1.0 OVERVIEW OF INDIAS MACROECONOMIC ENVIRONMENT AND HEALTHCARE LANDSCAPE
1.1 Indias GDP Performance and Outlook
Indias GDP has continued to expand steadily under the revised base year methodology (2011-12), as published by the Ministry of Statistics and Programme Implementation (MoSPI). Over the twelve-year period from FY13 to FY25, real GDP at constant prices grew from Rs 92.1 trillion to a projected Rs 187.9 trillion, reflecting a compound annual growth rate (CAGR) of 5.9%. The economy demonstrated resilience post the pandemic-induced contraction of 5.8% in 2020-21, with real GDP bouncing back to Rs 150.2 trillion in FY22 and further accelerating in subsequent years. Growth in 2023-24 (First Revised Estimates) stood at 8.2%, aided by strong investment momentum and resilient private consumption. For FY25, the Second Advance Estimates peg GDP growth at 6.5%, with real GDP expected to reach Rs 187.9 trillion
While Indias growth outlook remains strong, the broader global environment presents headwinds. According to the IMF, global GDP is forecast to grow by 3.3% in 2025 - below the pre-pandemic average with uneven momentum across regions. Advanced economies are expected to grow modestly, while major emerging markets such as China face persistent structural challenges. For India, the IMF maintains a robust 6.5% GDP growth projection for both 2025 and 2026, driven by domestic demand and improving industrial activity. However, factors such as tighter global financial conditions, elevated policy uncertainty, and volatile commodity markets, especially crude oil, may pose risks to external trade and imported inflation. A strong US dollar and high- interest rate differentials have also led to capital outflows from several emerging markets, including India, further underlining the need for prudent macroeconomic management amid global divergences.
Source: Global outlook and risk commentary referenced from IMF World Economic Outlook Update, January 2025
1.2 India emerges as the Worlds Most Populous Country
Indias population grew at a CAGR of 1.9% from 2001 to 2011, reaching approximately 1.2 billion as per Census 2011. By 2010, the country had about 246 million households. As per the United Nations World Urbanisation Prospects, 2022 revision, India and China collectively accounted for nearly 36% of the global population in 2021.
India surpassed China to become the worlds most populous country in April 2023, with an estimated population of 1.425 billion.
1.3 Indias urbanization expected to increase steadily
According to the United Nations World Urbanisation Prospects: The 2018 Revision, China had the worlds largest urban population in 2018, with 837 million urban dwellers, constituting around 20% of the global total. India followed with 461 million urban dwellers, and the US with 269 million. The share of Indias urban population has been steadily increasing, reaching approximately 31 % in 2010. This upward trend is expected to continue, with the UN projecting that nearly 40% of Indias population will live in urban areas by 2030.
Migration from rural to urban areas is largely driven by better job opportunities, access to education, and improved quality of life. In many cases, entire families or select members - typically primary earners or students - migrate while others remain in their rural homes.
1.4 Consumer demand and rising per capita to drive long-term consumption growth
Indias per capita income, a key measure of living standards, increased from Rs 63,462 in fiscal 2012 to Rs 98,374 in fiscal 2023, achieving a CAGR of 4.1 %. This growth was driven by rising job opportunities, supported by overall GDP growth. Despite stable population growth at around 1 % CAGR, the indicator witnessed an 8.7% decline in fiscal 2021 due to the impact of the Covid-19 pandemic.
1.5 Healthcare expenditure low vs Global averages - offers opportunities for growth
Global healthcare spending has risen in tandem with economic growth. As economies expand, both public and private healthcare expenditures typically rise. Additionally, the growing prevalence of sedentary lifestyles has led to an increase in chronic diseases, further escalating healthcare costs. Fast-growing economies with historically lower healthcare spending are witnessing a notable rise in chronic illnesses as their populations move up the income ladder. In contrast, developed nations such as the United States, Germany, France, Japan, and the United Kingdom allocate a significantly higher share of their GDP to healthcare compared to developing countries like India, Vietnam, and Indonesia.
1.6 Indias low healthcare spends per capita augers well for private healthcare players
According to the World Health Organisations Global Health Expenditure Database for the calendar year 2020, India allocated 3.0% of its GDP towards healthcare. This includes Government healthcare spending, private healthcare spending and capital investment. As of 2020, Indias healthcare spending as a share of GDP not only lags behind developed nations like the US and UK but also trails several developing countries such as Brazil, Nepal, Vietnam, Singapore, Sri Lanka, and Malaysia.
The Government of India aims to raise its public healthcare spending to 2.5% of GDP by 2025, up from 1.8% in 2021, as outlined in the National Health Policy 2017. Indias public expenditure on healthcare services remains significantly below international benchmarks. For instance, Indias per capita total healthcare expenditure (adjusted for purchasing power parity in international dollars) was only $56 in 2020, in stark contrast to $11,702 in the US, $ 4,926 in the UK, and $ 3,537 in Singapore.
India also faces a high burden of out-of-pocket (OOP) healthcare expenses. According to CRISIL Research, out-of-pocket expenditure in India stood at approximately 49.8% of current health expenditure in 2020, significantly higher than the global average of 18.1%. This reflects not just limited public funding, but also the high financial burden placed on individuals. The continued reliance on personal savings and borrowings for medical needs underscores the need for broader insurance coverage and more affordable service delivery mechanisms.
The Pradhan Mantri Jan Arogya Yojana (PM JAY), which remains the Governments flagship health insurance scheme under Ayushman Bharat, aims to mitigate the financial burden associated with healthcare costs, particularly for marginalised populations. Despite challenges in healthcare financing, the continued reliance on private expenditure also presents significant opportunities for stakeholders involved in support healthcare services.
1.8 Healthcare infrastructure lag vs global median highlighting a significant gap in the system
The adequacy of a countrys healthcare infrastructure and personnel is a barometer of its healthcare quality. India accounts for nearly a fifth of the worlds population, but has an overall bed density of only 16 per 10,000 population, with the situation significantly worse in rural areas compared to urban regions. Indias bed density not only falls well short of the global median of 29 beds, but also lags behind other developing countries such as Brazil (24 beds), Malaysia (20 beds), and Vietnam (26 beds).
CRISIL Research estimates that India would require nearly 2.1 million additional beds by 2026 to reach the global median of 29 beds per 10,000 population, highlighting a significant infrastructure gap in the system.
1.9 Healthcare services offered with much lesser healthcare personnel, India needs to double its physician base to meet global standards
India faces a significant shortage of healthcare personnel, exacerbating healthcare challenges. As of CY2020, India had approximately 7.4 physicians and 18 nurses per 10,000 population, trailing the global median of 16 physicians and 40 nursing personnel for the same period.
In comparison, developing countries like Brazil reported 23 physicians and 74 nurses per 10,000 population, while Malaysia and other Southeast Asian nations also surpassed India with 23 physicians and 35 nurses per 10,000 population, respectively.
As per CRISIL Research, India had -12.3 lakh registered doctors as of 2019. The country currently has 648 medical colleges offering -98,000 MBBS seats, producing around 7 doctors per lakh population annually. Despite this, India needs to nearly double its physician base to meet global standards.
Pneumonia remains a leading cause of mortality, while acute respiratory infections and diarrheal diseases accounted for a significant proportion of reported cases. Combined, pneumonia, acute respiratory infections, and acute diarrheal diseases together represent a major share of mortality linked to communicable diseases. Other communicable diseases such as enteric fever, tuberculosis, malaria, and several others accounted for a comparatively smaller share of reported morbidity.
1.10.2 Non-communicable Diseases - a rising concern
Lifestyle-related risk factors such as unhealthy diet, high blood pressure, high blood sugar, high cholesterol, and obesity collectively contributed to a considerable share of Indias overall disease burden. These factors are major contributors to conditions such as ischemic heart disease, stroke, and diabetes in India.
In contrast to the declining trend in communicable diseases, lifestyle-related illnesses or non-communicable diseases (NCDs) have been rising rapidly in India over recent years. The contribution of NCDs to the disease profile rose from 30% in 1990 to 55% in 2016, with these illnesses accounting for nearly 62% of all deaths in India during 2016.
According to the World Economic Forum, the global expenditure on NCD treatments is projected to reach nearly $30 trillion by 2030, with Indias burden estimated at $5.4 trillion.
Cardiovascular diseases (CVDs) have increased significantly, from 380 lakh cases in 2005 to nearly 641 lakh cases in 2015. Under the National Programme for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases, and Stroke (NPCDCS) in 2019, out of 6.8 Crores people screened, 8% were diagnosed with hypertension, 7% with diabetes, 1.9% with both hypertension and diabetes, 0.5% with CVDs, 0.15% with stroke, and 0.1 % with common cancers.
CRISIL Research notes that NCDs tend to increase alongside rising income levels. The World Health Organisation (WHO) projects a continued rise in NCDs by 2030, prompting CRISIL to forecast rising demand for healthcare services related to lifestyle-related diseases such as cardiac ailments, cancer, and diabetes.
Additionally, the orthopedics market in India, comprising knee, hip, trauma, and spine segments, is emerging, with knee replacement holding the largest share, followed by trauma and spine. Hip replacement, however, remains a smaller segment in India compared to global trends.
2. INDUSTRY STRUCTURE & DEVELOPMENTS
2.1. Overview of Indias Healthcare Service Delivery Ecosystem
The Healthcare sector in India broadly includes Hospitals, Pharmaceutical Companies & Standalone Pharmacies, Diagnostic Services, Medical Equipment and Supplies, Medical Insurance, Telemedicine Companies, Medical Tourism and Retail Healthcare. The healthcare market functions through the following segments:
2.1.1. The Healthcare sector is divided into three major categories: primary, secondary and tertiary.
| Primary Care | Secondary Care | Tertiary Care H | |
| Services | Provides all services as required for the first point of contact | Provides all services as required, including organised medical research | Provides all services as required, including provision for experimental therapeutic modalities and organised research in chosen specialties |
| Multi-disciplinary | Yes | Yes | Single- or multi-specialty |
| Type of service | Only medical services and excludes surgical services | Overall medical and surgical services | Complex surgical services with sophisticated equipment |
| Type of patient | Only outpatient | Inpatient and outpatient | Primarily inpatient |
| No. of beds | 0 beds | 50-200 beds | >200 beds |
| Dependent on | Secondary and tertiary care hospitals for further diagnosis and support | Tertiary care hospital for diagnostic and therapeutic support on referral and for patient transfer | Tertiary care/ secondary hospital for referrals for its workload |
| Investment | Low investment required | Medium | High |
Source: CRISIL Research
Healthcare delivery may also be classified as primary, secondary and tertiary, on the basis of the complexity of ailment being treated. For instance, a hospital treating heart diseases may be classified as a primary facility if it addresses conditions such as high cholesterol, as a secondary facility if it treats patients suffering strokes, or as a tertiary facility if its deals with cardiac arrest or heart transplants.
2.2 Assessment of Indias hospital market
According to CRISIL MI&A Research, the Indian healthcare delivery industry is projected to grow at a robust compound annual growth rate of 9-11 % between FY25 and FY27. This growth is supported by several long-term structural drivers, including rising healthcare needs due to demographic shifts and increasing prevalence of chronic diseases. Factors such as higher incomes, changing demographics, and the growth of medical tourism are also expected to fuel demand. In addition, the sectors strong fundamentals, coupled with improving affordability among the population, are expected to drive demand for healthcare services. The anticipated impact of government initiatives like the Ayushman Bharat scheme, which aims to provide universal health coverage, is expected to be another key catalyst for growth during this period.
By the end of fiscal 2025, CRISIL MI&A Research estimates the Indian healthcare delivery market to have surged to approximately Rs 6.3-Rs 6.5 trillion, driven by the continuation of routine treatments, surgeries, and outpatient department (OPD) services, alongside the expansion of Average Revenue Per Occupied Bed (ARPOB) for the sector. Medical tourism, which is expected to surpass pre-pandemic levels by FY24, is also contributing meaningfully to this growth. Within the overall healthcare delivery market, it is anticipated that the in-patient department (IPD) will represent nearly 79% in terms of value, with the remaining share being accounted for by the OPD.
With sustained support from long-term structural factors, renewed emphasis on the Pradhan Mantri Jan Arogya Yojana (PMJAY), and heightened Government focus on the healthcare sector, the healthcare delivery market is projected to expand at a compound annual growth rate (CAGR) of approximately 9-11 %, reaching Rs 7.8 trillion by fiscal 2027.
In India, healthcare services are provided by both Government and private entities, encompassing both IPD and OPD services. However, the dominance of private players in healthcare provision, attributable to limited Government healthcare spending and the strain on existing state health infrastructure, is evident. The share of treatments by private players (in value terms) is projected to rise from 60% in fiscal 2018 to nearly 66% in fiscal 2027, with only a marginal dip witnessed in fiscal 2021. This skew towards private players is further accentuated by their expansion plans, underpinned by growing reliance on private facilities.
2.3. Key Characteristics of the Healthcare Industry
A combination of economic and demographic factors is expected to drive healthcare demand in India. This industry in India is broadly characterised by the following:
2.3.1. Rising incomes and widening income inequalities:
India has experienced significant economic growth over the last three decades, resulting in a rise in per capita income and the emergence of a growing middle class. This economic expansion has led to increasing demand for quality healthcare services, particularly among the rising middle class. However, Indias ongoing development is accompanied by growing income inequalities, contributing to stark disparities in healthcare access between urban and rural regions. These differences present market segments with differentiated value propositions.
2.3.2 Growing population and changing demographics
The healthcare industry is poised for growth in India due to the countrys large and rapidly changing population, particularly the rising proportion of the working-age population. This trend suggests a potential boost for Indias economy and a growing demand for modern and higher-quality healthcare services.
With improving life expectancy, the demographic profile of the country is also shifting. As of 2011, around 8% of Indias population was aged 60 or above. This is projected to rise to 12.5% by 2026, highlighting the growing need for age- specific healthcare infrastructure and services.
The increasing share of senior citizens also indicates a need for enhanced healthcare services to cater to their unique needs, further contributing to the growth of the industry. In parallel, rising demand for health insurance is helping ensure that Indias growing middle class can access high-quality care.
2.3.3. Widening Gaps in Access and Consumption:
While commendable progress has been made by both public and private healthcare service providers, a significant challenge for the sector persists: a large segment of the population remains under-served due to inadequate infrastructure in certain regions. Despite Government efforts to make healthcare affordable and accessible nationwide, India still lags behind global standards in ensuring equitable access to quality healthcare for all its citizens.
2.3.4. Evolving Disease Profile in India
Non-Communicable Diseases (NCDs) have surged in India in recent years, comprising a significant portion of the disease profile and contributing to a growing number of deaths. Unhealthy lifestyle factors including poor diet, high blood pressure, high blood sugar, high cholesterol, and obesity, - have led to an increasing burden of diseases like heart disease, stroke, and diabetes, necessitating enhanced healthcare services to address these challenges.
According to the World Economic Forum, NCD treatments are projected to cost the world nearly $30 trillion by 2030, with Indias burden estimated at $5.4 trillion. CRISIL Research observes that NCDs tend to increase with rising income levels, and projects growing demand for healthcare services related to lifestyle diseases such as cardiac ailments, cancer, and diabetes.
Additionally, the orthopaedics market in India, although currently small compared to NCDs, shows promise. Segmented into knee, hip, trauma, and spine categories, knee replacement holds the largest share, followed by trauma and spine. Hip replacement remains a small segment in India compared to knee replacement, contrary to the global trend.
2.3.5. Technology as a Key Driver in Modern Healthcare Delivery
The healthcare industry has undergone significant transformations in recent years, driven by both medical advancements and technological progress. These developments have led to breakthroughs in treatments, data collection, and disease research, offering patients more personalised options. Hospitals in India are increasingly investing in technology to enhance clinical outcomes, resulting in progress across areas such as robotic surgeries, radiation therapy, and transplant support systems.
Emerging Technologies in Healthcare Delivery:
Emerging health technologies such as wearable devices, telemedicine, genomics, virtual reality (VR), robotics, and conversational artificial intelligence (Al) are reshaping the Indian healthcare landscape. This digital health transformation is gaining momentum, with healthcare organisations increasingly adopting digital tools to enhance patient and physician engagement, boost R&D productivity, and streamline supply chain operations. These innovations are vital in addressing the global shortage of medical professionals, and are driving change across healthcare systems worldwide, including those in India. Additionally, the surge in mobile penetration and the rise of a modern middle class in India create the right ingredients for retail health and online pharmacy to grow and garner scale in the coming years.
2.3.6. Growing Momentum in Medical Value Travel (MVT)
The Indian healthcare industry has experienced significant growth in medical tourism. India has emerged as one of the most preferred destinations for global patients seeking medical treatment, driven by its affordability, clinical expertise, and cultural appeal. Patients travel to India for treatment and also explore tourist attractions across the country. Healthcare costs in India are competitive, especially for complex surgeries like cardiac bypass and organ transplants. Additionally, travel and accommodation expenses are lower compared to developed countries.
India attracts medical tourists from developing nations due to the lack of advanced medical facilities in their home countries. A significant portion of this inflow has historically come from Bangladesh, given its geographical proximity and limited healthcare infrastructure. However, ongoing economic challenges and political instability in Bangladesh have led to a decline in medical tourists from the country, particularly during periods of heightened unrest. This downturn has impacted revenues for Indian hospitals that traditionally cater to Bangladeshi patients. Despite this, India continues to attract medical tourists from other Asian and African nations, helping mitigate the risks associated with reliance on a single country. The Indian Government has implemented policies to facilitate the entry of international patients, including e-Medical visas and
longer stays for treatment. Accreditation requirements for wellness centers and Medical Value Travel (MVT) facilitators have enhanced Indias reputation as a preferred medical tourism destination.
Medical tourism in India is primarily driven by the private sector, supported by the presence of technologically advanced hospitals, specialised doctors, and facilities like e-medical visas. India offers a unique blend of traditional therapies such as Ayurveda and Yoga alongside allopathic treatments, providing holistic wellness experiences for patients. Treatments mostly sought after in India include heart surgeries, knee implants, cosmetic surgeries, and dental care, owing to their significantly lower costs compared to developed countries.
According to the Ministry of Tourism, medical tourism in India showed a promising trend: in 2019, medical tourists accounted for 6.38% of total foreign tourist arrivals. Although numbers declined to 1.83 lacs in 2020 due to COVID-19, the sector rebounded with 66% growth in 2021. Looking ahead, medical tourism is expected to grow by about 15% in CY24, with an estimated 7.3 lacs medical tourists visiting India. To further boost the sector, the Government has established a National Medical and Wellness Tourism Board and offers financial assistance to players in the industry.
Affordable And Quality Treatment Makes India A Favoured Destination
| Ailments (US$) | USA | Korea | Singapore | Thailand | India gfff |
| Hip Replacement | 50,000 | 14,120 | 12,000 | 7,879 | 7,000 |
| Knee Replacement | 50,000 | 19,800 | 13,000 | 12,297 | 6,200 |
| Heart Bypass | 144,000 | 28,900 | 18,500 | 15,121 | 5,200 |
| Angioplasty | 57,000 | 15,200 | 13,000 | 3,788 | 3,300 |
| Heart valve replacement | 170,000 | 43,500 | 12,500 | 21,212 | 5,500 |
| Dental Implant | 2,800 | 4,200 | 1,500 | 3,636 | 1,000 |
"Heal in India": Indias Push to become a Global hub for f Medical and Wellness Tourism: ,—
The Government of India has launched ‘Heal in India initiative HE, to provide a boost to medical tourism in the country. As part ^ of this initiative, the Ministry of Health and Family Welfare Valu
(MoHFW) has introduced the Medical Value Travel Digital (Cou Portal, to assist foreign patients seeking treatment in India. "
Medical Value Travel refers to activities involving the travel and accommodation of international tourists for medical purposes, ^ aimed at maintaining, improving, or restoring health through medical intervention.
The MVT Portal aims to:
-f Streamline the patient journey by providing comprehensive online services.
+ Offer search functionality based on various parameters such as city, hospital, doctor, and procedure.
+ Provide transparent online package pricing for different medical systems.
+ Facilitate interactions between various stakeholders, including governments, hospitals, and patients.
+ Gather patient testimonials and address grievances efficiently.
Relaxed Visa Process:
India has introduced specialised medical visas and streamlined the visa application process to accommodate patients and their companions. The country now offers e-medical visas to over 150 countries, typically issued within 24-48 hours, along with traditional paper visa options. AYUSH treatments are also included in the medical visa category. The visa procedures have been digitised, aligning with the vision of a "Digital India."
2.3.7. Rising Investments in the Indian Healthcare space
The Indian healthcare sector is rapidly expanding, driven by factors such as demand growth, cost advantages, and policy support. The COVID-19 pandemic has underscored the importance of healthcare, leading to increased attention and investment in the sector. Global private equity firms and venture capitalists have shown keen interest in the Indian healthcare industry, fueling the growth of hospitals, both multi-specialty and single-specialty. The Government of Indias decision to allow 100% FDI in hospitals has further boosted investments from overseas funds, reflecting growing investor confidence in Indias healthcare sector.
During FY25, the healthcare sector witnessed a continued flow of private equity investments and consolidation, reflecting sustained investor interest in Indian healthcare. Notably, Singapores sovereign wealth fund GIC invested an additional $150 million in Asia Healthcare Holdings in December 2024, following its initial $170 million investment in February 2022, reinforcing confidence in Indias single-specialty healthcare sector. Some key announcements include KKRs planned acquisition of Healthium MedTech for $839 million in April 2024, marking a major investment in Indias medical device industry. Additionally, Swedens EQT has announced its agreement to acquire a controlling stake in GeBBS Healthcare Solutions for over $850 million, further contributing to sectoral consolidation. These are just a few examples of the many deals announced in the healthcare sector, reflecting the growing demand for healthcare services and a favorable investment climate, supporting long-term growth in the industry.
2.3.8. Expanding Health Insurance Coverage to Drive Healthcare Demand
Low health insurance penetration remains a significant barrier to the growth of the healthcare delivery sector in India, as affordability of quality healthcare services continues to be a challenge for lower-income groups. As per the Insurance Regulatory and Development Authority (IRDA) Annual Report 2023-24, 573 million people had health insurance coverage in India in FY24, up from 288 million in FY15. Despite this growth, overall penetration remained modest at 41 %, indicating substantial room for expansion.
The majority of health insurance coverage in India is provided through Government-sponsored schemes rather than individual policies. Key active schemes include the Central Government Health Scheme (CGHS), Employees State Insurance Scheme (ESIS), Rajiv Aarogyasri inTelangana, and the Chief Ministers Comprehensive Health Insurance Scheme in Tamil Nadu. These programs collectively account for a significant portion of health insurance coverage in the country. Its important to note that the Rashtriya Swasthya Bima Yojana (RSBY) has been replaced by the Ayushman Bharat - Pradhan Mantri Jan Arogya Yojana (PM-JAY), which now serves as the primary national health insurance scheme. The remaining coverage is provided by commercial insurance providers, including both public and private entities.
CRISIL Research believes that although low penetration poses a significant challenge, it also offers a substantial opportunity for the expansion of the healthcare delivery sector in India. Additionally, the Pradhan Mantri Jan Arogya Yojana (PMJAY) scheme is anticipated to significantly enhance insurance coverage across the nation.
As health insurance coverage in India rises, hospitalisation rates are projected to increase. Mandatory health check-ups, which are a key part of health insurance coverage, are also expected to rise, thereby driving demand for robust healthcare delivery infrastructure.
3. COMPANY OVERVIEW
Apollo Hospitals, established in 1983 as Indias first corporate hospital by Dr. Prathap C Reddy, has evolved into the countrys foremost integrated healthcare services provider. Over the years, it has expanded its footprint across hospitals, pharmacies, primary care clinics, and diagnostic centres.
With a strong commitment to preventive healthcare, Apollo introduced ProHealth,1 a personalised 3-year preventive health program, and Apollo 24/7, a digital health platform. Emphasising clinical excellence and technology adoption, Apollo continues to set benchmarks in Indian healthcare. The opening of the Apollo Proton Cancer Center in Chennai underscores its commitment to cutting-edge clinical outcomes.
Apollos patient-centric approach, encapsulated in "Tender Loving Care" (TLC), has garnered trust from over 150 million patients across 150 countries. As a responsible corporate citizen, Apollo focuses on educating Indians about preventive healthcare, particularly for Non-Communicable Diseases (NCDs). Dr. Prathap C Reddys "billion Hearts Beating Foundation" contributes to heart health awareness.
Since its inception, Apollo Hospitals has continued to contribute to social impact through several initiatives aimed at underserved populations and overall community development. These include programs like Save a Childs Heart Initiative (SACHi), Society to Aid the Hearing Impaired (SAHI), and the CURE Foundation for cancer care, benefitting the underprivileged. Total Health, Apollos flagship CSR initiative, integrates health and well-being into everyday life, exemplified by a holistic healthcare model in Andhra Pradeshs Thavanampalle Mandal.
Recognised by the Government of India, Apollo has been honored with commemorative stamps for milestones such as Indias first successful liver transplant and 25 million health checks. Dr. Prathap C Reddys Padma Vibhushan Award in 2010 further highlights the groups significant contributions to healthcare. This comprehensive overview reflects Apollo Hospitals journey, values, and impact on healthcare and society.
3.1 Healthcare Services
The Apollo Hospitals healthcare services segment consists of hospitals and projects & consultancy services.
3.1.1 Hospitals
As of March 31,2025 the company had a capacity of 10,187 beds in 73 hospitals located in India and overseas. Of the 10,187 beds, 8,754 are located in 45 owned hospitals, 366 beds in 11 cradles, 277 beds in 11 Spectra and 790 beds in 6 hospitals under the companys management through operations and management contracts.
3.1.2 Clinical Excellence
Clinical Excellence is the cornerstone upon which Apollo Hospitals healthcare operations are built. Over the years, the group has consistently delivered exceptional clinical outcomes across a wide range of specialties. Apollo Hospitals benchmarks itself against leading global institutions in each specialty and sets internal targets to meet or exceed those benchmarks.
To ensure long-term clinical outcomes, the Company employs an internal quality management process known as the "Apollo Clinical Excellence" programme, the current ACE framework is called ACE 3.0. This programme has been implemented throughout the hospital network since September 2024. There have been two previous versions - ACE@25 and ACE@40. The main themes in ACE 3.0 are ACE Zero Delay - Timely care
ACE Clinical Outcomes - Excellent clinical outcomes benchmarked to international standards ACE Ideal Processes - Appropriate care/ evidence based medicine ACE Zero Harm - Safe Care
ACE Escalation of Care - Appropriate and timely intervention
Apollo Hospitals sustained focus on Clinical Excellence has allowed it to continuously assess the quality of care provided to its patients and objectively measure the consistency and success of its healthcare delivery services. It has contributed significantly to the groups illustrious track record, allowing it to achieve high success rates even in the most difficult surgeries in specialties such as transplants, cardiac care, and oncology
For a more detailed understanding of Clinical Initiatives, please refer to the "Clinical Governance" Section.
Training and Continuing Medical Education
Apollo Hospitals encourages all of its medical professionals and other employees to participate in ongoing medical education and skill development. To enhance patient outcomes, the group ensures that its professionals and staff remain up to date on the latest medical techniques and procedures. Knowledge sharing and the expansion of medical literature and research repositories have been made possible through collaborations with some of the worlds most prestigious institutes.
Academics and Research
India has increasingly emerged as a hub for International players by offering clinical research at a relatively lower cost. With over 850 clinical studies completed, Apollo Hospitals is Indias largest clinical site solutions provider.
As an academic institution, Apollo Hospitals offers the highest number DNB/FNB programs in the country, under the aegis of the National Board of Examinations (NBE). Currently 1,118 DNB / FNB candidates are being trained in 16 Apollo Hospital facilities.
Apollo Hospitals Educational and Research Foundation (AHERF) has conferred Professorships and Associate Professorships on 32 Apollo Hospitals consultants. Clinical Tutor, Distinguished Clinical Tutor, and Emeritus Clinical Tutor are the adjunct titles held by 53 consultants currently. A total of 48 seats across 31 specialties have been approved for the Clinical Fellowship programme.
Accreditations
Eight hospitals in the group have received accreditation from the Joint Commission International, USA, in recognition of adherence to international healthcare quality standards for patient care and hospital management. JCI is the worlds premier accreditation body for patient safety and quality healthcare.
In addition to the Apollo Proton Cancer Centre which recently received JCI accreditation, the hospitals at Chennai, Bengaluru, New Delhi, Hyderabad, Kolkata, Ahmedabad, and Navi Mumbai are also accredited by both JCI and NABH. The total number of ‘NABH accredited hospitals in the Group now stands at 34.
ProHealth
Non-Communicable Diseases, including cardiovascular diseases, cancers, chronic respiratory diseases, and diabetes, which account for about 62% of all deaths in India, can be prevented or managed by making appropriate lifestyle changes, if diagnosed early. It is critical to undergo regular health checkups to detect NCDs at an early stage to avoid future health- related complications.
Preventive health and wellness have been key focus areas for the enterprise since its inception over four decades ago. The Government of India recognised these efforts by issuing a commemorative stamp upon the completion of 20 million health checks. Based on this experience, Apollo launched ProHealth, a proactive health management programme. ProHealth, which is a first-of-its-kind holistic wellness offering, is powered by the Personalised Health Risk Assessment. It empowers individuals and organisations with actionable health analytics, helping identify and mitigate health risks through tailored clinical and lifestyle interventions. The programme also includes a dedicated Health Mentor to support and guide participants.
Apollo aims to deploy mobile clinics to raise awareness about these preventive health initiatives among a wide cross- section of urban populations. The Samsung-Apollo Mobile Clinic, outfitted with cutting-edge technology for advanced NCD screening, is contributing to both awareness and early detection efforts.
The lessons learned during the Covid-19 pandemic have further underscored the importance of good health and the role of a strong immune system in combating disease. Predictive and preventive healthcare tools will be instrumental in identifying, preventing, and treating NCDs, as well as detecting and mitigating potential health risks at an early stage.
Technology Advancement
Continuous improvement in clinical technology and the adoption of newer methods and protocols have been a strong focus for Apollo Hospitals. The Company has adopted several advanced technologies and tools to ensure delivery of best- in-class medical care and clinical outcomes for patients.
Some of the key technology innovations include launching the first MRI, CT, and PET CT in India, Asias most advanced Cyber Knife, the introduction of Proton Therapy for cancer treatment, and Apollo 24/7 - the technology platform offering a full suite of distinctive digital healthcare services. Apollo Hospitals has been a clinical pioneer, driving transformative shifts in the healthcare industry.
Apollo Hospitals offers treatment at a first-of-its-kind Advanced Deep Brain Stimulation Centre in Chennai, providing new hope to patients with Parkinsons disease and reinforcing its commitment to medical innovation. The Centre, equipped with the latest technology in Parkinsons treatment, enables doctors to deliver personalised care, resulting in improved clinical outcomes and enhanced patient satisfaction. It has, so far, treated the highest number of patients in Tamil Nadu with these technologies.
Apollo Proton Cancer Centre (APCC) set another benchmark by introducing the latest cancer-fighting technology - Helical Tomotherapy. As the first centre in South Asia and the Middle East to offer proton therapy, APCC is known for its leadership in both proton and photon therapies. The addition of Tomotherapy further advances its position in providing cutting-edge cancer care.
At Apollomedics Super Specialty Hospital, Lucknow, the Company launched Al-powered Robotic Knee Replacement Surgery services — a world-class, next-generation technology expected to redefine the future of knee replacement surgery, and the first of its kind in the region.
Apollo also launched Indias first Comprehensive Connected Care programme, powered by its proprietary Connected Care technology. A national rollout is underway, offering clinical teams and nursing staff a real-time, integrated view of the patient across care touchpoints — from emergency and ambulance to in-patient, post-surgery, and home care.
Apollo Hospitals, Bengaluru, launched Indias first Al-Precision Oncology Centre (POC). The Centre leverages Al to support oncologists, patients, and caregivers in achieving timely and effective outcomes. It ensures accurate diagnosis, real-time
insights, cancer risk assessment, personalised treatment protocols, and a seamless continuum of care. The AI-POC also helps identify eligible patients for targeted therapy and immunotherapy and uses conversational Al to educate patients and families about diagnosis, treatment options, and support networks.
Apollo Hospitals unveiled the ZAP-X Gyroscopic Radiosurgery Platform — a groundbreaking advancement in brain tumor treatment — becoming the first in South Asia to introduce this technology. ZAP-X offers patients a non-invasive, pain-free alternative with minimal radiation exposure, redefining standards in precision, safety, and comfort. This innovation further reflects Apollos legacy of clinical leadership and commitment to delivering world-class healthcare solutions in India and beyond.
3.2. Diagnostics and Retail Health (AHLL)
3.2.1 Healthcare services portfolio that addresses key consumer megatrends
Apollo Health & Lifestyle Limited (AHLL) was established to broaden Apollos presence in retail health by transitioning beyond conventional hospital settings. Its mission is to enhance healthcare accessibility by bringing services closer to homes and communities through multiple access points. AHLLs diverse offerings aim to position Apollo Hospitals as the preferred family healthcare partner, combining comprehensive clinical capabilities with local reach. This approach has helped establish AHLL as a national multi-brand platform that engages directly with patients across a broad spectrum of medical needs.
This scalable and replicable model has the potential to reshape integrated healthcare access in the country. As healthcare markets evolve, AHLL is well-positioned to play an increasingly pivotal role in driving accessibility, convenience, and consumer-centric care. With clinics spanning 2,978 retail locations across 26 states and 4 union territories, AHLL delivers specialised services such as mother and child care, dental care, diabetes management, surgery, and dialysis. Operating through a hub-andspoke model, AHLL enables patient referrals across its network, fostering cross-vertical collaboration based on care With a growing national presence and an integrated service portfolio, AHLL has emerged as Indias leading retail healthcareservices company.
—Annual Report 2024-25
With a growing national presence and an integrated service portfolio, AHLL has emerged as Indias leading retail healthcare services company.
| I Primary Care | Diagnostics | Specialty Care |
| Enhance service offerings and expand synergies with the Group - Building in Continuum of Care models | Full Spectrum Pathology - Expand technical capabilities and offer next-gen pathology services | Apollo Fertility: Implement international standard protocols, strong audits, benchmarked outcomes and clinically relevant technology. Expand through unique doctor engagement model which ensures long term association and viability in metros/tier 1 locatio |
| Apollo Dialysis: SIS - H (Shop-in- Shop Hospitals) Models in Non- Apollo hospitals; Growth via PPP engagements. |
3.2.2. Diagnostics Industry overview
The Diagnostic sector forms a very essential part of the healthcare industry and is usually the first step towards treating diseases, starting from the detection of the disease to prognosis and determination of treatment regime to post treatment monitoring of the patient. The diagnostics space in India continues to grow driven by increasing healthcare spending by ageing population, rising income levels, rising awareness for preventive testing, advanced healthcare diagnostic tests offerings, market penetration of healthcare insurance, and healthcare measures by the Central Government.
The Indian diagnostics industry is projected to reach Rs 1,275-1,375 billion by 2027-28, up from Rs 774 billion in 2023-24, backed by attractive margins and growth potential. This market is expected to have CAGR (compounded annual growth rate) of 12-14 % in the next five years.
Diagnostic services are classified into pathology testing services and imaging diagnostic services, pathology accounts for approximately 56% of the market while radiology (imaging) accounts for the remaining 44%. The radiology market is growing rapidly due to the increasing demand for imaging services, while the pathology testing services market is also expanding due to the growing number of people undergoing preventive health check-ups.
Overall, the diagnostic services industry in India is poised for continued growth in the coming years.
Source- CRISIL Research.
3.2.3 Indias Maternity Care Market: Rising Demand and Demographic Shifts
Indias maternity and paediatric care industry is expected to witness substantial growth, driven by the expansion of both public and private healthcare infrastructure and increasing awareness around childcare and early disease detection. In 2019-20, maternity and pediatric care accounted for approximately 33% of the total hospital market in India, amounting to Rs 1,390 billion. Private maternity care held a dominant 45% share and is projected to grow at a compound annual growth rate (CAGR) of 12% between 2019-20 and 2025-26, reaching Rs 330 billion.
| Maternity | ||
| Private | Public | |
| Current market size (in Rs billion) | 170 | 210 |
| Estimated CAGR FY20-FY26 | 12.0% | 4.0% |
| Estimated market size for 2025-26 (in Rs billion) | 330 | 260 |
| Current % of Maternity & Paediatric market | 12.2% | 15.1% |
| % of maternity & Paediatric market by 2025-26 | 12.3% | 9.7% |
Source- CRISIL Research.
The trend of delayed pregnancies is becoming more prominent in India, contributing to rising demand for maternity healthcare services. Despite an estimated female population of 240 million in the reproductive age group of 18-49 years in 2019-20, various socioeconomic factors led to an increase in the average age of pregnancy across the country. According to CRISIL Research, the age group of 25-29 years witnessed an increase in its share of total births from 28% in FY2000- 05 to 32% in FY2010-15. Looking ahead, the age groups of 25-29 years and 30-34 years are expected to account for a growing proportion of live births - 37% and 19% in FY2020-25, and 40% and 23% in FY2025-30, respectively. This shift towards delayed pregnancy is likely to increase healthcare complexities, thereby driving higher demand for maternity services in India.
3.2.4 Overview on Day Care Centres
Day-care centres serve the purpose of minimising the necessity for overnight hospital stays by enabling patients to return home on the same day following treatment. This approach has also popularised outpatient surgeries, extending beyond eye care to include a range of specialties like arthroscopic, general, cosmetic, and dental surgeries. One of the key advantages of this model is the cost-saving benefit for patients, as it eliminates costs associated with overnight hospitalisation. Simultaneously, healthcare facilities benefit from streamlined operations, optimised resources, and reduced overheads.
Day care hospitals prioritise patient comfort and convenience while providing access to a panel of experienced doctors, offering hospital-grade care in a short-stay setting. Apollo Hospitals has embraced innovative healthcare delivery models such as day care and short-stay surgery centers, aligning with global trends and enhancing the overall care continuum for consumers.
3.3. Digital Health and Pharmacy Distribution
Apollo HealthCos portfolio includes a diverse range of pharmaceuticals, hospital consumables, and health products, complemented by value-added services such as home deliveries and loyalty programs. The Pharmacy Platform has demonstrated robust growth, with revenues growing at a healthy 20% CAGR from fiscal 2018 to fiscal 2025, alongside a 12% CAGR in the number of physical pharmacies. Additionally, the Apollo 24/7 app has expanded the platforms presence through online pharmacy services, further contributing to revenue growth, margin expansion, and enhanced return on capital employed.
Furthermore, Apollo HealthCos portfolio includes the pharmacy distribution business, supported by a robust supply chain and an extensive nationwide distribution network. This confers a competitive advantage in procurement costs compared to local pharmacies and regional chains. The private label segment has remained a focus area, with efforts to diversify and enhance the product portfolio. Notably, private label and generic product sales accounted for 16.2% of total revenues from the Pharmacy Platform in fiscal 2025.
A significant initiative embarked is the proposal for going ahead with a Composite Scheme of Arrangement - which involves the demerger of omni channel Pharmacy distribution business and digital health platform business including the Remote of the Company and the investment held in Apollo HealthCo Limited, and the mergers of Keimed Private Limited ("Keimed") which is the countrys largest Pharma Distributor as well as the Omnichannel pharmacy distribution business and Apollo 24x7 digital platforms of Apollo HealthCo Limited into a 100% subsidiary, Apollo HealthTech Limited ("NewCo"). Expected benefits from Scheme implementation
• Scheme implementation would result in the creation of dedicated leadership and management teams which are focused on solid, sustained growth in both the following business verticals of the Group:
a. Healthcare services (including Hospitals, Primary care, Diagnostics and Speciality Care Centres) through AHEL and Apollo Health & Lifestyle Ltd
b. Omnichannel pharmacy business and Digital Health through the New Co which would get separately listed
• Would enable sharper focus on each of the business verticals of the Group with clear capital allocation outlays and growth plans while continuing to maintain high standards of corporate governance.
• AHEL will continue to hold a direct 15% stake in the New Co
This would create a formidable Listed Omni channel Pharmacy distribution and Digital health platform leader in India with a scale of INR ~16.3k Cr (~US$ 1.9 bn) in Revenues in FY25 with stated plans to achieve ~ Rs 25k Cr (~US$ 3 bn) Revenue run-rate estimated by end FY27 (GMV of INR 28k Cr) with ~ 7% EBITDA margins. Listing of the combined entity expected in the next 18-21 months.
The proposed structure enables AHEL shareholders to gain direct shareholding to Indias largest omni channel Pharmacy (OCP) distribution business and Digital health platform of Apollo , enabling full value discovery; and eliminate any hold-co discount in valuation.
All regulatory and other approvals as necessary for the proposed structure would be obtained over the next few months, including approvals from the Stock Exchanges, CCI, Shareholders, IRDA and the NCLT.
3.3.1 Offline Pharmacy
Apollo Pharmacy stands as Indias premier organized and branded retail pharmacy network. It plays a pivotal role in ensuring patient well-being by providing authentic medications around the clock through its 24-hour outlets and home delivery services. Integrated into the continuum of care, it supports smooth care transitions for patients post-discharge from Apollo Hospitals.
Aligned with Apollo Hospitals commitment to holistic health, Apollo Pharmacy has expanded its offerings to include a diverse range of wellness products. Collaborating closely with Apollo Hospitals and the broader retail network, it also provides doctor consultations, diagnostics and testing services, and dental care. Stringent protocols govern pharmacy operations, ensuring timely removal of unused medications three months prior to expiration. Additionally, Apollo Pharmacy offers the convenience of home delivery for medications, further enhancing accessibility for patrons.
3.3.2 Apollo 24/7
Apollo 24/7 has successfully emerged as the fastest growing platform since its launch in June 2020, building a base of 40 million registered users, e-pharmacy coverage across 19,000 pincodes in India, and a doctor network of over -12,000 for online consultations. Today Apollo has the largest omnichannel pharmacy presence (online + offline) in India. The physical pharmacy currently serves -890,000 people per day. Apollo 24/7 (online) delivers over 59,000 medicine orders per day across the country in a seamless fashion. Expanding customer value proposition by strengthening Circles omni channel offerings, expanding 19 minutes medicine delivery proposition now from 4 cities to 6 cities & improve the Same Day Delivery rates resulting in better conversions.
Launched full-fledged insurance product with optimized in-app journeys to boost adoption & growth. Expect to launch products with 12 insurers
Apollo 24/7, housed within Apollo HealthCo, offers a full suite of distinctive and dedicated digital healthcare offerings fully integrated to track a persons complete medical health and wellness journey. From virtual consultations, online pharmacy, and prescription fulfillment to leveraging online and offline records and enabling artificial intelligence-based health predictions in the future, the platform is available "24/7" to consumers.
The platform also comes with Clinical Al solutions. Going forward, Apollo 24/7 will provide artificial intelligence-based health predictions and become the center of a 360-degree healthcare continuum. This platform will evolve into a fully integrated digital ecosystem designed to meet a consumers healthcare needs across the spectrum.
4. OPPORTUNITIES AND THREATS
4.1 Opportunities
4.1.1. Digital Healthcare Advancements:
Digital technology is revolutionising healthcare accessibility in India. Telehealth and continuous digitisation have made healthcare more accessible, breaking down barriers and establishing patient-centric systems. Patients can now book appointments and access basic medical services from home, while doctors can easily access patient records for consultations. Technological advancements have also lowered distribution costs and increased healthcare penetration, particularly in rural and remote areas. These solutions offer top-tier care without the need for patients to travel long distances to urban health centers.
4.1.2. Shift in Consumer Preferences and Healthcare Formats:
Some patients find traditional hospital settings intimidating and prefer more relaxed environments. For non-critical ailments, theres a growing preference for single-specialty centers and other alternative healthcare formats. To meet this demand, providers offer options like short-stay centers, neighbourhood clinics, and home services. These formats are economically viable, requiring less capital investment and achieving faster breakeven with favourable returns.
4.1.3. Rise of Preventive Health and Wellness Culture:
There has been a significant increase in health awareness among the people of this country. People are becoming more aware of the importance of healthy living and are making significant efforts to adopt a healthy lifestyle. They understand the significance of detecting a disease at an early stage and preventing it from progressing to a critical stage. This increased awareness has resulted in a promising opportunity in the areas of preventive health and wellness, which includes preventive health checks, diet and nutrition, exercise, and well-being.
4.1.4. Medical Value Travel:
The Medical Value Travel (MVT) industry, a multibillion-dollar sector, is poised for further growth due to its numerous patient benefits. Indias position as a leading medical tourism destination is reinforced by its world-class hospitals, advanced technology, skilled professionals, and competitive treatment costs. Patients from around the globe are drawn to India for superior healthcare at affordable rates, with quality assurance and comparable clinical outcomes. Proactive Government measures, including e-medical visas, further support the growth of medical value travel.
4.1.5. Expanding Access in Underserved and Semi-Urban Markets:
There are significant healthcare service disparities between metro cities and rural areas in India. Rural populations often face access barriers to quality healthcare, necessitating travel to urban areas for treatment. Expanding healthcare providers can tap into the ready market in semi-urban and rural areas. Apollo Hospitals has already established hospitals in Tier 2 and Tier 3 locations and expanded reach through telemedicine centers nationwide, facilitating pan-India penetration.
4.1.6. Indias Demographics: Dual Opportunity in Youth and Aging:
Indias demographic profile presents an opportunity for healthcare providers to cater to both the young and the elderly. With a sizable young population and a growing number of elderly citizens, theres a need to address diverse healthcare needs. Additionally, increasing disposable income, particularly among the expanding middle class, enhances the demand for quality healthcare services. These demographic shifts offer service providers an exciting opportunity for growth.
4.1.7. Growing Health Insurance Coverage Fueling Demand:
The growing health insurance market is creating new opportunities for healthcare providers. With the continuous rise in health insurance coverage, there is significant potential for further expansion. Increasing awareness of health insurance benefits and affordability is making quality healthcare accessible to more people, thereby boosting the demand for medical services.
4.2 Threats
4.2.1. Regulatory Complexity and Policy Risks:
While the Indian Government has implemented several positive initiatives in recent years, such as the National Health Protection Scheme (NHPS) and the Pradhan Mantri Jan Arogya Yojana (PMJAY), which have positively impacted the Indian healthcare sector, challenges persist. Exclusion of hospitals from GST credits impacts operating margins, hindering effective cost management. Additionally, the prospect of adverse regulatory interventions by Government agencies remains a constant concern for healthcare service providers in India.
Operating within a highly regulated industry entails navigating extensive regulations that significantly influence operations and growth trajectories. The imposition of caps on treatment costs in private hospitals and the obligation to provide concessional or free medical treatment affect revenue streams. The ability to charge fees for services provided and the volume of services rendered are directly impacted by such regulatory measures.
Furthermore, regulations pertaining to price controls on specific services and procedures introduce additional complexities. These regulations alter the operational mix and the volume of services provided, consequently influencing revenue and overall financial performance.
4.2.2. Rising Input and Operational Costs:
Healthcare providers must ensure healthy return ratios for stakeholders by enhancing productivity, cost efficiency, and revenue generation. However, input costs, including land, staff, and equipment, continue to escalate due to inflation and market competition. Additionally, the necessity to embrace new technologies further inflates expenses. Regulatory pressures to reduce prices exacerbate financial strains on hospitals. These challenges prolong investment payback periods and dampen profitability.
4.2.3. Intensifying Industry Competition:
The healthcare industry faces intense competition from numerous players, both organised and unorganised. Entrepreneurs and corporations are drawn to the sector due to its growing demand. Private and foreign investors are eyeing investments across various healthcare segments. Many newcomers offer services at lower prices, intensifying the competition. In some urban areas, overcapacity leads to heightened competition, constraining growth and profitability for all stakeholders.
4.2.4. Shortage of Skilled Healthcare Professionals:
India suffers from a severe shortage of skilled healthcare personnel, lagging behind other nations in physician and nurse ratios. This shortage threatens to escalate costs and disrupt service delivery unless immediate steps are taken to increase the number of healthcare professionals.
5. RISKS AND CONCERNS
Apollo Hospitals is exposed to a wider range of risks and uncertainties than it faced in the past, owing to the multi-fold increase in scale and the expansion of its operations since inception. These internal and external factors may impact the achievement of the organisations strategic, operational, or financial goals.
The business environment in which Apollo Hospitals operates is characterised by heightened competition and market volatility. In the normal course of business, the Company is exposed to a variety of risks. Risk is an inherent aspect of entrepreneurial activity, often accompanied by the potential for profit and growth.
Apollo Hospitals believes that identifying business sustainability risks and opportunities on a continuous basis and integrating them into the existing risk management framework is critical to long-term success. The Group has implemented processes that promote risk awareness and foster a strong, organisation-wide risk-management culture.
Under the oversight of the Board of Directors, Senior Management in each business unit actively manages risk. While risks cannot be entirely eliminated, appropriate mitigation strategies are in place for areas identified as having significant exposure. In addition, the risk management systems aim to keep risks within acceptable and manageable limits.
5.1 Internal Controls
Apollo Hospitals is committed to upholding a high standard of internal controls across its operations. A synchronised internal control framework, supported by a well-designed and robust system, enables optimal utilisation and safeguarding of assets, timely and accurate preparation of financial statements and management reports, and compliance with statutory laws, regulations, and Company policies.
While no system can offer absolute assurance against material loss or financial misstatement, the internal control systems, which are reviewed periodically, provide reasonable assurance that all assets are adequately protected. These systems are designed not to eliminate risk entirely, but to manage the risk of failing to meet business objectives effectively. The controls also ensure that all transactions are properly evaluated, authorised, recorded, and reported. The framework adheres strictly to relevant procedures, laws, rules, and regulations. In addition, extensive budgetary control mechanisms allow timely comparison of actual performance against forecasts, ensuring operational discipline.
At Apollo Hospitals, management is responsible for assessing risks across all areas of business operations and for implementing efficient and effective control measures, while maintaining compliance with both internal protocols and external regulations. When reviewing internal controls, due consideration is given to the nature and likelihood of risks, as well as the cost-benefit of mitigating those risks.
6. AHEL HEALTHCARE SERVICES DIVISION - STRATEGIC FOCUS AREAS
| : Deepening Presence Across Strategic Urban and / Underserved Markets | Scaling Elective and Lifestyle-Enhancing Surgical / / Services |
| : Strengthening Preventive Health Through / / ProHealth | Building Scalable Centers of Excellence Across / / Key Specialties |
| Driving Operational Efficiency and Enhancing / / Asset Productivity | Enhancing Transparency and Global Reach / I Through Assured Pricing and Medical Value Travel 1 (MW) |
| ; Expanding Retail and Omnichannel Models for / / Accessible Healthcare | Leveraging Public-Private Partnerships to Expand / / Healthcare Access |
The Company continues to focus on growth while aiming at improving operating efficiency and clinical outcomes simultaneously. The aim is to achieve this through:
6.1. Deepening Presence Across Strategic Urban and Underserved Markets:
Apollo Hospitals has established a strong presence in various regions across India. By identifying key target geographies to expand footprint, the Company aims to enhance its presence not only in its existing clusters, but also in key urban markets where it is not currently present.
Today, Apollo Hospitals maintains a significant presence in major cities and urban centers, where there is sustained demand for high-quality tertiary care services such as transplants, robotics, and specialised procedures in cardiac, oncology, neurology, and orthopedic. The Company believes that improving its case mix and payor mix will drive growth and margin expansion in these areas. This strategic focus on clinical differentiation continues to strengthen Apollos positioning as a leader in advanced healthcare delivery.
Moreover, Apollo Hospitals has systematically strengthened its footprint in Tier II as well as Tier III cities, which have a sizeable target population with sufficient spending potential and are largely underserved in terms of healthcare services. Operating with notably lower capital costs per hospital bed compared to Tier I cities, Apollo Hospitals healthcare centers in these regions deliver healthy returns on capital employed. This model also enables service excellence through cost- effective, high-quality care in underserved locations.
Presently, Apollo Hospitals has established hospitals in Tier II and Tier III cities, with ample room for growth given the existing capacity and operational beds. Notably, Apollo HealthCo has played a pivotal role in this expansion by spearheading significant initiatives, including the development of three of the largest verticals within the Apollo Group.
In the next three years, Apollo Hospitals plan to expand its presence in locations such as Hyderabad, Bangalore, Sonarpur, Pune, Gurgaon, Chennai and Varanasi. These locations have been strategically selected based on demographic need, growth potential, and alignment with Apollos clinical expertise and operational strengths.
6.2. Building Scalable Centers of Excellence Across Key Specialties:
The Company places strong emphasis on developing and scaling its national Centers of Excellence (COEs), which focus on specialties such as Cardiac Sciences, Neurosciences, Orthopedics, Oncology, Transplants, Emergency, Critical Care, Gastro and ProHealth. Each of these COEs has been comprehensively built under the supervision of dedicated Service Line Managers, with a focus on Clinical Differentiation, Protocols, Outcomes and Benchmarks, Market Share, Talent, Academics, and Research.
By establishing these COEs as destination centres, the Company aims to achieve a superior case mix — which in turn supports an improved margin profile. As occupancy levels rise to optimal levels, this enhanced case mix will help drive top-line growth while improving revenue quality. This approach will also ensure that the Company continues to lead the industry as the most clinically differentiated healthcare provider.
6.3. Expanding Retail and Omnichannel Models for Accessible Healthcare:
Since its inception, the Group has invested in a variety of retail healthcare formats. As the first point of contact for patients and a key gatekeeper to the Apollo ecosystem, these retail touchpoints are integral to the Groups strategy. This investment aligns with the groups commitment to bringing healthcare closer to the consumer, allowing the Company to extend its reach and enhance accessibility across the care continuum.
Apollo Health and Lifestyle Limited (AHLL), a subsidiary, manages these diverse retail assets. These represent comprehensive retail healthcare offerings across the spectrum, including diagnostic innovations and advanced specialty clinics, driving deep community engagement and offering an unmatched value proposition. The Groups healthcare delivery formats, including short-stay surgeries, boutique birthing, and comprehensive clinics and diagnostics services, cater to the evolving needs of healthcare consumers and are poised to drive future growth. These formats not only boost brand recall and market share but also create a synergistic network effect. By integrating the Companys extensive network of pharmacies, digital platforms, hospitals, clinics, and day care centers, The Company leverages its broad footprint to offer a seamless omnichannel healthcare experience. This network facilitates cross-selling opportunities, where patients engaged with one service can easily access others, enhancing overall consumer loyalty and lifetime value.
Apollo HealthCo has played a pivotal role in building this one-stop, integrated omnichannel platform. By seamlessly blending digital and physical assets, - including virtual consultations, digital pharmacy services, and Al-powered health risk assessments, - Apollo HealthCo is enhancing service delivery, deepening engagement, and improving customer stickiness. The use of technology also enables greater operational excellence and efficiency across the healthcare value chain.
The focus is on ensuring that all services are delivered seamlessly, creating a cohesive ecosystem that deepens relationships with consumers across various healthcare categories. This approach not only strengthens brand differentiation but also maximises the potential for loyalty-driven behavior and comprehensive care engagement.
6.4. Scaling Elective and Lifestyle-Enhancing Surgical Services:
With increased public health awareness and disposable incomes, there has been an increase in demand for elective surgeries and other planned procedures. The Company has established a strong presence in this segment while continuing to build on its strengths in key Centers of Excellence. The hospitals are well-equipped to handle elective procedures such as knee and hip replacements, cosmetic surgeries, and other similar services.
Going forward, Apollo aims to grow its market share and increase procedure volumes by hiring more specialised surgeons, deepening sub-specialty practices, and investing in cutting-edge technologies to further enhance clinical outcomes.
6.5. Driving Operational Efficiency and Enhancing Asset Productivity:
To ensure a superior specialisation mix, specialist consultants have been recruited at Apollo Hospitals COEs, particularly at the new hospitals. The phased commissioning of additional beds linked to occupancy levels at the new facilities will keep
fixed costs low while achieving operational excellence and meeting financial goals. This phased approach ensures effective commissioning of new projects while safeguarding margins during scale-up. The Company also plans to reduce the average length of stay (ALOS) in its hospitals. Today, new advancements in medical technology, such as the introduction of minimally invasive and robot-assisted surgeries, have significantly reduced surgical trauma and patient recovery time. These innovations not only enhance clinical differentiation but also contribute to higher ARPP (Average Revenue Per Patient) by enabling more complex, higher-value procedures. Increased focus on this area will help the Company reduce the ALOS at its hospitals, allowing them to treat more patients utilising the existing capacity. It will also result in increased patient turnover rate and revenue per occupied bed per day.
The core of the Companys growth strategy is to maximise operating efficiency and profitability across the network. Greater integration, improved supply chain management, and human resource development are the three essentials for increasing efficiencies. The goal is to reduce the cost of expensive drugs and medical consumables such as stents, implants, and other surgical materials by standardising across the network, optimising procurement costs, consolidating suppliers, and optimising use of medical consumables by establishing guidelines for medical procedures. These measures are critical for driving margin expansion, particularly in the context of rising input costs and regulatory price caps.
Finally, to maintain its competitive advantage and increase capital efficiency, the Company continues to develop leaner- operations management strategies. Accelerated occupancy in newer facilities is also a key lever to mitigate the initial impact of margin compression during the early ramp-up period.
6.6. Strengthening Preventive Health Through ProHealth:
Apollo Hospitals has always emphasised wellness and recognised the importance of comprehensive preventive health programs in keeping people healthy. The organisation was the first in the country to implement the Master Health Check Program and to advocate tax incentives for preventive healthcare spending.
As the country continues to be plagued by Noncommunicable Diseases (NCDs), the majority of which are preventable or can be detected, managed, or even reversed through early screening, this critical programme is a cornerstone of the organisations strategy for the next decade.
6.7. Enhancing Transparency and Global Reach Through Assured Pricing and Medical Value Travel (MVT):
Assured Pricing Plans were introduced to address the disparity between the cost and pricing of surgical procedures, focusing on the intrinsic value of the delivered service. These plans cover a wide range of surgical procedures and are designed to enhance transparency and predictability in healthcare costs.
This approach not only improves accessibility but also supports the Company in targeting and serving the growing Medical Value Travel (MVT) market. MVT has become a significant focus area, as Indias competitive healthcare costs and advanced medical services attract international patients.
By aligning Assured Pricing Plans with MVT initiatives, the Company aims strengthen its value proposition for international patients by offering both price assurance and access to high-quality clinical outcomes.
6.8. Leveraging Public-Private Partnerships to Expand Healthcare Access:
A close collaboration between private and public sectors is required to realise the vision of universal healthcare for all citizens. Today, private players are incentivised to invest and manage operations through public-private partnerships (PPP). PPP models help mobilise the resources required by the government to expand healthcare access while enabling the creation of a more sustainable long-term system. They can improve the healthcare system by pooling the expertise and finances of the private sector with the access and subsidies of the public sector. PPP models in healthcare have proven to be very effective because they leverage each partners unique strengths.
7. DISCUSSION ON CONSOLIDATED FINANCIAL PERFORMANCE AND RESULTS OF OPERATION Year ended 31 March 2025
| Particulars (Rs in million) | Hospitals | AHLL | Healthco | Consol | Inc/Dec HUl | ||||
| FY 24-25 | % | FY 24-25 | % | FY 24-25 | % | FY 24-25 | % | % H | |
| Operating Revenues | 111,475 | 100.0% | 15,535 | 100.0% | 90,930 | 100.0% | 217,940 | 100.0% | 14% |
| Total Income | 113,211 | 15,756 | 90,976 | 219,943 | 15% | ||||
| Operative Expenses (Material Cost) | 28,206 | 25.3% | 2,885 | 18.6% | 82,009 | 90.2% | 113,100 | 51.9% | 15% |
| Salaries and Benefits | 21,434 | 19.2% | 3,029 | 19.5% | 3,229 | 3.6% | 27,692 | 12.7% | 11% |
| Administration & Other expenses | 34,829 | 31.2% | 8,084 | 52.0% | 4,017 | 4.4% | 46,930 | 21.5% | 7% |
| Earnings Before Interest, Tax, Depreciation & Amortization (EBITDA) | 27,005 | 24.2% | 1,538 | 9.9% | 1,676 | 1.8% | 30,219 | 13.9% | 26% |
| Profit before Tax (PBT) | 20,235 | 18.2% | -313 | -2.0% | 469 | 0.5% | 20,391 | 9.4% | 48% |
| Profit After Tax (PAT) | 14,931 | 13.4% | -349 | -2.2% | 469 | 0.5% | 15,052 | 6.9% | 61% |
Year ended 31 March 2024
| Particulars (Rs in million) | Hospitals | AHLL | Healthco | Consol | ||||
| FY 23-24 | % | FY 23-24 | % | FY 23-24 | % | FY 23-24 | % Mi | |
| Operating Revenues | 98,670 | 100.0% | 13,653 | 100.0% | 78,269 | 100.0% | 190,592 | 100.0% |
| Total Income | 99,552 | 13,825 | 78,278 | 191,655 | ||||
| Operative Expenses (Material Cost) | 24,983 | 25.3% | 2,529 | 18.5% | 70,543 | 90.1% | 98,055 | 51.4% |
| Salaries and Benefits | 19,326 | 19.6% | 2,712 | 19.9% | 2,899 | 3.7% | 24,937 | 13.1% |
| Administration & Other expenses | 30,803 | 31.2% | 7,246 | 53.1% | 5,644 | 7.2% | 43,693 | 22.9% |
| Earnings Before Interest, Tax, Depreciation & Amortization (EBITDA) | 23,558 | 23.9% | 1,166 | 8.5% | (817) | (1.0%) | 23,907 | 12.5% |
| Profit before Tax (PBT) | 16,431 | 16.7% | (670) | (4.9%) | (1,956) | (2.5%) | 13,805 | 7.2% |
| Profit After Tax (PAT) | 11,998 | 12.2% | (691) | (5.1 %) | (1,957) | (2.5%) | 9,350 | 4.9% |
1. Total PAT is reported here i.e. Owners plus NCI.
2. For detailed financial results please refer to the "Financial Statements" Section The following table gives an overview of the Consolidated financial results of the group
| Particulars | Hospitals | AHLL | Healthco H1 |
| Revenue from Operations | Revenue increased by 13% in FY25; Overall Volume increased by 7% | Revenue increased by 14% in FY 25: | Revenue increased by 16% in FY 25: |
| Self pay and insurance grew by 8% in Volumes and by 13% in revenue in FY25 | Speciality care revenue increased by 15% due to operationalisation of renovated centres | Digital segment grew revenue by 36%, driven by increased omni-channel presence, scaled up operations and increased capacities across existing LOBs. | |
| Primary care revenue increased by 14% due to increase in the network and footfalls Diagnostics revenue increased by 9% | Pharmacy distribution business recorded a growth of 16%, driven by expansion through a network of 6,626 retail stores. |
The following table shows the key drivers of Apollo Hospitals revenues for the periods presented: Year ended March 31,2025
| Particulars | FY 24-25 | FY 23-24 | increase (decrease) | % increase (decrease) MBS |
| IP Discharges | 604,250 | 564,046 | 40,204 | 7% |
| Revenue per Inpatient (Rs) | 162,902 | 152,280 | 10,622 | 7% |
| ALOS | 3.32 | 3.33 | (0) | 0% |
| OP Volume | 7,380,034 | 7,028,334 | 351,700 | 5% |
| Revenue per bed day (Rs) | 60,588 | 57,488 | 3,100 | 5% |
| Particulars | Hospitals | AHLL | Healthco |
| Operative Expenses | Material cost as % to Revenue at 25.3% is in line with revenue growth | Material cost as % to Revenue at 18.6% is in line with revenue growth | Material cost as % to Revenue at 90.2%. Business operates on a cost- plus margin model and no significant deviation for the current year |
| Salaries and benefits | Salaries and benefits increased by 11 % mainly due to increments and increase in Head count | Salaries and Benefits increased by 12% mainly due to increments and increase in Head count | Salaries and Benefits increased by 11 % mainly due to increments and non-cash items |
| Administration & other expenses | Expenses increased by 13%, mainly due to the cost of hiring new doctors, higher digital marketing spends to enhance reach, and higher outsourced expenses related to cloud-based digital adoption. | Expenses increased by 12%; Mainly due to increase in cost of services which is in line with the increase in revenue and higher marketing costs. | Expenses decreased by 29%; Shift in Apollo 24 7 digital operating model through Omni-channel strategy resulted in reduction of marketing expenses and rationalisation of freight expenses. |
7.1. Financial Position as at March 31,2025
The following table gives an overview of the Consolidated financial results of the group
| Rs in million | Consolidated FY 24-25 FY 23-24 | Explanation | |
| Application of funds | 206,574 | 167,532 | |
| Fixed Assets (Net) | 108,788 | 95,245 | The increase is primarily on account of gross additions of replacement capex and new assets (Rs 14,373 mio); Capital work in progress for new projects (Rs 481 mio) and additional Right to Use Assets (Rs 7,026 mio); net off Depreciations and deletions (Rs 8,337mio) |
| Goodwill | 10,305 | 10,123 | No significant change |
| Non-current Investments | 10,545 | 3,021 | The increase is primarily on account of investment in Keimed Pvt Ltd of Rs 7,250 mio by Apollo Healthco Ltd |
| Net Current Assets & Long term Advances | 76,936 | 59,143 | Increase is in line with business growth |
| Sources of Funds | 206,574 | 167,532 | |
| Shareholders funds | 82,123 | 69,354 | Increase in retained earnings |
| Non Controlling Interest | 4,406 | 3,851 | The increase is primarily due to Profit for the year attributable to minority shareholder |
| Loan Funds | 52,752 | 31,619 | The Company during the year availed debt of Rs 25,853 mio and repayments made for Rs 4,422 mio. |
| Long Term Provision / Liabilities | 62,713 | 58,210 | Increase is in line with business growth |
| Deferred Tax Liability | 4,580 | 4,498 | No significant change |
7.2. Key Financial Ratios
| I Consolidated Financial Ratios | 2024-25 | 2023-24 | % Change Analysis I | |
| Current Ratio | 1.54 | 1.13 | 36% | Due to increase in Current Investments and Trade receivables |
| Debt Equity Ratio | 0.61 | 0.43 | 41% | Due to increase in borrowings (Net increase Rs 21,430 mio) |
| Debt Service Coverage Ratio | 1.88 | 1.35 | 39% | Due to increase in PAT |
| Interest Service Coverage Ratio | 6.47 | 5.06 | 28% | Due to increase in PAT |
| Return on equity /Net worth (ROE) | 17.39% | 12.75% | 36% | Due to increase in PAT |
| Inventory Turnover | 24.05 | 23.08 | 4% | |
| Trade Receivable Turnover | 5.56 | 5.61 | (1%) | |
| Trade Payable Turnover | 4.92 | 4.61 | 7% | |
| Net Profit Margin (%) | 6.91% | 4.90% | 41% | Due to increase in PAT |
| Operating Profit Margin (%) | 13.87% | 12.54% | 11% |
Return on Networth
Return on Networth ratio stood at 17.39% for the financial year ended 31 March 2025 as compared to 12.75% for the financial year ended 31 March 2024
7.3. Liquidity
The primary source of liquidity are cash flows generated from operations during the year. The Company also during the year availed debt of Rs 25,853 mio. The Company believes that its internal cash accruals, investments in liquid funds and the debt availed will be adequate to finance internal growth, deploy funds for capital expenditure and service existing debt.
7.4. Capital Expenditure
The Company continues to invest in replacement capex for its hospitals, in new hospitals and has also in new clinics, cradles and diagnostic centres. These investments would aid in revenue growth with increased patient footfalls in Hospitals and in clinics and centres. During the year 2025, Rs 14,152 mio capital expenditure was incurred for Hospitals, Rs 1,437 mio for AHLL and Rs 1,538 mio for Healthco.
8. OUTLOOK
As we progress through financial year 2026, Apollo Hospitals remains focused on sustainable healthcare solutions and continues to identify opportunities to accelerate growth across its core businesses. The Companys dedication to delivering exceptional clinical care, alongside a relentless pursuit of excellence, has helped strengthen the Companys clinical leadership and expand its market share.
In the Hospitals business, the Company is pursuing multiple vectors to drive growth and enhance profitability and Return on Capital Employed (ROCE). These initiatives include the operationalisation and expansion of 15 hospitals with a combined capacity of 4,300 beds, in new and existing markets and a concentrated effort to boost surgical volumes across key Centres of Excellence.
This growth will be supported by our augmented medical team, a higher proportion of advanced procedures, and innovative therapies, along with a steadily increasing share of insurance patients in the payer mix. Additionally, the Company is implementing cost optimisation measures, which, together with growth in surgical volumes, are expected to support an improvement in its Healthcare Services EBITDA margin.
In the Diagnostics and Retail Health business, the Companys focus remains on Diagnostics & Primary Care as the next growth vector. Key initiatives include expansion in select metros to consolidate market share; the creation of dedicated Centres of Excellence for specialties like Urology, Laser-aided surgery, Pain Management; growth through a unique doctor engagement model ensuring long-term association and viability in metros and Tier 1 locations; and enhancement of the digital customer acquisition engine via comprehensive CRM modules and SIS-H (Shop-in-Shop Hospitals) models in non- Apollo hospitals.
In the Apollo HealthCo business, the omni-channel pharmacy distribution segment plays a vital role, with plans to add at least 500 stores every year and strong traction in digital sales. Strategic actions include increasing the mix of private labels, expanding the assortment, adopting an omni-channel approach for customer acquisition, and leveraging synergies within the Apollo ecosystem to ensure broader accessibility.
For Apollo 24/7, Diagnostics continues to be a strong growth driver, complemented by a sharper focus on insurance and digital therapeutics. These two verticals are expected to provide a margin uplift and help the Apollo 24/7 Digital business move towards breakeven over the next 6 quarters.
Apollo Hospitals remains confident that its prudent financial management and focused execution will support sustained growth and lead to further achievements. With a firm belief in its inherent strengths and a commitment to delivering superior healthcare outcomes, the Company is well-positioned to contribute meaningfully to its long-term growth journey.
9. ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE (ESG)
Since its inception, Apollo Hospitals has remained deeply committed to the well-being of patients and the broader society. The Company has consistently worked to advance community interests, guided by its unwavering commitment to society. Apollo Hospitals firmly believes that its success is intrinsically tied to the progress of the people and communities it serves. It is deeply committed to and recognises the pivotal role it plays in driving sustainable social growth.
Keeping these values in mind, the Company has always made concentrated efforts to strengthen its approach towards Environmental, Social and Governance issues.
The Company is proactive in managing the environmental impacts caused by its operations. Environmental protection and conservation remain a top priority and go beyond mere legal compliance. Employees and patients are at the heart of the Apollo infrastructure and the group is committed to ensuring their safety across all its operations.
The Company follows the ‘Sustainable Sourcing and Purchase Policy to ensure excellent Environmental, Social and Governance (ESG) practices throughout its value chain. The institution places strong emphasis on optimal resource utilisation across their lifecycle and responsible disposal. The Company also ensures that all its suppliers, employees, recyclers and others are well aware of their responsibilities towards society.
The Apollo Framework ensures that all of its employees, regardless of their status (permanent, casual, temporary & contract) undergo safety and skills upgradation training based on their role, domain and individual needs.
The Company abides by set directives that ensure the interests of all its stakeholders are protected in tandem with the Companys healthy growth. It also believes that there is a strong relationship between strong corporate governance and long-term shareholder value enhancement. The Company does not support and actively discourages practices that are abusive, corrupt, or anti-competitive. The Corporate Governance structure of the Company reflects its value system, which encompasses its culture, policies and relations with its stakeholders.
As a part of assessing the risk framework, the Company evaluates and identifies the crucial Environmental, Social and Governance risks and takes responsible steps towards mitigating them. Therefore, the ESG considerations are integrated across Apollo Hospitals business and built into the policies and principles that govern how the Company operates.
10. HUMAN RESOURCES Recognition and Reward:
Recognising and rewarding healthcare professionals is central to fostering a motivated, engaged, and high-performing workforce. At Apollo, we believe that when healthcare professionals feel valued, they are empowered to deliver compassionate, high-quality care, ultimately leading to improved patient outcomes. Consistent efforts are made across the organisation to acknowledge excellence in performance and reinforce our culture of care and commitment.
Key recognition programs include:
1. Service Milestone Recognition
2. Clinical Excellence Award
3. Nursing Excellence Award
4. Service Excellence Award
5. Excellence in Quality Systems Award
6. Award for Excellence in Operations
7. Leadership Award
8. Apollo Value-Based Reward & Recognition Organisational Accolades for 2024-25:
1. ‘Best Organisations for Women 2025, awarded by ET Now
2. ‘Happy Companies to Work For, awarded by World HRD Congress
Training and Development:
Our commitment to continuous learning is reflected in the 1.6 million learning hours delivered across our workforce of over 32,000 members during the year. Notably, 70% of these efforts were focused on functional skill development, underscoring our emphasis on capability-building across clinical and non-clinical roles.
Key Learning Initiatives:
• Apollo Simulation Lab: Offers advanced training in real-life medical scenarios, enabling healthcare professionals to refine their skills in a risk-free environment. Over 1,700 clinical and nursing professionals trained to date.
• Apollo Clinical Knowledge Network & Apollo Knowledge Series: Expert-led sessions for junior medical staff and DNB candidates to deepen clinical expertise through case-based discussions.
Executive Education Partnerships:
• Partnered with reputed organisations to provide advanced leadership programs, certification workshops, and paramedic training.
• Specialised simulation training and certifications for nursing teams; targeted capability-building initiatives for operational teams, including housekeeping.
• Launched an international postgraduate residency program that integrates academic learning with clinical training, enabling career opportunities in the UK through a sponsored Masters degree pathway.
• Apollo Young Leaders Program (AYLP): Designed under the aegis of the Chairmans Club, AYLP aims to nurture and transform high-potential talent into next-generation healthcare leaders.
• Collaborated with a global consulting firm to equip senior leadership with strategic and operational capabilities to drive sustained organisational growth.
Workplace Safety and Well-being:
• Our POSH (Prevention of Sexual Harassment) eLearning program continues to show strong engagement, reflecting our dedication to a safe and respectful workplace.
• Self-defence workshops, in collaboration with the Indian police forces, have been conducted across all regions to enhance employee safety and preparedness.
11. CAUTIONARY STATEMENT
Some of the statements made in this Management Discussion and Analysis which describe the Companys objectives, projections, estimates, expectations and predictions may include certain "forward looking statements" within the scope of applicable laws and regulations. These statements and forecasts inherently involve risks and uncertainties, as they pertain to future events or circumstances that are beyond the Companys direct control.
There are a variety of factors that may cause actual events or trends to differ materially from those reflected or implied by such forward-looking statements and predictions. Key developments that could influence the Companys performance include rising material costs, rapid technological changes, and major shifts in the political or economic landscape, tax regimes, and labor dynamics.
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