June 17, 2024

The Secretary The Manager,

Listing Department, Listing Department,
BSE Limited, The National Stock Exchange of India Ltd
1st Floor, Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G
Dalal Street, Mumbai 400001 Bandra Kurla Complex
Scrip Code: 540975 Bandra (East), Mumbai 400051
Scrip Symbol: ASTERDM

Dear Sir/Madam,

Sub: Investor Presentation

With reference to the captioned subject, please find enclosed presentation to be made to
Investors in the upcoming investor meetings and investor conference

Kindly take the above said information on record as per the requirement of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015.

Thank you

For Aster DM Healthcare Limited

Digitally signed by
HEMISH HEMISH PURUSHOTTAM
PURUSHOTTAM Date: 2024.06.17
12:45:48 +05'30'

Hemish Purushottam
Company Secretary and Compliance Officer
Investor Presentation
June 2024
Disclaimer

This presentation has been prepared by Aster DM Healthcare Limited (the "Company"), content of which was compiled from sources
believed to be reliable for informational purposes only and are based on information regarding the Company and the economic, regulatory,
market and other conditions as in effect on the date hereof. Subsequent developments may impact the information contained in this
presentation, which neither the Company nor its advisors or representatives are under an obligation to update, revise or affirm. Contents in
the Presentation do not constitute or form part of an offer or invitation for sale or subscription of or solicitation or invitation of any offer to buy
or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in connection with any contract, commitment or
investment decision in relation thereto in India, the United States or any other jurisdiction.

Prospective and existing investors should make their own evaluation of the Company as the information provided here does not purport to
be all inclusive or to contain all of the information a prospective or existing investor may desire. Interested parties shall conduct their own
due diligence and investigation on the information, before relying and acting thereon. Company makes no representation or warranty as to
the accuracy or completeness of this information and shall not have any liability for any representations (expressed or implied) regarding
information contained in, or for any omissions from, this information or any other written or oral communications transmitted to the recipient
in the course of its evaluation of the Company.

This presentation may contain certain "forward looking statements", which are based on certain assumptions and expectations of future
events. Actual future performance, outcomes and results may differ materially from those expressed in forward‐looking statements as a
result of a number of risks, uncertainties and assumptions. Though such forward‐looking statements are based on reasonable assumptions,
it can give no assurance that such expectations will be met. Neither the Company nor any of its advisors or representatives assumes any
responsibility to update forward-looking statements or to adapt them to future events or developments.

2
India’s vast population and increasing healthcare expenditure
provides significant headroom for growth
…drive consistently fast growth for healthcare
One of the lowest hospital bed densities in the …coupled with very little spend on healthcare as %
delivery in India, expected to be worth $100bn+ by
world… of GDP…
FY26

Hospital beds per 10,000 population (2022) Healthcare expenditure as % of GDP (2020) Healthcare delivery market size
(In USD billion)
43 19%
IPD OPD 104
29 29 11%
15 6%
3% 28

India World US China India China World US

63
…and one of the highest OPE contributions… …with further macro tailwinds…

19
Out-of-pocket expenses as % of Consumer • Health insurance coverage expected to expand to
Healthcare Expenditure (2020)
46% by FY25 from 38% in FY21 36
76
51%
• Medical tourists projected to grow to ~3m by 2030
from ~0.7m in 2019
13
35%
• Mix of population in 60+ age group expected to grow
43
16% to 13% by 2026, up from 10% in 2021
10% 24

India China World US FY17 FY22 FY26P

Source: World Bank; Industry reports; IPD: Inpatient Department; OPD: Outpatient Department; OPE: Out-of-Pocket Expenditures
3
 A leading healthcare provider in South India

Our Presence/Strength1

15 cities and 192 4,867

5 states Hospitals capacity beds

13 232 215
Clinics Labs and PECs Pharmacies3

Operational metrics (FY24)

Karnataka & Maharashtra

68% 3.4 days INR 40,100+
Karnataka
Hospital: 4, Beds: 1193
Occupancy ALOS ARPOB
Maharashtra
Hospital: 1, Beds: 231
Andhra & Telangana
Andhra Pradesh
Hospital: 6, Beds: 889 FY24 Financial metrics
Telangana
Hospital: 1, Beds: 158

Kerala
Hospital: 7, Beds: 2396
Revenue Op. EBITDA Capex
INR 3,699 cr Margin: 17%4 INR 392 cr

1. Presence and Operational metrics are as on March 31, 2024

23% 38% ~INR 1,100 cr
2. Count includes 4 O&M Asset Light hospital beds with a capacity of 538 beds 5 Year CAGR5 5 Year CAGR5 5 Year Capex5
3. Pharmacies in India operated by ARPPL under brand license from Aster
4. Operating EBITDA Margin has been rounded off
5. Five Year Revenue & EBITDA CAGR and 5 Year Capex are till the year ending FY24 4
PECs: Patient Experience Centers ; ALOS: Average Length of Stay; ARPOB: Average revenue per operating bed;
 From Clinic to a Healthcare Powerhouse: A Transformational Journey
to a Thriving Hospital Network...
2024 Kerala Cluster Andhra Pradesh & Telangana
Segregation of GCC and India

2023
Aster Whitefield Block A&B, Bengaluru
2022 Aster Medcity MIMS Calicut Aster Ramesh Guntur
Kochi, Kerala | CB: 760 OB: 626 Kozhikode, Kerala | CB: 696 OB: 463 Guntur, AP | CB: 350 OB: 225
O&M Asset Light Model introduced 2014, Owned 2013, Owned 2016, Leased

2021
Large Expansion of Facilities
Aster Whitefield in Bengaluru*
Aster Wholesale Pharmacy
Aster Ramesh Sanghamitra
CB – Capacity Beds
Aster Narayandari
Ongole, AP | CB: 150 OB: 130 Tirupati, AP | CB: 150 OB: 112 OB – Operational
2018, Owned Beds (Census)
2020 2013, O&M Asset Light Model

(As on 31 March 2024)

Aster Labs

2018
Listing on NSE & BSE
Aster PMF Aster Ramesh Labbipet
Kollam, Kerala | CB: 148 OB: 125 Vijayawada, AP
2014 2023, O&M Asset Light Model CB:54 OB:47 | 2016, Leased

Aster CMI in Bengaluru Karnataka & Maharashtra

Aster Medcity in Kerala

2001
Commenced operations in India at
MIMS Kozhikode Aster Ramesh MG Road Aster Ramesh Adiran
Aster CMI Aster Whitefield Aster G Madegowda
Vijayawada, AP | CB:54 Karnataka
Bengaluru, Vijayawada,Bengaluru,
AP | CB:50Karnataka Mandya, Karnataka| CB: 100 OB: 40
OB:47 | 2016,
CB:509Leased
OB:368 | 2014, O&M OB:42CB:
| 2023, Leased
347 OB: 175 | 2021, Leased | 2023, O&M Asset Light Model
Commenced operations as a single
doctor clinic in Dubai
5
*Aster Whitefield Women and Children block
 …created a dominant positioning in South India region
2nd largest network in South India with significant capacity
Aster predominantly operates in the South Revenue Growth
beds in southern states 1

Compared with listed peers in India (FY19-24) 2

5255
4867
23%
22%
4000
3975
Karnataka &
Maharashtra Cluster 15% 15% 15%
2769
Total Capacity Beds- 1,424 2500 12%
Andhra Pradesh & 2176
Hospitals- 5 9%
Telangana Cluster 1781
Total Capacity Beds- 1,047 1180 6%
Hospitals- 7

Peer A Aster Peer B* Peer C Peer D* Peer F Peer E Peer H Peer G* Aster Peer AA Peer AB Peer AC Peer AD Peer AE Peer AF Peer AG
Kerala Cluster
Total Capacity Beds- 2,396
Hospitals- 6

Leader in Kerala region with maximum capacity beds** Second highest capacity beds in Andhra Pradesh** 3rd highest capacity beds in Karnataka**

2396 2379
2161
1914

1440 1424

889 947
636 620
500 470 490
300 360 452
259 250 350

Aster Peer U* Peer V* Peer X* Peer Y Peer M Aster Peer N Peer O* Peer P Peer Q* Peer 1* Peer 2 Aster Peer 3 Peer 4 Peer 5* Peer 6 Peer 7

1. South refers to Kerala, Karnataka, Tamil Nadu, Andhra Pradesh and Telangana
2. Listed peers refer to Max, Shalby, Apollo, Fortis, Narayana Hrudayalaya, KIMS Hyderabad and HCG, Rainbow, in no particular order
* Unlisted peers 6
** Capacity Beds according to the latest disclosure
Consciously built a de-risked business model with healthy presence
across multiple specialties…
Geographical Revenue Mix1 (FY24) Specialty-wise Revenue Mix (FY24)

Andhra & Telangana

12% Multi Speciality, 18% Cardiac Sciences , 14%

Kerala
57%
OP Pharmacy, Neuro Sciences, 11%
Karnataka & Anaestheolgy, 12%
Maharashtra
31%

Child and Adolscent Health,

6% Gastroenterology and
Payor Revenue Mix (FY24) Integrated Liver Care, 9%

State/Central Schemes
2%
ESI/ECHS/CGHS3 Others Women's Health, 6% Oncology, 9%
4% 1%

MVT2 Nephrology And Urology,

5% Orthopaedics, 7% 7%

Corporate
3%
Walk In 58% of Revenue from niche specialties (Cardiac Sciences, Neurology, Oncology, Liver care, Nephrology, and
58% Orthopaedics)

Increase in MVT business to 5.4% from 4.7% with Kerala contributing the most to this segment
TPA/Insurance
27%
Health insurance market increasing access to healthcare services reflecting in growing revenue from TPA to 27.3% from
26.1%
1. Geographical Revenue Mix refers to the revenue from hospitals only
2. MVT: Medical Value Travel; TPA: Third Party Administrator; ESI: Employee State Insurance
3. ECHS: Ex-Servicemen Contributory Health Scheme; CGHS: Central Government Health Scheme
7
 Sustained improvement in our India Business performance over the
past few years
No. of Capacity Beds ARPOB (in 000s)

4,867 40.1
4,317 36.5
3,905 33.5
3,693 3,757 30.1
3,460 27.7
26.1

FY19 FY20 FY21 FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24

Revenues (INR Crs) Operating EBITDA1 (INR Cr) and Material & HR Cost as % of Revenue
22.0%

44.8%
3,699 620
2,983
24.2% 477
2,384
353
1,631 1,654 48.9%
1,314
183
121 144

FY19 FY20 FY21 FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24

Material Cost as a % of revenue HR Cost as a % of revenue

Note:
1. FY 19 numbers are Pre-Ind AS 116
2. Operating EBITDA for the period FY24 excludes the ESOP Cost of Rs. 5.3 Cr , Movement in fair value of contingent consideration payable of Rs. -4.4 Cr , Variable O&M fee amounting to Rs.31.0 Cr [FY23 : 23.7 Cr] [Our Operating & Management (O&M) agreements, encompasses both fixed and 8
variable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of IndAS 116, leading to an incomplete reflection of the standard's impact in EBITDA].
3. Material cost & Manpower cost as a % of revenue for FY24 excludes wholesale pharmacy
 …delivering robust performance across all key metrics over the
last five years
FY19 FY24

Revenue (5-year CAGR of 23%) INR 1,314 Crores INR 3,699 Crores ✓
Expanding EBITDA Margin(1,2) (5-year CAGR of 38%) 11% 20%(2) ✓
Improving ROCE(4) 2% 16.4%
✓
19 hospitals, 13 Clinics
✓
12 hospitals
Growing Facility Footprint 215 Pharmacies(3)
8 Clinics
232 Labs & PECs

Significant Capex Incurred INR 266 Cr INR 392 Cr ✓

Increasing Patient Volumes 1.8m 3.3m ✓
ARPOB(6) (Improved Realizations) INR 26,100+ INR 40,100+ ✓
Healthy Occupancy Rates(6) 63% 68% ✓
Note:
(1) FY 19 numbers are Pre-Ind AS 116
(2. Operating EBITDA for the period FY24 excludes the ESOP Cost of Rs. 5.3 Cr , Movement in fair value of contingent consideration payable of Rs. -4.4 Cr , Variable O&M fee amounting to Rs.31.0 Cr [FY23 : 23.7 Cr] [Our Operating & Management (O&M) agreements, encompasses both fixed
and variable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of IndAS 116, leading to an incomplete reflection of the standard's impact in EBITDA] 9
(3) Pharmacies in India operated by ARPPL under brand license from Aster
(4) RoCE= EBIT/Average Capital Employed; Capital employed excludes CWIP & Land Revaluation reserve , (5) Patient Experience Centre, (6) ARPOB and Occupancy Rates are as on 31st Mar 2024.
 For FY24, Aster India has delivered strong performance in its core
hospital business while rapidly growing the new businesses
(5) (
% of Revenue Revenue Operating EBITDA

Hospitals and Clinics INR 3,519 Cr INR 688 Cr

92% 23% ~20%

Core established business
YoY Revenue Growth Margins
19 hospitals(1) 13 clinics 4,867 capacity beds

Labs and Pharmacies INR 286 Cr INR (13) Cr

8% 32% NA
New growing businesses

YoY Revenue Growth Margins

232 Labs & PECs 215 Pharmacies (2)

India Overall (4) INR 3,699 Cr INR 620 Cr

100% 24% 17%

YoY Revenue Growth Margins

Margins
Margins
479 total facilities(3)

(1) Count includes 4 O&M asset light hospitals with a total capacity of 538 beds
(2) Pharmacies in India operated by ARPPL under brand license from Aster
(3) The count of facilities (hospitals, clinics, labs and pharmacies) is as of 31st March 2024
(4) Aster India overall numbers are after elimination of INR 106 Cr [FY23 : 85 Cr] of intercompany revenue and INR 55 Cr [FY23 : 34 Cr] of unallocated expenses
(5) Operating EBITDA for the period FY24 excludes the ESOP Cost of Rs. 5.3 Cr , Movement in fair value of contingent consideration payable of Rs. -4.4 Cr , Variable O&M fee amounting to Rs.31.0 Cr [FY23 : 23.7 Cr] [Our Operating & Management (O&M) agreements, encompasses both
10
fixed and variable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of IndAS 116, leading to an incomplete reflection of the standard's impact in EBITDA]
Core Business –
Hospitals & Clinics
 The core hospitals business has shown strong and consistent
improvement across all operational parameters…
Track record of consistent facility additions… …and increase in capacity beds… …leading to growing patient volumes…
No. of Hospitals No. of Capacity Beds Total Patient Volumes
(In Mn)
19
4,867 3.3
17 4,317
3,905 2.9
14 14 3,693 3,757
13 3,460
12 2.2 2.2
1.8
1.5

FY19 FY20 FY21 FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24 FY19 FY20 FY21* FY22 FY23 FY24

…improvement in occupancy rates… …and strong ARPOB growth… …with healthy ALOS
Occupancy(1) ARPOB ALOS
(In %) (In INR ‘000) (Number of Days)

68% 68% 3.9

40.1 3.6 3.7
66% 3.5 3.4 3.4
36.5
63% 33.5
30.1
61% 26.1 27.7

56%

FY19 FY20* FY21* FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24

12
*Drop in Patient Volumes and Occupancy during FY 20 and 21 due to COVID |
(1) Occupancy as per operational census bed
 …resulting in a robust financial performance trajectory over
these years
Hospital Revenue has grown at 22% CAGR over last 5 years… …helping expand Hospital EBITDA margin by 900 bps…

(In INR Cr) Hospital Revenue (In INR Cr) Hospital EBITDA and Margin(1)
3,519 11% 13% 12% 17% 19% 20% Margin
2,851 688
2,343 538

1,631 1,647 407

1,307
212 201
143

FY19 FY20 FY21 FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24

…and help PAT move from negative to positive… …and improve return ratios to healthy double digits

(In INR Cr) Hospital PAT (In %) Hospital ROCE

366
13% 16%
274
10%
176 23%
20%
15%
21 21

-9 2% 3% 2%

FY19 FY20 FY21 FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24
Overall India ROCE

13
(1) Operating EBITDA for the period FY24 excludes the ESOP Cost of Rs. 5.3 Cr , Movement in fair value of contingent consideration payable of Rs. -4.4 Cr , Variable O&M fee amounting to Rs.31.0 Cr [FY23 : 23.7 Cr] [Our Operating & Management (O&M) agreements, encompasses both
fixed and variable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of IndAS 116, leading to an incomplete reflection of the standard's impact in EBITDA]
 14
Aster India - Maturity Wise Hospital Performance – FY24

Key Performance indicators

Operational
Revenue3,5 Operating
Maturity Hospitals Beds Operating
(INR in Cr.) ARPOBD Occupancy EBITDA3,5,7 ROCE8
(Census)6 EBITDA %
(INR Cr.)

Over 6 77% 72%

10 ₹2,683 2,541 ₹ 41,700 68% ₹ 600 22.4% 32%
Years

3-6 15%
2 12%
₹ 40,700 82% ₹94 18.6% 19%
₹504 416
Years2

0-3 8% 16% NM
6 ₹275 595 ₹ 28,400 53% ₹-7 -2.5%
Years1

18 ₹3,463 3,552 ₹ 40,100 68% ₹687 19.8% 22.6%

India
1) 0-3 Years Hospitals include: Aster Mother Hospital Areekode, Aster Whitefield Women and Children Hospital, Aster Narayanadri, Ramesh (IB), Aster G Madegowda, Aster PMF
2) 3-6 Years Hospital include : Aster RV, Aster MIMS Kannur
3) Aster India Clinics, Labs, Wholesale pharmacy and other unallocated items are not included in Revenue & EBITDA.
4) Wayanad Institute of Medical Sciences (WIMS) details are not included above. Considering WIMS, count of hospitals in India is 19
5) Revenue and EBITDA shown above excludes other income; All the numbers above are post IndAS 116
6) Operational Beds (Census) are beds as on 31st March ,2024.
7) Operating EBITDA for the period FY24 excludes the ESOP Cost of Rs. 5.3 Cr , Movement in fair value of contingent consideration payable of Rs. -4.4 Cr , Variable O&M fee amounting to Rs.31.0 Cr [FY23 : 23.7 Cr] [Our Operating & Management (O&M) agreements, encompasses both fixed
and variable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of IndAS 116, leading to an incomplete reflection of the standard's impact in EBITDA] 14
8) ROCE (pre-tax) = EBIT/Average Capital Employed; [Capital employed excludes CWIP and Land Revaluation reserve]
 We have made significant capital investments in brownfield and
greenfield expansions for enabling future growth performance…
Significant capex incurred in last few years

Capex (INR Cr) Investment Mix (FY24)

O&M Projects
Greenfield 3%
10%

392
282 Brownfield
87%

117

FY22 FY23 FY24

7 Hospitals 5 Clinics
~INR 1,100 Crore (1)

Capital Investments for 5 years ending FY23 232 Labs and PECs(2)
215 Pharmacies
Significant Capex spent for new facilities and bed expansion; Requirements going forward to be lower, improving free cash flows

(1) INR ~1100 cr Capex were incurred from FY2019 to FY2024 and includes the maintenance capex also
(2) PECs: Patient Experience Centers 15
(3) Brownfield includes growth and maintenance at existing facility
 16
Clear Capital Allocation Strategy for India Business going forward

Addition of ~1700 beds, bringing the total bed capacity to 6,500+ by FY27

FY27 : 904 beds

FY26 : 339 beds

FY25 : 434 beds

Aster Aster Aster Aster Aster Aster Aster Aster Aster

FY24 Medcity* MIMS Whitefield Ramesh MIMS MIMS CMI** Medcity** Capital FY27
Kannur* Block D* Ongole* Kasargod* Calicut** Trivandrum*

Owned Owned Leased Leased Leased Leased O&M Owned Owned

Projects Current Status:

*Aster Medcity Tower 4, Aster MIMS Kannur, Aster Whitefield block D, Aster Ramesh Ongole, Aster Kasargod and Aster Capital are in Construction phase 16
**Aster MIMS Calicut, Aster CMI and Aster Medcity (PMR block) are in design phase.
New Businesses –
Labs & Pharmacy
In addition, we are gradually stabilizing the healthcare ecosystem in
India through labs, pharmacies etc (1)

No. of Facilities Revenue

Leveraging the ecosystem of our pharmacies (In INR Crs)

and labs to benefit the hospital business
Pharmacies* 286
Labs 462 447
217
205
232
245 126
Increased patient engagement and loyalty through
Personalised and targeted care 114
257
215
131

FY22 FY23 FY24

FY22 FY23 FY24

Timely diagnosis and treatment

… resulting in greater contribution to our overall revenues
Revenue Contribution (In %)

FY22 FY23 FY24

Pharmacies* Pharmacies*
Comprehensive medication management Pharmacies*
and Labs and Labs and Labs
5% 7% 8%

Enhancing Brand Awareness through increased

touchpoints Hospitals & Clinics Hospitals & Clinics
95% Hospitals & Clinics
93% 92%

18
*Pharmacies in India are operated by ARPPL under license from Aster DM
Quality of Care
 20
Our innovative approach towards medical procedures has delivered
remarkable medical achievements…

35 510+ 1,140+ 2,350+ 3,310+ 5,220+ 6,640+

Total number of research Total number of Total number of Robotic Total Number of Total number of Total number of Total number of
paper published in indexed Transplants Surgeries Cardiovascular Surgeries Joint Replacements Neurosurgeries Gastrointestinal
journals Surgeries

1st ever in South Asia 1st ever in India

Patent Foramen Ovale(PFO)Closure using Life Tech Cera Flex Minimally invasive Laser Enucleation Of the Prostate surgery using laser
PFO device technology

1st Center of Excellence in India & 2nd outside in US 1st in Karnataka

In Antimicrobial Stewardship from Infectious Disease Society of A 75-year-old woman with a back fracture underwent Vertebral Body
American Stenting treatment for the first time

Among the highest Among 1st three in India

In Robotic surgeries with 1000+ such surgeries Pediatric Kidney Transplant – Lowest Age cut offs and low body weight

Among Top 3 in India 2nd European Collaboration Center

In Deep Brain Stimulation surgery centers For Infectious Diseases in India

1st in Asia Pacific: 1st in Kerala & 3rd time in South India:

65-year-old with Parkinson’s groundbreaking Bilateral STN Direct Anterior approach in THR - US based technology
DBS using Medtronic DBS Directional leads 20
 21

…resulting in high patient satisfaction across our facilities…

Karnataka and Maharashtra Cluster

Kerala Cluster

Andhra and Telangana Cluster

21
…recognized for unmatched excellence…

SRV
Accredited
Endometriosis
Medcare Women and
JCI Children Hospital
Accredited European
Society of
Aster Medcity
Medical
Aster Ramesh
Guntur NABL Oncology
Accredited recognized1
Aster Medcity, Aster MIMS Aster CMI
Calicut, Aster MIMS
Kannur, Aster Ramesh
Vijayawada, Aster Ramesh
Guntur, Aster Prime, Aster
CMI, Aster RV, Aster
Aadhar
NABH
Accredited
All Aster India
Hospital

1. Aster CMI recognized as an ESMO designated Centre for integrated oncology and Palliative care in 2022
Awards – FY 2024

Outlook 2024 Best Hospital Ranking Times All India Multispecialty Hospital Ranking 2024 Best Multispecialty Hospital Emerging

Aster Medcity : South Aster Medcity: All India Aster CMI : All India Aster Medcity:
Best Multispeciality 1 Best Multispecialty 3 Best Multispecialty 6 All India 1
Hospital

Aster Medcity : Kochi Aster CMI : Bengaluru Aster CMI

Aster Medcity : All India
Best Multispeciality 2 Best Multispecialty 1 Best Multispecialty 1 Hospital: All India 4
Hospital
Aster CMI : India Aster Medcity : India
Aster CMI : South
3
Neuroscience:
All India 3 Cardiology:
All India
3
Best Multispeciality
Hospital

Economic Times Healthcare Awards

Best Hospital Chain Best Hospital Chain Aster Medcity: (National)

of the Year of the Year Urology & Nephrology 1
Economic Times Healthcare Awards

Aster CMI: (South)

Gaestroenterology 1
Hepatology The Worlds Best Hospitals 2024 Reader’s Digest Healthcare Awards

Aster DM Healthcare Aster CMI:

Awarded Excellence for CSR
Aster CMI 20 Aster Medcity 34 Most Trusted Hospital
in India in India: (Bengaluru)
 24
ESG Milestones

93% 85% 13 2,300,000 KWh 3,675,000 KWh 4300

E Energy Consumption
sourced from renewable
Energy Consumption
sourced from renewable
Sewage treatment plants
installed across India
Worth wind energy sourced Worth solar energy sourced
Trees Planted
energy at Aster CMI, energy at Aster RV
Bangalore Bangalore

38 13,58,052 325 28 130,837 2

S No. of People of
determination in workforce
Beneficiaries of the Aster
Volunteers Community
Students employed in India
across Aster units after
Mobile Medical services in
India offering free health
Free and subsidised dialysis
done at associated dialysis
Standalone Tele Medicine
Centers (AVCMS) in
in India Medical Sevices initiatives completion of 6 months GDA screening services in the centers in Kerala, India Rajasthan and 2 units WIP
program out of 532 enrolled regions where healthcare is in Tamil Nadu
in Aster Academy least accessible

100% 25% 64% 11 6,102 95% & 100%

Maternity Return Rate &

G resolution of reported
whistleblowing cases
Women representation in
Board of Directors
Female employees in the
overall employees at Aster
India
policies supporting
Governance framework
including ESG Policy, CSR
Employees been provided
training on human rights
issues
Paternity Return Rate
To work
raised via the
confidential reporting line policy, Business
Responsibility policy, etc

Awarded for Excellence in CSR in the National Category by ET Healthcare

Key Financials
 Aster India Financial Summary- Profitability Statement

Particulars FY 2024 FY 2023 YoY % Ind AS Impact on EBITDA and PAT

Revenue from Operations 3,699 2,983 24%
Material Cost2 916 779 INDAS Impact FY 2024 FY 2023
Doctors Cost 816 647
EBITDA Impact (69) (54)
Employee Cost 666 581
Depreciation 45.2 39.2
Other Cost 682 499
Operating EBITDA 620 477 30% Finance Cost 57.0 45.4
Employee Stock Option Expenses 5 0
PAT Impact 33.7 30.4
Movement in FV of contingent consideration payable -4 0
Variable operation and management fees 31 24
EBITDA Post INDAS 588 453 30%
Depreciation 222 194
Finance Cost 111 87
Other Income 25 38 Particulars ₹ in Cr
Profit Before Tax 281 210 34% Profit After Tax from Continued operations 205
Tax 57 32 Add: Profits from Shared Service of AGC classified
8
Share of Profit/(Loss) of Associates (11) (11) under Discontinued Operations
Profit After Tax3 213 167 28% Profit After Tax 213
NCI 25 20 Less: Non-Controlling Interest -25
Profit After Tax (Post Non-Controlling Interest) 188 147 28% PAT Post Non-Controlling Interest 188
Tax Impact 52 - Add: Net Deferred Tax Liability Impact 52
Adjusted PAT4 240 147 63% Adjusted Profit After Tax 240

1. Above numbers are in INR crore.

2. Material Cost % (Ex.Wholesale pharmacy) for FY24 is 22.0% and FY23 is 23.5%
3. PAT for FY24 includes ₹8.44 crores attributable to the Shared Services of GCC, which has been classified under discontinued operations following its sale to Aster DM Healthcare FZC in Q4 of FY24.”
4. Adjusted PAT excludes a one-time impact due to recognition of Net Deferred Tax Liability to the tune of ₹52.4 crore, arising out of transition to New Tax Regime under the Income Tax Act, following the segregation of the GCC business”. 26
Aster India Financial Summary – Balance Sheet and Ratios
27

Particulars (INR Cr) As at Mar 31, 2024 As at Mar 31, 2023

LIABILITIES
Shareholder’s Equity 500 500
Minority Interest 158 157
Other Reserves 897 719
Land Revaluation Reserve 460 460
Gross Debt 669 597
Lease Liabilities - INDAS116 714 533
Other non-current liabilities 581 507
Other current liabilities 429 414
Total Liabilities 4,409 3,887
ASSETS
Property, Plant and Equipment (including CWIP2) 2,487 2,185
Investments (including Goodwill) 264 259
Right to Use Assets - INDAS116 608 420
Inventories 111 99
Cash, Bank Balance and Current Investments 114 87
Other non-current assets 285 297
Other current assets 541 540
Total Assets 4,409 3,887

Key financial ratios FY24 FY23

Net Debt and Lease Liabilities/Equity ratio 0.6x 0.5x

Net Debt and Lease Liabilities/EBITDA ratio 2.2x 2.3x
Net Debt /EBITDA (Pre IndAS) ratio 1.1x 1.3x
ROCE1 - Pre-Tax (%) 16.4% 13.4%
1. 1. RoCE= EBIT/Average Capital Employed; Capital employed excludes CWIP & Land Revaluation reserve 27
2. 2. The CWIP for ongoing projects amounts to ₹ 362.7 Cr for FY24 [FY23 : ₹ 337.6 Cr]
 Region-wise Business Snapshot- Kerala
Revenue
(In INR Crs)
2,007
Aster Mother 1,691
Hospital
Aster MIMS Kannur 1,318
Aster MIMS Calicut
875 935
Aster MIMS Kottakal 701

Aster Medcity

FY19 FY20 FY21 FY22 FY23 FY24

Aster PMF
Operating EBITDA1
(In INR Crs)
FY24 430
356
255

124 124
78

FY19 FY20 FY21 FY22 FY23 FY24

Total Capacity Beds- ALOS (Days)- Occupancy-

Operating EBITDA Margin
2,396 3.4 79%
(In %)
21.0% 21.4%
19.4%

14.2% 13.2%
11.2%

Outpatient Visits- In-patient visits- ARPOBD (INR)-

~2.05mn 154,200+ 38,100+ FY19 FY20 FY21 FY22 FY23 FY24
28
1. From FY19 to FY22 is reported as EBITDA and FY23 onwards it is operating EBITDA
 Region-wise Business Snapshot- Karnataka & Maharashtra
Revenue
1100
(In INR Crs)
817
655

442 433
Aster Aadhar Hospital
310

Aster CMI
Aster RV
FY19 FY20 FY21 FY22 FY23 FY24
Hospital Aster Whitefield
Aster
Operating EBITDA1
G Madegowda
FY24 (In INR Crs) 217

150

83
42 33
28

FY19 FY20 FY21 FY22 FY23 FY24

Total Capacity Beds- ALOS (Days)- Occupancy-
1,424 3.2 61% Operating EBITDA Margin2,3

(In %)
19.7%
18.4%

12.6%
9.2% 9.5%
7.6%

Outpatient Visits- In-patient visits- ARPOBD (INR)-

~0.67mn 63,500+ 53,600+
1. From FY19 to FY22 is reported as EBITDA and FY23 onwards it is operating EBITDA FY19 FY20 FY21 FY22 FY23 FY24
29 29
2. Operating EBITDA Margin excluding Whitefield is 23.4% in FY24 as compared to 20.3% in FY23 29
 Region-wise Business Snapshot- Andhra & Telangana
Revenue
(In INR Crs) 412
Aster Prime Hospitals 370 344
303 314
279

Ramesh Main Centre

Ramesh Labbipet
Ramesh (IB) Vijaywada
Ramesh Guntur
Ramesh Sanghamitra
FY19 FY20 FY21 FY22 FY23 FY24

Aster Narayanadri Operating EBITDA1

(In INR Crs)
FY24 69

47 45
41
36
32

Total Capacity Beds- ALOS (Days)- Occupancy- FY19 FY20 FY21 FY22 FY23 FY24

1,047 3.9 50% Operating EBITDA Margin

(In %)
18.7%
16.2%
14.8%
11.9%
9.3% 10.0%

Outpatient Visits- In-patient visits- ARPOBD (INR)-

~0.33mn 36,500+ 28,100+
FY19 FY20 FY21 FY22 FY23 FY24 30
1. From FY19 to FY22 is reported as EBITDA and FY23 onwards it is operating EBITDA
Board & Leadership Team
 32
Board of Directors

Shamsudheen Bin Mohideen

Dr. Azad Moopen Alisha Moopen T. J. Wilson
Mammu Haji
Founder Chairman and Managing Director Deputy Managing Director Non-Executive Director Non-Executive Director

Purana Housdurgamvijaya
Chenayappillil John George James Mathew Emmanuel David Gootam
Deepti
Independent Director Independent Director Independent Director Independent Director

32
 33
Leadership Team

Dr. Azad Moopen

Founder Chairman and Managing Director

T. J. Wilson Dr. Nitish Shetty Dr .Somashekhar S P Sunil Kumar M R

Group Head - Governance & CEO – Aster DM Healthcare Chairman of Medical Advisory
Corporate Affairs Ltd., India Council and Global Director Chief Financial Officer

Farhan Yasin Hitesh Dhaddha Ramesh Kumar S Devanand K T

Vice President – Kerala, Tamil CEO - Aster Hospitals Regional Chief Executive
Chief of Investor Relations Officer-Telangana, Andhra
Nadu, Aster Labs & Wholesale Bangalore
and M&A Pradesh
Pharmacy

Dr. Harsha Rajaram Kannan Srinivasan Durga Prasanna Srinath Metla

Director – Aster Health Country Head – Sales &

CEO – Aster Digital Health Academy Head – HR
Marketing

Sreeni Venugopal Hari Prasad V K Dr. Anup Warrier Hemish Purushottam Hemakumar Nemmali

Chief Information Officer & AVP – SCM & Central

Head – Internal Audit, Chief – Medical Affairs
Chief Information Security Company Secretary Procurement
Risk & Compliance & Quality
Officer

33
Shareholders of the India listed entity

Marquee domestic and foreign institutional investors are currently invested in Aster DM Healthcare

Shareholding pattern Current Key Institutional Shareholders

0.4%

11%

14%
42%

33%

Promoter FII DII Public Others

As on 17th May 2024

34
Our strategic priorities towards driving future growth and
improvement in profitability

Capital Investment
Substantial brownfield and greenfield investments in
pipeline to drive occupancy rates across clusters
Cost Improvement Initiatives
To help improve EBITDA Margins

Improving Specialty Mix

Focusing more on niche specialties to drive better
ARPOB Optimizing Returns
Asset Light Low Capex model to achieve better
returns

Inorganic Growth
Expanding in new stroke existing geographies to further
strengthen our position among leading players in India
Focus on Virtual Care
Connecting patients through digital app for better
reach

Significant potential for growth through our key strategic initiatives

Appendix
Successful Segregation of India and GCC business

Transaction Overview :

▪ Concluded the separation of its India and GCC businesses, pursuant to which Affinity Holdings Limited (a wholly subsidiary of the
Company) received a cash consideration of USD 907.6 Mn.

▪ Under the separation plan, a consortium of investors led by Fajr Capital, a sovereign backed private equity firm, has acquired a 65%
stake in Aster GCC, with the Moopen family retaining a 35% stake alongside management and operational rights.

▪ In the Indian operations, the Moopen family continues to hold the 41.88% stake.

Dividend distribution :

▪ Post closing the transaction, the Special Dividend of Rs.118/- per share was distributed from the receipt of proceeds from the sale of
the GCC business.

▪ This resulted in a significant distribution of ~80% of the net consideration received, as dividend to its shareholders.

▪ The remaining 20% (~1,500 cr) of the proceeds are earmarked for strategic initiatives, particularly inorganic growth opportunities.

Focus on India business :

▪ Post segregation, Aster DM Healthcare, India to now focus on geography growth with greenfield and brownfield expansions in the
next 3 years.

37
 FY 2024 Performance Summary- Aster India

Revenue Operating EBITDA1 PBT Adj. PAT2 PAT3

Financial

(Post-NCI) (Post-NCI)

FY24 : INR 3,699 cr FY24 : INR 620 cr FY24 : INR 281 cr FY24 : INR 240 cr FY24 : INR 188 cr
24% 30% 34% 63% 28%

FY23 : INR 2,983 cr FY23 : INR 477 cr FY23 : INR 210 cr FY23 : INR 147 cr FY23 : INR 147 cr

Capacity Beds Avg. Occupied beds ARPOB In Patients Out-Patient

Operational

FY24 : 4,867 FY24 : 2,362 FY24 : INR 40,100+ FY24 : 2,54,200 FY24 : 3.05 mn

550+ 12% 10% 13% 13%

FY23 : 4,317 FY23 : 2,103 FY23 : INR 36,500+ FY23 : 2,25,680 FY23 : 2.70 mn

1. Operating EBITDA for the period FY24 excludes the ESOP Cost of Rs. 5.3 Cr , Movement in fair value of contingent consideration payable of Rs. -4.4 Cr , Variable O&M fee amounting to Rs.31.0 Cr [FY23 : 23.7 Cr] [Our Operating & Management (O&M) agreements, encompasses both fixed and
variable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of IndAS 116, leading to an incomplete reflection of the standard's impact in EBITDA]
“Operating EBITDA and EBITDA for FY24 includes ₹10.12 cr attributable to Shared Services of GCC, which has been classified under discontinued operations following its sale to Aster DM Healthcare FZC in Q4 of FY24.”
2. “Adjusted PAT excludes a one-time impact due to recognition of Net Deferred Tax Liability to the tune of ₹52.4 crore, arising out of transition to New Tax Regime under the Income Tax Act, following the segregation of the GCC business”.
3. PAT for FY24 includes ₹8.44 Cr attributable to the Shared Services of GCC, which has been classified under discontinued operations following its sale to Aster DM Healthcare FZC in Q4 of FY24.
38
FY 2024 Performance Summary – Aster India
▪ Core hospital business delivered Operating EBITDA margin of ~20% in FY24.
▪ Matured hospital Op. EBITDA margins at 22.4% in FY24 (21.1% in FY23) and ROCE at 32.0% in FY24 (24.7% in FY23)
▪ International business grew by 44% yoy to INR 188 crore in FY24 v/s Rs 131 crore in FY23
▪ New business (Labs & Pharmacies) grew faster at 32% yoy at INR 286 crore in FY24.
Financial and ▪ Fast ramp up (3 months) of Whitefield hospital (Bangalore) delivering positive EBITDA at ARPOB of INR 70k+ in Q4 FY24.
Operational
Highlights ▪ Out of the addition of 550+ beds during the year, 286 beds were added at Whitefield unit.
▪ Aster labs revenue grew by 28% in FY24 with delivering EBITDA breakeven in Q4 FY24.
▪ Karnataka & Maharashtra cluster revenue grew by 35% yoy and operating EBITDA grew by 45% in FY24.
▪ Net debt to EBITDA (pre-IndAS) improved to 1.1x as on Mar’24 v/s 1.3x as on Mar’23.
▪ Plans to add ~1700 beds by FY27. Aster Medcity and Aster CMI to expand to 950+ beds and 850+ beds respectively.

▪ Performed high-end cutting-edge medical work; ~510+ transplants in FY24 v/s ~430+ transplants in FY23 and ~1,140+
Clinical
Highlights Robotics surgeries in FY24 v/s ~480+ in FY23
▪ Published 35 research paper in Indexed journals

▪ 93% and 85% energy consumption from renewable sources at Aster CMI and RV Bangalore
ESG
▪ Women representation in overall workforce stands at 64% and in Board of Directors at 25%
Highlights
▪ Aster DM Healthcare awarded for Excellence in CSR by The Economic Times.

▪ Awarded for the Best Hospital Chain of the year by The Economic Times Healthcare
Recognition ▪ Awarded for the Best Hospital Chain of the year by Financial Express Healthcare
▪ Aster Medcity & Aster CMI ranked among top multispecialty hospitals across India (ET, TOI, Outlook & The WEEK) 39
 Geography – wise Business – Snapshot – FY24 40

KARNATAKA & ANDHRA &

KERALA TOTAL
MAHARASHTRA TELANGANA

FY24 FY23 FY24 FY23 FY24 FY23 FY24 FY23

Total Capacity Beds 2,396 2,236 1,424 1,034 1,047 1,047 4,867 4,317

Operational Beds (Census) 1,827 1,734 946 790 779 780 3,552 3,304

Operational Beds (Non-Census) 542 496 357 244 194 193 1,093 933

Available Capacity Beds 27 6 121 - 74 74 222 80

ALOS (Days) 3.4 3.4 3.2 3.1 3.9 3.8 3.4 3.4

Occupancy1 79% 79% 61% 59% 50% 50% 68% 68%

Outpatient Visits ~2.05 mn ~1.85 mn ~0.67 mn ~0.56 mn ~0.33 mn ~0.29 mn ~3.05 mn ~2.70 mn

In-patient visits 154,200+ 141,260+ 63,500+ 53,220+ 36,500+ 31,200+ 254,200+ 225,680+

ARPOBD (INR) 38,100+ 34,400+ 53,600+ 48,800+ 28,100+ 27,900+ 40,100+ 36,500+

Notes:
1. Occupancy is calculated based on Operational Beds (Census)
2. Above details are for hospitals and does not relate to clinics 40
3. Data excludes Aster Wayanad
Asset Light O&M investments through Low Capex Models to further
improve our return profile
2022 Adding more beds through the O&M asset light model allows us to take
Aster Mother Hospital healthcare to suburban areas at minimal cost
Areekode, Kerala
140 capacity beds
Year of Commencement of O&M Asset Light Model in
FY 22 Aster India

2023
Aster Narayanadri Hospital Current Total bed capacity
Tirupati, Andhra Pradesh
538 out our O&M hospitals
150 capacity beds

2023 0.27 Mn Total Patient Volume in FY24

Aster G Madegowda Hospital
Mandya, Karnataka
100 capacity beds No. of O&M hospitals
4 currently

2023
Aster PMF Total O&M Hospital Revenue
INR 124 cr in FY24
Kollam, Kerala
148 capacity beds

With the EBITDA of 0.3 Cr, we have achieved breakeven for this segment in Q4FY24

41
 Hospital and O&M Asset Light Hospitals Performance – FY24

Occupancy ARPOB Revenue Operating EBITDA2 ROCE

Hospitals and Clinics (Excl. O&M Asset Light) INR 3,395 Cr INR 689 Cr
15 hospitals1 24.0%
69% 42,100 20% ~20%
13 clinics
YoY Revenue Growth Margins
3,174 Operational Beds (census)

O&M Asset Light Hospitals INR 124 Cr INR (1) Cr

4 hospitals 287% NA NM
55% 17,300

378 Operational Beds (census) YoY Revenue Growth Margins

Total Hospitals & Clinics INR 3,519 Cr INR 688 Cr

19 hospitals 68% 23% ~20% 22.6%

40,100

YoY Revenue Growth Margins

Margins
3,552 Operational Beds (census) Margins

(1) The count of facilities (hospitals, clinics) is as of 31st March 2024

42
(2) Operating EBITDA for the period FY24 excludes the ESOP Cost of Rs. 5.3 Cr , Movement in fair value of contingent consideration payable of Rs. -4.4 Cr , Variable O&M fee amounting to Rs.31.0 Cr [FY23 : 23.7 Cr] [Our Operating & Management (O&M) agreements, encompasses both fixed and
variable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of Ind AS 116, leading to an incomplete reflection of the standard's impact in EBITDA]
 Aster India Hospital and other New Business Performance – Q4 FY24

% of Revenue Revenue Operating EBITDA5

Hospitals and Clinics INR 930 Cr INR 184 Cr

93% 21% ~20%

Core established business
YoY Revenue Growth Margins
19 hospitals(1) 13 clinics 4,867 capacity beds

Labs and Pharmacies INR 73 Cr INR (1) Cr

7% 22% NA
New growing businesses

YoY Revenue Growth Margins

232 Labs & PECs 215 Pharmacies (2)

India Overall4 INR 978 Cr INR 167 Cr

100% 22% ~17%

YoY Revenue Growth Margins

Margins
Margins
479 total facilities(3)

(1) Count includes 4 O&M asset light hospitals with a total capacity of 538 beds
(2) Pharmacies in India operated by ARPPL under brand license from Aster(3) The count of facilities (hospitals, clinics, labs and pharmacies) is as of 31st March 2024
(4) Aster India numbers are after elimination of INR 25 Cr [Q4 FY23 : 21 Cr] of intercompany revenue and INR 16 Cr [Q4 FY23 : 7 Cr] of unallocated expenses 43
(5) Operating EBITDA for the period Q4 FY24 excludes the ESOP Cost of Rs. 1.5 Cr , Movement in fair value of contingent consideration payable of Rs. -6.0 Cr , Variable O&M fee amounting to Rs.9.8 Cr [Q4 FY23 : 7.8 Cr]. [Our Operating & Management (O&M) agreements, encompasses
both fixed and variable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of Ind AS 116, leading to an incomplete reflection of the standard's impact in EBITDA]
 Hospital and O&M Asset Light Hospitals Performance – Q4 FY24

Occupancy ARPOB Revenue Operating EBITDA2

Hospitals and Clinics (Excl. O&M Asset Light) INR 894 Cr INR 184 Cr
15 hospitals1
67% 45,000 19% ~21%
13 clinics
YoY Revenue Growth Margins
3,174 Operational Beds (census)

O&M Asset Light Hospitals INR 36 Cr INR 0.3 Cr

4 hospitals 61% 17,600 141% NA

378 Operational Beds (census) YoY Revenue Growth Margins

Total Hospitals & Clinics INR 930 Cr INR 184 Cr

19 hospitals 67% 21% ~20%

42,400

YoY Revenue Growth Margins

Margins
3,552 Operational Beds (census) Margins

(1) The count of facilities (hospitals, clinics) is as of 31st March 2024

(2) Operating EBITDA for the period Q4 FY24 excludes the ESOP Cost of Rs. 1.5 Cr , Movement in fair value of contingent consideration payable of Rs. -6.0 Cr , Variable O&M fee amounting to Rs.9.8 Cr [Q4 FY23 : 7.8 Cr] 44
[Our Operating & Management (O&M) agreements, encompasses both fixed and variable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of Ind AS 116, leading to
an incomplete reflection of the standard's impact in EBITDA]. Operating EBITDA and EBITDA for FY24 includes ₹10.12 Cr attributable to Shared Services of GCC, which has been classified under discontinued operations following its sale to Aster DM Healthcare FZC in Q4 of FY24.
 Geography – wise Business – Snapshot – Q4 FY24 45

KARNATAKA & ANDHRA &

KERALA TOTAL
MAHARASHTRA TELANGANA

Q4 FY24 Q4 FY23 Q4 FY24 Q4 FY23 Q4 FY24 Q4 FY23 Q4 FY24 Q4 FY23

Total Capacity Beds 2,396 2,236 1,424 1,034 1,047 1,047 4,867 4,317

Operational Beds (Census) 1,827 1,734 946 790 779 780 3,552 3,304

Operational Beds (Non-Census) 542 496 357 244 194 193 1,093 933

Available Capacity Beds 27 6 121 - 74 74 222 80

ALOS (Days) 3.2 3.5 3.2 3.0 4.0 3.8 3.3 3.4

Occupancy1 77% 80% 62% 60% 49% 50% 67% 68%

Outpatient Visits ~0.52 mn ~0.47 mn ~0.18 mn ~0.14 mn ~0.08 mn ~0.08 mn ~0.80 mn ~0.69 mn

In-patient visits 39,490+ 35,470+ 16,490+ 13,910+ 8,680+ 8,840+ 64,660+ 58,200+

ARPOBD (INR) 39,800+ 36,100+ 57,300+ 50,700+ 29,400+ 26,900+ 42,400+ 37,700+

Notes:
1. Occupancy is calculated based on Operational Beds (Census)
2. Above details are for hospitals and does not relate to clinics 45
3. Data excludes Aster Wayanad
Thank You

Investor Relations:
investors@asterdmhealthcare.com