Dr. Agarwal's Health Care Ltd. · NSE:AGARWALEYE
Dr. Agarwal's Health Care — Q3 FY2025 Earnings Presentation
31 slides from Dr. Agarwal's Health Care's earnings presentation, February 2025
Slide 1: Q3 and 9M FY2025 Investor Presentation
Dr. Agarwal’s Health Care Limited Q3 and 9M FY2025 Investor Presentation February 2025
Slide 2: Disclaimer
Disclaimer This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. No representation, warranty, guarantee or undertaking, express or implied, is or will be made or any assurance given
Slide 3: Reinforcing our Commitment to Global Eye Care
Reinforcing our Commitment to Global Eye Care February 4, 2025, marked a remarkable achievement in our journey, with the successful listing of our company — a testament to the dedication of our team and the trust of our patients. This milestone reinforces our commitment to delivering world-class eye
Slide 4: Successful Listing on February 4, 2025
Dr. Agarwal’s Health Care Limited’s Successful Listing on February 4, 2025 ▪ Largest hospital IPO in India - ₹3,027 Crores ▪ Marquee foreign institutional investors such as GIC(1), Polar Capital, Norges(2), FMR(3), Nomura, White Oak, M&G(4), Eastspring, HSBC Global and Amundi among others ▪ Leading
Slide 5: Agenda
Agenda • Dr. Agarwal’s Health Care Limited 1 – Snapshot 2 Our Business Model 3 Operational and Financial Performance – Q3 and 9M FY2025 Source: • Source: Notes: Notes: 5
Slide 6: Dr. Agarwal's Health Care Limited – Snapshot
1 Dr. Agarwal’s Health Care Limited – Snapshot
Slide 7: We are India's Largest Eye Care Services Chain
We are India’s Largest Eye Care Services Chain(1) Highest Number Of Market Leadership Diversified Presence(4) Eye Care Facilities c.25% Market Share(3) Across Tier 1 (33%), Other 221 Facilities 1.7x(2) of next largest Cities (60%), and (205 India | 16 Africa)(1) competitor International (7%)(1) Surg
Slide 8: Our Footprint
Our Footprint India Footprint Africa Footprint As on December 31, 2024 As on December 31, 2024 • 89.9% of 9M FY2025 • 10.1% of 9M FY2025 4 Jammu & Revenue from Operations Revenue from Operations North Kashmir 17 8 1 Chandigarh Punjab East 6 Haryana 2 1 1 Uttar • 205 facilities in India 1 • 16 facili
Slide 9: We Offer Comprehensive Eyecare Services
We Offer Comprehensive Eyecare Services Services: 79.1%(1),(2) Products: 20.6%(1),(2) Diagnosis, Consultations, and Others Eye Care Related 14.0% Pharma Products 8.0% Opticals, Surgeries Contact Lens 65.1% and Accessories 12.6% Retinal Refraction for Retina Laser Cataract Glaucoma Facilities embedde
Slide 10: Our Business Model
2 Our Business Model
Slide 11: Key Pillars of Our Business Model
Key Pillars of Our Business Model 1 2 3 4 5 Proven Clinical Qualified Team of Proven Track Record Doctor-Promoters Scalable, Excellence Driven Medical of Delivering Supported by an Asset-light, by a Strong Clinical Professionals with Organic Growth, Experienced Hub and Spoke Board and History of Con
Slide 12: Our Hub and Spoke Network Model
Our Hub and Spoke Network Model Spokes Hubs 87.3% of Facilities(1) 12.7% of Facilities(1) Primary Secondary Tertiary (including 3 Centres of Excellence) (61) (132) (28) Number of Facilities(1) (#) Closest patient touch point Surgical facilities providing Facilities with comprehensive Description off
Slide 13: Our Network Expansion and Site Selection Strategy
Our Network Expansion and Site Selection Strategy Market Expansion Playbook Organic Micro Market Selection Criteria Total 78 Organic Facilities Set Up Since 2022 Selecting new 35 Existing clusters 29 micro-market / with 10+ years Market size Competitor Infrastructure Potential of region (“Cluster”)
Slide 14: Proven Clinical Excellence Driven by a Strong Clinical Board
Proven Clinical Excellence Driven by a Strong Clinical Board Key Objectives Deliver Successful Clinical Outcomes for large volume of patients across our scaled network Ensure safety and efficacy in Standardization of clinical Continuous training of our treatments protocols, products, and docto
Slide 15: History of Surgical Innovations with Specialized Medical Infrastructure
History of Surgical Innovations with Specialized Medical Infrastructure Track Record of Surgical Innovations by Our Doctors Our Key Medical Equipment and Infrastructure Select Key Innovations(1) • Pinhole 2019-2024 Pupilloplasty • Temporary Pupil Scaffolding VISUMAX SMILE PRO Advanced Femto Excimer
Slide 16: Qualified Team of Medical Professionals
Qualified Team of Medical Professionals with Consistent Focus on Attracting and Retaining Talent Team of Qualified Doctors Consistent Emphasis on Attracting and Paramedical Staff and Retaining Talent # of Doctors (1) 781 667 ✓ Scale Effects of Large Network Helps Large Network Attract Quality Medica
Slide 17: Doctor-Promoter Team, Supported by an Experienced Management
Doctor-Promoter Team, Supported by an Experienced Management Key Management Personnel and Promoter Family – 3 Generations of Heritage Senior Management Personnel YASHWANTH VENKAT Chief Financial Officer 15+ Indian Institute of Management, Bangalore LATE DR. JAIVEER AGARWAL Founded Dr. Agarwals Group
Slide 18: Highly Experienced Board
Highly Experienced Board Additional Board Members DR RANJAN RAMDAS PAI VENKATRAMAN BALAKRISHNAN NACHIKET MADHUSUDAN MOR Non-Executive Independent Director Non-Executive Independent Director Non-Executive Independent Director Founder & Chairman, Manipal Education and Ex-Chairman, Infosys BPO, Ex-ICIC
Slide 19: Marquee Foreign and Domestic Institutions as Major Shareholders
Marquee Foreign and Domestic Institutions as Major Shareholders Shareholding Pattern Top Institutional Investors(1) As on February 3, 2025 ▪ GIC(2) ▪ Canara Robeco MF Non-Institutions 5.5% DIIs ▪ Invesco MF ▪ Value Quest 5.1% ▪ Norges(3) ▪ M&G(5) Promoters FIIs 32.4% ▪ Polar Capital ▪ Eastspring 13.
Slide 20: Operational and Financial Performance – Q3 and 9M FY2025
3 Operational and Financial Performance – Q3 and 9M FY2025
Slide 21: Financial Highlights – Q3 and 9M FY2025
Financial Highlights – Q3 and 9M FY2025 Revenue from Operations EBITDA and EBITDA Margin(1) (₹ Cr) (₹ Cr) Growth: 27.2% Growth: 27.5% 1,250.8 356.0 983.3 279.3 29.3% 28.8% 27.7% 27.7% 27.8% Growth: 29.5% Growth: 26.3% 430.7 127.5 416.6 118.9 332.7 101.0 Q3 FY2024 Q2 FY2025 Q3 FY2025 9M FY2024 9M FY2
Slide 22: Diversified Revenue and Payor Mix
Diversified Revenue and Payor Mix Revenue Mix by Specialty Mix of Surgeries Payor Mix(2)(3) 9M FY2025 # of Surgeries 9M FY2025 2,13,602 Insurance and TPA 20.9% 26.5% 1,62,005 14.3% 5.2% 19.0% 5.4% 20.6% 73.8% 65.1% 75.6% Government Cash 9M FY2024 9M FY2025 11.7% 61.5% (1) Cataract Refractive Others
Slide 23: Diversified Geographic Presence across India
Diversified Geographic Presence across India Revenue Mix by Geography Facility Mix by Geography Revenue Mix by Type of Facilities(1),(2) (₹ Cr) As on December 31, 2024 1,250.8 Non-South 10.1% 26.7% East India International 2.7% 7.2% 29.9% 983.3 North India 13.2% 7.7% 22.4% West India 221 Centres 16.
Slide 24: Key Operating Metrics
Key Operating Metrics % Mix Particulars FY2022 FY2023 FY2024 9M FY2024 9M FY2025 FY2022 FY2023 FY2024 9M FY2024 9M FY2025 Total number of facilities 106 136 180 161 221 100.0% 100.0% 100.0% 100.0% 100.0% Total number of facilities in India 91 121 165 146 205 85.8% 89.0% 91.7% 90.7% 92.8% Number of f
Slide 25: Key Financial Metrics
Key Financial Metrics Particulars (₹ Cr) FY2022 FY2023 FY2024 9M FY2024 9M FY2025 Revenue from operations 696.1 1,018.0 1,332.2 983.3 1,250.8 Revenue from operations – India 81.0% 85.8% 87.2% 86.8% 89.9% Revenue from operations – outside India 19.1% 14.2% 12.8% 13.2% 10.1% Revenue from mature facili
Slide 26: P&L Statement
P&L Statement Common Size Common size 9M 9M Y-o-Y 9M 9M Q3 Q2 Q3 Y-o-Y Q3 Q2 Q3 Particulars (₹ Cr) FY2024 FY2025 Growth FY2024 FY2025 FY2024 FY2025 FY2025 Growth FY2024 FY2025 FY2025 Revenue from operations 983.2 1,250.8 27.2% 97.6% 97.6% 332.7 416.6 430.7 29.5% 96.5% 97.2% 97.1% Other income 24.1 3
Slide 27: Appendix
4 Appendix Supplementary Information
Slide 28: Corporate Structure
Corporate Structure(1) Dr. Agarwal’s Health Care Ltd. (AHCL) 221 Facilities (India + Africa) (28.1% owned by public shareholders)(3) 71.9% 51.0% 100.0% 87.8% 93.2% Orbit Healthcare Services Dr. Agarwal’s Eye Dr Thind Eye Care Aditya Jyot Eye Hospital Elisar Life Sciences (Mauritius) Ltd. Hospital Lt
Slide 29: Our Asset-Light, Integrated Hub and Spoke Model Yields Economies of Scale
Our Asset-Light, Integrated Hub and Spoke Model Yields Economies of Scale Enhances Geographic Penetration and Greater Accessibility Enables Patient Flow and Sharing of Doctor and Medical Resources to Patients Across Our Network Thiruvottiyur Ambattur New Avadi Perambur Washermenpet Anna Nagar Mogapp
Slide 30: Patient Journey
REGISTRATION Help us know [YouR JOURNEY a OPTOMETRIST ‘CONSULTATION Initial eye check-up by CLEAR VISION) omens Y QUALITY EYECARE NEEDS ate REQUIRED) YOUR QUALITY TIME. Check your eve pressure/get your eyes dilated Y CONSULTATION - DOCTOR Meet the Doctor Proceed as per the doctor's advice @ INVESTIG
Slide 31: About Dr. Agarwal's Health Care Limited
About Dr. Agarwal’s Health Care Limited: Dr. Agarwal’s Health Care Limited, a trusted brand in the eye care services industry and according to the CRISIL MI&A Report dated January 2025 is India’s largest eye care service chain by revenue from operations for FY2024. With long-standing operational his
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