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Medi Assist Healthcare Services Ltd. (“Medi Assist” / “Company”), is India’s leading health benefits administrator working with insurers, group/retail policyholders and beneficiaries of government schemes as well as with in-patient and out-patient healthcare providers across India and globally.

As a key participant of the health insurance ecosystem with proprietary technology platform and pan- India cashless hospital network, Medi Assist completed its IPO to become the first listed Company in India with a TPA business in Jan’2024 and has announced its unaudited financial results for the quarter and nine months ended December 31^st, 2023 today.

Operational Highlights for nine months ended 31^st December’ 2023:

* Total Premiums under management for the Company was INR 14,163 cr, a growth of

35.7% over the corresponding period of the previous year.

* Premiums under management for the Company with respect to the Group segment was

INR 12,352 cr, a growth of 34.5% over the corresponding period of the previous year.

* Premiums under management for the Company with respect to the Retail segment was

INR 1,811 cr, a growth of 45% over the corresponding period of the previous year.

* Share of Total Industry health insurance premiums for the Company with respect to the Group and Retail segment was 20.0%, a growth of 230bps over the corresponding period of the previous year

* Share of Industry health insurance premiums for the Company with respect to the Group segment was 29.3%, a growth of 300bps over the corresponding period of the previous year

* Share of Industry health insurance premiums for the Company with respect to the Retail segment was 6.3%, a reduction of 110bps over the corresponding period of the previous year

Business Highlights for nine months ended 31^st December’ 2023:

*  Medi Assist TPA (“MATPA”), a wholly owned subsidiary of the Company:

* added one (1) new Stand-alone Health Insurance Company as a customer for Group segment in Q3

* commenced working with a marquee Life Insurance Company as customer to service their health-rider policies

* Mayfair We Care (“Mayfair”), a subsidiary of the Company, extended relationship with a Group account for managing their overseas benefits

* Retained 90%+ of Medvantage TPA’s Corporate accounts, with no major losses post acquisition

* Raksha TPA, a subsidiary of the Company, successfully transitioning claims operations to Medi Assist technology platform

* Focus on network expansion continues with focus on increasing cashless penetration on Pan-India basis

* Business from government segment continues to perform in line with expectation

* Revenue per average headcount (excluding government segment) computed for entities/businesses owned the full financial year was INR 1.03 mn for the period.

Technology Highlights for nine months ended 31^st December’ 2023:

* Emerged as the leaders for NHCX integration and successfully completed all use cases for multiple insurers

* We are developing a new proprietary technology platform for Mayfair to address International Private Medical Insurance (“IPMI”) market enabling:

* Cashless network management across the global network

* Handling of multi-currency transactions

* Integrated with multiple OPD platforms thus improving cashless benefits in out-patient healthcare services in India

Financial Highlights for quarter ended 31^st December’ 2023:

* Total Income was INR 169.8 cr, a growth of 29.2% over the corresponding quarter of the previous year

* Revenue from contracts with customers (“Operating Revenue”) was INR 165.9 cr, a growth of 32.3% over the corresponding quarter of the previous year

*  Adjusted Earnings Before Interest Taxes Depreciation and Amortization excluding Other Income (“Operating EBITDA”) was INR 33.9 cr, a growth of 10.4% over the corresponding quarter of the previous year

* EBITDA margin calculated as Operating EBITDA divided by Operating Revenue was 20.4%

for the quarter

* Profit for the period was INR 21.3 cr, flat over the corresponding period of the previous year

* Profit margin as a percentage of Total Income was 12.5%

Financial Highlights for nine months ended 31^st December’ 2023:

* Total Income was INR 481.9 cr, a growth of 26.9% over the corresponding period of the previous year

* Revenue from contracts with customers (“Operating Revenue”) was INR 467.9 cr, a growth of 26.8% over the corresponding period of the previous year

* Earnings Before Interest Taxes Depreciation and Amortization excluding Other Income (“Operating EBITDA”) was INR 96.3 cr, a growth of 8.6% over the corresponding period of the previous year

* EBITDA margin calculated as Operating EBITDA divided by Operating Revenue was 20.6%

for the period

* Profit for the period excluding exceptional item was INR 66.6 cr, a growth of 14.3% over the corresponding period of the previous year

* Profit margin as a percentage of Total Income was 13.8%

* The net cash balance in the books of the Company was INR 167.7 cr

* Net Worth was INR 439.3 cr, Return on Net Worth was 10.3% and Return on Capital employed was 16.2% from continuing operations.

Commenting on the results, Mr. Satish Gidugu, CEO & whole-time Director, said, “Our resilient performance in a growing health insurance market, demonstrates the strength of our business model. Our strategy as a Company has been to focus on driving retention and growth, while successfully integrating the acquisitions. We see continued interest in our technology enabling ‘NHCX integration’ and ‘cashless anywhere’ towards driving innovation in the health insurance ecosystem.”

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