Park Medi World — Financials

Financials · Restated Consolidated

Park Medi World
Financial Model

Restated consolidated financials for FY22, FY23, FY24, and H1 FY25 — including income statement, balance sheet, key performance indicators, working capital analysis, and peer benchmarking. All figures from the DRHP filed with SEBI on March 28, 2025.

Currency: INR million (unless noted)

Period: FY22 – H1 FY25

FY24 Headlines

RevenueINR 12,311 mn

EBITDAINR 3,103 mn · 25%

PATINR 1,520 mn · 12%

ROCE16%

ROE18%

Debt/Equity0.73

Net DebtINR 4,094 mn

Income Statement

Revenue · Costs · Profit

INR mn	FY22	FY23	FY24	H1 FY25
Revenue from operations	10,844	12,546	12,311	6,915
Other income	96	176	320	159
Total Income	10,940	12,722	12,631	7,075
Cost of materials / services	1,560	1,945	2,468	1,487
Inventory changes	21	43	6	(2)
Employee benefit expenses	1,374	2,182	2,320	1,307
Professional & consultancy fees	1,189	1,345	1,563	934
Finance costs	398	506	703	305
Depreciation & amortisation	351	405	506	275
Other expenses	3,264	3,128	2,851	1,293
Total Expenses	8,156	9,554	10,417	5,599
Profit before tax (pre-exceptional)	2,784	3,168	2,214	1,475
Exceptional items	—	18	33	—
Profit before tax	2,784	3,150	2,182	1,475
Total Tax Expense	790	868	662	346
Restated PAT	1,994	2,282	1,520	1,129

Balance Sheet

Assets · Liabilities · Equity

INR mn	FY22	FY23	FY24	H1 FY25
Non-Current Assets
Property, plant & equipment	3,671	4,405	7,071	7,412
Capital work-in-progress	290	49	317	556
Goodwill	771	771	771	771
Right of use assets	138	176	523	496
Other non-current assets	825	1,911	568	922
Total Non-Current Assets	5,695	7,312	9,250	10,157
Current Assets
Inventories	60	17	22	24
Trade receivables	4,491	5,764	5,110	5,448
Cash & cash equivalents	1,507	1,165	2,773	856
Other bank balances	417	861	1,126	2,656
Loans + other financial assets	566	709	720	781
Other current assets	197	99	120	266
Total Current Assets	7,237	8,616	9,871	10,030
Total Assets	12,932	15,928	19,121	20,187
Equity
Equity share capital	769	769	769	769
Other equity	3,799	6,097	8,059	9,131
Non-Controlling Interests	872	434	527	582
Total Equity	5,440	7,300	9,355	10,482
Liabilities
Long-term borrowings	3,723	3,188	3,910	3,866
Lease liabilities (non-current)	130	168	509	493
Short-term borrowings	1,311	2,385	2,416	2,099
Trade payables + other current	2,221	2,829	2,850	3,147
Other liabilities & provisions	108	59	81	99
Total Liabilities	7,492	8,629	9,766	9,705
Total Equity + Liabilities	12,932	15,928	19,121	20,187

KPI Trajectory

Operating & Return Metrics

Particulars	FY22	FY23	FY24	H1 FY25
Bed Capacity	2,250	2,550	2,900	3,000
Operational Beds	2,150	2,400	2,700	2,800
ICU Beds	635	700	775	805
Bed Occupancy Rate	72%	75%	60%	62%
ARPOB (INR / day)	24,407	24,575	24,919	25,674
ALOS (days)	7.07	6.97	6.73	6.66
In-Patient Volume	62,106	73,084	73,284	40,368
Out-Patient Volume	343,933	358,511	497,694	308,352
EBITDA Margin	32%	31%	25%	27%
PAT Margin	18%	18%	12%	16%
ROCE	29%	27%	16%	9.63%*
ROE	42%	36%	18%	11.38%*
Net Debt (INR mn)	3,667	4,591	4,094	5,634
Debt / Equity	0.95	0.79	0.73	0.62
Gross Block / Bed (INR mn)	1.84	2.07	3.17	3.25

*H1 FY25 ROCE / ROE are not annualised

Working Capital

Cycle Days Trajectory

Trade Receivable Days FY24

168

H1 FY25: 151 (↓)

Trade Payable Days FY24

H1 FY25: 14

Inventory Days

0–2

Lean inventory model

Working Capital Cycle FY24

151 days

H1 FY25: 139 (↓)

Receivables Structure

Park's 89% revenue mix from government schemes and PSU panels drives structurally higher trade receivable days than premium-ARPOB peers. The H1 FY25 improvement (168 → 151 receivable days, 151 → 139 cycle days) reflects active collections focus. The scale of receivables (INR 5,448mn at H1 FY25) is backed by government counterparty quality.

Peer Financial Comparison

EBITDA Margin · PAT Margin · Returns

Chain	EBITDA FY23	EBITDA FY24	EBITDA H1 FY25	PAT FY24	ROCE FY24	ROE FY24
Park Medi World	31%	25%	27%	12%	16%	18%
Fortis	17%	18%	20%	9%	22%	17%
Global Health (Medanta)	24%	25%	23%	14%	21%	18%
Jupiter Life Line	24%	24%	26%	16%	22%	23%
KIMS	28%	26%	23%	13%	21%	21%
Max Healthcare	28%	28%	27%	19%	37%	42%
Narayana Hrudayalaya	22%	23%	22%	16%	29%	35%

Profitability Leadership

Park delivers the highest EBITDA margin among all listed Indian hospital peers for H1 FY25 (27%). Over the three-period trajectory (FY23 – H1 FY25), Park's margin consistently matches or exceeds the peer group even while running ARPOB at less than half the peer average — the structural evidence behind the "affordable-yet-profitable" positioning.

Valuation Math

Pre-IPO · 10× Revenue · Path to IPO

FY24 RevenueINR 12,311 mn (~$148 mn)

Pre-IPO Valuation$1.5 Billion

Revenue Multiple Applied~10×

Sector Comparable Range20–30× revenue

Recent South India Precedent30× revenue

Pre-IPO Discount to Comp50–67%

Raise$300M for 20% equity

Post-IPO Projected Valuation Uplift2× (conservative)

Pre-IPO Investor MOIC (Base Case)2–3× in near term

Complete due-diligence package

Full DRHP, segment-level financials, acquired-hospital P&Ls, capex schedule, and management presentations available on request.

← Executive Summary Business Plan

Disclaimer · Confidential Financial Model

Restated Financials · DRHP Sourced

All financial figures are from the restated consolidated financial information contained in the DRHP filed with SEBI on March 28, 2025. Non-GAAP measures (EBITDA, EBITDA Margin, ROCE) are supplemental; refer to the DRHP for the formal Ind AS financials. Past performance is not indicative of future results.

Park Medi World Limited · www.parkhospital.in