Narayana Hrudayalaya Ltd.

Viren Shetty

VICE CHAIRMAN

Emmanuel Rupert

CHIEF EXECUTIVE OFFICER & MANAGING DIRECTOR

Sandhya J

GROUP CHIEF FINANCIAL OFFICER

R. Venkatesh

GROUP CHIEF OPERATING OFFICER

Anesh Shetty

MANAGING DIRECTOR, OVERSEAS SUBSIDIARY HCCI

Ravi Vishwanath

CHIEF EXECUTIVE OFFICER, NHIC

Nishant Singh

VICE PRESIDENT, FINANCE, MERGERS & ACQUISITIONS & INVESTOR RELATIONS

Venkatesh

Group COO, Dr. Anesh

rs,

ecretary Listing Department BSE Limited Department of Corporate Services Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Scrip Code –539551(EQ), 975516 & 976418 To, The Secretary Listin

45 million

he reception from the residents there? Also, just a follow-up on this, is it fair to assume that $45 million will now be the new base for Cayman business going forward? Anesh Shetty: Yeah, thanks, Prithvi

45%

n margins, again, you have done exceptionally well with respect to margins, again, coming back to 45%. Given that there is still scope for utilization or occupancies to further ramp up in Cayman, can

INR 65 crore

further extend going forward? Sandhya J: Hi Prithvi, I will take this. For FY25, like you said, INR 65 crores is the loss which we have, cash burn that we have taken in Integrated care. This is a business t

400 crore

t number? I mean the investments with respect to clinics and insurance? 3 Sandhya J: Around 400 crores, Prithvi. Prithvi: Both put together, right? Sandhya J: Both put together, yes. Prithvi:

10%

n in the past few years. Deekshant: Yes, ma'am. So last few years we have been growing around 10%. Are we going to grow higher than 10% till FY27 or are we going to grow at 10%? Sandhya J: Th

20%

s. The reason being that we have a certain exposure to government payors, as you are aware, 19 to 20% of our revenue comes from government payors. And in the March quarter, typically, we get settleme

INR 300 crore

he FY26, there are two parts to the Capex, one is the regular capex that we incur, which is about INR 300 crores, which is on replacement, maintenance and new capacities that we are creating inside our existin

INR 450 crore

e have also indicated investment in greenfield and brownfield capacity. So, that is approximately INR 450 crores that we will spend in these new capacities. That also depends on the progress of the constructio

65%

total number of available bed days? 12 Sandhya J: Our occupancy normally ranges between 60 to 65%. You're asking for ICU occupancy? Vinay: Yes. Viren Shetty: No ICU bed days. ICU occupancy

INR 2,800

ficant amount of capacity, and the total project cost that you have given to us is roughly around INR 2,800 to 3,000 crores. For FY26, the projected spend is around INR 425 crores. And if we look at in conj

3,000 crore

of capacity, and the total project cost that you have given to us is roughly around INR 2,800 to 3,000 crores. For FY26, the projected spend is around INR 425 crores. And if we look at in conjunction with t

“Also, just a follow-up on this, is it fair to assume that $45 million will now be the new base for Cayman business going forward?”

“2 To the second part of your question about the revenue run rate being a base, you know, there will always be some fluctuations here and there, but I think that this is a good assumption to make, that this will be here in terms of a sustainable revenue.”

“Given that there is still scope for utilization or occupancies to further ramp up in Cayman, can we expect margins to slightly inch higher, or do you want to retain margins at these levels and focus on volumes?”

“I mean, are we at the peak losses, or do you think the losses can further extend going forward?”

“For FY25, like you said, INR 65 crores is the loss which we have, cash burn that we have taken in Integrated care.”

“So given that we have a certain expansion plan in terms of the clinic portfolio in the current year, there will be some amount of growth that you will see in the losses.”

“So, it won't stagnate at this level, the losses will grow.”

“But on an overall basis, over a time frame of 3 to 4 years, we have a certain number with which we are working as an investment in this business, and we will be very careful that we are able to stay within that broad investment horizon we have set for ourselves.”

“So, the first question is really on, till the time that we are seeing our greenfield expansion starting place and kicking in, what kind of growth can we expect before that?”

“So, we will continue to do that without giving any forward guidance.”

Nishant Singh

36

Viren Shetty

35

Sandhya J

34

Gagan

21

Deekshant

16

Anesh Shetty

14

Sukanta

14

R. Venkatesh

10

Ravi

10

Pratik

8

NH MANAGEMENT TEAM

MR. VIREN SHETTY – VICE CHAIRMAN DR. EMMANUEL RUPERT – CHIEF EXECUTIVE OFFICER & MANAGING DIRECTOR MS. SANDHYA J – GROUP CHIEF FINANCIAL OFFICER MR. R. VENKATESH – GROUP CHIEF OPERATING OFFICER DR. ANESH SHETTY – MANAGING DIRECTOR, OVERSEAS SUBSIDIARY HCCI MR. RAVI VISHWANATH – CHIEF EXECUTIVE OFFICER, NHIC MR. NISHANT SINGH – VICE PRESIDENT, FINANCE, MERGERS & ACQUISITIONS & INVESTOR RELATIONS MR. VIVEK AGARWAL, SENIOR MANAGER, FINANCE & INVESTOR RELATIONS

Nishant Singh

Good afternoon, everyone. My name is Nishant Singh and I welcome you all to the Q4 FY25 TRANSCRIPT Earnings Call for the company. To discuss our performance and address all your queries today, we also have with us Mr. Viren Shetty - Vice Chairman, Dr. Emmanuel Rupert - CEO and MD, Mrs. Sandhya Jayaraman - Group CFO, Mr. Venkatesh - Group COO, Dr. Anesh Shetty - MD of our Overseas Subsidiary, HCCI, Mr. Ravi Vishwanath – CEO, NHIC and Vivek - Senior Manager in the IR function. 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 later. We would also like to remind you that everything that is being said on this call that reflects any outlook for the future or which can be construed as a forward-looking statement, must be viewed in conjunction with the uncertainties and the risks that they face. With that now, we would like to start the Q&A se

Prithvi

Thanks, Nishant. The first couple of questions are on Cayman business. If you look at the extent of growth, that has suppressed quite positively in this quarter. So Anesh, could you provide some color on which are the departments that are doing quite well? You know, how is the reception from the residents there? Also, just a follow-up on this, is it fair to assume that $45 million will now be the new base for Cayman business going forward?

Anesh Shetty

Yeah, thanks, Prithvi, for the question. So, to the first part of your question, the hospital has been received very, very well. We've been very surprised with the response from patients. As you can see in the results, what we expected to take much, much longer, has happened in the first quarter itself. In terms of the new departments that you asked about, we have the urgent care and emergency, which is the trauma centre. We started obstetrics and gynecology, essentially women's health, women and children, because we have pediatrics and neonatal care as well. So, those started towards the end of the quarter. These are the few new departments. But more importantly, for all our departments, we're available now in a more premium and a more convenient location. So, that helps as well. 2 To the second part of your question about the revenue run rate being a base, you know, there will always be some fluctuations here and there, but I think that this is a good assumption to make, that this wi

Prithvi

Got it. Moving on to the Cayman margins, again, you have done exceptionally well with respect to margins, again, coming back to 45%. Given that there is still scope for utilization or occupancies to further ramp up in Cayman, can we expect margins to slightly inch higher, or do you want to retain margins at these levels and focus on volumes?

Anesh Shetty

So, definitely beyond the point where we are, it doesn't make much sense to focus on improving margins at the expense of not tapping into a bigger revenue base. So, we're happy with where we are. It's a good place to be. The goal now would be revenue growth. And, it would be very hard to cross this level in terms of margins, and it wouldn't make sense, long term sense, quite frankly.