Slides
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For the quarter ending December 31, 2024 Earnings Presentation
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Disclaimer • This presentation has been prepared by Aster DM Healthcare Limited (the "Company"), content of which was compiled from sources believed to be reliable for informational purposes only and are based on information regarding the Company and the economic, regulatory, market and other conditions as in effect on the date hereof. Subsequent developments may impact the information contained in this presentation, which neither the Company nor its advisors or representatives are under an obligation to update, revise or affirm. Contents in the Presentation do not constitute or form part of an offer or invitation for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in connection with any contract, commitment or investment decision in relation thereto in India, the United States or any other jurisdiction. • Prospective and existing investors should make their own evaluation of the Company as the information provided here does not purport to be all inclusive or to contain all of the information a prospective or existing investor may desire. Interested parties shall conduct their own due diligence and investigation on the information, before relying and acting thereon. Company makes no representation or warranty as to the accuracy or completeness of this information and shall not have any liability for any representations (expressed or implied) regarding information contained in, or for any omissions from, this information or any other written or oral communications transmitted to the recipient in the course of its evaluation of the Company. • This presentation may contain certain "forward looking statements", which are based on certain assumptions and expectations of future events. Actual future performance, outcomes and results may differ materially from those expressed in forward‐looking statements as a result of a number of risks, uncertainties and assumptions. Though such forward‐looking statements are based on reasonable assumptions, it can give no assurance that such expectations will be met. Neither the Company nor any of its advisors or representatives assumes any responsibility to update forward-looking statements or to adapt them to future events or developments. 2
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3 Update on Merger of Aster DM & Quality Care Expected timeline for the completion of the Merger (as indicated on announcement): Q3 FY26 Shareholders Approval Received shareholders’ approval with overwhelming majority for: Preferential Allotment (as defined below) as a consideration for Initial Acquisition (as defined below) Shift of registered office of the Company CCI Approval Application made to Competition Commission of India (“CCI”) for approval of following transaction Preferential allotment of ~3.6% stake to Blackstone and TPG in the Company (“Preferential Allotment”), Initial acquisition of 5.0% stake in Quality Care by the Company (“Initial Acquisition”) and the scheme of amalgamation of Quality Care with the Company (“Merger”) Stock Exchanges Approval Awaiting in-principle approval from the stock exchanges for the Preferential Allotment Application made for no-objection letter from the Stock Exchanges post which the Company will approach NCLT NCLT Approval and Listing Post application to NCLT, shareholders’ meeting will be scheduled to consider and approve the Merger NCLT to review the application post receipt of shareholders’ approval and once approved, Merger will be made effective and new shares of the Company will be issued
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9M FY 2025 Performance Summary- Aster India Avg. Occupied beds Capacity Beds 9MFY25 : 5,128 9MFY25 : 2,445 9MFY24 : 2,360 Operational 9MFY24 : 4,857 271+ In PatientsARPOB 9MFY25 : INR 44,200 9MFY25 : 2,08,920 9MFY24 : 1,89,5909MFY24 : INR 39,300 12% 10% Out-Patient 9MFY25 : 2.51 mn 9MFY24 : 2.27 mn 86+ 11% 1. Operating EBITDA for the period 9M FY25 excludes the ESOP Cost of Rs. 7.8 Cr [9M FY24: 3.8 Cr], Movement in fair value of contingent consideration payable of Rs. 8.1 Cr [9M FY24: 1.6 Cr] , Variable O&M fee amounting to Rs.24.2 Cr [9M FY24 : 21.2 Cr]. [Our Operating & Management (O&M) agreements, encompasses both fixed and variable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, wher eas the variable component falls outside the scope of IndAS 116, leading to an incomplete reflection of the standard's impact in EBITDA]. 2. The Adjusted PAT includes an amount of ₹ 85.1 Cr from the interest/gain earned on the investment of sale proceeds from the segregation of GCC vertical and excludes project unity transaction cost of Rs 23.7 Cr.. 3. ROCE = EBIT/Average Capital Employed; [Capital employed excludes CWIP and Land Revaluation reserve]. The CWIP for ongoing projects (including ROU, Capital Advances, and Capital Creditors) amounts to ₹ 991.1 Cr for 9M FY25 [ 9M FY24 : ₹ 284.5 Cr] Revenue Operating EBITDA1 Op EBITDA Margin RoCE Financial 9MFY25 : INR 3,138 cr 9MFY25 : INR 613 cr 9MFY24 : INR 453 cr9MFY24 : INR 2,721 cr 15% 9MFY25 : 19.5% 9MFY24 : 16.6% 9MFY25 : 19.5% 9MFY24 : 14.7% 35% 480 bps Adjusted PAT2 9MFY25 : INR 251 cr 9MFY24 : INR 153 cr 65%288 bps (Post-NCI) (Pre-Tax) 4 3
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Aster India Performance Summary – Q3 and 9M FY 2025 Financial and Operational Highlights Clinical Highlights ▪ Overall Operating EBITDA margin of 19.5% in 9M FY25 (16.6% in 9M FY24) ▪ ALOS has improved to 3.2 days in 9M FY25 from 3.4 days in 9M FY24 ▪ Payor mix improved with Insurance business at 30% (i.e. +300 bps YoY) in 9M FY25. ▪ Core hospital business delivered Operating EBITDA margin of 22.3% in 9M FY25 (19.5% in 9M FY24) ▪ Matured hospital Op. EBITDA margins at 25% in 9M FY25 (22% in 9M FY24) and ROCE at 36% ▪ Karnataka & Maharashtra cluster revenue grew by 33% YoY and Op. EBITDA grew by 58% YoY in 9M FY25 ▪ Aster Labs revenue grew by 14% YoY in 9M FY25; continuing to deliver positive EBITDA margin at 8% in 9M FY25 post breakeven in Q4 FY24. ▪ Successfully added 100 beds to existing capacity at our flagship hospital Aster Medcity during the quarter. ▪ Further plan to add ~1700 beds to reach ~6800+ beds capacity by FY27. ESG Highlights ▪ High-end cutting-edge medical work; ~510+ transplants* and ~1780+ Robotics surgeries* ▪ 13 research paper in Indexed journals during nine months of FY25 ▪ 93% and 85% energy consumption from renewable sources at Aster CMI and RV Bangalore ▪ Women representation in overall workforce stands at 64% and in Board of Directors at 25% ▪ 1822 Mobile Medical camps conducted impacting ~138k beneficiaries through 28 Mobile Medical units in Q3 FY25 ▪ Awarded for Best Multispecialty Hospital - Group and CSR excellence in Healthcare (1 st Runner Up) by ASSOCHAM ▪ Awarded for Best Multispecialty Hospital Emerging for 3 rd Consecutive Year by The Week ▪ Aster Medcity, CMI and MIMS were featured in top rankings by Times of India, Outlook and Newsweek Global media. Recognition 5 * TTM basis
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Company Overview
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Aster India at a Glance 1. Presence and Operational metrics are as on December 31, 2024 2. Count includes 4 O&M Asset Light hospital beds with a capacity of 539 beds 3. Pharmacies in India operated by ARPPL under brand license from Aster 4. Operating EBITDA Margin has been rounded off 5. Five Year Revenue & Pre-Ind AS EBITDA CAGR and 5 Year Capex are till the year ending FY24 6. Kerala hospital and bed count excludes WIMS. PECs: Patient Experience Centers ; ALOS: Average Length of Stay; ARPOB: Average revenue per operating bed; Andhra & Telangana Andhra Pradesh Hospital: 6, Beds: 889 Telangana Hospital: 1, Beds: 158 Kerala Hospital6: 6, Beds: 2,635 Karnataka & Maharashtra Maharashtra Hospital: 1, Beds: 254 Karnataka Hospital: 4, Beds: 1192 9M FY25 Financial metrics Our Presence/Strength1 Operational metrics (9M FY25) 192 Hospitals 15 cities and 5 states 5,128 capacity beds Op. EBITDA Margin: 20%4 38% 5 Year CAGR5 Revenue INR 3,138 cr 23% 5 Year CAGR5 Capex INR 238 cr ~INR 1,108 cr 5 Year Capex5 67% Occupancy INR 44,200+ ARPOB 3.2 days ALOS 203 Pharmacies3 254 Labs and PECsClinics 13 7
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“We’ll treat you well” Our Promise Our Vision and Core Values “Surpassing current benchmarks constantly by continually challenging its ability and skills to take the organisation to greater heights” - Albert Einstein Excellence “Going the extra mile willingly, with a complete sense of belongingness and purpose while adding value to the stakeholders” - Steve Jobs Passion “Treating people with utmost dignity, valuing their culture contributions and fostering a culture that allows each individual to rise to their fullest potential” - Mahatma Gandhi Respect “Going beyond boundaries with empathy and care” - Mother Teresa Compassion “Harnessing the power of synergy and engaging people for exponential performance and results” - H.H. Sheikh Zayed Bin Sultan Al Nahyan Unity “Doing the right thing without any compromises and embracing a higher standard of conduct” - Nelson Mandela IntegrityA caring Mission with a global vision to serve the world with accessible and affordable quality healthcare Our Vision Our Values 8 Dr. Azad Moopen Founder Chairman & Managing Director
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9 426 572 9MFY24 9MFY25 153 251 9MFY24 9MFY25 453 613 9MFY24 9MF25 Revenue from Operations1 Operating EBITDA and Margin1,2 EBITDA and Margin1 2,721 3,138 9MFY24 9MFY25 Notes: 1. Revenue, Operating EBITDA and EBITDA excludes other income. 2. Operating EBITDA for the period 9M FY25 excludes the ESOP Cost of Rs. 7.8 Cr [9M FY24: 3.8 Cr], Movement in fair value of contingent consideration payable of Rs. 8.1 Cr [9M FY24: 1.6 Cr] , Variable O&M fee amounting to Rs.24.2 Cr [9M FY24 : 21.2 Cr]. [Our Operating & Management (O&M) agreements, encompasses both fixed and variable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of IndAS 116, leading to an incomplete reflection of the standard's impact in EBITDA] 3. The PAT includes an amount of ₹ 85.1 Cr from the interest/gain earned on the investment of sale proceeds from the segregation of GCC vertical and excludes project unity transaction cost of Rs 23.7 Cr. Aster India Revenue and Profitability Snapshot – 9M FY25 9 Adjusted PAT and Margin3 (Post NCI)(Post Ind As) 16.6% 19.5% 15.7% 18.2% 5.6% 8.0%
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10 62 81 Q3FY24 Q3FY25 155 189 Q3FY24 Q3FY25 Revenue from Operations1 Operating EBITDA and Margin1,2 EBITDA and Margin1 949 1,050 Q3FY24 Q3FY25 15.3% 17.7% Notes: 1. Revenue, Operating EBITDA and EBITDA excludes other income 2. Operating EBITDA for the period 9M FY25 excludes the ESOP Cost of Rs. 7.8 Cr [9M FY24: 3.8 Cr], Movement in fair value of contingent consideration payable of Rs. 8.1 Cr [9M FY24: 1.6 Cr] , Variable O&M fee amounting to Rs.24.2 Cr [9M FY24 : 21.2 Cr]. [Our Operating & Management (O&M) agreements, encompasses both fixed and variable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of IndAS 116, leading to an incomplete reflection of the standard's impact in EBITDA] 3. The PAT includes an amount of ₹ 25.6 Cr from the interest/gain earned on the investment of sale proceeds from the segregation of GCC vertical and excludes project unity transaction cost of Rs 23.7 Cr. Aster India Revenue and Profitability Snapshot – Q3 FY25 10 Adjusted PAT and Margin3 (Post NCI)(Post Ind As) 168 202 Q3FY24 Q3FY25 17.7% 19.3% 16.4% 18.0% 6.5% 7.7%
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11 Aster India Hospital and other New Business Performance – 9M FY25 Hospitals and Clinics Labs and Pharmacies Revenue Operating EBITDA(5) INR 6 Cr INR 3,020 Cr INR 673 Cr INR 208 Cr YoY Revenue Growth 17% -3% 22.3% Margins 3.1% Margins YoY Revenue Growth INR 3,138 Cr INR 613 Cr 19.5% Margins 19 hospitals(1) 203 Pharmacies (2) 5,128 capacity beds 489 total facilities(3) 254 Labs & PECs Margins Margins 94% 6% YoY Revenue Growth 15% 13 clinics Core established business New growing businesses 100% % of Revenue India Overall(4) (1) Count includes 4 O&M asset light hospitals with a total capacity of 539 beds (2) Pharmacies in India operated by ARPPL under brand license from Aster and Financial numbers are shown for Wholesale Pharma cy, (3) The count of facilities (hospitals, clinics, labs and pharmacies) is as of 31 st December 2024 (4) Aster India overall numbers are after eliminations of INR 90 cr (9M FY24: 81 Cr.) of intercompany revenue and INR 67 Cr. (9M FY24: INR 39 Cr.) of unallocated expenses. (5) Operating EBITDA for the period 9M FY25 excludes the ESOP Cost of Rs. 7.8 Cr [9M FY24: 3.8 Cr], Movement in fair value of contingent consideration payable of Rs. 8.1 Cr [9M FY24: 1.6 Cr] , Variable O&M fee amounting to Rs.24.2 Cr [9M FY24 : 21.2 Cr]. [Our Operating & Management (O&M) agreements, encompasses both fixed and variable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of IndAS 116, leading to an incomplete reflection of the standard's impact in EBITDA].
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Core Business Performance- Hospitals and Clinics
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143 212 201 407 538 688 FY19 FY20 FY21 FY22 FY23 FY24 13 Aster India - Hospital Financial Trends 1,307 1,631 1,647 2,343 2,851 3,519 FY19 FY20 FY21 FY22 FY23 FY24 21 21 -9 176 274 366 FY19 FY20 FY21 FY22 FY23 FY24 (In INR Cr) (In INR Cr) Hospital ROCE (In %) Hospital EBITDA and Margin (In INR Cr) Note: 1. The data for hospitals includes numbers for clinics too. 2. Operating EBITDA for the period 9M FY25 excludes the ESOP Cost of Rs. 7.8 Cr [9M FY24: 3.8 Cr], Movement in fair value of con tingent consideration payable of Rs. 8.1 Cr [9M FY24: 1.6 Cr] , Variable O&M fee amounting to Rs.24.2 Cr [9M FY24 : 21.2 Cr]. [ Our Operating & Management (O&M) agreements, encompasses both fixed andvariable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, wher eas the variable component falls outside the scope of IndAS 116, leading to an incomplete reflection of the standard's impact in EBITDA] Hospital Revenue Hospital Operating EBITDA and Margin1 Hospital PAT Hospital RoCE 20% 11% 13% 12% 20% Margin17% 19% 2,589 3,020 9MFY24 9MFY25 504 673 9MFY24 9MFY25 253 392 9MFY24 9MFY25 2% 3% 2% 15% 20% 23% FY19 FY20 FY21 FY22 FY23 FY24 21% 26% 9MFY24 9MFY25 22%
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14 Aster India – Hospital Operational Trends 63% 61% 56% 66% 68% 68% FY19 FY20* FY21* FY22 FY23 FY24 1.8 2.2 1.5 2.2 2.9 3.3 FY19 FY20 FY21* FY22 FY23 FY24 No. of capacity beds 3,460 3,693 3,757 3,905 4,317 4,867 FY19 FY20 FY21 FY22 FY23 FY24 Total patient volumes 26.1 27.7 30.1 33.5 36.5 40.1 FY19 FY20 FY21 FY22 FY23 FY24 No. of Hospitals 3.6 3.5 3.9 3.7 3.4 3.4 FY19 FY20 FY21 FY22 FY23 FY24 ARPOBOccupancy1 ALOS (In %) (In INR ‘000) (Number of Days) (In Mn) 12 13 14 14 17 19 FY19 FY20 FY21 FY22 FY23 FY24 *Drop in Patient Volumes and Occupancy during FY 20 and 21 due to COVID | 1. Occupancy as per operational census bed 2.5 2.7 9MFY24 9MFY25 19 19 9MFY24 9MFY25 4,857 5,128 9MFY24 9MFY25 39.3 44.2 9MFY24 9MFY25 3.4 3.2 9MFY24 9MFY25 68% 67% 9MFY24 9MFY25
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Walk In 57% TPA/Insurance 30% Corporate 3% MVT2 4% ESI/ECHS/CGHS3 3% State/Central Schemes 2% Others 1% Kerala 53% Karnataka & Maharashtra 35% Andhra & Telangana 12% 15 57% of Revenue from niche specialties (Cardiac Sciences, Neurology, Oncology, Liver care, Nephrology, and Orthopaedics) 1. Geographical Revenue Mix refers to the revenue from hospitals only 2. MVT: Medical Value Travel; TPA: Third Party Administrator; ESI: Employee State Insurance 3. ECHS: Ex-Servicemen Contributory Health Scheme; CGHS: Central Government Health Scheme Geographical Revenue Mix1 (9M FY25) Specialty-wise Revenue Mix (9M FY25) Payor Revenue Mix (9M FY25) Health insurance market increasing access to healthcare services reflecting in growing revenue from TPA to 30% from 27% Cardiac Sciences , 14% Neuro Sciences, 11% Gastroenterology and Integrated Liver Care, 8% Oncology, 10% Nephrology And Urology, 7%Orthopaedics, 7% Women's Health, 6% Child and Adolscent Health, 6% OP Pharmacy, Anaestheolgy, 13% Multi Speciality, 18% Aster India - Hospitals & Clinics Revenue Mix
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16 Aster India - Maturity Wise Hospital Performance – 9M FY25 Maturity Hospitals3 Revenue4 (INR in Crs.) Operational Beds5 (Census) Key Performance indicators ARPOBD Occupancy Operating EBITDA 4 (INR Crs.) Operating EBITDA %4 ROCE Over 6 Years ₹ 45,600 3-6 Years2 ₹ 42,600 0-3 Years1 ₹ 39,200 10 ₹529 2 ₹94 73% ₹2,156 70% 2,623 67% 14% ₹428 13% 501 80% 18 ₹2,973 3,766 ₹ 44,200 67% ₹672 22.6% 26% 1. 0-3 Years Hospitals include: Aster Mother Hospital Areekode, Aster Whitefield Women and Children Hospital, Aster Narayanadri, Ramesh (IB), Aster G Madegowda, Aster PMF. 2. 3-6 Years Hospital include : Aster RV, Aster MIMS Kannur. 3. Wayanad Institute of Medical Sciences (WIMS) details are not included above. Considering WIMS, count of hospitals in India is 19. 4. Revenue and Operating EBITDA shown above excludes other income. 5. Operational Beds (Census) are beds as on 31 st Dec ,2024. 6 ₹5013% ₹389 17% 642 58% 24.5% 21.9% 12.8% 36% 25% 1% 16
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17 5,128 159 75 264 300 350 100 Leased Leased Leased Leased O&M Owned Owned 9M FY25 FY27 FY25 : 334 beds FY26 : 564 beds Further addition of ~1700 beds, bringing the total bed capacity to ~6,800 by FY27 FY27 : 904 beds Aster India Hospitals: Pipeline Projects Projects Current Status: *Aster Whitefield block D, Aster Ramesh Ongole, Aster Kasargod, Aster W&C Hyderabad and Aster Capital are in Construction phase ** Aster CMI and Aster Medcity (PMR block) are in design phase. 17 Aster Whitefield Block D* Aster Ramesh Ongole* Aster MIMS Kasargod* Aster W&C Hyderabad* Aster CMI** Aster Medcity** Aster Capital Trivandrum 454 6,830
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18 ✓ Leveraging technology & digital medium for superior patient outcomes and reach Growth Strategy ✓ Focusing more on niche specialties to drive better ARPOB ✓ Optimizing existing facilities – Payor mix & high-end procedures ✓ To enhance efficiency and lower operational expenses, thereby improving EBITDA margins ✓ Creation of ecosystem by gradually establishing labs and pharmacies ✓ Investing prudently in both brownfield (expanding existing units) and greenfield projects across clusters and opportunistically exploring inorganic opportunities Focus Areas Capital Investment Operational Efficiency Cost Optimisation Initiatives Continuity of Care Technology & Digital Our strategic priorities towards driving future growth and improvement in profitability E D C A B
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Aster India Financial Summary- Profitability Statement Particulars Q3 FY25 Q3 FY24 YoY % 9M FY25 9M FY24 YoY % Revenue from Operations 1,050 949 11% 3,138 2,721 15% Material Cost2 247 229 713 684 Doctors Cost 229 213 691 596 Employee Cost 194 177 577 505 Other Cost 178 162 544 484 Operating EBITDA 202 168 20% 613 453 35% Employee Stock Option Expenses 3 1 8 4 Movement in FV of contingent consideration payable 3 2 8 2 Variable operation and management fees 8 10 24 21 EBITDA Post INDAS 189 155 22% 572 426 34% Depreciation 62 57 185 163 Finance Cost 31 25 91 81 Other Income 33 9 117 21 Profit Before Tax 129 82 57% 413 204 103% Tax 37 11 129 26 Profit After Tax (Before exceptional item) 92 71 29% 284 178 60% Exceptional Item (24) 0 - (24) 0 - Profit After Tax3 68 71 (4%) 260 178 46% Share of Profit/(Loss) of Associates (4) (3) (9) (8) NCI 8 6 24 16 Profit After Tax (Post Non-Controlling Interest) 57 62 -8% 228 153 49% 1. Above numbers are in INR crore. 2. Material Cost % (Ex.Wholesale pharmacy) for Q3 FY25 is 20.8% and Q3 FY24 is 21.5%. Material Cost % ( Ex.Wholesale pharmacy) for 9M FY25 is 20.7% and 9M FY24 is 22.3% 3. PAT for the period of Q3 FY25 and 9M FY25 includes an amount of ₹ 25.6 Cr and ₹ 85.1 Cr respectively from the interest/gain e arned on the investment of sale proceeds from the segregation of GCC vertical and project unity transaction cost of Rs 23.7 Cr. 19 EBITDA Pre INDAS 166 139 20% 507 377 34%
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Cluster Performance
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MIMS Calicut Kozhikode, Kerala 2013, Owned CB: 698 OB: 477 MIMS Kottakkal Kottakkal, Kerala 2013, Owned CB:359 OB:282 MIMS Kannur Kannur, Kerala 2019, Owned CB: 412 OB: 333 Aster Mother Hospital Areekode, Kerala 2022, O&M Asset Light CB: 140 OB:100 Aster PMF Kollam, Kerala 2023, O&M Asset Light CB: 164 OB:117 Aster Medcity Kochi, Kerala 2014, Owned CB: 862 OB: 662 Kerala Cluster: Hospitals and Bed Capacity 53% Beds Total Capacity Beds Operational Beds Census Operational Beds Non-Census Available Capacity Beds 9M FY25 2,635 1,971 585 79 9M FY24 2,386 1,834 552 - 1. Hospital Revenue Contribution • CB= capacity beds | OB = operational census beds 21 Revenue Contribution1
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21.3% 23.7% 9MFY24 9MFY25 317 382 9MFY24 9MFY25 1,489 1,609 9MFY24 9MFY25 11.2% 14.2% 13.2% 19.4% 21.0% 21.4% FY19 FY20 FY21 FY22 FY23 FY24 Kerala Cluster - Performance 701 875 935 1,318 1,691 2,007 FY19 FY20 FY21 FY22 FY23 FY24 78 124 124 255 356 430 FY19 FY20 FY21 FY22 FY23 FY24 22 Revenue (In INR Crs) Operating EBITDA1 (In INR Crs) Operating EBITDA Margin1 (In %) 1. From FY19 to FY22 is reported as EBITDA and FY23 onwards it is operating EBITDA 9MFY25 Operational Metrics 9M FY25 9M FY24 YoY Growth ARPOBD (INR) 41,600+ 37,500+ 11% Occupancy 74% 80% -569 bps Average Occupied Beds 1,385 1,424 -3% In-Patient Visits 1,22,400+ 1,14,710+ 7% Out-patient Visits (mn) ~1.64 ~1.53 8% ALOS (Days) 3.1 3.4 -9%
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Aster CMI Bengaluru, Karnataka 2014, O&M CB: 509 OB:366 Aster Whitefield Bengaluru, Karnataka 2021, Leased CB: 347 OB:234 Aster RV Bengaluru, Karnataka 2019, O&M CB: 236 OB:168 Aster Aadhar Kolhapur, Maharashtra 2008, Owned CB: 254 OB:211 Aster G Madegowda Mandya, Karnataka 2023, O&M Asset Light CB: 100 OB:35 Karnataka & Maharashtra Cluster : Hospitals and Bed Capacity 35% Beds Total Capacity Beds Operational Beds Census Operational Beds Non-Census Available Capacity Beds 9M FY25 1,446 1,014 361 71 9M FY24 1,424 890 322 212 1. Hospital Revenue Contribution | CB= capacity beds | OB = operational beds census 23 Revenue Contribution1
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19.4% 23.2% 9MFY24 9MFY25 154 244 9MFY24 9MFY25 793 1,054 9MFY24 9MFY25 310 442 433 655 817 1100 FY19 FY20 FY21 FY22 FY23 FY24 28 42 33 83 150 217 FY19 FY20 FY21 FY22 FY23 FY24 9.2% 9.5% 7.6% 12.6% 18.4% 19.7% FY19 FY20 FY21 FY22 FY23 FY24 Karnataka & Maharashtra Cluster - Performance Revenue (In INR Crs) Operating EBITDA1 (In INR Crs) Operating EBITDA Margin2 (In %) 1. From FY19 to FY22 is reported as EBITDA and FY23 onwards it is operating EBITDA 2. Operating EBITDA Margin excluding Whitefield is 25.4% in 9M FY25 as compared to 23.4% in 9M FY24 24 9M FY25 Operational Metrics 9M FY25 9M FY24 YoY Growth ARPOBD (INR) 60,000+ 52,300+ 15% Occupancy 64% 61% 241 bps Average Occupied Beds 631 543 16% In-Patient Visits 56,110+ 47,020+ 19% Out-patient Visits (mn) ~0.58 ~0.49 18% ALOS (Days) 3.1 3.2 -3%
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Ramesh Guntur Guntur, AP 2016, Leased CB:350 OB:225 Ramesh Sanghamitra Ongole, AP 2018, Owned CB:150 OB:130 Prime Hospitals – Ameerpet Hyderabad, Telangana 2014, Leased CB:158 OB:98 Ramesh Main Centre Vijayawada, AP 2016, Leased CB:135 OB:125 Ramesh Labbipet Vijayawada, AP 2016, Leased CB:54 OB:47 Ramesh Adiran (IB) Vijayawada, AP 2023, Leased CB:50 OB:42 Aster Narayanadri Tirupati, AP 2023, O&M Asset Light CB:150 OB:114 Andhra & Telangana Cluster : Hospitals and Bed Capacity Beds Total Capacity Beds Operational Beds Census Operational Beds Non-Census Available Capacity Beds 9M FY25 1,047 781 192 74 9M FY24 1,047 790 183 74 Revenue Contribution1 12% 1. Hospital Revenue Contribution CB= capacity beds | OB = operational beds census 25
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10.8% 13.2% 9MFY24 9MFY25 33 47 9MFY24 9MFY25 307 357 9MFY24 9MFY25 11.9% 14.8% 16.2% 18.7% 9.3% 10.0% FY19 FY20 FY21 FY22 FY23 FY24 Andhra & Telangana - Performance Revenue (In INR Crs) Operating EBITDA1 (In INR Crs) Operating EBITDA Margin (In %) 303 314 279 370 344 412 FY19 FY20 FY21 FY22 FY23 FY24 36 47 45 69 32 41 FY19 FY20 FY21 FY22 FY23 FY24 1. From FY19 to FY22 is reported as EBITDA and FY23 onwards it is operating EBITDA 26 9M FY25 Operational Metrics 9M FY25 9M FY24 YoY Growth ARPOBD (INR) 29,400+ 27,700+ 6% Occupancy 55% 50% 530 bps Average Occupied Beds 429 393 9% In-Patient Visits 30,370+ 27,860+ 9% Out-patient Visits (mn) ~0.28 ~0.25 14% ALOS (Days) 3.9 3.9 -
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Awards, Excellence & Leadership
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Aster DM Foun Pravasi Bhushan Award Aster Medcity : South Best Multispeciality Hospital Aster CMI : South Best Multispecialty Hospital Aster CMI in India: 4-star Global Hospital Rating Aster CMI Hospital: All India Aster Medcity: All India Aster Medcity : All India Best Multispeciality Hospital Aster CMI : All India Best Multispecialty Hospital Best Multispecialty Hospital Emerging Aster Medcity: India Best Multispecialty Aster CMI : India Best Multispecialty 6 2 Outlook 2024 Best Hospital Ranking Times All India Multispecialty Hospital Ranking 2024 6 3 34 2 4 The Worlds Best Hospitals 2024 Aster Medcity in India: 4-star Global Hospital Rating 20 1 Awards and Rankings 28 1 Aster Medcity : India Aster CMI : India Oncology Aster CMI : Bengaluru Aster Medcity : Kochi Best Multispecialty 4 4 Aster Medcity : India Neuroscience: All India Aster Medcity : India Cardiology: All India 3 3 Best Hospital Chain & Healthcare Brand of the Year Best Hospital Chain of the Year Aster DM Healthcare Awarded Excellence for CSR ET Healthcare Awards Healthcare Awards Aster CMI: Most Trusted Hospital (Bengaluru) Aster DM Foundation: Best CSR Excellence in Healthcare (1st Runner up) Aster DM Heathcare: Best Multispeciality Hospital – Group 1 ASSOCHAM Healthcare Summit 2024 ET Healthcare Awards Deputy Managing Director Got awarded by Governor of West Bengal
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29 Select firsts achieved by Aster Select firsts Key tertiary care procedures1 in South Asia – Patent Foramen Ovale closure using Life Tech Cera Flex PFO device center of excellence in India – Antimicrobial Stewardship from Infectious Disease Society of American in APAC – 65 year old with Parkinson’s groundbreaking Bilateral STN DBS using Medtronic DBS Directional leads in India – Minimally invasive Laser Enucleation Of the Prostate surgery using laser technology 1st 1st 1st 1st in Kerala – Direct Anterior approach in THR, US based technology in Karnataka – 75 year old woman with a back fracture underwent Vertebral Body Stenting treatment for the first time in India to perform a robotic kidney tumor removal in Kerala – Deep Brain Stimulation surgery centers in India 1st 1st 1st 1st 1,960+ cardio-vascular surgeries 3,440+ joint replacements Infrastructure Comprehensive multi-specialty clinical services backed by highly experienced clinician team and best-in-class medical technology Accreditation High-end equipment •Robotic surgery capabilities, LINAC, PET CT, Cath Labs, MRI, CT Scan, SPECT, gamma camera and other high-end equipment installed in various facilities Notes: 1. TTM basis 2. Includes heart, liver and kidney transplants 25+ Cathlabs 7 LINACs 16 MRI machine 9 Robots Aster – High standards of clinical excellence 5,740+ neuro surgeries 1,780+ robotic surgeries 10,850+ Urology procedures 31,530+ CIG/PTCA (Angiogram & Angioplasty) 5,440+ gastro- intestinal surgeries 510+ transplants2
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30 Awarded for Excellence in CSR in the National Category by ET Healthcare and ASSOCHAM ESG Milestones E S G Energy Consumption sourced from renewable energy at Aster CMI, Bangalore Energy Consumption sourced from renewable energy at Aster RV Bangalore Sewage treatment plants installed across India 3,675,000 KWh2,300,000 KWh 4300 Worth solar energy sourced Trees Planted 38 No. of People of determination in workforce in India 325 Students employed in India across Aster units after completion of 6 months GDA program out of 532 enrolled in Aster Academy 130,837 Free and subsidised dialysis done at associated dialysis centers in Kerala, India 13,58,052 Beneficiaries of the Aster Volunteers Community Medical Sevices initiatives 25% 11 Women representation in Board of Directors policies supporting Governance framework including ESG Policy, CSR policy, Business Responsibility policy, etc Employees been provided training on human rights issues 6,102 Mobile Medical services in India offering free health screening services in the regions where healthcare is least accessible 28 2 93% 1385% Worth wind energy sourced 100% resolution of reported whistleblowing cases raised via the confidential reporting line Standalone Tele Medicine Centers (AVCMS) in Rajasthan and 2 units WIP in Tamil Nadu 64% Female employees in the overall employees at Aster India 95% & 100% Maternity Return Rate & Paternity Return Rate To work
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31 Board of Directors 31 Dr. Azad Moopen Founder Chairman and Managing Director Alisha Moopen Deputy Managing Director T. J. Wilson Non-Executive Director Shamsudheen Bin Mohideen Mammu Haji Non-Executive Director Emmanuel David Gootam Independent Director James Mathew Independent Director Chenayappillil John George Independent Director Purana Housdurgamvijaya Deepti Independent Director Sunil Theckath Vasudevan Independent Director Maniedath Madhavan Nambiar Independent Director Zeba Azad Moopen Non-Executive Director Anoop Moopen Non-Executive Director
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32 32 Leadership Team Dr. Azad Moopen Founder Chairman and Managing Director T. J. Wilson Group Head - Governance & Corporate Affairs Dr Somashekhar S P Chairman-Medical Advisory Board & Director – Aster International Institute of Oncology Sunil Kumar M R Chief Financial Officer Devanand K T Regional Chief Executive Officer-Telangana, Andhra Pradesh Srinath Metla Country Head – Sales, Marketing & RCM Durga Prasanna Head – HR Ramesh Kumar S Chief Operating Officer Hitesh Dhaddha Chief Investor Relations & M&A officer Kannan Srinivas Director – Aster Health Academy Dr. Harsha Rajaram CEO – Aster Digital Health . Hemish Purushottam Company Secretary Sreeni Venugopal Chief Information Officer & Chief Information Security Officer Dr. Anup Warrier Chief – Medical Affairs & Quality Hari Prasad V K Head – Internal Audit, Risk & Compliance Hemakumar Nemmali Country Head – SCM & Central Procurement 32 Dr Prashanth N Chief Executive Officer – Karnataka Cluster
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Appendix
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34 Aster India Hospital and other New Business Performance – Q3 FY25 Hospitals and Clinics Labs and Pharmacies Revenue Operating EBITDA(5) INR 3 Cr INR 1,001 Cr INR 220 Cr INR 78 Cr YoY Revenue Growth 10% 5% 22% Margins 4% Margins YoY Revenue Growth INR 1,050 Cr INR 202 Cr 19% Margins 19 hospitals(1) 203 Pharmacies (2) 5,128 capacity beds 254 Labs & PECs Margins Margins 93% 7% YoY Revenue Growth 11% 13 clinics Core established business New growing businesses 100% % of Revenue India Overall(4) (1) Count includes 4 O&M asset light hospitals with a total capacity of 539 beds (2) Pharmacies in India operated by ARPPL under brand license from Aster and Financial numbers are shown for Wholesale Pharma cy, (3) The count of facilities (hospitals, clinics, labs and pharmacies) is as of 31 st Dec 2024 (4) Aster India overall numbers are after eliminations of INR 29 cr (Q3 FY24: 31 Cr.) of intercompany revenue and INR 21 Cr. (Q3 FY12: INR 12 Cr.) of unallocated expenses. (5) Operating EBITDA for the period Q3 FY25 excludes the ESOP Cost of Rs. 2.7 Cr [Q3 FY24: 1.3 Cr], Movement in fair value of contingent consideration payable of Rs. 2.7 Cr [Q3 FY24 : 1.6 Cr] , Variable O&M fee amounting to Rs.7.7 Cr [Q3 FY24 : 10.0 Cr] . [Our Operating & Management (O&M) agreements, encompasses both fixed and variable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of IndAS 116, leading to an incomplete reflection of the standard's impact in EBITDA] 489 total facilities(3)
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35 Geography – wise Business – Snapshot – 9M FY25 KERALA KARNATAKA & MAHARASHTRA ANDHRA & TELANGANA TOTAL 9M FY25 9M FY24 9M FY25 9M FY24 9M FY25 9M FY24 9M FY25 9M FY24 2,635 2,386 1,446 1,424 1,047 1,047 5,128 4,857 1,971 1,834 1,014 890 781 790 3,766 3,514 585 552 361 322 192 183 1,138 1,057 79 - 71 212 74 74 224 286 3.1 3.4 3.1 3.2 3.9 3.9 3.2 3.4 74% 80% 64% 61% 55% 50% 67% 68% 1.64 1.53 0.58 0.49 0.28 0.25 2.50 2.30 1,22,400 1,14,710 56,110 47,020 30,370 27,860 2,08,920 1,89,590 41,600 37,500 60,000 52,300 29,400 27,700 44,200 39,300 Total Capacity Beds Operational Beds (Census) Operational Beds (Non-Census) Available Capacity Beds ALOS (Days) Occupancy1 Outpatient Visits In-patient visits ARPOBD (INR) Notes: 1. Occupancy is calculated based on Operational Beds (Census) 2. Above details are for hospitals and does not relate to clinics 3. Data excludes Aster Wayanad 35
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36 Geography – wise Business – Snapshot – Q3 FY25 KERALA KARNATAKA & MAHARASHTRA ANDHRA & TELANGANA TOTAL Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 2,635 2,386 1,446 1,424 1,047 1,047 5,128 4,857 1,971 1,834 1,014 890 781 790 3,766 3,514 585 552 361 322 192 183 1,138 1,057 79 - 71 212 74 74 224 286 3.1 3.4 3.1 3.2 3.8 4.0 3.2 3.4 68% 80% 60% 65% 55% 52% 63% 70% 0.55 0.54 0.19 0.17 0.10 0.08 0.80 0.80 39,580 40,170 18,140 16,380 10,240 9,390 67,960 65,940 42,400 38,300 63,000 52,400 30,000 27,500 45,500 39,800 Total Capacity Beds Operational Beds (Census) Operational Beds (Non-Census) Available Capacity Beds ALOS (Days) Occupancy1 Outpatient Visits In-patient visits ARPOBD (INR) Notes: 1. Occupancy is calculated based on Operational Beds (Census). 2. Above details are for hospitals and does not relate to clinics 3. Data excludes Aster Wayanad 36 523 524 358 278 121 106 1,001 907 123 117 80 53 17 12 220 182 23.5% 22.4% 22.5% 19.1% 13.9% 11.4% 22.0% 20.1% Revenue Operating EBITDA Operating EBITDA Margins OperationalFinancial
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