Get to Know Our Team

Team M&A

Diksha Singh Pranav Ohri Shravan Jain Swapnesh Wagh

Summer Intern - AB InBev Summer Intern – Accenture Strategy Summer Intern - BCG Summer Intern - Amazon

PGP - IIM Lucknow PGP - IIM Lucknow PGP - IIM Lucknow PGP - IIM Lucknow

B.Tech CSE – Amity University B.Tech ECE – VIT Vellore CA, B.Com Btech ECE – IIT Hyderabad
MARKET OPPORTUNITY
Indian Hospital Sector Growth Hospital Market Size by Region GROWTH DRIVERS FOR INCREASING DEMAND
(in lakh crores) North
West 16%
10.00
9.00 8.60 25%
8.00 7.38
7.00 6.33
6.00 5.43 Growing Population & Increasing Health Aging Population
5.00 4.66 Emerging Middle Class Awareness in People
4.00
4.00
3.00
2.00 East
1.00 30%
0.00
FY17 FY18 FY19 FY20 FY21 FY22
South
29% Increase in Lifestyle Growing Health Growing Medical
Diseases Insurance Penetration Tourism
Addressable Hospital Market in East India. = 30.02% of 7.38 = ₹2.21 Lakh Crores in 2021
It is expected to grow to ₹2.58 Lakh Crores in 2022
GROWTH DRIVERS FOR INCREASING HOSPITALS
MARKET GROWTH
• The hospital market in India was expected to grow at a CAGR of
16.54% till 2022.
• The Indian Hospital Industry took a significant hit during the COVID-19 Increasing Investments Increased Govt Expenditure
pandemic. from PE firms on Healthcare
• Hospitals were converted to COVID-19 facilities, many surgeries and
other non-urgent procedures were cancelled/postponed.
• This impacted the expected growth of the Indian Hospital Market. It is
now expected to grow at a stable CAGR of 8.32% between 2021 and Encouraging Policies International Players setting
2027. for FDI R&D Centers & Hospitals
KEY MARKET TRENDS 
Surgical robots 
Cloud
Computing for
Picture HMIS
Archiving &
Rising Insurance penetration will lead to increase in demand for more Pic
Communication
01
01 efficient systems for information storage and retrieval system

Growth in private sector  Capacity in private sector has quadrupled in

02 the last 15 years

FDI & private equity creating larger companies This would accelerate
03
01
rise of small & medium hospital chains, with greater bargaining power

04 Digitalization Virtual consultations, online appointment booking,

e-prescriptions

Small single speciality hospitals transition to multi-speciality Benefits of

05
01
scale, capacity utilization & risk sharing

Internet of Medical Things Connection of medical devices & technology in

06 hospital ecosystem to provide a common dashboard to all stakeholders

Disease Profile There has been a 35-60% increase in non-communicable

07
01
diseases; the shift will fuel demand for OPD (outpatient department)
COMPETITIVE LANDSCAPE REGIONAL LEADERS NATIONAL LEADERS
HOSPITAL TOTAL BEDS SPECIALTY MAJORITY STAKEHOLDER
WIDESPREAD REACH
AMRI Hospitals, Super-Specialty Emami, Shrachi,
1000
Kolkata Hospitals West Bengal Government • 10k+ beds, over 1100 retail centers and • 36 healthcare facilities, over 4k beds and
CMRI Hospitals, Multi-Specialty deep online presence. 400 diagnostic centers
400 CK Birla • Apollo smoothly serves the patients need • Established presence in most prominent
Kolkata Hospitals
of 'Getting treated right where they are'. regions of India. 
Neelachal
Multi-Specialty
Hospital, 300 Hospital Privately Held
Bhubaneshwar TECHNOLOGICAL EXCELLENCE
Paras Hospital, Multi-Specialty • 'Ask Apollo' app, 'Pro-health' Program
Patna 350 Hospital Privately Held • MyFortis (Customer lifecycle
with personalized proactive health
management) and OneFortis(H.I.S)
management
Kalinga Hospital Multi-Super- • Improved tech integration and
Ltd, 250 Specialty BR Life • Hassle free patient experience reinforcing
stakeholder experience enhancement
Bhubaneshwar Hospital customer loyalty

Bhagwan STRATEGIC INITIATIVES

Mahavir Medical Super-Specialty • Focus on own specialties such as Cardio
300 Privately Held
Superspeciality Hospital
Hospital, Ranchi • Enhanced focus on elective surgeries and Ortho
• Establish Centers of Excellence • Strengthen opportunistic areas of Onco,
Fortis Hospital, Super-Specialty • Developing retail models like short stay Neuro & Gastro
400 Fortis • Brownfield expansions & equipment
Kolkata Hospitals surgeries, boutique birthing, etc.
upgrade
Apollo
Multi-Specialty
Gleneagles 510 Hospital Apollo DIFFERENTIATING FACTORS
Hospital, Kolkata • Encashing Diagnostic Business: Against
the backdrop of the Pandemic, Fortis has
• 37 years of Legacy- unmatched brand
seen increasing revenues from its
• 12k+ Docs, 20k+ supporting staff,
subsidiary, SRL Ltd which also witnessed
recruited & trained from best institutes
significantly higher margins at 19%
compared to group margin at 12%. 
COMPETITIVE DUE DILIGENCE
Legal Due Diligence
LANDSCAPE...(Contd)  A) Outstanding litigations if any with status of contingent liabilities? (Ex: With Patients, Insurance Cos.
etc) 
 B) Upcoming laws and regulations impacting the entity? 
 C) Existing non compliance &  related penalties outstanding? 
AMRI Hospitals, Kolkata  D) Pending Tax cases with outstanding status & potential outflow?

 Patient App :  Users can book their appointment & fetch the reports after medical
investigation is completed  
 Analytics tool to manage data of 3.5 Lakh patients; Step down ICUs
Paras Hospitals, Patna
 Affordable, Accessible & Quality care
 1st private corporate hospital in Patna to provide specialised cancer, cardiac, ortho &
kidney care facilities & kidney transplant, bone marrow transplant  
Kalinga Hospitals, Bhubaneswar
 Highly specialised centre for cardiac & neuroscience
 Well equipped with latest technology like 1.5 Tesla MRI, CT Scan, digital Xray
 Largest apparatus for dialysis in state
Mahavir Medica Superspeciality Hospital, Ranchi
 Integrated Hospital Information System for patient billing & storage of medical
records
 Six fully equipped OTs & comprehensive health care check-ups
Financial Due Diligence
A) Revenue, cost & margin drivers & trends of same? (Ex: No. of Op Beds, ALOS, Contrib. of Pharmacy, etc)
 B) What are the sources of funds and terms for potential equity conversions?
 C) Anomalies, if any, in financial statements & reasons for the same?
 D) Significant dependance on any customer/vendors/lender?
 E) Schedule of Major Operational and Financial Assets with details of same?
Management Due Diligence
 A) Any changes in top management recently and reasons?
B) Experience of Top Management in Healthcare?
 C) List of related parties & transactions/ OS balances with same?
 D) Remuneration scheme and assessment of linked criteria?
Stakeholder Due Diligence
Inspecting contracts to ensure ideal transfer of risks upon withdrawal/non performance and appropriate
allocation of rewards, with 
 A) Customers such as insurance agencies and government panels. 
 B) Vendors of Raw Material and Equipment.  C) Terms of Shareholders agreement  
 D) Creditors and Lendors' covenants. E) Employees & their remuneration terms incl. ESOPs.
Other Due Diligence
Apart from the above, in depth DD of Human Resource process, Environmental
regulations, IP and Patents, IT, etc will also lead to further enquiries.