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The management provided a positive outlook focused on expansion, operational efficiency, and clinical excellence. Key points include:

1. Expansion & Capacity:

   • New Hospitals: Approved a 110-bed leased facility in Ranchi to enhance tertiary care. The Noida hospital (550 beds) is set to operationalize within 3"“6 months.
   • Greenfield Projects: 1,500 beds planned across Delhi-Mumbai markets (Mumbai Oshiwara, Pitampura, and South Delhi) over the next 3"“4 years.
   • Bed Additions: Over 200 beds added in 9M FY25; ~1,000 beds targeted in the next two years via expansions in Lucknow, Patna, Ranchi, and Noida.

2. Operational Performance:

   • Volume Growth: Inpatient volumes rose 13% YoY (Q3 FY25), outpatient volumes up 9%. Occupancy remained strong at ~64% despite bed additions.
   • Developing Hospitals: Lucknow and Patna drove growth, with Patna expanding ICU capacity and onboarding 20+ doctors.

3. Financials:

   • Revenue grew 12% YoY to Rs.9,595 million (Q3 FY25); PAT surged 16% YoY.
   • International patient revenue increased 14% YoY to Rs.541 million (Q3 FY25).

4. Technology & Talent:

   • Advanced tech adoption (e.g., Da Vinci Xi robot in Lucknow) and recruitment of top clinical talent. Four Medanta doctors ranked among Stanford's global top 2% scientists.

5. Strategic Initiatives:

   • Focus on optimizing case mix, reducing length of stay, and managing tariffs.
   • Balancing scheme/cash patients; exploring international patient growth, especially post-Noida launch.

6. Outlook:

   • Confident in sustained demand, with emphasis on volume-driven growth and operational efficiencies.
   • CAPEX guidance of ~Rs.3,000 crores over 3"“4 years to support expansion.

The management remains committed to scaling high-quality tertiary care, leveraging existing strengths, and entering underserved markets.

Question: "Should we consider this occupancy as a base case going ahead or is it sustainable? Or you expect this occupancy to normalize in coming quarters?"
Answer: Occupancy percentages vary with bed additions, but occupied bed days are rising. Focus remains on volume growth, supported by clinical talent and infrastructure. Developing hospitals like Lucknow and Patna show strong demand, with ongoing recruitment and operational optimizations.

Question: "Was there any seasonality factor that pushed up the numbers in this quarter, or is it all due to the various collective measures...?"
Answer: Growth reflects operational improvements (community outreach, talent onboarding, tech adoption) rather than seasonal factors. Lucknow's recovery and Patna's capacity expansion drove momentum, with sustained volume growth expected.

Question: "Could you give a number on scheme patients for the Lucknow facility and how will this number evolve...?"
Answer: Scheme patients constitute ~4"“5% of Lucknow's revenue. Realizations vary by specialty; focus remains on balancing volume and tariff adjustments while managing length of stay.

Question: "Do we see any further improvement in international patient revenue...?"
Answer: International revenue grew 14% YoY, driven by Gurgaon. Post-Noida launch, expansion is planned. Challenges in Bangladesh/CIS regions offset by diversification into Africa/new geographies.

Question: "Where do you think ARPOB will settle in FY26 as Patna's contribution rises?"
Answer: ARPOB dip reflects case-mix changes and longer stays for scheme patients. Focus on reducing length of stay and tariff revisions (not taken in Lucknow/Patna for 3"“5 years) to improve metrics.

Question: "Any delay in Noida's operationalization?"
Answer: Noida remains on track for mid-2025 launch (2.5"“3 years construction). No significant delays; demand and clinician interest are strong.

Question: "Why expand in Ranchi via a leased facility?"
Answer: Existing Ranchi hospital faces infrastructure constraints. The leased 110-bed facility adds ICU/oncology capacity, avoids renovation disruptions, and enhances regional tertiary care access.

Question: "What is the net debt/cash position?"
Answer: Cash: Rs.1,085 crores; gross debt: Rs.321 crores. IndAS 116 adjustments align with prior disclosures.

Question: "How long for Noida's EBITDA breakeven?"
Answer: No specific timeline. Focus on replicating high-quality care; historical units like Patna/Lucknow achieved breakeven swiftly, but new facilities may take 2+ years.

Question: "Can Gurgaon reach 70"“75% occupancy?"
Answer: Gurgaon prioritizes volume over occupancy percentages. Growth via daycare/outpatient expansion and specialty optimization. Occupancy gains possible but not the primary target.

Question: "How to view competition in Noida?"
Answer: Increased competition elevates healthcare ecosystems. Medanta emphasizes differentiation via quality, complex care, and talent. Expansion benefits all stakeholders long-term.

Question: "Timelines for Mumbai/Pitampura/South Delhi projects?"
Answer: All three projects (1,600 beds) under construction, likely operational in ~3 years. Noida (550 beds) to open mid-2025.

Question: "Capex guidance for next few years?"
Answer: Rs.3,000 crores planned over 3"“4 years for greenfield/brownfield projects, including Noida, Mumbai, Pitampura, and bed expansions in existing units.

Question: "Plans for UP expansions beyond Lucknow?"
Answer: Exploring Kanpur/Varanasi/Allahabad but no immediate plans. Focus on deepening Lucknow's reach via clinics/satellite centers while assessing regional demand.