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Management Discussion and Analysis Report as required under regulation 34 read with Schedule V of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, is as under:

GENERAL OVERVIEW ON INDIAS HEALTHCARE SERVICE LANDSCAPE

Historically, people in developing countries have had lower access to health services than those in developed countries. Like most developing The Indian healthcare sector has become a major contributor to Indias growth and employment, covering diverse segments like hospitals, medical devices, clinical trials, telemedicine, medical tourism, health insurance and medical equipment. The sector is expanding rapidly, driven by enhanced coverage, services and growing investments by both public and private players. The governments initiatives to increase healthcare spending and improve healthcare infrastructure have further bolstered the industrys growth. COVID-19 has not only brought challenges, but also presented several growth opportunities to the healthcare sector. The pandemic has highlighted the critical role of healthcare organizations and it has driven transformation by accelerating the pace of reforms in Indias healthcare sector. Furthermore, the industrys expansion continues to be fueled by the rising need for healthcare services due to increasing life expectancy, increasing prevalence of chronic diseases and changing lifestyles of Indian population. As a result, the healthcare sector has emerged as a significant contributor in generating job opportunities and adding to the countrys GDP

SEGMENT WISE/COMPANY WISE PERFORMANCE

Dhanvantri Jeevan Rekha Limited is a hospital with advance and high-class patient care in Meerut, having a humble beginning around 30 years ago in 1993 at 1- Saket, Meerut. The Hospital has now grown to become a major healthcare provider to all walks of life in Meerut and the surrounding region. The Company is engaged mainly providing Medical & Health-care Services to the public at large.

OUTLOOK AND COMPANY OVERVIEW

Healthcare is expected to remain a major contributor to the economy in the coming years as various policies, innovations and investments are anticipated to shape the industrys future impacting economic growth. The increasing focus on digital health solutions, telemedicine and other technological advancements in the healthcare industry has opened new avenues for growth and innovation. The government plans to increase the budget allocation for public health spending to 2.5% by 2025, which will be beneficial given the huge demand for tertiary care and specialty hospitals

Dhanvantri Hospital is one of the first comprehensive, multi-specialty setup in Western-Up with latest State-of-the-Art equipment for both diagnostic and therapeutic services under one roof. The hospital is striving for excellence in personalized care. We provide efficient, patient oriented services in a friendly and clean environment at moderate rates.

OPPORTUNITIES

The Private Sector is the major contributor in the healthcare spending in India, unlike most other countries where Public Sector dominates. Key highlights:

1. The governments plan to increase healthcare spending to 2.5% of GDP by 2025, which is expected to lead to the development of new healthcare facilities and expansion of existing ones

2. The Indian government is expected to increase partnerships with private healthcare providers to improve access to healthcare services, particularly in rural and underserved areas

3. Greater adoption of digital health solutions such as electronic health records (EHRs), mobile health apps, and remote patient monitoring systems.

4. An increasing demand for home healthcare services driven by an aging population and rising burden of chronic diseases. Indias home healthcare market is expected to grow at a CAGR of 19.2% to reach at $21.3 Billion by 2027.

5 India aims at becoming self- reliant in the manufacturing of medical devices. In FY 2019-20, the total medical equipment! device market in India was sized at around $11 Billion. By 2025, the industry is expected to grow fivefold to $49.5 Billion. This will give a boot to the hospital in term of cost, medical equipment becoming mOre affordable for the company.

THREATS

Rising Costs: There is a decrease in the percentage of healthcare spending paid out of pocket by individuals, from 62.6% in FY 2015 to 47.1% in FY 2020 (Source: Ministry of Health) Input costs in healthcare are rising. Minimum wage revisions are underway in several categories of manpower; real estate continues to inflate; and import cost of equipment and consumables are high consequent to increase in INR / USD rate. Increased competition has also meant that compensation expectations for skilled manpower will go up. Human Resources: The primary objective of any human resource management is to ensure the availability of competent and willing workforce to the arganization as well as to meet the needs, aspirations, values and dignity of individuals/employees and having due concern for the socio-economic problems of the community and the country. The total number of employees stood at 95 as on March 31, 2023.

Regulatory interventions: The intrinsic value of a service is more than just the cost of inputs. Any attempt to regulate the prices of healthcare inputs without providing for the comprehensive costs of providing quality services, will compromise the quality of care.

RISKS & CONCERNS

Lower Healthcare Spend: India healthcare spend is 3% of GDP vs 19% in case of US. This works out to be US$ 57 per person annually on health care vs US$ 11,702 in case of US. Increasing burden of Non-Communicable Diseases: Non-communicable diseases (NCDs) encompass a vast group of diseases such as cardiovascular diseases, cancer, diabetes and chronic respiratory diseases. NCDs contribute to around 38 Million (68%) of all the deaths globally and to about 5.9 Million (60%) of all deaths in India. The majority of NCD deaths occur in low and middle-income countries such as India, which is undergoing an epidemiological health transition owing to rapid urbanization, which in turn has led to an overall economic rise, but with certain associated flipsides.

INTERNAL CONTROL SYSTEM AND ITS ADEQUACY

The internal control system has been designed to commensurate with the nature of business, size and complexity of operations and is monitored by the management to provide reasonable assurance on the achievement of objectives, effectiveness and efficiency of operations, reliability of financial reporting and compliance with applicable laws and regulations. The Company has institutionalized a robust process and internal control system commensurate with its size and operations. The internal control framework is supplemented with an internal audit program that provides an independent view of the efficacy and effectiveness of the process and control environment and through its observations provides an input to the management to support continuous improvement program. The internal audit program is managed by an Internal Audit function directly reporting to the Audit Committee of the Board.

DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

During the period under review, the Operating Income of the company has increased to Rs. 1768.48 Lakhs from Rs.1677.15Lakhs during the Financial Year 2022-2023 as compared to the previous year income. The Company has incurred loss of Rs.21.66 Lakhs as compared to the last year profit of Rs. 49.01 Lakhs due to increase in repair and maintenance cost of the hospital equipment, renovation of building and increased cost of medical consumables. Your directors have the pleasure of informing you that the Company continues to be a Debt free company during the year under review and the company has started Dialysis in its Nephrology Department and has also added the Gastroenterology Department in the Hospital.

HUMAN RESOURCES / INDUSTRIAL RELATIONS

We acknowledge the contribution of all our employees in our journey towards touching a large number of lives. We understand the value of diversity in culture, language, religious beliefs, genders and have been a key supporter to nurture the same in the company. Therefore, the group strives to build a conducive work environment which embraces diversity and fosters inclusion. Human resource continues to be the backbone of Dhanvantri Jeevan Rekha hospital. The Company lays strong emphasis on attracting and retaining the best talent. Personal developmental initiatives including training, both technical and managerial, are regularly conducted to enhance human potential

CAUTIONARY NOTE

Statements in this Management Discussion Analysis Report describing the Companys objectives, projections, estimates and expectations may be forward looking statements within the meaning of applicable laws and regulations. Actual results may differ substantially or materially from those expressed or implied. Important developments that could alter your Companys performance include increase in material costs, technology developments and significant changes in political and economic environment, tax laws and labour relations.