Global Health Ltd Management Discussions

Economy Overview

Global Economy

In CY2024, the global economy grew by 3.3%, marginally below the 3.5% growth recorded in CY2023. This performance was shaped by a complex mix of geopolitical tensions, evolving trade dynamics, and shifts in monetary policy. Conflicts such as the ongoing Russia-Ukraine war, unrest in the Middle East (notably involving Iran and Palestine), had broad economic implications. These geopolitical disruptions contributed to elevated energy prices, supply chain disruption, and persistent inflationary pressures across multiple regions.

In response to the ongoing economic challenges, Central banks and governments responded with a combination of monetary and fiscal interventions.

Key central banks, including the U.S. Federal Reserve and the European Central Bank, maintained elevated interest rates for much of the year in an effort to control inflation. As inflationary pressures began to moderate, a more accommodative stance emerged. In parallel, governments deployed targeted fiscal measures, such as energy subsidies and increased infrastructure spending to boost economic resilience and support household consumption.

Despite the regional strengths, global trade remained under pressure due to ongoing tariffs and fragmented supply chains, dampening export performance and investor sentiment. In response, many countries accelerated efforts to diversify trade partnerships and strengthen domestic manufacturing, adapting to the shifting contours of the global trade landscape.

INDIAN ECONOMY

Indian economy demonstrated strong resilience in FY 2024-25, supported by robust domestic fundamentals and reform-oriented policies. Despite a challenging global environment, it remained one of the fastest growing major economies. However, growth moderated to 6.5%, down from 9.2% in the previous year, due to a combination of global headwinds and domestic constraints.

The slowdown was driven by factors such as rising food inflation, subdued urban consumption, weak private investment, limited job creation, and a widening trade deficit. Nonetheless, the economy found support from strong government expenditure, particularly in infrastructure, as well as the continued momentum in the primary and services sectors. Healthy GST collections provided additional fiscal stability. Indias digital transformation also played a key role in sustaining economic momentum. Ongoing innovation, coupled with a vibrant startup ecosystem, continued to modernise key industries and enhance operational efficiency.

Inflation remained a concern, driven by volatile global commodity prices and persistent supply chain disruptions. Consumer Price Index (CPI) inflation averaged 4.6%, improving slightly from 5.4% in the previous fiscal year. In response to inflationary pressures and to support economic recovery, the

Reserve Bank of Indias Monetary Policy Committee implemented a cumulative 100 basis points cut in the repo rate, delivered in three stages. By June 2025, the policy rate stood at 5.4%, aimed at easing liquidity conditions, anchoring inflation, and maintaining growth momentum.

Outlook

Indias economy is projected to grow steadily at around 6.5% in FY 2025-26, maintaining momentum despite persistent global headwinds. Although growth has moderated from post-pandemic highs, the outlook remains robust driven by a young demographic profile and continued progress on structural reforms. The Government of India remains committed to driving long-term productivity and inclusive growth through targeted reform initiatives. Notably, substantial investments in the healthcare sector are underway to improve access, affordability, and service quality across both urban and rural regions.

A positive development on the macroeconomic front is the anticipated stabilisation of global crude oil prices, expected to remain in the range of USD 60 to USD 65 per barrel (as per the EY Economy Watch report). This should help moderate input costs, contain inflationary pressures, and support broader economic activity.

Recent shifts in global trade policy, including the introduction of new tariffs, have contributed to economic volatility. However, sustained public investment in infrastructure, renewable energy, and digitalisation continues to drive Indias broader economic transformation. These efforts are expected to enhance productivity, attract private investment, and strengthen Indias global economic position. Overall,

India is expected to sustain growth well above the global average, reaffirming its status as a resilient and strong contributor to global economic momentum.

INDIAN HEALTHCARE INDUSTRY OVERVIEW

Indias healthcare sector comprises four key segments: healthcare delivery (hospitals and clinics), pharmaceutical retail, diagnostic services, and medical devices and equipment. Of these, healthcare delivery is the largest, valued at 6.3 trillion, followed by pharmaceutical retail at 2.6 trillion. Both the diagnostics and medical devices segments reached

0.9 trillion each in FY 2023-24.

The sector sustained growth is driven by multiple structural tailwinds, including an ageing population, increasing prevalence of lifestyle diseases, rising health awareness, technology adoption, an expanding middle class, and proactive government support.

Despite this momentum, the industry continues to grapple with infrastructure gaps and limited insurance penetration. However, these challenges also represent significant opportunities for targeted investment, innovation, and strategic capacity building, all of which are essential to strengthening Indias healthcare ecosystem and meeting the evolving needs of its population.

Healthcare market in India Key Segments ( trillion)

Particulars	FY 19	FY 24	FY 28P	FY19-FY24 CAGR	FY24-FY28 CAGR
Pharmaceuticals Retails	1.7	2.6	3.5-3.7	9%	8-9%
Healthcare Delivery	3.9	6.3	9.4-9.8	10%	10-12%
Diagnostics	0.6	0.9	1.28-1.38	7%	10-12%
Medical Devices	0.5	0.9	1.4-1.45	13%	11-12%

Source: CRISIL March 2025 Report

Looking ahead to 2025, Indias healthcare industry is poised for accelerated growth, driven by rising demand, expanded access, and rapid digital transformation. The expansion of services in underserved regions, supported by continuous innovation, will be central to this progress. This will be further reinforced by advancements in diagnostics, medical technologies, and treatment modalities, along with increased healthcare spending and a growing emphasis on patient-centric care, collectively positioning the sector for sustained and inclusive growth.

According to CRISIL Intelligence, the Indian healthcare delivery market reached approximately 6.3 trillion in FY 2023-24. It is expected to grow to 9.4-9.8 trillion by FY 2027-28, driven by sustained demand for treatments, rising in-patient volumes, and increased Average Revenue Per Occupied Bed (ARPOB).

Source: CRISIL March 2025 Report

Indias healthcare system is characterised by a mix of public and private providers, offering both inpatient

(IPD) and outpatient (OPD) services. While government institutions play a vital role, the private sector remains the primary driver of healthcare delivery, largely due to constrained public healthcare spending and the increasing strain on state-run infrastructure to meet growing demand.

Over the years, private providers have significantly expanded their role. Their share of total treatment value is projected to rise from 64% in FY 2018-19 to nearly 69% by FY 2027-28, underscoring the sectors increasing importance. This growth is being fuelled by the expansion of private hospital networks, investments in advanced medical infrastructure, cutting-edge technology, and a strong focus on delivering high-quality, specialised care.

Private healthcare has become the preferred choice for a large segment of the middle-class population, who seek superior clinical outcomes and enhanced patient experience. However, this also brings into focus the challenge of healthcare accessibility and affordability for lower income groups, highlighting the need for more inclusive and innovative delivery models to bridge the gap.

INDIAN HEALTHCARE OPPORTUNITIES AND THREATS

Opportunities

Indias Healthcare Infrastructure Deficit: An

Opportunity

India, despite its position as the worlds fifth- largest economy and rising levels of household income, continues to face significant challenges in ensuring equitable access to quality healthcare.

One of the most pressing concerns is the countrys low hospital bed density, only 15 beds per 10,000 people, which falls well short of the global median of 29. In contrast, peer emerging economies such as Brazil (25), Vietnam (26), and Malaysia (20) are notably better equipped in this regard.

This shortage highlights a significant structural gap between the growing demand for healthcare services and the availability of infrastructure, presenting a substantial opportunity to expand hospital capacity and add beds across the country. Bridging this gap is not only essential for improving health outcomes but also represents a critical step in aligning Indias economic progress with enhanced access to quality healthcare for its population.

• Rising Demand for Healthcare Services

The demand for healthcare services in India keeps growing, largely because more people are developing lifestyle-related conditions like diabetes, high blood pressure, and heart disease. This rise has created a greater need for ongoing and specialised medical care. Moreover, greater awareness about healthcare and wellness, coupled with the growing availability of health information, has led to higher public demand for medical services, including preventive care, regular checkups and specialised treatments.

• Increasing Health Insurance Penetration

Health insurance penetration remains a key growth driver for the healthcare delivery industry in India, as it directly impacts the affordability of quality healthcare. While health insurance coverage has grown from 288 millions people in 2014-15 to 573 millions in 2023-24, the penetration rate in FY 2023-24 is still only around 40-42%. However, this is expected to rise to 45-50% by FY 2025-26, which will further drive accessibility and demand for healthcare services, contributing to the industrys growth.

• Medical Tourism

India has become a prominent destination for medical tourism, driven by its advanced private healthcare sector, specialised doctors and lower treatment costs compared to developed countries. Popular treatments sought by medical tourists include heart surgery, knee implants, cosmetic surgery, and dental care. The country also offers traditional therapies like ayurveda and yoga alongside allopathic treatments, promoting holistic wellness. India ranks 10^th globally in the Medical Tourism Index (MTI) 2020-21.

Despite a decline in medical tourism due to

COVID-19 restrictions, the sector rebounded in 2021 with 66% growth. The government has taken several initiatives, such as establishing a National

Medical and Wellness Tourism Board, to boost the sector. The medical tourism industry is expected to grow by 15% in CY2024, surpassing pre-COVID levels with an estimated 7.3 lakhs medical tourists.

Growth in medical tourists*

• Growing Need for Healthcare Services Amidst Changing Demographics

With rising life expectancy and a shifting demographic profile, the need for healthcare services is growing steadily. A key factor driving this demand is the increasing elderly population, who typically require more frequent medical care.

In 2011, nearly 9% of Indias population was aged 60 years or above and this share is expected to rise to 12.5%, or 191 millions people, by 2030. Despite this demographic shift, there remains a lack of comprehensive data and research addressing the specific healthcare needs of the elderly. It is, however, widely recognised that older individuals are more vulnerable to health issues.

According to the Report on Status of Elderly in Select States of India, 2011, published by the United Nations Population Fund (UNFPA) in November 2012, approximately 66% of the elderly reported at least one chronic ailment, such as arthritis, hypertension, diabetes, asthma, or heart disease. The report also noted gender-specific trends, with men being more susceptible to heart, kidney and skin conditions, while women showed higher rates of arthritis, hypertension, and osteoporosis.

Expansion into tier 2/3 cities through primary and secondary hospitals

Many private healthcare providers are expanding into tier-2 and tier-3 cities, driven by rising income levels and significant unmet healthcare needs in these regions. Leading hospital chains are adopting diverse pricing formats to serve these markets, while simultaneously offering advanced super-specialty services in metro and tier-1/2 cities, thereby establishing an integrated continuum of care across urban and semi-urban areas.

New and Emerging Healthcare Delivery

Models Rising real estate costs, particularly in metro and Tier 1 cities have made the development of traditional, asset-heavy hospital infrastructure increasingly expensive. In response, private healthcare providers are adopting innovative operating models such as long-term lease arrangements, operations and maintenance (O&M) contracts, and franchise partnerships.

These emerging models are helping to redefine healthcare delivery in India by enabling more capital-efficient, scalable, and flexible expansion, while ensuring access to high-quality care across a wider geographic footprint.

Increasing Public-Private Partnerships (PPPs)

Public-Private Partnership (PPP) models play a crucial role in bridging healthcare infrastructure gaps in India, especially in tier-2 and tier-3 cities where access to quality healthcare remains limited. By combining government support for accessibility and affordability with private sector investment and operational expertise, PPPs help extend healthcare services to underserved regions. These collaborations involve shared risks and responsibilities, with the private partner managing facilities and deploying technology, while the government ensures regulatory compliance and accountability, making healthcare both efficient and inclusive.

• Digital Transformation

The Indian healthcare industry stands to benefit significantly from digital advancements that enhance accessibility, efficiency, and quality of care.

Technologies like Electronic Health Records (EHRs),

Artificial Intelligence (AI), blockchain, telemedicine and mobile health apps can streamline operations, improve diagnostics and expand reach, especially in remote areas. Biotechnology is leading healthcare innovation through breakthroughs in personalised treatments, advanced vaccines and cancer therapies, with AI poised to further accelerate progress across drug discovery, diagnostics, and manufacturing. With rising smartphone usage, 5G rollout and increasing health awareness, India is well-positioned to accelerate digital healthcare adoption and drive inclusive growth across the sector.

• Government Initiatives: Strengthening Indias Healthcare Ecosystem

The Government of India has launched a series of transformative initiatives aimed at strengthening the healthcare system and enhancing access to quality care across the country. Under the

Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY), over 36.9 crore Ayushman Cards had been issued as of March 2025. In a major expansion, from October 2024, free treatment benefits of up to 5 lakhs per year were extended to nearly 6 crore senior citizens aged 70 and above, irrespective of socio-economic status.

Complementing this, the Pradhan Mantri Ayushman Bharat Health Infrastructure Mission (PM-ABHIM), a Centrally Sponsored Scheme with a total outlay of 64,180 crore (2021-2026), aims to significantly strengthen health systems and service delivery at the primary, secondary, and tertiary levels. It also seeks to bolster Indias preparedness for future pandemics and health emergencies.

Together, these initiatives reflect the governments focussed efforts to improve access, upgrade healthcare infrastructure, promote digital health solutions, and make affordable, quality care more widely available across urban and rural India.

• Private Sector Leadership: Driving Innovation and Growth in Healthcare

Indias private healthcare sector is playing a pivotal role in shaping the future of healthcare delivery. Private hospitals, clinics, and specialty centres are making significant investments in state-of-the-art medical infrastructure, cutting-edge technologies, and highly skilled medical talent to meet the growing demand for quality care.

These institutions are also raising the standards for patient experience, offering specialised, personalised services that cater to more affluent and discerning segments of the population. As a result, the private sector not only leads in revenue generation but is also at the forefront of innovation, setting benchmarks in clinical excellence, service quality, and operational efficiency, ultimately driving the overall growth and transformation of the healthcare industry in India.

Source: CRISIL March 2025 report

Threats

• Shortage of Healthcare Professionals

India faces a serious shortage of specialised medical professionals, especially in rural areas.

Many community health centres struggle to fill key roles like surgeons and paediatricians. This shortage has a big impact on the quality of care patients receive. The overall lack of healthcare workers makes things even tougher. Back in 2020, India had only 7 doctors and 17 nurses for every 10,000 people, which is well below the global average of 17 doctors and 38 nurses. Compared to other developing countries like Brazil, which has

21 doctors and 55 nurses and Malaysia with 22 doctors and 34 nurses, India still has a long way to go.

• Inadequate Healthcare Infrastructure

Indias healthcare infrastructure still faces major challenges, especially in rural areas where access to basic medical facilities is often limited. A shortage of hospital beds and poorly equipped health centres make it difficult to provide good quality care. With government spending on healthcare remaining under 2% of GDP, the current level of investment isnt enough to keep up with the rising demand for healthcare that is both accessible and fair for everyone across the country.

• Challenges in Healthcare Financing

Healthcare in India continues to be a big challenge, even with efforts to expand insurance coverage. Many people still have to pay for medical expenses out of their own pockets, which makes treatment unaffordable for a large number of families, especially those with limited financial means. This financial burden not only makes it harder for people to get care when they need it but also deepens the gap in health access across different sections of society.

• Government-Imposed Price Controls on Medical Devices

The National Pharmaceutical Pricing Authority (NPPA) has implemented price caps on various medical devices such as cardiac stents, drug-eluting stents, knee implants and intra-uterine devices, to ensure affordability. While these measures aim to make healthcare more accessible, they can also affect the profitability of manufacturers and may lead to supply constraints.

• Outstanding Receivables Affecting Hospital Operation

Hospitals in India often face financial strain due to delayed payments from third-party administrators (TPAs) and government healthcare schemes. These prolonged reimbursement cycles disrupt cash flows, making it difficult to manage day-to-day operations, invest in infrastructure upgrades, and sustain the quality of patient care. This persistent challenge poses a significant risk to the financial stability and operational resilience of healthcare providers, potentially undermining their ability to deliver consistent, high-quality care over the long term.

COMPANY OVERVIEW

Global Health Limited (hereafter referred to as "Medanta" or "the Company"), operating under the Medanta brand, is one of Indias largest private providers of multi-speciality tertiary and quaternary care. The Company serves a population catchment of approximately 400 millions through its flagship

Medicity campus in Gurugram, along with a growing network of hospitals located in Indore, Ranchi, Lucknow, and Patna.

As of March 31, 2025, Medantas operational capacity expanded to 3,042 beds, delivering a comprehensive range of services across more than

30 medical specialties, including cardiac sciences, neurosciences, oncology, orthopaedics, liver transplants, and kidney and urology care. A team of over 1,800+ doctors, supported by a 24/7 command centre and advanced operations control systems, ensures the delivery of high-quality, responsive, and coordinated patient care.

Medanta was founded by Dr Naresh Trehan, a world-renowned cardiovascular and cardiothoracic surgeon.

Dr Trehans vision shaped the Medanta model of care, emphasising clinical excellence and smooth coordination across super-specialities to provide advanced, specialised treatment. Over the years, his contributions to Indian healthcare have earned him prestigious honours, including the Padma Bhushan and Padma Shri. In June 2024, he was recognised as one of the ‘Seven Wise Coronary Surgeons of the Golden Era of the 90s by the International Congress of Cardiac Surgery and hailed as the ‘Indian Father of Cardiac Surgery by the American Association of

Cardiologists of Indian Origin.

Medanta is deeply committed to compassionate care that places patient needs at the centre and is driven by a relentless pursuit of clinical excellence. The Company continues to strengthen its precision medicine capabilities, with a particular focus on reaching underserved communities. Its vision is to elevate healthcare standards in India by delivering destination care, a model that seamlessly integrates advanced technology, cutting-edge research, and holistic patient care within a comprehensive wellness ecosystem.

BUSINESS OVERVIEW

Medanta Hospitals

Medanta currently operates 3,042 beds across its five major hospitals located in Gurugram, Lucknow,

Patna, Indore, and Ranchi, serving key regions across northern and eastern India. Medanta Gurugram

(1,440 beds), Lucknow (757 beds), and Patna (470 beds) are the largest single-location private hospitals in their respective states. Renowned for delivering advanced tertiary and quaternary care, the Medanta network includes over 700 ICU beds and more than 80 operating theatres.

In FY2025, the Company added 219 new beds across its network, representing a 7.8% increase in overall bed capacity. This includes a 49-bed dedicated floor for mother and child care at Medanta Gurugram, 112 additional beds at Medanta Patna, and 58 new beds at Medanta Lucknow, further strengthening Medantas ability to deliver high-quality, specialised care across its facilities.

To further strengthen its presence and reach more communities, the Company is strategically expanding its hospital network. During the year, Medanta signed an operations and management (O&M) agreement to operate a 110-bed hospital equipped with advanced operating theatres and critical care facilities, expected to become operational in Q2 FY26. This facility will complement Medantas existing 200-bed hospital in

Ranchi.

In Noida, the development of a 550-bed greenfield hospital is progressing well and is on track for commissioning in Q2 FY26. In Mumbai, the Company acquired 9,288 square metres of prime land in Oshiwara, where it plans to build a 500+ bed super specialty hospital. In Pitampura, Delhi, Medanta has entered into an O&M agreement to jointly develop and operate a 750-bed super specialty hospital. Both the Mumbai and Pitampura projects are in advanced stages of design planning and regulatory approvals. Most recently, the Board approved a new project to establish a 400-bed super specialty destination care hospital in Guwahati, Assam, aimed at serving the broader North-eastern region of India.

With these additions, Medanta has built a strong expansion pipeline of approximately 1,000 beds over the next two years, and a further 2,000 beds through various greenfield projects over the next three to four years, reinforcing its commitment to expanding high-quality tertiary and quaternary care across India.

The Board of Directors at its meeting held on March 21, 2024, approved the Scheme of

Amalgamation ("Scheme") between Medanta Holdings Private Limited, a wholly-owned subsidiary of the Company ("MHPL") and Global Health Limited and their respective Shareholders and Creditors. The Honble

NCLT has approved the merger vide its order dated

February 20, 2025 and MHPL is dissolved and merged with GHL with appointed date as April 01, 2024.

Medanta Labs

Medanta launched its retail diagnostics business in January 2023 with the objective of enhancing accessibility and convenience by bringing high-quality diagnostic services closer to patients homes. The Company has established a robust network of over 225 collection centres and 11 labs across Gurugram, Patna,

Noida, Lucknow, Indore, and Ranchi.

These centres offer a comprehensive range of diagnostic tests and services, reinforcing Medantas commitment to integrated, patient-centric care. In

FY 2024-25 alone, the Company added 3 new labs, along with 100+ collection centres, bringing the total network to 11 labs and 225+ collection points.

Looking ahead, Medanta plans to further expand its Labs footprint across key markets in Bihar and Uttar Pradesh, including Muzaffarpur, Varanasi, Kanpur, Meerut, Allahabad, and Agra, further strengthening its presence in underserved regions and supporting the broader healthcare ecosystem.

Medanta Pharmacy

Medantas pharmacy services encompass both in-hospital outpatient pharmacies and standalone retail outlets, ensuring convenient and reliable access to medications for patients throughout their treatment journey. In-hospital pharmacies are integrated with clinical teams to ensure accurate prescription fulfilment and seamless continuity of care.

In FY 2024-25, Medanta expanded its footprint by launching 6 new standalone retail pharmacy stores outside hospital premises, aimed at improving accessibility and extending patient support beyond the hospital setting. The Company plans to further scale its retail pharmacy presence in high-footfall areas near existing and upcoming hospitals, enhancing patient convenience and reinforcing long-term engagement.

Medanta Clinics

Medanta has established a growing network of eight multi-specialty clinics across five cities, designed to bring specialised care closer to patients homes. These include three clinics in Gurugram (DLF Cybercity,

Subhash Chowk and Gold Course Road), two in Delhi (near IGI Airport and in South Delhi), and one each in Ranchi, Darbhanga, Patna. These clinics provide a range of focussed services such as daycare surgeries, dialysis, advanced diagnostics, and consultations, enabling patients to continue treatment without the need for hospital visits. In addition, Medanta operates over 40 neighbourhood primary care clinics across

Gurugram, Delhi and Lucknow, further enhancing access to everyday medical services within residential communities.

Medanta MediClinic at Golf Course Road

Medanta, inaugurated a new MediClinic at Golf Course

Road in Gurugram in December 2024. The 19,000 sq. ft. facility aims to bring comprehensive healthcare services closer to residents by offering multi-speciality consultations, advanced diagnostics, and targeted day care procedures.

Features of the Golf Course Road MediClinic

The MediClinic operates from 8 AM to 8 PM, Monday through Saturday, offering a range of medical services under one roof. It includes a dedicated day care unit with two endoscopy suites, an operating theatre, and procedure rooms for minimally invasive interventions.

Advanced imaging capabilities such as CT scans, MRIs, mammograms, OPGs, and colour Doppler ultrasounds are available. The clinic also provides consultations with Medantas Heads of Departments across multiple specialities, including Cardiac Care, Gastrosciences, Neurology, Nephrology, Urology, Endocrinology, ENT, Paediatrics, Obstetrics and Gynaecology, Respiratory and Sleep Medicine, and Internal Medicine.

Medanta Homecare

Medanta Homecare delivers personalised medical support to patients requiring medium to high-acuity care in the comfort of their own homes. The service portfolio includes critical care nursing, stroke rehabilitation, nursing care, physiotherapy, doctor consultations, medical equipment rental, and home delivery of medicines ensuring continuity of care beyond the hospital setting. Medanta has recently expanded its Homecare services to new markets, including Lucknow, Patna, and Indore, as part of its ongoing effort to provide convenient, high-quality care closer to patients everyday lives.

COMPETITIVE STRENGTHS a. Differentiated Doctor-Led Model

Medanta believes that outstanding healthcare begins with exceptional clinical talent. Most doctors work exclusively with the company and are leaders in their fields, empowered with significant clinical autonomy. This doctor-led model enables a strong focus on medical excellence and patient-centric care. Medanta fosters a culture of collaboration, continuous learning, and professional development, ensuring the seamless integration of multispecialty expertise, particularly critical in managing complex, multidisciplinary cases.

b. World-Class Infrastructure for Advanced Care and Clinical Excellence

Medanta greenfield hospitals are purpose-built to deliver complex, high-quality care with a strong emphasis on patient comfort, safety, and clinical precision. Each facility is equipped with state-of-the-art infrastructure, including specialised treatment units, multiple operating theatres, ICUs, and patient wards, all supported by dedicated Air Handling Units (AHUs) to maintain stringent infection control standards.

Spacious, naturally lit rooms and thoughtfully designed layouts promote healing and facilitate seamless interaction between patients and clinicians. Built to international specifications,

Medantas greenfield hospitals follow modular design principles, allowing for scalable growth, smooth integration of emerging technologies, and support for sophisticated procedures, including those in the evolving field of precision medicine.

Medanta future-ready infrastructure plays a vital role in attracting and retaining top medical talent. By offering an environment where doctors have clinical autonomy and access to cutting-edge tools, Medanta has become a preferred destination for leading specialists dedicated to delivering exceptional patient care.

c. Advanced Technological Integration

Medanta is committed to delivering advanced tertiary and quaternary care by integrating cutting-edge technology and state-of-the-art equipment across its hospitals. The Company empowers its doctors with the latest tools and platforms to perform highly complex diagnostics and treatments with precision and efficiency.

Medantas suite of advanced medical technology includes hybrid OT-Cath Labs, Brain Suites (MRI integrated within operating theatres), multiple robotic surgical systems, and precision radiation oncology equipment such as Varian EDGE and CyberKnife. These advanced systems enable clinicians to offer minimally invasive procedures and highly targeted therapies across specialties.

In FY 2024-25, Medanta further strengthened its capabilities by adding the Da Vinci Xi Single Console Robotic Surgical System and the Magnetom Vida MRI with Paradigm Generator at its Gurugram facility. At the Lucknow unit, the introduction of a Da Vinci Xi surgical robot and a new catheterisation lab significantly expanded surgical and interventional capacity.

These strategic investments reflect Medantas unwavering commitment to remaining at the forefront of medical technology, continually enhancing clinical excellence and ensuring the delivery of world-class patient care.

d. Integrated Multi-Specialty Expertise

Medanta operates a network of advanced multi-specialty hospitals across India, delivering world-class healthcare through integrated, patient-centric care models. The Company ensures consistency in care by applying uniform clinical and operational guidelines across all specialties, efficient appointment scheduling and comprehensive Electronic Health Records (EHRs).

Medantas unique doctor-led approach empowers clinicians with autonomy, enhancing patient care, and service quality. Most doctors work full-time at the hospitals, ensuring continuity of care. The department-based approach promotes collaboration and teamwork, improving clinical outcomes and the patient experience. A committee of clinical specialty heads oversees business operations, ensuring effective governance and coordination. This integrated care ecosystem helps Medanta deliver cohesive and comprehensive healthcare services.

e. Experienced Management Team

Medantas success is driven by a highly experienced leadership team that brings deep expertise in healthcare management and operational efficiency. The leaderships strong industry insight imparts innovation, promotes patient-centric care and drives continuous improvement across the organisation. The team cultivates a culture of excellence that enhances clinical excellence and reinforces Medantas competitive position by working in close collaboration with leading clinicians. The senior management includes seasoned professionals with strong strategic capabilities, supported by dedicated unit heads who oversee daily hospital operations. This cohesive leadership remains focussed on governance, sustainability and long-term value creation, ensuring Medanta continues to deliver world-class care while progressing its growth objectives.

KEY STRATEGIC FOCUS a. Enhancing Integrated and Patient-Focussed Care Delivery

Medantas strategy centres on enhancing its care ecosystem by increasing integration across clinical disciplines while prioritising a patient-first approach. The focus is on providing holistic, need-based healthcare via the Medanta model of care. This is supported by multi-disciplinary coordination, operations from a 24x7 command centre and cohort-based treatment protocols. The

Companys Patient App downloads have exceeded 200,000 in FY 2024-25, driving greater patient engagement and improving healthcare service accessibility.

b. Successfully operationalising Noida Hospital

In Noida, the development of the 550-bed greenfield hospital is progressing well and remains on track for commissioning in Q2 FY26.

The senior management team is fully focussed on successfully operationalising the hospital, with a firm commitment to delivering the highest standards of care. A multidisciplinary approach is being adopted, with active preparations underway including the onboarding of the administrative team, doctors, and support staff to ensure a seamless and timely launch.

c. Expanding Strategic Footprint through Scalable Infrastructure

Medantas expansion strategy is closely aligned with its infrastructure development efforts, with a strong focus on establishing hospitals in regions that remain underserved in terms of access to quality healthcare. These upcoming centres are being developed to attract leading medical professionals and deepen expertise in specialised fields. They are also envisioned as hubs for collaboration and research, driving progress in precision medicine and the delivery of advanced care for complex medical conditions. This strategic approach is exemplified by several major projects currently underway across India, including the following:

• Planned Capacity Expansion in Patna and Lucknow: The Company is planning to add additional bed capacity in Patna in the coming months, with further scope to scale up bed strength in both Lucknow and Patna within the existing infrastructure.

• Mumbai Super Specialty Hospital: Medanta is building a new super specialty hospital in Oshiwara, Mumbai, with over 500 beds capacity. This facility will provide advanced medical care to Mumbai and its surrounding areas, strengthening Medantas regional footprint and capitalising on the growing demand for medical value tourism.

• South Delhi:The Company is also constructing a 400-bed super specialty hospital in South

Delhi in partnership with DLF.

• North West Delhi: Medanta will run and manage a super specialty hospital in

Pitampura, New Delhi, alongside a new 750-bed facility being developed in partnership with a local society. Spread across 7 acres and covering 760,000 square feet, this hospital is planned to be built over the next four years, pending all necessary approvals.

• Guwahati Expansion: Medanta plans to establish a 400-bed super specialty hospital in Guwahati, Assam. This expansion will serve over 50 millions people in Assam and neighbouring regions, addressing the increasing need for advanced healthcare infrastructure in the Northeast.

d. Accelerating Digital Innovation for Smarter Healthcare

Medanta is committed to driving digital transformation in healthcare delivery. The strategy includes the use of advanced digital tools, AI-driven diagnostics, predictive analytics, and smart hospital systems to enhance patient engagement, clinical decision-making, and operational efficiency within its wellness ecosystem. The integration of digital tools is crucial in todays healthcare landscape, facilitating seamless communication and coordination across doctors, patients, nurses and administrative teams. Innovative digital solutions introduced by Medanta include:

• Doctors EMR Application: This provides clinicians with secure, real-time access to patient medical records across devices, with features such as alerts for critical values, notifications for cross referrals, infection control workflows, and point-of-care checklists to improve clinical decisions.

• Nurse App: This app allocates nurses to patients based on therapeutic needs, nurse skills, care plans and other factors, enhancing nursing workload visibility and staff deployment planning.

• e-CLINIC Patient App: Patients can use this app to book appointments, make prepayments and access their medical records all-in-one digital platform.

• Medanta uses telemedicine to monitor patients remotely across India and abroad, making it especially effective for post-treatment care and early intervention.

• The Company is also harnessing AI and predictive analytics to enhance clinical outcomes and decision-making. It has partnered with a US-based firm, supported

CONSOLIDATED FINANCIAL PERFORMANCE

Particulars	FY 2024-25	FY 2023-24	Y-o-Y Change (%)
Total Income	37,714.12	33,497.75	12.6
Earnings Before Interest, Taxes, Depreciation and	9,561.6	8,737.40	9.4
Amortisation (EBITDA)
Profit before Tax (PBT)	6,472.57	6,270.99	3.21
Tax	1,659.39	1,490.39	11.34
Profit after Tax (PAT)	4,813.18	4,780.60	0.7

The Company has continued to deliver strong performance in FY 2024-25. Consolidated total income was 37,714.12 millions, registering a growth of 12.6% year-on-year. This growth was primarily driven by higher patient volumes and increased occupied bed days.

The Companys EBITDA rose by 9.4% year-on-year to 9,561.6 millions, up from 8,737.40 millions in FY 2023-24. EBITDA margins declined from 26.1% in FY 2023-24 to 25.4% in FY 2024-25. PBT grew by 3.21% year-on-year to 6,472.57 millions, while PAT saw a 0.7% increase, amounting to 4,813.18 millions. Profit After Tax was impacted by a one-time exceptional expense of 499 millions related to the merger of 100% subsidiary MHPL (Lucknow entity) with GHL. Adjusted PAT stood at 5,312.14 millions, reflecting a margin of 13.8% and a year-on-year growth of 8.5%.

Mature hospitals comprising Gurugram, Indore and Ranchi delivered a revenue of 26,119 millions, marking a 10.6% year-on-year growth. EBITDA from these facilities stood at 6,481 millions, up 12.1% year-on-year. Developing hospitals comprising Lucknow and Patna reported revenue of 10,940 millions, registering a 10% year-on-year increase. EBITDA for these hospitals grew by 1.8% to 3,290 millions.

Revenue from international patients increased by

7.8% year-on-year to 2,086 millions, underscoring Medantas growing reputation as a preferred destination for medical value travel. The outpatient pharmacy segment, including both hospital-based and retail operations, continued to scale, with revenues increasing by 26% from 1,120 millions in FY 2023-24 to 1,400 millions in FY 2024-25.

The Company closed the year with a strong net cash surplus of 8,123 millions, providing a solid foundation to support its future growth and expansion plans.

Reflecting its robust financial position, the Board has recommended the Companys first-ever dividend of 25%, amounting to 0.5 per share.

OPERATIONAL PERFORMANCE

Increase in Bed Capacity and Occupied Bed Days

The total bed capacity increased from 2,823 beds as on March 31, 2024 to 3,042 beds as on March 31, 2025, representing an increase of 7.8% in bed capacity. The Company added 219 new beds across its network, representing a 7.8% increase in overall bed capacity. This includes a 49-bed dedicated floor for mother and child care at Medanta Gurugram, 112 additional beds at Medanta Patna, and 58 new beds at Medanta Lucknow further strengthening Medantas ability to deliver high-quality, specialised care across its facilities.

Growth in Average Occupied Bed per day

The average occupied beds per day increased from

1,375 in FY 2023-24 to 1,514 in FY 2024-25, reflecting a strong growth of 10.1%. The overall occupancy rate stood at 62% in FY 2024-25, with matured hospitals at 64% and developing hospitals at 59%. This indicates significant headroom for volume-led growth across our existing facilities.

Key Change in Significant Financial Ratios: Consolidated

Ratios	FY 2024-25	FY 2023-24	% YoY Change	Reason for change (in case the change is 25% more)
Current Ratio (x)	2.48	2.44	1.6%
Inventory Turnover (x)	13.13	11.94	10.0%
Trade Receivables Turnover (x)	14.56	16.00	(9.0)%
Trade Payables Turnover (x)	10.44	9.01	15.9%
Debt-to-Equity Ratio (x)	0.10	0.14	(28.6)%	Repayment of debt during the year resulted in improvement in Debt to Equity
Debt Service Coverage Ratio (x)	8.36	6.43	30.0%	Ratio and Debt Service coverage ratio
Net Profit Margin (%)	12.76	14.30	(154) bps
Return on Equity (%)	15.30	17.93	(263) bps
Return on Capital Employed (%)	18.10	18.34	(24) bps

BUSINESS OUTLOOK

Medanta continues to maintain a strong and balanced portfolio of mature and developing hospitals, supportedfinancial by growing demand for high-quality healthcare services. The Company is well-positioned to scale its operations through planned capacity expansion, with approximately 1,000 additional beds to be added over the next few years across Noida, Lucknow, Patna, and Ranchi.

During the year, a newly built 110-bedded facility is being leased in Ranchi and is expected to operationalise in Q2 FY26. To further enhance its presence in high-growth and underserved regions,

Medanta has announced three large-format greenfield hospitals in Mumbai (Oshiwara), Pitampura (Delhi), and Guwahati (Assam). These expansion initiatives are part of Medantas broader strategy to build a robust, integrated care network across India. With major greenfield projects underway, Medanta will collectively add around 2,000 beds over the course of 3 to 4 years. Medanta is significantly strengthening its reach in both metro cities and underserved markets.

The Companys vision is centred on bridging the gap in access to advanced tertiary care, particularly in underserved regions. Backed by strong fundamentals, a healthy project pipeline, and an unwavering commitment to clinical excellence, Medanta remains focussed on delivering highest standard of care across its network of hospital and clinics, while reinforcing its position as a trusted leader in comprehensive healthcare across India.

Risk and Concerns

The Company has a risk management system aimed at identifying, analysing, assessing, mitigating, monitoring risk or potential threat to achievement of its strategic and business objectives and prepare mitigation plans for all business units / corporate functions and review of implementation, effectiveness and adequacy of the risk management plans, systems & processes. The Company, through its Risk Management Policy, strives to contain impact and likelihood of the risks within the risk appetite as agreed from time to time with the Board of Directors.

Risk	Details	Mitigation Strategy
Operational Risk	The Companys growth and margins could be impacted by unexpected increases in non- variable operating costs or lower occupancy rates.	Medanta has purposely grown into underserved healthcare markets, going beyond just individual hospitals to build a stronger regional presence. This strategy helps the Company stay closely connected to patients while consistently offering affordable, high-quality specialised care that meets the specific needs of local communities.
Expansion Risk	Delays in planning, constructing, or completing new facilities could affect profitability and investment returns.	This risk is mitigated by efficiently operationalising new hospitals, ensuring timely revenue generation. The Company carefully monitors its expansion projects to stay on schedule, though unforeseen delays may still affect hospital launches.
People Risk	High staff turnover, insufficient talent recruitment, or lack of skilled professionals may affect Medantas brand reputation and growth.	Medanta mitigates this risk through a strong focus on attracting and retaining top talent by offering a differentiated doctor engagement model and a supportive work environment. The Company has established integrated HR systems that encompass recruitment, structured training, and retention strategies to build and sustain a skilled workforce. Tofurtherenhanceemployeeengagementandmotivation, Medanta offers a range of incentive programmes, including performance-based compensation and a robust appraisal system that recognises and rewards excellence.
Competitive Risk	Increased competition in the healthcare services market could challenge Medanta in attracting skilled professionals and maintaining occupancy rates.	Medanta has a strong brand reputation of a destination care hospital, built on delivering highest standard of clinical excellence. Furthermore, Medanta has a diversified presence across 5 states which ensures continued patient flow, reflected in growing patient volumes, even from neighbouring states.
Brand Equity Risk	Issues like legal non-compliance, negative publicity, poor service quality, or patient dissatisfaction could damage Medantas brand.	The Company mitigates this risk through robust governance, transparent practices and a steadfast commitment to patient safety.
Leased Facility Risk	Medantas hospitals in Patna, Indore, Ranchi and Noida are on leased land, which could put operations at risk if lease agreements are breached.	This risk is mitigated as the Companys facilities are secured under long-term lease agreements, such as a 27- year lease for Indore and a 90-year lease for Noida.

Environment Social Governance (ESG): Medanta remains firmly committed to sustainable growth by integrating ESG principles across all aspects of its operations. The Companys greenfield hospitals are designed with sustainability in mind maximising natural light, optimising water usage, and incorporating Zero Liquid Discharge systems at several facilities to minimise environmental impact. Notably, the upcoming hospital in Noida has received pre-certification as a Green Building under the IGBC

Green Healthcare Facilities Rating System.

Medanta also places strong emphasis on diversity and inclusion, with women comprising 50% of its workforce, including over 600 female doctors. The Companys community outreach initiatives include the SAVERA programme for early breast cancer detection and the "TB-Free Uttar Pradesh" campaign in collaboration with the state government, supporting the broader Mission TB-Free initiative.

Oversight of ESG matters is entrusted to the Board of Directors, ensuring ESG remains a strategic priority for the company. Medanta is committed to expanding its positive environmental and social impact while upholding the core values of transparency, innovation, and patient-centric care.

HUMAN RESOURCES

Medanta recognises human capital as a cornerstone of delivering high-quality medical care. The Companys strength lies in its team of highly skilled medical professionals who financial are committed to clinical excellence and delivering exceptional patient care. A strong focus is placed on recruiting experienced and qualified surgeons and physicians to ensure best-in-class care across specialties.

The Company continues to strengthen its integrated HR systems, encompassing recruitment, structured training, and retention strategies. A range of incentive programmes, including performance e. based compensation and a robust appraisal framework, are in place to retain top talent and reward excellence.

As of March 31, 2025, Medanta employed over 11,800 individuals. During FY 2024-25, more than 119 new doctors joined the Medanta network, significantly enhancing its clinical depth. The Company also on-boarded more than 45 senior specialists throughout the year, further enhancing its expertise in specialised care.

The Company also invests consistently in training and development to enhance employee skills, maintain regulatory compliance, and raise the standard of patient care. These initiatives foster higher employee morale, productivity, and retention, contributing to a motivated and capable workforce. This skilled human capital is central to Medantas operational efficiency and ongoing success.

INTERNAL CONTROL SYSTEMS

Medanta has established strong internal controls, including policies, guidelines, and procedures to maintain business integrity, safeguard assets, prepare reliable statements, and prevent fraud. A dynamic internal audit plan reinforces the strength of this framework, ensuring its effectiveness in a constantly evolving corporate environment. The internal audit function works independently and in coordination with management to identify potential risks, recommend corrective actions and monitor compliance across all levels of operation. This proactive approach enables the Company to uphold transparency, accountability and long-term stakeholder

During Financial Year 2024-25, the Internal

Financial controls were examined and evaluated by an independent third party i.e. M/s TRC Corporate

Consulting Private Limited and found the same adequate considering the size and scale of the operations of the Company and no reportable material weakness in the design or operation was observed.

FORWARD-LOOKING STATEMENTS

Some statements in this report may be forward-looking, as defined by applicable securities laws and regulations. Actual results may differ significantly due to factors such as market demand, changes in regulations, exchange rates, tax laws, natural hazards and economic conditions both locally and globally.