Unihealth Hospitals Ltd

- Navi Mumbai project capex was funded via proceeds from the 2023 IPO. - Nashik project achieved financial closure through equity contribution and a sanctioned bank debt of INR 22 crores from Bank of India, partly funded by promoter warrants. - The 20-bedded secondary care centre in Tanzania has also achieved financial closure through internal approvals and equity contribution. - Future projects such as the 100-bedded facility in Tanzania and Pune will require additional funding. - Funding for these upcoming projects is expected to come partly from internal accruals and cash flows rerouted from Uganda, which is now debt-free. - The company is open to availing bank debt for Tanzania and may explore capital leasing. - Final funding decisions for Tanzania's 100-bed facility and Pune projects will be made at the time of project closure, considering both debt and equity options.

- Navi Mumbai capex completed using IPO proceeds from 2023. - Nashik financial closure achieved via equity and bank debt (INR 22 crores from Bank of India). - 20-bedded secondary care center in Tanzania achieved financial closure with internal equity approvals. - Planned 100-bedded tertiary care hospital in Tanzania under final discussion; funding needed. - Pune has a multi-pronged expansion plan including greenfield projects, operational acquisitions, or O&M models. - Target to achieve 1,000 operational beds across India and Africa by FY 2027-28. - Future projects like Pune and the 100-bed Tanzania facility will require a mix of internal accruals, bank debt, and possibly capital leasing. - Uganda is now debt-free; its cash flows to support expansion funding. - Strategy includes asset-light models with long-term leases for Indian hospitals (Navi Mumbai, Nashik).

- UniHealth plans a significant multi-pronged expansion over 5-7 years, targeting greenfield projects, acquisitions, and operational management outsourcing. - FY 27-28 target: achieve 1,000 beds. - Revenue contribution from Uganda is currently 90%, expected to drop to 50-60% by end of FY 27-28, with India contributing 40-50%; Tanzania to add revenue in coming years. - Navi Mumbai and Nashik hospitals (India) expected to contribute ~INR125 crore revenue next financial year. - Navi Mumbai (52 beds) aims for 60-70% occupancy in FY 27; Nashik (200 beds) to reach ~50% occupancy by Q2 FY 28. - Average revenue per occupied bed in India expected to scale from INR27,000-28,000 to INR55,000-60,000 over 3-5 years. - Consultancy projects pipeline at 600-650 beds, awaiting financial closure. - Uganda facility continues growth, adding ophthalmology soon, with stable revenues.

- UniHealth plans multi-pronged expansion via greenfield projects, acquisitions, and O&M, targeting 1,000 beds by FY 27-28. - Indian hospitals (Navi Mumbai and Nashik) will contribute significantly, aiming combined revenue of INR 125+ crores in next financial year. - Uganda currently contributes ~90% revenue; expected to reduce to 50%-60% by end of next financial year as India and Tanzania ramp up. - EBITDA margins for Indian hospitals expected between 15%-18% in the first year, with Navi Mumbai potentially reaching 20%-25%. - Mature units like Uganda maintain stable EBITDA margins; new facilities' margins may be pressured initially but improve post-break-even in 18-24 months. - Consultancy services pipeline includes 600-650 beds in early discussions but timelines for revenue addition uncertain (3-6 months or more). - Expected sustainable tax benefits from Uganda tax holiday until 2034 support profitability. - Scalability and margin improvements anticipated over medium term with growth in India and Africa operations.

- Currently, UniHealth Hospitals is handling about 1,300 beds on a consolidated basis in consultancy projects, which has been stable over the last 12+ months. - They have completed some smaller consultancy projects recently and added a couple of new ones. - There are ongoing discussions for consultancy projects involving an additional 600-650 beds in total. - These discussions are in initial stages, pending financial closure by the investors before formal agreements. - UniHealth is a shortlisted consultant for these projects, but no formal contracts have yet been signed. - Project cycles from initial consultancy to completion typically take 2 to 5 years. - Revenue from consultancy is based on milestones over the timeline. - Hence, pending orders mainly relate to these potential projects in early-stage discussion without finalized contracts.