Investor Presentation

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2
…because passion drives perfection…
…and perfection drives
performance

3
Outline
• Indian Healthcare opportunity at inflection point
• Legacy problems, Recent transformation, Rising aspirational middle-class, Effect of health insurance and government
schemes driving demand for better healthcare
• Total opportunity size in Rs. 11.7 trillion, other industry data
• Shalby - A proxy for the huge opportunity of growth in the Indian Healthcare space
• Profile and brief timeline, About the Promoters, Proven track-record of growth and expansion, Pioneer in joint
replacements in India, Well-poised for the next phase of expansion and growth
• Snapshot
• No. of Hospitals, No. of Beds, FY18 Revenue/EBITDA/PAT (absolute and %), IPO, 10-Year CAGR Revenue, 10-Year CAGR
EBITDA
• What makes Shalby deliver a superior performance – our unique Business Model
• Lowest Capex and Opex per bed due to optimal use of real-estate, in-house planning teams, fully-committed team of
doctors, focus on surgeries with higher ARPOB, Centralised procurement, Gradual ramp-up of operational bed capacity

4
Outline
• Relevant and Low cost Expansion
• Role of OPDs and SACE in identifying where to go, optimal capacity of ~200 bed capacity, catchment area, focus on
underpenetrated markets in India and continue with OPDs to expand reach into newer geographies
• Current Expansion in Progress: Nashik, Vadodara, Mumbai
• Case of Expansion & Specific Growth Drivers for Shalby
• Knee Replacement - US vs India comparison, potential for 10 years, Cardio growth cycle – case study, Shalby’s leadership in
joint replacement, huge scope for organic growth and operating leverage, 5x growth on current infra possible without major
capex
• Developing similar expertise to capitalise on next growth cycles in other specialties
• Performance Review
• Revenue mix, Operational parameters, maturity profile, profitability and B/Sheet snapshot
• Key developments during the period
• Strengths and Differentiators
• Global leadership in Joint Replacement, Experienced promoters with hands-on involvement, strong brand, optimized
business model now being replicated, unleveraged Balance Sheet

5
1 Indian Healthcare
is at an Inflection Point

6
 The Opportunity Set
Population and Population Growth Rate of India Spilt of Indian Healthcare Industry by Segments
(Historical and Expected)
Total market size (2016): INR 9.2 trillion

CAGR (2014-2020)

9% 4%
100%= 0.9%
1.27 billion 1.29 billion 1.32 billion 1.35 billion
13%
54+ years 100% 2.6%
6%
35-54 years 80%
1.6%
68%

20-34 years 60%

0.7%
0-19 years 40%
-0.04%
20%
Healthcare Delivery-Hospitals Diagnostics
0%
2014(E) 2016(E) 2018(E) 2020(E) Pharma Medical Devices
Health Insurance

7
Source: National Commission Population Frost & Sullivan analysis.
The Opportunity Size
Spilt of Public and Private Hospitals in India Indian Healthcare Delivery Industry size (2015-2020)

11.7

10
30%
8.5
7.3
70%
6.2
5.4

Private
Corporate
Hospitals
account to less
Public Hospitals Private Hospitals than 10% of the 2015 2016(E) 2017(E) 2018(E) 2019(E) 2020(E)
total Private
Hospitals

8
Source: Frost & Sullivan analysis.
Legacy Issues of India Healthcare

• Always been an underdog due to lack of infrastructure and expenditure from the government
• In the private space, it was charitable trusts who contributed to healthcare, but even this has waned
from 1980s
• Tier II and Tier III towns are served by Nursing Homes – started by doctors themselves
• The burgeoning population of India poses a serious challenge to healthcare access
• And yet…

• …the Healthcare space in India is undergoing a paradigm shift

today…

9
Conducive Government Policies
Despite Challenges
Swastha Bharat, Smriddha Bharat. Demographic
dividend realization impossible without proper
healthcare
Rashtriya Samaj Beema Yojana: 100 mln families
will get Rs 500,000 per year for their families to
cover secondary and tertiary hospital expenses

100% depreciation on capex incurred, MAT

credit can be availed for 15 years, all
Wide procedure
healthcare penetration
education and– training services
to Tier exempted from GST
2 and 3 cities

State Policies include capital subsidy on purchase of

medical equipment, capital investment subsidy on
construction of tertiary-care hospitals and interest
subvention, along with several other benefit

10
Recent transformation

• Private sector investment has been increasing due to change in mind-set and better returns on
investment
• Healthcare businesses can also be profitable as long the costs are affordable
• The advent of information technology has given a fillip to the healthcare business making it both
controllable and scalable
• Rising aspirational middle-class today is not averse to paying for quality healthcare services
• Impact of health insurance, government schemes and emergence of medical tourism - key drivers
of positive change

• Healthcare today in India is evolving to be a larger consumer

story than ever before

11
2 Shalby Limited
A proxy for growth in the Indian Healthcare space

12
Promoter
Qualifications
Academic Qualifications:
• MBBS
• MS (Orthopaedics)
Professional Qualifications
• AO Basic Course
(London)
• F.A.O.A.A (Switzerland)
• F.A.I.S.F (Germany)
Dr. Vikram Shah
Chairman & Managing
Director
Achievements
• Over two and a half decades of professional work experience
across UK, USA and India. Serving as Director, Department of Knee
Replacement at Shalby Hospitals since 1993
• Dr. Shah innovated zero ‘0’ Technique in 2011 and was awarded the
Double Helical Award 2017, for the innovation
 Reduction of surgery time: 2.5 hours to 22 minutes
 Reduction in patient stay: 15 days to 3 days
 Drastic fall in infection rates due to minimum incision
• Invented the OS Needle, which is thick bore reverse cutting needle
used in attaching soft tissues to the bone. Before the invention of
the Needle, surgeons had to use complicated soft tissue
procedures that had a very high failure rate. The needle can be
attached with commonly available vicryl thread
• President of Indian Society of Hip & Knee Surgeons (ISHKS) for the
year 2010-11
• Part of joint international faculty for development of new joints by
Zimmer Inc., USA
• Receiver of several awards and accolades by reputed organizations
13
 Management Structure

CEO

EA to CEO

Chief Chief Human Regional COO Regional COO Director

Head - International
CFO Information Resource VP Projects North &
Commercials Western India Business
Officer Officer Central India

Group GM –
COO Surat COO North COO Central
Finance & CAO SG Unit CAO Krishna
Cluster Cluster Cluster
Accounts

CAO Surat CAO Mohali CAO Indore

CAO Vapi CAO Jaipur CAO Jabalpur

14
 Our Journey so far…
Started professional Operationalized First Commissioned Shalby Jabalpur
practice with a 6-bed Multispecialty Hospital of the [Bed Capacity: 233]
facility group Shalby SG Commissioned Shalby Indore
[Bed Capacity: 201] [Bed Capacity: 243]
Acquired Shalby Mohali
[Bed Capacity: 145]

1994 2004 2007 2011 2015 2017

6 27 228 674 907 2012

Revenue growth – 100
times in first 10 years
Incorporation of Company
Acquired Shalby Vapi Bed capacity grown 10 times
[Bed Capacity: 146] in 10 years – to 2012 beds
Acquired Krishna Shalby Commissioned:
[Bed Capacity: 220] Shalby Jaipur [Bed Capacity: 237]
Shalby Naroda [Bed Capacity: 267]
Shalby Surat [Bed Capacity: 243]

15
 Reach and Presence - Hospitals
Network of Hospitals in India with bed capacity

Mohali – 145 beds Jaipur – 237 beds

Jabalpur – 233 beds

Indore – 243 beds

Ahmedabad
SG – 201 beds
Krishna – 220 beds
Vijay – 27 beds
Mumbai – 50 beds,
to be increased to
150
Ahmedabad
Vadodara – 150 beds (Naroda) – 267 beds
Vapi – 146
beds
Surat – 243 beds

Nashik – 113 beds

Hospital (recently set up)

Hospital (operational)
Hospital (upcoming)
Has a total bed capacity of 2,012 beds across 11 multi-specialty hospitals
16
Reach and Presence - OPD and SACE
Network of Outpatient Clinics in India International Footprint Presence in Africa

Kenya

Tanzania

Addis Ababa (1)

Ethiopia
Sudan (1)
Sudan
Eldoret
Kisumu
Nairobi (1)
Rwanda (1) Nairobi (1) Rwanda
Dar es Salaam (2)
SACE
Outpatient clinics

Presence in UAE
UAE (2)

SACE
SACE
OPD Clinics

International footprint consists of 6 outpatient clinics and 1 SACE in

Has a network of 40 patient outreach centres and 7 SACEs in India
Africa, and 2 SACEs in UAE, 1 OPD each in Bangladesh and Cambodia
17
3 Shalby - a snapshot

18
Current Scale of Operations

11 Hospitals 55% Operating bed to total bed capacity

2,012 Total Installed Bed Capacity 36% Bed Occupancy

1,100 Operational beds 31% 11 year CAGR Revenue

48 Outpatient clinics 40% 11 year CAGR EBITDA

400+ Doctors & 3,500+ Support Staff

Double-digit return ratios against industry trend of single-digit

Consistently superior ROCE of mature hospitals

19
Best in class financials
Growth achieved without any outside equity funding
Revenue EBITDA
Margin (%) EBITDA (in Mn)
Growth (%) Revenue (in Mn)
149% 925
3,923
26% 25% 25%
3,305 24% 24%
2,927 21% 687 778
2,617 2,776 20% 660 20%
2,298 16%
14% 14% 482 579
439
1,685 11% Dip due to new units
55% 1,332
1,030 262
745 36%
29% 26%
482 38% 14% 13% 19% 77 107 142
194 6% 5% 22

FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18
Revenue CAGR – 31% for 11 years EBITDA CAGR – 40% for 11 years

• Best in class operational metrics despite lower operating bed/ bed capacity ratio and lower occupancy rates
• Based on current infra 5x Revenue and EBITDA growth possible without any major capex

20
Years represent Financial Years EBITDA calculated on total revenue FY 12 to FY 17 – Data as per restated consolidated financials
Best in class economic returns

ROCE % RoE %
Net Block (Rs in Mn) ROCE (%) Shareholders' Equity (Rs in Mn) RoE (%)
88% 32% 7,615
6,870 31%
28%
66% 5,420
18% 20.0%
51% 17% 17.0%
4,003
36%
26% 2,496 9% 11%
20% 22% 2,508 6%
15% 1,257 14% 14% 12%
2% 1,461 1,835
362 354 330 309 428 1,104 362 203 259 345 481 844 1,041

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18

• Double Digit return ratios against industry trend of single digit

21
4 Our Unique Business Model
is the key to our outperformance

22
 Our Business Model – features
Optimising Capex and Opex

• Lowest Capex and Opex per bed due Optimize capex

planning with
Operational
Efficiency due
to optimal use of real-estate Inhouse projects to
team better capex
• Equipment planning and utilities planning
planning
• In-house planning teams
• Focus on surgeries with higher
ARPOB, better margins and return Cost per bed ~
ratios Rs. 4.5 millions EBITDA upwards
for fully owned of 20% which is
• Centralised procurement set-up. Lower for higher than
leased premises industry average
• Gradual ramp-up of bed capacity
• Fully owned or O&M on revenue
sharing (no fixed rentals, no security
deposit or MG) Utilities
Better Leveraging
utilization economies of
planning Low consumable
of space [and scale through
to optimize cost
expensive real centralized
capex
estate] procurement

23
Our Business Models…

No fixed
Operate and Manage rental
Fully owned [Revenue Sharing]
Unique
revenue No security
sharing deposit

model
Efficiency is
No
paramount minimum
guarantee

Operate SACE and

Acquisition
Outpatient Clinics

24
Typical concept of 200 (±20%) bed capacity set-up

Facilities 10-15 kms away

Local and Natural Footfalls from 4-

5 kms radius helps to fill up ~70-80
beds

Balance ~70-80 beds – patients

come in the name of doctors
reducing thereby dependency on
star doctors thus controlling
doctor payout %

25
The Shalby Way

Current turnover and

EBITDA largely
contributed by older
Growth until recently, units. Growth from
financed only through newer units to begin
internal accruals. In now
Profits reinvested for recent times debt
growth - No dividend used for aggressive
payouts expansion
Strong record of
consistently being
EBITDA positive and
ARPOB of
~Rs. 32,000/ day
(amongst best in the
industry)

26
5 Expansion Strategy

27
Low Cost and Relevant Expansion

• Role of OPDs and SACE in identifying where to go

• Optimal capacity of ~200 bed capacity
• Focus on underpenetrated markets in India for hospitals
• Continue with OPDs to expand reach into newer geographies
• At Shalby, our market is ready before we begin!

28
 Expansion strategy across the country

Simultaneously
hire local doctors
Patients visit our and train them at
clinics across Ahmedabad who
Punjab

India and abroad conduct OPDs in

and around So we can start
We analyze that city the facility with
patient trends and Rajasthan
low branding
accordingly decide
budget but high Gujarat
where to expand
brand recall Madhya Pradesh
Ahmedabad

Set-up Maharashtra
outpatient
clinics where
we have a strong
brand recall

Operating such Outpatient clinics

for 15 years now

29
Expansion Plans in Progress
Investment Plans for Upcoming facilities

•Bed Capacity 113

Nashik
•Capex – Rs 250 mn

•Bed Capacity 150

Vadodara
•Capex – Rs 350 mn

Mumbai •Bed Capacity 175

[Santa Cruz] •Capex – Rs 1 bn
•Current bed capacity 50.
Mumbai Addition 100 beds
[Ghatkopar]
•Capex – Nil

Total capex planned – Rs. 1.6 bn for addition of 538 beds @ Cost per bed – ~Rs. 3 mn
30
6 Case for Expansion

31
Case study - the Cardiac growth story in India

2014
~ 2,00,000
surgeries and
Facilities 10-15 kms away
8,00,000 CAGR – 29% in 30 years.
angioplasties
Currently growing @ 2-3%
2004
~ 50,000
surgeries

1994
~5000 Wide procedure penetration –
surgeries
to Tier 2 and 3 cities
1984
~500
surgeries

32
Source: Industry reports
Knee Replacement - the big opportunity

2017
~1,75,000
surgeries

2010
Last year, In
~54,000 United States
surgeries ~0.8 mn knee
replacements in
a population of
2000 ~300 mn
~6000
India has a
surgeries similar affording
population.
Hence, direct
potential to
grow to 8 lacs
Knee
1994 Asian replacements
~300 population 15 Hence huge
times more
surgeries prone to
potential for
growth based
Arthritis of knee
than their on incidence
western counter rates
parts

Surgery Count CAGR @32% in 23 years

33
Source: Industry reports
Specific Growth Drivers for Shalby
Shalby is pioneer
in Joint
Replacements in
the country, best
positioned to
capitalize on it
Increasing focus
Way forward to on high-end
move to other specialties like
potential markets oncology and
where the organ transplants
demand supply
gap is significant Advantage such as Liver,
Heart & Lungs,
Shalby etc.

Huge scope for

Emphasis on organic growth
and operating
Processes & leverage,
Doctor Selection without any
significant capex
34
7 Performance Update
Q4 and Year Ended 31.03.2018

35
Snapshot
Reach & Presence

11 Hospitals Jaipur – 237 beds Mohali – 145 beds

Indore – 243 beds

2,012 Total Installed Bed Capacity Ahmedabad

SG – 201 beds
Jabalpur – 233 beds

Krishna – 220 beds

1,150
Vijay – 27 beds

Operational beds Naroda – 267 beds

Surat – 243 beds

48 Outpatient clinics
Vapi – 146 beds
Mumbai – 50 beds,
to be increased to
150

400+ Doctors & 3,500+ Support Staff

Double-digit return ratios against industry

trend of single-digit Hospital (operational)
Hospital (recently set up)
Consistently superior ROCE of mature hospitals
36
Key Developments of the Year

Successful
Historically conclusion of the Jaipur, Surat and
highest revenue IPO of INR 5,048 Naroda units
during the million and listing operationalized in
quarter & year Wide procedure penetration
on the stock FY18
–
exchangesto Tier 2 and 3 cities

37
Financial Highlights Q4FY18

1110.36 16.50%
174.20

868.15 145.42 182.86

20.75%

9.10%
13.42% 78.70

Q4FY17 Q4FY18 Q4FY17 Q4FY18 Q4FY17 Q4FY18

Total Revenue (in millions) Operational EBITDA (in millions) PAT (in millions) PAT Margin
EBITDA Margin

• Drop in EBITDA and margin by 16.4% and • PAT grew by 132.4%

7.3% respectively inter alia due to higher • PAT margin expanded by 7.4% due to
• Total Revenue grew by 27.9%
advertisement spend for commissioning of higher revenue and operating
new units ,launch expenses for the same leverage and normalization of taxes

38
Operational Performance Synopsis
(INR in million)

Quarter Ended Quarter Ended

Particulars % of Revenue % of Revenue Growth
31-03-18 31-03-17

Total Revenue 1110.36 868.15 27.90%

Total EBITDA 172.09 15.50% 202.69 23.35% -15.1%

Bed Capacity (Nos.) 2,012 1,265 59.05%

Operational Beds (Nos.) 1,150 781 47.25%

Average Length of Stay 3.6 days 3.9 days N.A.

Occupancy (Beds) 396 253 56.52%

In-Patient Count (Nos.) 9,998 5,818 71.85%

Out patient Count (Nos.) 64,189 42,060 52.61%

ARPOB ( In Rs.) 30,625 36,941 -17.10%

Note: The operational bed count of 1,150 considers 50 operational beds at Zynova-Shalby Hospital, Mumbai, for which no other operational parameters
2
are tracked
Financial Highlights Q4FY18 (INR in million)

Quarter Ended Quarter Ended

Particulars 31-03-18
% of Revenue
31-03-17
% of Revenue Growth Variation

Revenue from Operations 1,083.69 839.48 29.09%

Expenses
Materials & Consumables 264.44 24.40% 188.67 22.47% 40.16% 1.93%
Fees to Doctors and Consultants 300.13 27.70% 222.48 26.50% 34.90% 1.19%
Other Operative Expenses 111.81 10.32% 80.03 9.53% 39.71% 0.78%
Employee Costs 139.06 12.83% 99.5 11.85% 39.76% 0.98%
Administrative Expenses 122.83 11.33% 74.61 8.89% 64.63% 2.45%
Total Operational Expenses 938.27 86.58% 665.28 79.25% 41.03% 7.33%
Operational EBITDA 145.42 13.42% 174.20 20.75% -16.52% -7.33%
Other Income 26.67 28.67 -6.98%
Total EBITDA 172.09 202.87 -15.17%
Finance Cost -3.13 26.47 -111.82%
Depreciation & Amortization Expense 64.13 45.00 42.51%
Profit before tax (PBT) 111.09 131.22 -15.34%
Tax Expense -71.77 52.52 -236.65%
Profit after tax (PAT) 182.86 78.7 132.35%

40
Financial Highlights Q4FY18

• Factors contributing to increase in profitability

a. Growth in Revenue of 29.1% over Q4FY17 inter alia contributed by price increase, occupancy growth of 56.5%, In-patient and
Out-Patient growth of 71.8% and 52.6% respectively
b. Normalization and restatement of deferred tax expense on first time implementation of Ind AS

• Factors responsible for dampening profitability growth

a. Reduction in ARPOB by 17.10% due to change to the specialty mix and geographical expansion, which has enabled de-risking
b. Increase in ‘Fees to Doctors and Consultants’ by 1.2% of Revenue
c. Increase in costs of ‘Materials & Consumables’ by 1.9% of Revenue on account of price cap on stents and knee implants
pursuant to NPPA orders during the year
d. Initial temporary operating losses of recently commissioned units
e. Increase in ‘Employees Cost’ of 1.0% of Revenue due to recruitment for new units
f. Increase in ‘Administrative Costs’ of 2.45% of Revenue due to higher ad spend for new units
g. Increase in ‘Other Operative Expenses’ by 0.8% of Revenue
h. Foreign exchange loss of Rs 16.8 million on buyers’ credit against import of medical equipment

41
Financial Highlights FY18

11.16%
3942.35
22.26% 21.88% 9.24% 440.15
3284.29
843.55
303.62

716.39

FY17 FY18 FY17 FY18 FY17 FY18

Total Revenue (in millions) Operational EBITDA (in millions) PAT (in millions) PAT Margin
EBITDA Margin

42
Operational Performance Synopsis
(INR in million)

Particulars YTD Mar’18 % of Revenue YTD Mar’17 % of Revenue Growth

Total Revenue 3,942.35 3,284.29 20.04%
Total EBITDA 930.67 23.61% 782.43 23.82% 18.95%
Bed Capacity (Nos.) 2,012 1,265 59.05%
Operational Beds (Nos.) 1150 781 47.25%
Average Length of Stay 3.7 days 4.0 days N.A.
Occupancy (Beds) 335 271 23.62%
In-Patient Count (Nos.) 32,967 24,704 33.45%
Out patient Count (Nos.) 222,970 166,519 33.90%
ARPOB ( In Rs.) 31,564 32,671 -3.39%

Note: The operational bed count of 1,150 considers 50 operational beds at Zynova-Shalby Hospital, Mumbai, for which no other operational parameters
48
are tracked
Financial Highlights FY18 (INR in million)

Particular YTD Mar’18 % of Revenue YTD Mar’17 % of Revenue Growth Variation

Revenue from Operations 3,855.23 3,218.26 19.79%

Expenses
Materials & Consumables 947.71 24.58% 784.87 24.39% 20.75% 0.19%
Fees to Doctors and Consultants 898.06 23.29% 774.76 24.07% 15.91% -0.78%
Other Operative Expenses 398.38 10.33% 315.56 9.81% 26.25% 0.53%
Employee Costs 447.96 11.62% 376.89 11.71% 18.86% -0.09%
Administrative Expenses 319.57 8.29% 249.79 7.76% 27.94% 0.53%
Total Operational Expenses 3,011.68 78.12% 2,501.87 77.74% 20.38% 0.38%
Operational EBITDA 843.55 21.88% 716.39 22.26% 17.75% -0.38%
Other Income 87.12 66.04 31.93%
Total EBITDA 930.67 782.43 18.95%
Finance Cost 121.34 102.15 18.78%
Depreciation & Amortization Expense 224.32 160.08 40.13%
Profit before tax (PBT) 585.01 520.20 12.46%
Tax Expense 144.86 216.58 -33.11%
Profit after tax (PAT) 440.15 303.62 44.97%

44
 Revenue Composition FY18
Specialty Mix Payee Profile
2.3%

15.0%
16.4%

4.1%

6.1%

54.2%
9.8% 21.0%
60.3%

10.8%

Arthroplasty General Medicine & Critical Care

Selfpay TPA Corp-Govt Corp-Private
Cardiac Sciences Other Ortho
Onco Sciences Others
45
Revenue Composition & Cost Structure
Revenue Mix Cost Structure
Knee Replacement Others

Administrative and Other Expenses Employee Benefit Expenses

Other Operative Costs Fees to Doctors and Consultants

39.7% 37.7% 40.5%
Materials & Consumables
48.8%

80.89% 78.12%
75.50% 77.74%
7.98%
6.02% 7.76% 8.29%
7.20% 9.96%
11.71% 11.62%
6.94% 7.85%
9.81% 10.33%
60.3% 62.3% 59.5% 24.90% 26.12%
51.2% 24.07% 23.29%

30.44% 28.99% 24.39% 24.58%

FY15 FY16 FY17 FY18 FY15 FY16 FY17 FY18

46
4 Year Trend

Revenue from Operations Operational EBITDA

844
18.3% 26.4%
3,824 22.3%
21.9%
3,232 695
20.1%
2,868 716
2,627
12.7% 576

8.9% 9.2%

FY15 FY16 FY17 FY18 FY15 FY16 FY17 FY18

Revenue from Operations (in millions) Operational EBITDA (in millions)
Revenue Growth YoY EBITDA Margin

47
4 Year Trend
Bed Count Split Operational Parameters
4.14
39,904
2,012 4.03 34,173 32,671
31,564
3.99

1,295 1,265

907
951 3.70
823 781
593

335
196 252 271

FY15 FY16 FY17 FY18 FY15 FY16 FY17 FY18

Bed Capacity Operational Occupied ARPOB (in Rs / day) ALOS (Days)

• ARPOB dropping is due to de-risking by way of expansion to newer geographies and increased multispecialty focus,
which has altered our specialty mix
• Decreasing ALOS is a positive sign as it means early discharge for the patients and increased bed turnover rate for us 48
Maturity Profile - FY Mar’18 (Annual Performance)

Maturity % of Operational % of Operational Operational

Occupancy ALOS (Days) Bed Capacity
Stage Revenue Beds Beds

5 years + 38%
(SG; Vijay; 418 42% 3.94 594
Krishna; Vapi) 62%

2-5 years
(Jabalpur, Indore) 22% 335 38% 3.58 476
30%

< 2 years 14%

(Jaipur; Naroda; 32%
Surat; Mohali) 347 23% 3.26 892

49
Balance Sheet Standalone
(Rs. in Millions) (Rs. in Millions)
Statement of Audited Assets and Liabilities STANDALONE Statement of Audited Assets and Liabilities STANDALONE
As at As at As at As at
Particulars 31/03/2018 31/03/2017 Particulars 31/03/2018 31/03/2017
ASSETS EQUITY AND LIABILITIES
NON- CURRENT ASSETS EQUITY
Property, plant and equipment 6,480.55 3,120.37 Equity share capital 1,080.10 874.09
Capital work-in-progress 376.48 2,207.02 Other equity 6,672.36 1,711.34
Goodwill 81.97 -
Total Equity 7,752.46 2,585.43
Intangible Assets - 1.61
NON- CURRENT LIABILITIES
Intangible assets under development 2.24 2.27
Financial liabilities
Financial Assets
Borrowings 749.83 2,854.04
Investments 9.10 94.10
Loans 77.70 - Other Financial Liabilities 46.23 22.47
Other Financial Assets 229.37 19.12
Deferred Tax assets 111.56 71.61 Provisions 13.71 15.18
Other non current assets 74.79 363.69 Deferred Tax Liabilities (Net) - -
Other Non-current Liabilities 128.41 88.77
Total Non-Current Assets 7,443.76 5,879.79
TOTAL NON-CURRENT LIABILITIES 938.18 2,980.46
CURRENT ASSETS
CURRENT LIABILITIES
Inventories 118.81 75.58
Financial assets
Financial liabilities
Investments 13.54 4.30
Borrowings 157.16 229.72
Trade Receivables 601.49 334.58
Cash and Cash Equivalents 108.83 115.82 Trade Payables 479.93 391.78
Other Bank Balances 1,042.29 41.21 Other Financial Liabilities 445.30 577.81
Loans - 86.07
Other Financial Assets 158.94 153.69 Other Current liabilities 45.04 43.51
- -
Provisions 6.06 7.51
Current tax asset 97.03 81.30
Other Current Assets 111.06 47.59 Current tax liabilities 3.54 3.71
Assets classified as held for sale 131.92 - TOTAL CURRENT LIABILITIES 1,137.03 1,254.04
54218 2,383.91 940.14
TOTAL LIABILITIES 2,075.21 4,234.50
Total Assets 9,827.67 6,819.93
TOTAL EQUITY AND LIABILITIES 9,827.67 6,819.93

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Shareholding Pattern
Shareholding as on 31st March 2018

Trust Others
0.94% 0.16%
FIIs/ DIIs and Retail
19.49%
FIIs – 6.28%
DIIs – 6.28%
Retail – 6.93%

Promoter
79.41%

Promoter Group Public Trust Others

• Total Number of Shares: 108,009,770

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Our Strengths and Differentiators

Strong brand,
Experienced global Optimized
promoters with Business Model Unleveraged
leadership in
hands-on now being Balance Sheet
Joint
involvement Replacement replicated

Even after the Strong emphasis Leadership and

Professional
IPO promoter on governance succession plan
management
holding is ~80% and compliance in place

52
Thank you

Opp. Karnavati Club, S G Road,

Ahmedabad – 380015, Gujarat, India