existing players trying to step up and develop high-value products to take on the competition of new players in the segment.

The key factors driving the senior living market include, but are not limited to, the increasing percentage of seniors in the population, rise in life expectancy, rise in adoption of nuclear family structures, growing disease burden, and a shift in seniors mindsets especially post-Covid wherein a larger cohort of financially independent and educated senior citizens want to enjoy a blend of lifecare and lifestyle products/services.

Of the 20,000 senior living units in India, about 55% are operational, while the rest are in various stages of construction. The demand – pegged at about 240,000 units – is almost 12 times the available capacity. There is greater acceptability of senior living concepts in southern India followed by west and north regions. Bengaluru, Chennai, Puducherry, Coimbatore and Hyderabad are some of the most preferred cities for post-retirement settlement followed by Delhi-NCR, Chandigarh and Dehradun which are popular cities to settle in north India.

The senior living industry in India is still evolving and maturing compared to more developed markets. However, there is a growing awareness of the need for specialized senior care services, and both domestic and international companies are investing in the sector. New entrants are also coming up with new models of tech based remote care/emergency support services, assisted living, portals for second innings employment opportunities and online communities based on interests/hobbies. Some state governments have also started to formulate some policies to facilitate entrepreneurship in this sector. As the demand for senior care options continue to rise, it is expected that the industry will witness further growth and innovation in the coming years.

ABOUT THE COMPANY

Max India Limited is the holding company of Max Groups Senior Care business i.e. Antara Senior Living Limited (Residences for Seniors) and Antara Assisted Care Services Limited (Care Homes, Care at Home and MedCare). Max Indias investors list includes: Habrok Capital, TVF, Nomura, New York Life, Ullhas Paymaster and Porinju Veliyath.

Its philosophy is an extension of the Max Groups fundamentals of sevabhav, credibility and excellence.

In 2013, Antara launched its first residential community in Dehradun comprising 197 apartments spread across 14 acres of land and 193 units have been sold as of Mar23 end. Its a vibrant community of over 125 seniors enjoying Antaras comprehensive services in a safe, secure, calm, and serene environment., This is reflected in the high resident satisfaction scores which consistently have been 90%+. In 2020, Antara launched its second community in Sector-150, Noida. With 340 apartments in its first phase of development, 100% of the inventory has been sold as of Mar23. Catering to the social, recreational, educational, wellness, and health-related needs of seniors, this community is expected to be ready for possession by 2025. Antaras Assisted Care Services include ‘Care Homes, ‘Care at Home and ‘MedCare products. This line of business caters to seniors, who need more immersive interventions in their daily lives due to medical or age-related issues. Starting with its first facility in Gurugram, Antara has now 152 beds across Delhi-NCR and is now the largest provider in this space. The Care Homes provide long-term care to seniors who require constant care and supervision, and short-term care services for the recuperation of seniors.

Antara 3.0s strategic shift towards becoming an integrated service provider for all senior care needs will allow it to cater comprehensively to the evolving requirements and aspirations of seniors through a blend of lifecare and lifestyle offerings, delivering a complete and seamless experience.

CORPORATE DEVELOPMENTS

Following the receipt of NCLTs approval, the process relating to reduction of capital was completed in August 2022. Eligible shareholders (other than promoters and promoter group) whose shares were accepted for cancellation, were paid the consideration of Rs.85/- per share cancelled. Post effectiveness of the Scheme of reduction of capital, the shareholding of the promoters has increased from 40.9% to 51.1%, without acquisition of any shares.

FINANCIAL HIGHLIGHTS

Max India is the holding company of the Groups Senior Care business. Antara – an integrated service provider for all senior care needs – operates two main business verticals, Residences for seniors under a wholly owned subsidiary namely Antara Senior Living (Residences for Seniors) and all services under another wholly owned subsidiary Antara Assisted Care services (Care Homes, Care at Home, and MedCare Products).

On a consolidated basis, the growth story is visible in the by improved financial results. Our revenues, after adjustment for one-offs incomes like sale of land, Covid and Max Skill revenue in FY 2022, went up by 16% to Rs.213 crore in FY 2023. Our consolidated EBITDA improved to Rs.12 crore in FY 2023 from a loss of Rs.1 crore in FY 2022. The company continues to be well-capitalized with a treasury and other monetizable assets (represented by Max Towers and Greater Noida Land parcel), standing at a healthy number of Rs.530 crore as of Mar23 which includes a significant treasury of ~ Rs.80 crores in Antara Purukul Senior Living Limited from lease of apartments. Strong Balance sheet position with Consolidated Net worth ~ Rs.542 crore as of Mar23 end.

The key financial ratios of MIL for FY 2023 with comparatives for FY 2022 are covered under the notes to standalone financial statements, forming part of this Annual Report.

BUSINESSWISE OVERVIEW:

Antaras Dehradun community - achieved 98% sales of the total inventory, with 193 apartments being sold amounting to a collection of ~ Rs.638 crore as of FY 2023 end, with an annual sales collection of Rs.128 crore in FY 2023 and a monthly sales collection of Rs.11 crore. The facility achieved annual sales of 14 units with monthly sales velocity of over 1.2 units in FY 2023. 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 Jun22 and the community continue to be cash and PBT positive for FY 2023. Net surplus cash ~Rs.80 crore as of Mar23. Antaras 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.170 crore in FY 2023 despite 20% price hike in last year and 50% increase from the launch price to mitigate the impact of rising material costs. In FY 2023, 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 with a collection efficiency ~ 97%. 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 Mar22, out of which Rs.40 crore was drawn till Mar22. During FY 2023, the company has prepaid Rs.18 crore term loan facility, and the outstanding amount is

~Rs.22 crore as of Mar23. The construction of the Noida community is in full swing, 29th/27th/27th floor completed in R1/R2/R3 respectively and expected to hand over possession as per commitment, by early 2025. Launch of Noida phase 2 initiated, RERA application filed in May 2023, liaison for NOIDA and RERA approvals in process.

In very advanced stages of discussions for our future projects, preliminary key terms have been agreed for development of residences for seniors at Gurugram and Bengaluru, diligence, and further negotiations for definitive agreements are in progress. We are also aggressively scouting opportunities in other geographies like Pune, Goa, Chandigarh etc.

Antara Assisted Care Services Limited (AACSL): During FY 2023, launched one of its kind Memory Care Homes in Gurugram in addition to increasing its Care Homes network from 4 to 6 facilities. The bed capacity increased by 71% from 89 in FY 2022 to 152 in FY 2023, making us the largest service provider in this category in Delhi-NCR. During Q2FY23, 63 beds were 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 to Max Health Care, Narayana Hrudayalaya, Manipal Dwarka, Paras Hospital and 1,000 plus engagements were held with health care professionals in FY 2023. In addition, launch of private label products like wheelchairs, 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), already sold about 125-plus Antara-branded wheelchairs through offline and online channels since launch.

Overall net revenue of AACSL grew 42% to Rs.16 crore in FY 2023 from Rs.11.4 crore (excluding covid revenue) in FY 2022.

Care Homes net revenue increased by 50% to Rs.6.6 crore in FY 2023 from Rs.4.4 crore in FY 2022

Care at Home, net revenue increased by 18% to Rs.6.1 crore in FY 2023 from Rs.5.1 crore (excluding

Max India remained steadfast in its focus on building effective corporate governance, a diverse work culture and a pipeline of talented and motivated individuals. This was primarily done through innovative methods of employee learning and development. covid revenue) in FY 2022

MedCare, net revenue increase by 86% to Rs.3.5 crore in FY 2023 from Rs.1.9 crore (excluding covid revenue) in FY 2022

Gurugram Care Home proof of success established with contribution margins steadily improving from (-)25% to ~ 13% in the last eight quarters. The occupancy has ramped up from 34% in FY 2022 to 56% in FY 2023 for Gurugram and revenue also grew by 56% to Rs.3.7 crore in FY 2023 and that is a great vindication of the business model and unit economics.

HUMAN RESOURCES

The number of permanent employees in Max India as on March 31, 2023, was 19.

Max India remained steadfast in its focus on building effective corporate governance, a diverse work culture and a pipeline of talented and motivated individuals. This was primarily done through innovative methods of employee learning and development.

Some of these efforts include multiple talent management interventions, in-house training programs as well as sponsoring employees to attend external training and career development programs for improving their functional and managerial effectiveness.

The Company also maintains a fluid and agile organizational structure that allows for effective communication channels to ensure alignment to common business goals and strategy.

OUTLOOK

The senior living industry, despite being in its early stages in India, has seen the entry of many players in recent years. Therefore, it is likely to become highly competitive in the short to medium term. Antara competes with numerous other companies with similar offerings and in general, barriers to competitive entry are not very high and new market entrants are expected to continue to enter the segment. Though Antara is uniquely placed to offer an integrated care eco system for seniors given Max groups legacy of Healthcare, Infrastructure, and hospitality.

As per a 2019 estimate by global consulting firm McKinsey & Co., 17% of the seniors in India are living alone as the ratio of care givers to seniors is very low. The largest spend done by elders is on healthcare – a household comprising seniors spends three-four times more than the households with a younger age profile. Among senior citizens, 5% suffer with dementia, 7% are immobile in urban areas and 30% need dedicated post-operative care. Unfortunately, the incidence of loneliness in seniors is growing with, one in every two senior citizens suffering from loneliness.

An ageing population, along with a growing middle class and enhanced life expectancy, will boost the demand for allied health care services in India, which is expected to gravitate towards wellness and preventive services. Additionally, an increase in the prevalence of lifestyle or chronic diseases, coupled with higher purchasing capacity, will enhance the demand for specialized senior care.

The advantage of home healthcare over the conventional models of care such as hospitals and nursing homes is that it saves on costs of real estate and infrastructure. Effectively, the home healthcare model operates at 15%-30% reduced costs in comparison with hospital expenses for similar care.

It is estimated home healthcare has the potential to replace up to 65% of the unnecessary/less serious hospital visits in India thereby reducing the overall hospital costs by 20%. In 2020, the Indian home health care market was valued at approximately $6.2 billion. It is expected to grow at a CAGR of 19.2% and reach $21.3 billion by 2027.

Lastly, medical devices represent a sunrise sector of the burgeoning Indian economy. With relatively lower barriers to entry compared with other industries and sectors, the size of the Indian medical devices market is estimated at $11 billion, which is expected to grow to $50 billion by 2025. The existing trend of growth in the medical devices sector shows a steady rise at a CAGR of 15% over the last three years. Currently, India is the 4th largest medical devices market in Asia after Japan, China, and South Korea. Globally, it features among the top 20 markets.

Currently, India has a population of 120 million that is already 60 years and above in age. It is the fastest-growing age segment and will comprise 10% of total population in India by 2025, observes a 2019 report on senior care assessment and team analysis.

MIL has taken a major step towards transforming the organization with Antara 3.0, which plans to build 8 to 10 communities and residences for seniors and about 2000+ beds of Care Home, Memory Care Homes across North, West, and South clusters in the next five years to create a complete ecosystem for senior. An integrated plan is the way forward to leverage the untapped potential of the senior care industry. Further, it is also exploring possibilities to build digital assets to service senior specific needs and white labelling of medical equipment to improve margins.

INTRODUCTION

Antara is a brand that was conceptualized in 2010 with the aim of becoming the most admired brand for seniors and their families. The inspiration for Antara came from its parent group, Max, and its values of ‘sevabhav (service-oriented nature), credibility, and excellence.

The name Antara is derived from the Sanskrit word meaning ‘the difference, signifying the brands commitment to make a difference in the lives of seniors and enhancing their quality of life. The logo of Antara features three mandalas, representing the mind, body, and soul, symbolizing harmony in the cosmos.

Antara strives to provide seniors with a new beginning in a hassle-free life, surrounded by a caring and expert team that ensures their care, safety, and security. The goal is to create an environment where seniors can reflect, reconnect with themselves, and enjoy the company of like-minded individuals.

The offerings provided by Antara are carefully designed to address the evolving social fabric of society, the challenges of coordinating medical assistance, and the lack of personalized care. The brands value proposition revolves around trust-based care for senior citizens, built on six pillars of wellness: Physical, Holistic, Social & Emotional, Intellectual & Occupational, Environmental, and Spiritual.

Drawing on its unique heritage in healthcare, insurance, hospitality, and real estate, Antara aims to create a platform that offers a range of lifecare, lifestyle, and hospitality services tailored to improve and enrich the lives of seniors.

Antaras vision is to become the most loved and trusted brand for seniors and their families, focusing on helping seniors improve and enrich their quality of life. To achieve this vision, Antara is committed to understanding and responding to the evolving needs and desires of seniors through a comprehensive and seamless blend of lifecare and lifestyle offerings.

Recognizing the changing social landscape, the demands of modern life, and the challenges of medical care, Antara has evolved to launch Antara 3.0. This transformation involves creating a complete ecosystem for seniors. This includes geographical expansion, introduction of new business lines and establishing the already existing businesses. This financial year, Antara introduced Memory Care Homes, a holistic facility for Dementia Care. The spirit of ‘sevabhav remains at the core of all their offerings, ensuring a focus on service, and care for seniors and their families.

Antara Dehradun

Antara Purukul is the flagship project of Antara, situated on a sprawling 14-acre green landscape in Dehradun. It is a luxurious and fully integrated community designed to cater to the safety, wellness, and lifestyle needs of individuals aged 55 and above. The aim is to provide a better life for the residents of Antara through a combination of unique location, thoughtful design, curated community, and holistic well-being.

Antara Dehradun Community Operations offers a wide range of services to its residents. These services include tailor-made engagement activities, nutritionally assisted cuisine, proactive and preventive health/wellness activities, resident concierge services, safety and security measures, housekeeping, IT infrastructure and support, access to a gym, senior citizen-friendly architecture, an all-weather pool, therapies, and a salon. To ensure the well-being of the residents, Antara Dehradun has a dedicated team of more than 180 members who take care of their needs.

The focus of Antara Purukul is to create an environment that promotes a high quality of life for seniors. The community offers various amenities and services to enhance their well-being and provide a comfortable and engaging lifestyle. From engaging activities to personalized healthcare support, Antara aims to cater to the unique needs and desires of its residents.

Antara Noida

Antara Noida is the second community launched by Antara, located in Sector 150, Noida. Drawing from the learnings of the Dehradun community, Antara has curated a more efficient and competitively priced product for Noida while maintaining its vision of providing a high quality of life for residents. This approach is aligned with the Antara 2.0 vision of the past year.

Antara has partnered with Contend Builders for the development of Antara Noida. The project enjoys several unique advantages, including its location in one of the most promising and sought-after areas, proximity to the capital, well-connected roads, and fully finished residences at reasonable prices. The apartments at Antara Noida are designed with the specific needs of seniors in mind, featuring amenities such as panic alarm buttons, anti-skid tiles, wheelchair accessibility, broader doors and windows, and senior-friendly switch ergonomics.

Residents of Antara Noida will have access to round-the-clock medical assistance, emergency response systems, and all-day restaurants offering personalized and nutritionally curated special meals. The community aims to facilitate interactions among like-minded residents, while state-of-the-art club facilities will ensure they can stay healthy and active.

Antara Noida focuses on providing a new urban life experience for seniors, allowing them to live on their own terms while receiving continuous care. The apartments are designed to create a warm, comfortable, and refined atmosphere for the senior residents, ensuring their well-being and comfort.

ANTARA ASSISTED CARE

Antara Assisted Care Services plays a vital role in Antaras overall strategy, offering specialized and standardized care services to cater to the needs of senior communities. The challenges faced by seniors in accessing medical care have been amplified during the pandemic, especially with prolonged lockdowns.

Therefore, the launch of assisted care services was a crucial component of Antara 2.0 strategy.

In designing these services, Antara has placed emphasis on key factors such as customer needs, delivering a superior experience, achieving best clinical outcomes, ensuring resident safety, and offering competitive pricing. The development of this new line of business aligns with Antaras core values of ‘sevabhav (service-oriented nature), responsible actions, brilliance, and togetherness.

The goal of Antara Assisted Care Services is to provide comprehensive care for seniors, addressing their medical needs and ensuring their well-being. By focusing on customer needs and delivering high-quality experiences, Antara aims to create a positive impact on the lives of seniors and their families.

Through the launch of assisted care services, Antara demonstrates its commitment to enhancing the overall quality of life for seniors, delivering responsible and reliable care, and upholding its core values in all aspects of its operations.

The senior segment is experiencing significant growth in India, becoming the fastest-growing age segment in the country. Over the past six decades, it has grown more than fivefold. By 2025, the population of individuals aged 60 and above is projected to exceed 175 million, accounting for approximately 12% of the total population.

Care Homes: o Long term: basic health care and assisted services o Short term: solutions for clinical assistance and related services o Memory care home: clinical wellness solutions, mental stimulation activities and emergency support o Rehabilitation: rehabilitation for postoperative care and other physiotherapy services

Care at Home o Home critical care o Nursing care o Patient care giver o Physiotherapy o Pathology o X-Ray & ECG

MedCare o Bathroom accessories o Respiratory o Wheelchairs o Rehabilitation o Walking aids o Back & knee support o Ankle & foot support o Shoulder, wrist & elbow support o Wellness & lifestyle

INDUSTRY OUTLOOK

State of Seniors

The senior segment is experiencing significant growth in India, becoming the fastest-growing age segment in the country. Over the past six decades, it has grown more than fivefold. By 2025, the population of individuals aged 60 and above is projected to exceed 175 million, accounting for approximately 12% of the total population. This demographic shift necessitates the demand for services that are specifically tailored and curated for this segment.

With improvements in healthcare infrastructure, advancements in technology, and the availability of affordable medical aid, the current life expectancy of 67.5 years is expected to increase to 75.9 years by 2050. This extended lifespan, coupled with higher disposable income and increased productivity among seniors, has led to the acceleration of the global senior consumer market.

According to a report by the Confederation of Indian Industry (CII), the senior care industry in India is estimated to be worth over $10 billion across various value pools, including home healthcare, assisted living, community living, and products. The industry continues to experience double-digit growth as it caters to the evolving needs of seniors and their families.

Overall, the industry outlook for senior care in India is promising, driven by the growing senior population, increasing life expectancy, and the recognition of the need for specialized services and products tailored to the needs of seniors. The sector presents significant opportunities for innovation and investment as it continues to expand and evolve.

Senior Living Industry

The senior living industry in India is experiencing significant growth, with both existing and new players striving to develop high-value products to compete in the market. Several factors are driving this growth:

Increasing Age Group Population: The countrys aging population is on the rise, leading to a greater demand for senior living options. As life expectancy increases, more individuals are reaching retirement age and seeking suitable housing solutions.

Rise in Adoption of Nuclear Families: The trend of nuclear families, where elderly parents live separately from their adult children, is growing in India. This shift has created a need for specialized housing options that cater to the unique needs of seniors.

Financially Independent and Educated Senior Citizens: There is a larger cohort of financially independent and educated senior citizens in India. These individuals have higher expectations for their retirement lifestyle and are willing to invest in high-quality senior living facilities.

Currently, out of the 20,000 senior living units in India, approximately 55% are operational, while the rest are still under construction. The demand for senior living units is estimated to be around 240,000 units, indicating a significant gap between supply and demand. The cities in southern India, such as Bengaluru, Chennai, Puducherry, and Hyderabad, have a higher concentration of senior living products.

Growing Medical Needs: With advancing age, seniors often require specialized medical care and support. Senior living communities provide access to healthcare facilities and services tailored to the needs of older adults, which is a crucial factor driving the demand for such housing options.

Currently, out of the 20,000 senior living units in India, approximately 55% are operational, while the rest are still under construction. The demand for senior living units is estimated to be around 240,000 units, indicating a significant gap between supply and demand. The cities in southern India, such as Bengaluru, Chennai, Puducherry, and Hyderabad, have a higher concentration of senior living products. These cities offer improved connectivity and the presence of renowned healthcare providers, making them attractive destinations for post-retirement settlement. In addition, cities like Delhi-NCR, Chandigarh, and Dehradun in the northern region are also popular choices for seniors due to their amenities and connectivity.

Evolving need for Assisted Care Services

According to a McKinsey & Co. survey, 17% of seniors in India live alone due to a low ratio of caregivers to seniors. Healthcare is the largest expenditure for seniors, with households containing seniors spending three to four times more than households with a younger age profile. Several key statistics highlight the healthcare needs of senior citizens in India:

1) Dementia: Around 5% of senior citizens in India suffer from dementia, a neurodegenerative disorder that affects memory and cognitive abilities.

2) Mobility Issues: In urban areas, 7% of senior citizens are immobile, requiring assistance with mobility and daily activities.

3) Post-Operation Care: About 30% of senior citizens require dedicated post-operative care, indicating the need for specialized healthcare services.

4) Loneliness: One in every two senior citizens in India experiences loneliness, highlighting the importance of social connections and support for their well-being.

The aging population, growing middle class, and increased life expectancy in India will drive the demand for allied healthcare services. This demand is expected to focus on wellness and preventive services. The prevalence of lifestyle and chronic diseases, coupled with higher purchasing power, will also contribute to the need for specialized healthcare.

Home healthcare has advantages over traditional models of care like hospitals and nursing homes. It saves on real estate and infrastructure costs and operates at reduced expenses compared to hospital treatments, typically 15%-30% lower. Home healthcare has the potential to replace up to 65% of unnecessary or less serious hospital visits in India, resulting in a 20% reduction in overall hospital costs.

In 2020, the Indian home healthcare market was valued at approximately $6.2 billion. It is projected to grow at a compound annual growth rate (CAGR) of 19.2% and reach $21.3 billion by 2027. This growth reflects the increasing demand for home-based healthcare services in India.

BUSINESS PERFORMANCE: FY

In the year under review, Antara achieved the following results:

Rs.Rs.Sales/Revenue: Antara achieved promising results in FY 2023 with 14 net sales for Dehradun and 91 net sales for Noida. AACS recorded gross revenue of Rs.21.1 crore.

Rs.Rs.Collection: The net collections at the Antara achieved promising results in FY 2023 with ~128 cr. net collection for Dehradun and ~170 cr. net collection for Noida. Sales collection since inception totalled at ~638 cr. for the Dehradun residences, and ~252 cr. for the Noida residences.

Rs.Rs.Team Engagement Score: Antaras employee engagement score in FY 2023 stood at 91%. The top three areas of high scores were Purpose & Vision, Collaboration & teamwork and Values of Antara. The high engagement scores reflect positively upon the continuous team efforts towards the goal of building a workplace that is inclusive of diversity, is driven by strong ethics and commitment towards goals, and is constantly guided by high motivation levels.

BUSINESSWISE OVERVIEW:

Antara Purukul Senior Living Ltd (APSLL): Antara Dehradun continues its commitment on providing quality care to its residents and achieving financial sustainability to the business. Re-packaging of products and rendering of high-quality services leading to increased resident referrals boosted the sales significantly. Consequently, APSLL achieved 98% sales of the total inventory, with 193 apartments being sold amounting to a collection of ~ Rs.638 crore as of FY 2023 end. APSLL also achieved an impressive 92%+ RSAT (Resident Satisfaction) score in FY 2023. The results demonstrated good performance across all areas with Resident Services, Housekeeping, Security & Resident engagement being the top-

The project 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.170 crore in FY 2023 despite 20% price hike in last year and 50% increase from the launch price to mitigate the impact of rising material costs scoring areas.

Antara Senior Living Ltd (ASLL): The response to the upcoming community in Sector 150, Noida, has been excellent. The project reported cumulative sales of 340 units, 100% of Phase-I inventory sold and total collection of Rs.252 crore as of FY 2023 end with an annual sales collection of Rs.170 crore in FY 2023 despite 20% price hike in last year and 50% increase from the launch price to mitigate the impact of rising material costs. The construction of the Noida community is in full swing, 29th/27th/27th floor completed in R1/R2/R3 respectively and expected to hand over possession as per commitment, by early 2025.

Launch of Noida phase 2 has been initiated, with RERA application filed in May 2023. The liaison for NOIDA and RERA approvals is in process.

In very advanced stages of discussions for our future projects, preliminary key terms have been agreed for development of residences for seniors at Gurugram and Bengaluru, diligence, and further negotiations for definitive agreements are in progress. We are also aggressively scouting opportunities in other geographies like Pune, Goa and Chandigarh.

Antara Assisted Care Services Limited (AACSL):

During FY 2023, Antara launched one-of-its-kind Memory Care Homes in Gurugram in addition to increasing its Care Homes network from 4 to 6 facilities. The bed capacity increased by 71%, making us the largest service provider in this category in Delhi-NCR. Hospital and clinician tie-ups have been expanded, and 1,000 plus engagements were held with health care professionals in FY 2023.

In addition, launch of private label products like wheelchairs, walkers and commode chairs was done during the year. These products are available in retail channel as well on all major e-commerce platforms.

On January 1, 2023, an unfortunate fire incident occurred in the Care Home facility of Antara Assisted Care Services Limited at Greater Kailash II, New Delhi, wherein two of our residents had unfortunately lost their lives. The matter was investigated by the police authorities and the AACS team co-operated with the regulatory authorities during the entire process.

The Police has filed a chargesheet in the matter in April 2023 against the person responsible for this unfortunate incident, who happens to be a relative of one of the deceased residents. The matter is now pending before the Court. We express our deepest sympathies to the grieving families.

OUTLOOK FOR FY

Antara is taking significant strides in transforming its organization through Antara 3.0. The plan involves the development of 8 to 10 communities and residences for seniors, along with the establishment of 2000+ beds of Care Home and Memory Care Homes. These initiatives aim to create a comprehensive ecosystem for seniors, catering to their various needs.

By expanding across North and South clusters, Antara seeks to tap into the untapped potential of the senior care industry in these regions. The focus on an integrated approach indicates a holistic strategy that encompasses different aspects of senior care, including housing, healthcare, and specialized services.

Antara is also exploring the possibility of building digital assets to cater to senior-specific needs. This suggests an intention to leverage technology and digital solutions to enhance the overall experience and well-being of seniors.

Additionally, Antara is considering the white labeling of medical equipments, which can help improve profit margins. This strategy involves branding medical equipment manufactured by other companies under Antaras name, allowing for better control over costs and higher margins.

Overall, Antaras initiatives under Antara 3.0 demonstrate a comprehensive approach to senior care, encompassing physical infrastructure, specialized care services, digital solutions, and strategic partnerships for equipment branding. These efforts aim to create a robust ecosystem that caters to the evolving needs of seniors and positions Antara as a leader in the senior care industry.