Dr. Agarwal's Health Care Ltd. · NSE:AGARWALEYE
Dr. Agarwal's Health Care — Q4 FY2025 Earnings Presentation
40 slides from Dr. Agarwal's Health Care's earnings presentation, May 29, 2025
Slide 1: Exchange filing cover letter: Investor Presentation
Ref: AHCL/2025-26/C010 May 29, 2025 Listing Department Listing and Compliance Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No C/1, “G” Block, Dalal Street, Bandra-Kurla Complex Mumbai – 400001 Bandra (E), Mumbai – 400051 SCRIP Code:
Slide 2: Q4 and FY2025 Investor Presentation
Dr. Agarwal’s Health Care Limited Q4 and FY2025 Investor Presentation May 2025
Slide 3: 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 4: Agenda
Agenda • 1 Q4 and FY2025 Performance Snapshot 2 Operational Performance Update 3 Financial Performance Update 4 About Dr. Agarwal’s Health Care Ltd. Source: • Source: Notes: Notes: 3
Slide 5: Q4 and FY2025 Performance Snapshot
1 Q4 and FY2025 Performance Snapshot
Slide 6: We are India's Largest Eye Care Services Chain
We are India’s Largest Eye Care Services Chain Highest Number Of Addition of Facilities (FY2025) Diversified Presence(2) Eye Care Facilities 59(1) Facilities Across Tier 1 (32%), Other Cities 236 Facilities (55 India | 4 Africa) (60%), and International (8%)(1) (218 India | 18 Africa)(1) Surgeries P
Slide 7: Revenue Distribution by Segment
Revenue Distribution by Segment FY2024 FY2025 Diagnosis, Consultations and Diagnosis, Consultations, and Others(1) Others(1) 14.0% 14.9% ₹239 Cr. ₹198 Cr. Surgeries 20.5% Surgeries 64.2% 65.3% ₹855 Cr. ₹1,117 Cr. 30.6% ₹1,332 Cr. ₹1,711 Cr. Opticals, Contact Lens Opticals, Contact Lens, and Accessor
Slide 8: Operational Performance Update
2 Operational Performance Update
Slide 9: India More Connected Than Ever
India More Connected Than Ever FY24 ▪ Leveraging strong brand equity, opened 40 new greenfield 35 FY25 J&K North South facilities (including 14 surgical centers) across our existing micro 11 20 markets as well as new markets Punjab Chandigarh 48 1 Haryana 1 22 ▪ Having primarily grown through inorga
Slide 10: Entering the Capital: Our First Tertiary Care Facility in New Delhi
Entering the Capital: Our First Tertiary Care Facility in New Delhi A state-of-the-art facility spanning 9,000 sq. ft., located in the heart of South Delhi Tertiary facility - Complete spectrum of eye care services under one roof in our capital city 9
Slide 11: Surgery Mix
Surgery Mix FY2024 FY2025 Others Others 41,824 59,792 19.0% 21.2% 43.0% Refractive Refractive 11,112 220K+ 15,989 282K+ 5.0% Surgeries 5.7% Surgeries Cataract 43.9% 167,587 Cataract 76.0% 206,545 73.2% 23.2% In FY2025, total surgeries grew by 28.0%, while cataract surgeries continued to dominate wit
Slide 12: Key Operating Metrics
Key Operating Metrics % Mix Particulars FY2022 FY2023 FY2024 FY2025 FY2022 FY2023 FY2024 FY2025 Total number of facilities 106 136 180 236 100.0% 100.0% 100.0% 100.0% Total number of facilities in India 91 121 165 218 85.8% 89.0% 91.7% 92.4% Number of facilities – South India 74 86 113 151 69.8% 63.
Slide 13: Sneak Peak into Our Newly Launched Centres
Sneak Peak into Our Newly Launched Centres Kakinada 12 Chart Title
Slide 14: Sneak Peak into Our Newly Launched Centres (cont'd)
Sneak Peak into Our Newly Launched Centres (cont’d) AS Rao Nagar 13 Chart Title
Slide 15: Transforming Our Centres with a Fresh New Look
Transforming Our Centres with a Fresh New Look Whitefield (Relocation) Before Before After After 14 Chart Title
Slide 16: Transforming Our Centres with a Fresh New Look (cont'd)
Transforming Our Centres with a Fresh New Look (cont’d) Nanganallur Before Before After After 15 Chart Title
Slide 17: Financial Performance Update
3 Financial Performance Update
Slide 18: Financial Highlights – Q4 and FY2025
Financial Highlights – Q4 and FY2025 Revenue from Operations EBITDA and EBITDA Margin(1) ₹ Cr. ₹ Cr. Growth: 28.4% 1,711 Growth: 23.6% 502 1,332 407 34.5% 30.8% 29.5% 28.6% Growth: 31.9% Growth: 13.9% 460 145 349 127 Q4 FY2024 Q4 FY2025 FY2024 FY2025 Q4 FY2024 Q4 FY2025 FY2024 FY2025 Note: (1) EBITD
Slide 19: Consistent Geographic Diversification
Consistent Geographic Diversification Revenue Mix by Geography Facility Mix by Geography ₹ Cr. FY22 International 14.2% East India Non-South 3.8% 1,711 16.0% Growth: 35.1% North India 10.1% 0.9% 106 West India Facilities South India 1,332 11.3% 69.8% 12.8% 1,018 14.2% FY25 696 CAGR: 89.9% Internatio
Slide 20: Consistent Improvement in Mature Facility Revenue Profile
Consistent Improvement in Mature Facility Revenue Profile Revenue from Operations Mix by Type of Facilities Average Revenue per Mature Facility ₹ Cr. ₹ Cr. Growth: 35.1% 1,707 Growth: 14.4% 11.7 29.3% 10.9 1,329 9.5 23.4% 1,013 7.8 13.9% 693 23.4% 70.7% 76.6% 86.1% 85.8% FY22 FY23 FY24 FY25 FY22 FY2
Slide 21: Payor Profile
Payor Profile FY2024(1)(2) FY2025 (1)(2) Insurance and TPA Insurance and TPA 27.3% 26.0% ₹364 Cr. ₹445 Cr. 22.3% ₹1,332 Cr. ₹1,711 Cr. Cash Government 63.8% Cash 10.0% ₹1,092 Cr. Government 60.7% ₹170 Cr. 11.7% ₹808 Cr. ₹157 Cr. Note: 1. Payor mix refers to the distribution of revenue from healthcar
Slide 22: P&L Statement – Annual
P&L Statement – Annual Common Size Particulars (₹ Cr.) FY2024 FY2025 Y-o-Y Growth FY2024 FY2025 Revenue from operations 1,332 1,711 28.4% 96.8% 97.4% Other income 44 46 3.9% 3.2% 2.6% Total income 1,376 1,757 27.6% 100.0% 100.0% Cost of goods sold(1) 301 389 29.1% 21.9% 22.1% Gross Margin 1,075 1,36
Slide 23: P&L Statement – Quarterly
P&L Statement – Quarterly Common Size Particulars (₹ Cr.) Q4 FY2024 Q4 FY2025 Y-o-Y Growth Q4 FY2024 Q4 FY2025 Revenue from operations 349 460 31.9% 94.5% 96.8% Other income 20 15 (23.6%) 5.5% 3.2% Total income 369 476 28.9% 100.0% 100.0% Cost of goods sold(1) 80 103 28.6% 21.7% 21.7% Gross Margin 2
Slide 24: Balance Sheet
Balance Sheet Particulars (₹ Cr.) FY2022 FY2023 FY2024 FY2025 Assets Non-Current Assets Property, plant and equipment(incl. CWIP) 237 441 612 852 Right of use assets 306 460 522 633 Goodwill 148 273 462 735 Intangible assets 39 218 268 457 Other non-current assets 69 123 130 201 Total Non-current As
Slide 25: Net Debt Position
Net Debt Position Particulars (₹ Cr.) FY2024 FY2025 Gross Debt 388 247 LT Debt 310 157 ST Debt 78 90 Less: Cash and Cash Equivalents (595) (522) Cash & Bank Balance 112 104 Investments in Fixed Deposits 13 155 Other Investments 471 264 Net Debt / (Cash) (208) (275) 24
Slide 26: Cashflow Statement
Cashflow Statement Particulars (₹ Cr.) FY2022 FY2023 FY2024 FY2025 A .CASH FLOW FROM OPERATING ACTIVITIES Restated Profit before tax as per statement of profit and loss 57 84 141 160 Adjusted for: Depreciation and amortisation expenses 98 128 170 231 Others 41 69 63 101 Operating cash flows before w
Slide 27: Key Financial Metrics
Key Financial Metrics Particulars (₹ Cr) FY2022 FY2023 FY2024 FY2025 Revenue from operations 696 1,018 1,332 1,711 Revenue from operations – India 81.0% 85.8% 87.2% 89.9% Revenue from operations – outside India 19.1% 14.2% 12.8% 10.1% Revenue from mature facilities 85.8% 86.1% 76.6% 70.7% Revenue fr
Slide 28: About Dr. Agarwal's Health Care Ltd.
4 About Dr. Agarwal’s Health Care Ltd.
Slide 29: Our Footprint
Our Footprint India Footprint Africa Footprint As on March 31, 2025 As on March 31, 2025 • 89.9% of FY2025 Revenue • 10.1% of FY2025 Revenue 5 North Jammu & Kashmir from Operations from Operations 20 8 1 Chandigarh Punjab East 7 Haryana 2 1 3 Uttar • 218 facilities in India 1 • 18 facilities in Afri
Slide 30: Revenue Mix Across Segments
Revenue Mix Across Segments Services: 78.7%(1),(2) Products: 20.7%(1),(2) Diagnosis, Consultations, and Others Eye Care Related 13.4% Pharma Products 8.1% Opticals, FY2025 FY2025 Contact Lens and Accessories 12.6% Surgeries 65.3% Retinal Refraction for Retina Laser Cataract Glaucoma Facilities embed
Slide 31: Key Pillars of Our Business Model
Key Pillars of Our Business Model 1 2 3 4 5 Proven Track Record of Proven Clinical Qualified Team of Doctor-Promoters Scalable, Delivering Excellence Driven by a Medical Professionals Supported by an Asset-light, Organic Growth, Strong Clinical Board with Consistent Focus Experienced Hub and Spoke I
Slide 32: Our Hub and Spoke Network Model
Our Hub and Spoke Network Model Spokes Hubs 88.1% of Facilities(1) 11.9% of Facilities(1) Primary Secondary Tertiary (including 3 Centres of Excellence) (66) (142) (28) Number of Facilities(1) (#) Closest patient touch point Surgical facilities providing Facilities with comprehensive Description off
Slide 33: Our Network Expansion and Site Selection Strategy
Our Network Expansion and Site Selection Strategy Market Expansion Playbook Organic Micro Market Selection Criteria Total 95 Organic Facilities Set Up Since 2022 52 Selecting new Existing clusters micro-market / 29 Market size Competitor Infrastructure Potential of with 10+ years region (“Cluster”)
Slide 34: 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 35: 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 36: Marquee Foreign and Domestic Institutions as Major Shareholders
Marquee Foreign and Domestic Institutions as Major Shareholders Shareholding Pattern Top Institutional Investors(1) As on March 31, 2025 Investor % Shareholding DIIs Non-Institutions 5.2% 1.7% GIC(2) 6.5% FIIs 17.3% Promoters 32.5% Polar Capital 2.5% Motilal Oswal MF 1.6% Temasek* 20.1% Monetary Aut
Slide 37: Appendix: Supplementary Information
4 Appendix Supplementary Information
Slide 38: Corporate Structure
Corporate Structure(1) Dr. Agarwal’s Health Care Ltd. (AHCL) 236 Facilities (India + Africa) (28.1% owned by public shareholders)(1) 71.9% 51.0% 100.0% 87.8% 93.2% Orbit Healthcare Dr. Agarwal’s Eye Aditya Jyot Eye Dr Thind Eye Care Services (Mauritius) Elisar Life Sciences Hospital Ltd. (Listed Hos
Slide 39: P&L Statement
P&L Statement Common Size Common size Y-o-Y Q4 Q3 Q4 Y-o-Y Q4 Q3 Q4 Particulars (₹ Cr.) FY2024 FY2025 Growth FY2024 FY2025 FY2024 FY2025 FY2025 Growth FY2024 FY2025 FY2025 Revenue from operations 1,332 1,711 28.4% 96.8% 97.4% 349 431 460 31.9% 94.5% 97.1% 96.8% Other income 44 46 3.9% 3.2% 2.6% 20 1
Slide 40: 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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