Yatharth Hospital & Trauma Care Services Ltd

- The company currently has cash of INR 1,826 million and has reduced finance costs after IPO, improving capital efficiency. - Future expansions, including adding roughly 450 beds at Greater Noida and Noida Extension in 2-2.5 years, are expected to be funded largely through internal accruals. - There is scope for taking on additional debt if required, though efforts are made to utilize internal accruals and existing cash. - The company is also exploring acquisition opportunities, including operational and management (O&M) models, which require less capital outlay. - Overall, the financing strategy for growth includes a mix of internal accruals, available cash, and selective debt, with no specific mention of planned equity fundraising in the near term.

- Brownfield expansions at Noida Extension and Greater Noida hospitals: adding 250 beds at Noida Extension and 200 beds at Greater Noida, expected in 2-2.5 years, with capex around INR 65 lakh per bed funded through internal accruals. - Capex increased by INR 60 crores this quarter primarily due to medical equipment including robotics and advanced surgical tools for neurosurgery and cardiac surgeries. - Strategic investments in robotics and super-specialty services, including oncology and organ transplant programs. - Plans for further bed capacity expansion aiming to reach 2,800 to 3,000 beds by FY '28 through a mix of internal accruals, debt, and O&M model acquisitions to limit asset-heavy outflows. - Ongoing efforts to acquire new hospitals, with recent acquisitions in Jhansi-Orchha and Faridabad, and active discussions for two more hospitals in Delhi NCR and Uttar Pradesh. - Signing NDA with major audit firms for process strengthening, indicating strategic governance investments.

- Expect revenue close to INR 1000 crores this year, driven by growth across facilities (Page 17). - Inpatient volume grew 28% YoY to 15,235 this quarter, with notable growth in Noida Extension (81% revenue increase, 38% contribution) (Pages 5, 9). - ARPOB (Average Revenue Per Occupied Bed) is improving, reaching INR 30,551 in Q1; expected to increase further with improved case mix and pricing (Pages 5, 17). - Capacity expansion underway: 200 beds in Greater Noida and 250 beds in Noida Extension planned within 2-2.5 years, expected to achieve over 50% utilization within two years post-expansion (Pages 11, 17). - Addition of 3,000 beds targeted by FY 2028 via brownfield expansions, acquisitions, and O&M models, primarily in North India, Delhi NCR, UP, and Rajasthan (Pages 7, 11-12). - Faridabad hospital occupancy to grow from current 10% to 30% by year-end, contributing to revenues (Page 10). - Oncology and super-specialty services expected to increase contribution and ARPOB, supporting volume growth (Pages 5, 9).

- Noida Hospital has peaked with little growth expected; any growth driven by clinical mix changes resulting in single-digit increases in ARPOB. - EBITDA margins across existing facilities (excluding the loss-making Faridabad hospital) expected to be stable or improve, maintaining above 26-26.5%. - Faridabad hospital anticipated to reach above 20% EBITDA margins within 3 years, aided by increasing ARPOB and robotic surgeries. - Overall consolidated margins expected to sustain around 25%, with minor fluctuations due to new acquisitions and expansions. - ARPOB is on an improving trajectory, crossing INR 30,000 mark recently; Jhansi-Orchha ARPOB expected to rise to INR 15,000-18,000. - Expansion plans to add 450 beds at Noida Extension and Greater Noida within 2-2.5 years, driving future revenue growth. - Oncology segment growing well, contributing 10% overall and projected to increase further. - EBITDA expected to improve as new capacities ramp up and operational efficiencies are realized.

- The company has a strong pipeline for future expansions, including targeting a bed capacity of 2,800 to 3,000 beds by FY '28, nearly doubling current capacity. - Expansion plans focus on North India markets: Delhi-NCR, Uttar Pradesh, Punjab, and Bihar. - Land parcels adjacent to Noida Extension and Greater Noida hospitals will see capacity additions of 250 beds and 200 beds respectively, expected to be ready in about 2.5 years. - Discussions are ongoing for acquiring or operating a 400-bed hospital under an O&M (Operations & Management) model, which requires lower capital expenditure. - The company plans at least one acquisition each year in the next few years in the target regions. - Funding for these expansions will come from a mix of internal accruals, cash on books, and debt if required. - Current consistent progress on various expansions and acquisitions indicates a solid orderbook pipeline.