Per Clinic Figuers in Lakhs

2020 2021 2022 2023

Sales 252.0 262.1 272.6 286.2
COGS (excluding depr.) 45.4 47.2 49.1 51.5
Gross Profit 207 215 224 235

Admin Expenses 37.8 39.3 40.9 42.9

Sales and Promotions 12.6 13.8 15.0 16.6
Rent 30.0 31.5 33.1 34.7
Doctor Salaries (30% of Sales) 75.6 78.6 81.8 85.9
Utilities 4.8 4.8 4.8 4.8
Misc. Expenses 9.0 9.0 9.0 9.0
Depreciation 16.5 16.5 16.5
EBIT 20.3 21.4 22.4 40.8
Taxes (25.0%) 5.1 5.4 5.6 10.2
PAT 15.3 16.1 16.8 30.6

Depreciation and Amortization 17 17 17 0

Capital Expenditures 75
Working Capital Required 10 10 11 11
Change in working capital 0.40 0.42 0.55
Free Cash Flow per year -53.3 32.2 32.9 30.1

Additional Clinics per year 15 15 20 25

Operating Assumptions
Sales Growth 4.0% 4.0% 5.0%
COGS (% of sales) 18.0% 18.0% 18.0% 18.0%
Admin Expenses (% of sales) 15.0% 15.0% 15.0% 15.0%
Sales and Promotions (% of sales) 5.0% 5.3% 5.5% 5.8%
Working Capital 4.0% 4.0% 4.0% 4.0%

Primary Expenditure Assumptions

Depreciation (% of CapEx) 33.00% 33.00% 33.00%
2024 2025 2026 2027
300.5 309.5 318.8 325.2
54.1 55.7 57.4 58.5
246 254 261 267

45.1 46.4 47.8 48.8

18.3 19.8 21.4 22.9
36.5 38.3 40.2 42.2
90.2 92.9 95.6 97.6
4.8 4.8 4.8 4.8
9.0 9.0 9.0 9.0

42.7 42.7 42.6 41.4

10.7 10.7 10.6 10.4
32.0 32.0 31.9 31.1

0 0 0 0

12 12 13 13
0.57 0.36 0.37 0.26
31.4 31.7 31.6 30.8

15

5.0% 3.0% 3.0% 2.0%

18.0% 18.0% 18.0% 18.0%
15.0% 15.0% 15.0% 15.0%
6.1% 6.4% 6.7% 7.0%
4.0% 4.0% 4.0% 4.0%