Narayana Hrudayalaya Ltd.

Viren Shetty

EXECUTIVE VICE CHAIRMAN

Emmanuel Rupert

CHIEF EXECUTIVE OFFICER & MANAGING DIRECTOR

R. Venkatesh

G R O U P CHIEF OPERATING OFFICER

Anesh Shetty

MANAGING DIRECTOR, OVERSEAS SUBSIDIARY HCCI

Nishant Singh

VICE PRESIDENT, FINANCE, MERGERS & ACQUISITIONS & INVESTOR RELATIONS

Durga Prasad

SENIOR MANAGER, MERGERS & ACQUISITIONS & INVESTOR RELATIONS

Venkatesh

Group COO, Dr. Anesh Shetty - MD of our overseas subsidiary,

rs,

ecretary Listing Department BSE Limited Department of Corporate Services Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Scrip Code – 539551 Dear Sir/Madam, To, The Secretary Listing

INR 12,216 million

nuel Rupert - our CEO. Dr. Emmanuel Rupert: Consolidated revenue for the current quarter stood at INR 12,216 million reflecting a year-on-year growth of 29.9% resulting in a consolidated fiscal revenue of INR 45,24

29.9%

d revenue for the current quarter stood at INR 12,216 million reflecting a year-on-year growth of 29.9% resulting in a consolidated fiscal revenue of INR 45,248 million at a year-on-year growth of 22.2

INR 45,248 million

6 million reflecting a year-on-year growth of 29.9% resulting in a consolidated fiscal revenue of INR 45,248 million at a year-on-year growth of 22.2%. NHL generated Consolidated EBITDA of INR 2,904 million in Q4 F

22.2%

9.9% resulting in a consolidated fiscal revenue of INR 45,248 million at a year-on-year growth of 22.2%. NHL generated Consolidated EBITDA of INR 2,904 million in Q4 FY23 at a margin of 23.8% against 2

INR 2,904 million

nue of INR 45,248 million at a year-on-year growth of 22.2%. NHL generated Consolidated EBITDA of INR 2,904 million in Q4 FY23 at a margin of 23.8% against 23.6% of Q3 FY23. Our Cayman unit continues to contribut

23.8%

growth of 22.2%. NHL generated Consolidated EBITDA of INR 2,904 million in Q4 FY23 at a margin of 23.8% against 23.6% of Q3 FY23. Our Cayman unit continues to contribute significantly to the overall p

23.6%

%. NHL generated Consolidated EBITDA of INR 2,904 million in Q4 FY23 at a margin of 23.8% against 23.6% of Q3 FY23. Our Cayman unit continues to contribute significantly to the overall performance. HC

29.3 million

ues to contribute significantly to the overall performance. HCCI Q4 FY23 revenue increased to USD 29.3 million against Q3 FY23 revenue of USD 28.2 million. There are one timer income and expenses included in

28.2 million

ll performance. HCCI Q4 FY23 revenue increased to USD 29.3 million against Q3 FY23 revenue of USD 28.2 million. There are one timer income and expenses included in them and adjusted for the same. The Q4 under

22.5%

timer income and expenses included in them and adjusted for the same. The Q4 underlying margin is 22.5% for the Group and 18.5% for India. Our Industry leading average ROCE of over 28% and our targete

18.5%

s included in them and adjusted for the same. The Q4 underlying margin is 22.5% for the Group and 18.5% for India. Our Industry leading average ROCE of over 28% and our targeted CapEx strategy focus

“If you look at the previous quarters, it was on a negative but gradually what has happened is the negativity has come down gradually and this is the fourth quarter where we've shown a positive EBITDA which shows positive direction in which we are moving and we hope to maintain this momentum for FY24 as well.”

“So, we can expect a healthy margin of 15%-17% in the near term perspective of say five years and this will be sustainable, right?”

“So, yes, the initial guidance we had given was Q1.”

“This number in a time spread will continue to grow but we will not expect this to grow very fast because our focus is not to have this revenue per bed at a very high level, at a very fast speed because we want to retain that affordable for all policy and hence we will see this growth but will not be the best in the industry.”

“We will go steadily up but we don't have a clear guidance on this number.”

“This will be mostly due to change in the patient profile, the case mix, improving the throughput, reducing the occupancy.”

“So, essentially this will be housing all our clinics right now.”

“We will be offering primary care services in these clinics.”

“We will be being closer to where the patients are staying 7 and so in the periphery of our hospitals and close to the apartment societies, we will build up all these clinics.”

“So, the revenue generating model will be more on a subscription basis or something like that?”

Mr. Nishant Singh

23

Mr. Viren Shetty

22

Dr. Anesh Shetty

19

Mr. Dheeresh Pathak

16

Mr. Gagan Thareja

16

Mr. R. Venkatesh

13

Mr. Nitin Agarwal

8

Mr. Prithvi Earle

6

Dr. Emmanuel Rupert

6

Ms. Nirali Shah

5

MANAGEMENT

MR. VIREN SHETTY – EXECUTIVE VICE CHAIRMAN DR. EMMANUEL RUPERT – CHIEF EXECUTIVE OFFICER & MANAGING DIRECTOR MR. R. VENKATESH – G R O U P CHIEF OPERATING OFFICER DR. ANESH SHETTY – MANAGING DIRECTOR, OVERSEAS SUBSIDIARY HCCI MR. NISHANT SINGH – VICE PRESIDENT, FINANCE, MERGERS & ACQUISITIONS & INVESTOR RELATIONS MR. DURGA PRASAD – SENIOR MANAGER, MERGERS & ACQUISITIONS & INVESTOR RELATIONS

Mr. Nishant Singh

Good afternoon, everyone. My name is Nishant Singh. I head the Investor Relations function at Narayana Hrudayalaya. I welcome you all to the Q4 FY23 earnings call of the company. To discuss our performance and address all your queries today, we also have with us Mr. Viren Shetty - our Executive Vice Chairman, Dr. Emmanuel Rupert - our CEO and MD, Mr. Venkatesh – Group COO, Dr. Anesh Shetty - MD of our overseas subsidiary, HCCI, Cayman, and Durga Prasad - Senior Manager from the team. Our group CFO - Ms. Sandhya, is not available for this call due to some unavoidable reasons. We hope you have gone through the collaterals, which have been upgraded on the stock exchanges as well as on our website. As usual, before we proceed with this call, we would like to remind everyone that the call is being recorded and the transcript of the same shall be made available on our website as well as on the stock exchange at a later date. I would also like to remind you that everything that is being said

Mr. Viren Shetty

Thanks, Doctor Rupert. When we started Narayana Hrudayalaya in 2000, we sought to transform health care by making high-quality care accessible to all. Nobody said it was possible at that time. But looking back, we are proud to have played a part in putting India on the path to disassociate healthcare access from affluence. At the same time, the medical research field is spending billions of dollars developing cutting edge treatments for diseases that were once considered inoperable. We shouldn't deny our people access to the latest and most expensive treatments but this is only possible when everyone's covered with Comprehensive Health Insurance. The IRDAI has been encouraging new entrants to develop innovative models of health insurance that cover the missing middle and NH would like to play a role in this new landscape. Our existing health insurance system operates on a fee-for-service model. It will pay you when you get sick, does nothing for you when you're healthy and runs in the

Mr. Nishant Singh

Thank you, Viren. I would request everyone to now use the ‘raise hand feature’ to start posing their questions and we will try to address them in this forum. Yes, Nirali, you may go ahead.

Ms. Nirali Shah

Yeah. Firstly, congratulations on a good set of numbers. My first question is, could you provide an update on the EBITDA margins for Mumbai in Q4 like in Q3, to be precise, in January Mumbai had had come to a breakeven. So, I would like to know EBITDA margins for Mumbai in Q4. Additionally, I'm also interested in understanding the current EBITDA margins for our relatively new hospitals in Gurugram and Dharamshila. And have we achieved a double digit margin in these two locations? I understand that Mumbai being a new one and we have just come across breakeven, so double digit is not possible for Mumbai but the other two, have we reached there? Have we achieved it?

Mr. R. Venkatesh

Yeah, the consolidated Q4 EBITDA for Mumbai is around INR 6 million which is around 2.3% in terms of EBITDA. This is the first time it has shown a positive EBITDA for the year at INR 6 million. If you look at the previous quarters, it was on a negative but gradually what has happened is the negativity has come down gradually and this is the fourth quarter where we've shown a positive EBITDA which shows positive direction in which we are moving and we hope to maintain this momentum for FY24 as well. Now, in terms of Gurugram, the Q4 EBITDA margin is approximately at 2% on a base revenue of INR 35 crores. On the whole year, it has generated a revenue of around INR 133 crores with INR 3.7 crores EBITDA at around 3% margin. When it comes to Dharamshila, the performances have been robust over the year. Our EBITDA margin is at around 16% at INR 8.5 crores on a revenue basis of INR 54 crores and for the full year the EBITDA margin is approximately 14% on INR 29 crores at a revenue base of INR