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Bengaluru, 12th November 2024 HealthCare Global Enterprises Limited (“HCG”), the leader in India in speciality healthcare services focused on oncology and fertility today announced its unaudited financial results for the quarter (“Q2”) and half year ended September 30th 2024.

Highlights for quarter ended September 30th, 2024

• Consolidated Income from Operations (“Revenue”) was INR 5,535 mn as compared to INR 4,870 mn in the corresponding quarter of the previous year, reflecting a year-on-year growth of 14%
• Consolidated Profit Before Depreciation and Amortization, Finance Costs, Exceptional Items and Taxes (“Adjusted EBITDA”) was INR 1,042 mn, as compared to INR 864 mn in the corresponding quarter of the previous year, a growth of 21% year-on-year
• Consolidated Profit Before Other Income, Depreciation and Amortization, Finance Costs, Exceptional Items and Taxes (“Reported EBITDA”), was INR 1,023 mn, as compared to INR 846 mn in the corresponding quarter of the previous year, a growth of 21% year-on-year
• EBITDA for Established centers was INR 1,131 mn, a growth of 20% year-on-year
• EBITDA from Emerging centers was INR 30 mn, as compared to INR 6 mn in the corresponding quarter of the previous year
• Consolidated Profit after Taxes and Minority Interest (“PAT”) of INR 180 mn, as compared to INR 136 mn in the corresponding quarter of the previous year, growing by 33% year-on-year

• Overall ARPOB stood at Rs. 45,188 vs. Rs. 42,058 in Q2FY24, a growth of 7.4%
• Overall AOR stood at 65.6% vs. 65.8% in Q2FY24
• RoCE (Q2FY25 Annualized)
  • • RoCE for Established centers stood at 15.8% vs. 15.7% in Q2FY24. RoCE pre-corporate allocations stands at 19.6%
    • RoCE for Emerging centers stood at -10.7% vs. -13.2% in Q2FY24. RoCE pre-corporate allocations stands at -7.0%
• Several regions delivered high double-digit revenue growth on YoY basis
  • • • Markets like Kolkata and Ongole grew by 66% and 46% YoY respectively
      • Nagpur, Nashik & Jaipur grew by 32%, 32% and 28% YoY respectively
• HCC Hospital Ahmedabad, Phase III operationalized in Q2FY25
• 5 units of HCG have been Accredited by NABH for the Digital Health Accreditation Standards  namely KR, DR, Nashik, Borivali and Kolkata
• Aligning with asset light strategy, PET Machines on Pay-per-use across other 3 centers namely Vijayawada, Chennai and HCC operationalized in Q2FY25
• Advance replacement of Cyber-knife at KR completed and became operationalized in Q2FY25
• Replacement of LINAC at DR completed and new machine is operationalized

Commenting on the results, Dr. B.S. Ajaikumar, Executive Chairman, HealthCare Global Enterprises Ltd.said, “I am proud to announce strong financial and operational performance for quarter ended September 2024, a true reflection of the dedication and expertise of our exceptional team, from doctors to support staff, who work tirelessly to provide high-quality care.

Having over decades of experience, we understand that cancer is a complex disease requiring a unique and focused approach to diagnosis and treatment. Our model centers on patient-centric, personalized care, ensuring that each patient receives treatment precisely tailored to their specific cancer type and stage of progression, and our outcomes are comparable to the best in the western world. With our network of hospitals spread across the country, we aim to provide this level of treatment to every patient battling cancer.

As we look to the future, HCG remains committed to pushing the boundaries of cancer treatment through the integration of advanced technologies and patient-centric innovations. With initiatives like Virtual OPD and centralized genomics, we aim to make high-quality cancer care more accessible and precise, empowering patients with cutting-edge diagnostics and treatment plans tailored to their unique needs.Our journey is made possible by the trust our stakeholders place in us, and we remain dedicated to advancing value-based cancer care across our growing network.”

Mr. Raj Gore, CEO HealthCare Global Enterprises Ltd., added, “HCG has reported its best ever quarterly revenues of Rs 554 crores with a robust growth of 14% and EBITDA margins standing strong at 18.8% compared to 17.8% in same period last year. Proforma revenue growth including Vizag acquisition stands at 20% with EBITDA margins of 19%. This growth is on the back of increased volumes across modalities leading to operational leverage playing out well. We are confident of continuing this upward trend with our emerging centers ramping up and contributing to the growth.

Emerging centers grew by 32% and with our Kolkata center being a major growth driver, growing by 66% on a year on year basis, turning profitable in the current year with 9.2% EBITDA % in Q2,and we expect the momentum to continue in coming quarters.

Our digital initiatives have significantly boosted our patient funnel, raising digital channel revenue to 14% of overall revenue in Q2, up from 4% last year. We aim to achieve 25% of revenue through digital platforms over the next 3-5 years. In addition, our strategic acquisition of MG Hospital in Vizag is progressing well and in line with our expectations. This acquisition has been instrumental in enhancing our footprint in the region, allowing us to further expand our services and strengthen our presence in one of the key markets for cancer care.

Going forward, we aim to increase our presence across the country while scaling operations at our existing centers with a view to provide best cancer care to the people of the country. Additionally, we plan to establish more Centers of Excellence in the coming years, modeled after our premier facilities in Bangalore and Ahmedabad, equipped with state-of-the-art medical infrastructure and top clinical talent. As we move forward, we remain focused on our mission to deliver exceptional care, drive innovation, and positively impact the lives of those we serve.”

AHMEDABAD, India, Nov. 4, 2024 – Rushil Decor Limited (BSE: 533470) (NSE: RUSHIL) announces a strong positive outlook for the upcoming financial year, with a focus on the strategic roll-out of its Jumbo Laminate Project and expansion into the plywood market. These projects reflect the company’s commitment to broadening its product offerings and exploring growth potential within new market segments.

Jumbo Laminate Project – Expanding Product Range and Market Reach:

The Jumbo Laminate Project in Gandhinagar is a pivotal initiative that will enable Rushil Decor to tap into the growing demand for thicker-format decorative laminates. Despite temporary delays in the project due to supply chain challenges and inclement weather, the Gandhinagar facility is now on track to commence operations by Q4 FY2025. This facility is projected to produce 2.8 million sheets annually, strengthening the company’s position in the expanding jumbo laminate market. In its first full year of operations, the Jumbo Laminate Plant is expected to generate INR 60 to 80 crore in revenue on a conservative basis, with an EBITDA margin of 14% to 16%. The project’s IRR is forecasted at 10% to 12%, with an equity IRR of 14% to 16%.

This new facility is not only an expansion of Rushil Decor’s production capabilities but also a testament to its vision of meeting market needs with quality products. The jumbo-sized laminates are aimed primarily at export markets, especially the USA and Europe. To ensure that this new product has an immediate foothold, the company has already started to set up sales and marketing networks. This includes appointing staff and distributors to drive market penetration across Europe and the USA. This strategic initiative is expected to enable Rushil Decor to capture the expanding market demand for jumbo laminate formats.

Strategic Entry into the Plywood Segment:

Rushil Decor’s foray into the plywood segment is a natural progression in its product diversification strategy. Although faced with minor delays, this joint venture is expected to generate revenues of INR 12 to 14 crore in its initial phase, scaling up to INR 45 to 50 crore in subsequent years with EBITDA margins estimated at 9% to 11%. Expansion into the plywood market is focused on offering a complete range of wood panel products to distributors, enabling opportunities for cross-selling across the product line and will focus solely on the Indian market.

Commenting on the outlook, Managing Director Rushil Thakkar said:

“With strategic expansions, the Jumbo Laminate Project’s imminent launch and growing international demand, Rushil Decor is positioned to deliver sustained growth and value creation in FY2026. Our focus on market-driven initiatives, expanding capacity and fostering long-term sustainability remains at the core of our mission. The company’s commitment to excellence in product quality, market expansion and sustainable growth serves as the foundation for its long-term commitment to stakeholders as it pursues new growth prospects in the dynamic MDF, Laminates and Plywood markets.”

Bengaluru, March 1, 2024: In line with our commitment to upholding the highest standards of transparency, we are pleased to release the Adani portfolio’s results, credit, and ESG compendium. It offers insights into the quarterly and trailing twelve-month (TTM) financial performance of the portfolio, reinforcing our dedication to providing clear and detailed information to stakeholders and the public.

The performance of the past 12 months reveals the strength of the Adani portfolio that can thrive under diverse external circumstances. With surging cashflows from consistently rising profits and conservative leveraging, the portfolio is well-poised to propel strategic investments on an unprecedented scale.

Portfolio Performance for Q3 FY24 and Dec 23’ Trailing-Twelve-Months

• Record growth: With a record quarterly EBITDA growth of 63.6% YoY, the TTM EBITDA as of 31 December, 2023 reached INR 78,823 crore (USD 9.5 Bn) — 2.5x FY21 EBITDA.
• Core infrastructure: The growth was powered by the highly stable core infrastructure platform. Growing at 35.5%, it generated INR 66,208 crore (USD 8 Bn) — 84% of portfolio EBITDA.
• Ratings: Domestic and international rating agencies, including S&P Global and Moody’s, have upgraded or positively revised the outlook for all key portfolio companies.
• Conservative leveraging: The portfolio continues to remain conservatively leveraged with i) Net Debt to EBITDA as low as 2.5x; ii) Debt coverage of 2.1x; and iii) Gross Assets to Net debt at 2.5x — as on 30 September, 2023.
• Liquidity position: High liquidity is maintained with a healthy cash balance of INR 44,572 crore (USD 5.4 Bn) — at the end of 31 December, 2023.
• Market access and investments: Higher ratings and healthy cash flows have allowed continued market access, facilitating substantial investments in the year-to-date (1 April, 2023-31 December, 2023). During this period, various portfolio companies have drawn funds worth INR 91,290 crore from various sources, including international and domestic banks, and others.

Financial performance for Q3 FY24 and Dec 23’ TTM                                                           (in INR crore)

(Utility= Adani Power Limited + Adani Green Energy Limited + Adani Total Gas Limited + Adani Energy Solutions Limited | Transport= Adani Ports And Special Economic Zone Ltd|  AEL: Adani Enterprise Limited |)

Business-wise highlights:

 Incubator

Adani Enterprises (AEL)

The emerging infrastructure businesses, including the ANIL ecosystem (green hydrogen ecosystem), airports and roads, have picked up momentum over the past few quarters and now contribute 45% of AEL’s total EBITDA. Another emerging business, green energy-powered data center, is also progressing well. The 500 KTPA copper smelter, built to support captive as well as external copper demand from the renewable industry, is ready for commissioning.

• ANIL: Received COD certification from the Solar Energy Corporation of India for setting up electrolyzer manufacturing.
• Solar module sales have more than doubled due to higher exports.
• The wind turbine generator (WTG) business, with an order book of 142 sets, has already produced 15 sets and delivered 7 since commissioning.

65. ii) Airports:At the seven operational airports, passenger movement has increased 23% YoY in the first nine months to 65.6 million; they are now tracking an annual figure of 85 million.

• The greenfield Navi Mumbai airport is well on track to start operations by December 2024.
• Phase I of City Side Development (CSD) has started across 98 acre at five airports.
• 57% of the electricity consumed by portfolio airports was from renewables.

iii) Roads: 4 out of 10 projects are more than 60% completed in line with the target schedule.

 iv) Data center:18 MW Noidagreen data center is now operational. Under construction pipeline stands at 112+ MW.

Energy & Utility Platform

Adani Green Energy (AGEL): Operational renewable capacity has increased to 9,029 MW after the commissioning of 551 MW at the Khavda renewable energy park. It will be the world’s largest RE park after 30 GW is developed over the next five years; this can power over 16 million homes and create 15,200 jobs every year.

• AGEL was ranked amongst the top 3 global solar PV developers as per the Mercom Capital Group.
• Successfully delivered the refinancing plan for USD 750 million Holdco notes due in September 2024 by providing a cash deposit in the Senior Debt Redemption Account (SDRA).
• INR 9,350 crore (USD 1.125 Bn) fund infusion by the promoter entity and USD 300 million investment by strategic partner TotalEnergies has positioned AGEL well to achieve its 45 GW target by 2030.

Adani Energy Solutions (AESL): Successfully operationalized the critical Khargar Vikhroli Transmission Line to connect Mumbai to the national grid, taking total network to 20,422 ckm.

• Adani Electricity Mumbai, a distribution subsidiary of AESL, supplied 35% renewable power in the total electricity mix to the city — one of the highest amongst all global mega-cities. GHG emission intensity at 38.32% was lower than FY19.
• For the distribution business, AESL is exploring new geographies like Navi Mumbai in Maharashtra, Greater Noida in Uttar Pradesh, and Mundra in Gujarat.
• The transmission business orderbook stands at USD 2.4 Bn (INR 17,000 crore) after receiving letter of intent for new projects for renewable power evacuation – Khavda Phase-III Part A and KPS-1 (Khavda Pooling Station) Augmentation.
• The new business of smart meters has a pipeline of 21.1 million meters, with contract value of INR 25,000 crore (USD 3 Bn) in Andhra Pradesh and Uttarakhand.

Adani Total Gas Limited (ATGL):Pipeline network increased to 11,712-inch km, PNG connections to 7.79 lakh, and EV charging stations to 329. A total of 45 new CNG stations also added.

Transport & Logistics Platform

Adani Ports & SEZ (APSEZ): Domestic cargo handled grew 23% YoY — 2.5x India’s growth, achieving a record volume of 311 MT for the first nine months. It is on track to beat the annual volumes guidance.

• The share of non-Mundra domestic ports in volumes has now increased to 56%.
• Vizhinjam port berthed three vessels in the quarter, and is targeting commissioning in Q4 FY24.
• The Dhamra LNG terminal commenced operations.
• APSEZ sold 49% stake in the Ennore port container terminal to MSC.
• The logistics business delivered the best quarter till date, while adding 23 rakes, Loni and Valvada ICD, and warehouses at NRC and Indore.
• 14% of domestic ports now consume renewable power.

Adjacencies

Adani Cements: Added 15% or 8.6 MTPA capacity, taking total capacity to 77.4 MTPA (76.1 MTPA under Ambuja and 1.3 MTPA under AEL). This also includes the successful acquisition of Sanghi Industries (capacity of 6.1 MTPA) and Asian Concretes & Cements (1.5 MTPA – earlier owned 49%).

• Synergies with Adani Portfolio resulted in 90% rise in operating margins. EBITDA/ton is now at USD 1322/ton against USD 695/ton in the corresponding period year ago.
• Ambuja, an Adani cements and building materials company, has committed a significant investment of INR 6,000 crore (USD 720 mn) for renewable power projects, targeting a capacity of 1,000 MW, primarily for captive use.

ESG updates for Q3 FY24 and Trailing Twelve Months

• AGEL was ranked first in ESG assessment with an improved score for the second consecutive year.
• AGEL recorded as water positive for all operational power plants > 200 MW. AESL is 100% water positive for all transmission assets, and Ambuja is 13.1x water positive.
•  In the CDP ratings for 2023, all Adani portfolio companies achieved a rating between ‘A’ and ‘B’, a testament of strong adherence to the highest standard of ESG practices. AESL has  improved ratings from ‘D’ to ‘B’ — a two-level jump. In a significant achievement, AGEL moved up two ranks to the leadership category. With this, four Adani portfolio companies, including APSEZ, AGEL, Ambuja and ACC are now in the leadership category.
• Ahmedabad and Thiruvananthapuram international airports received Environmental Excellence Awards for their strong commitment to sustainability and outstanding practices in waste recycling, water management, energy efficiency and reduction in gas emissions.