### Krishna Institute of Medical Sciences (KIMS) – Q4 & FY25 Concall Highlights 1. Financial Performance - FY25: Revenue ₹3,067 crore (+22% YoY); EBITDA ₹815 crore (+24.7% YoY); PAT ₹415 crore (+24% YoY). - Q4 FY25: Revenue ₹801 crore (+25.7% YoY); EBITDA ₹203 crore (+24.4% YoY); PAT ₹106 crore (+47% YoY). - EBITDA Margin: 26.6% in FY25 (vs 26% in FY24). 2. Operational Metrics - ARPOB: +22.7% YoY; ARPP +9.2% YoY. - Volumes: IP +11.6% YoY, OP +14.1% YoY. 3. Expansion & Capacity - New Hospitals: Nashik, Sangli, Kannur, Kollam, Guntur commissioned in FY25; Thane soft launch in April 2025. - Upcoming: Bangalore (2 hospitals), Kondapur, Srikakulam, Ongole, Anantapur, Thrissur. - O&M Model: Guntur, Sangli, Kompally (Q3FY26); 9% management fee reported as other operating income. 4. Technology & Clinical Excellence - First-in-India: Gamma Knife (South India), MRI-Guided Focused Ultrasound, TULSA-PRO (prostate cancer). - Other Tech: MR-Linacs, Mako Robotic Systems for knee replacements. 5. Cluster Performance - Telangana: 32% EBITDA margin (new normal); target 65-75% occupancy in 4-5 years. - Andhra Pradesh: ARPOB ₹23,000-24,000; target ₹30,000 in 3-4 years. - Maharashtra/Kerala: Nashik breakeven delayed; Kannur breakeven achieved, Kollam expected in 2 quarters. 6. New Units & Ramp-Up - EBITDA Drag: New units posted ₹18 crore loss in FY25; expected to rise to ₹40-50 crore in FY26. - Doctor Recruitment: 40-50 doctors per new hospital targeted within 2-3 months of soft launch. 7. Capex & Debt - Capex: ₹300-400 crore in FY26; ₹600-700 crore over next 2 years. - Net Debt: ₹1,805 crore as of March 2025; expected to rise to ₹2,100 crore by FY26-end. 8. Management Outlook - Optimistic: Confident in sustaining 20%+ revenue growth and margin expansion in mature clusters. - Expansion Focus: Aggressive brownfield/greenfield expansion in Tier 1/2/3 cities; O&M model for asset-light growth. - Specialty Ramp-Up: Transplants, oncology, mother & child business (Cuddles) targeted for further expansion. Conclusion: KIMS is executing a multi-pronged growth strategy, focusing on capacity expansion, technology leadership, and specialty ramp-up. Management is confident in sustaining high revenue growth and margin expansion, despite near-term EBITDA drag from new hospital launches. Key metrics to watch include ARPOB evolution, payer/case mix trends, and cluster-level performance.