Max Healthcare Annual Report Analysis - Emerges Leaner, Stronger: HDFC Securities
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HDFC Securities Report
Max Healthcare Institute Ltd.’s annual report 2020-21 reflects the first year of consolidated financial statements of the combined entity - Max and Radiant.
In this report, while financials are not comparable due to merger, we analyse the qualitative characteristics and key components of the company’s balance sheet and profit and loss.
Max Healthcare's management commentary reinforces its intent to grow aggressively by additionally employing asset light models of expansion and exploring inorganic opportunities.
Key financial highlights include:
recognition of goodwill and intangibles worth Rs 24.5 billion and ~Rs 23 billion (both together account for ~85% of net worth) pursuant to purchase price allocation exercise in relation to Max’s assets consequent to reverse merger;
structural cost savings in material, doctor fees and other expenses.
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