Narayana Hrudayalaya (NHL) is one of the leading private healthcare service providers in India with a strong presence in Karnataka and the Eastern region with while it is growing its presence is other parts of India as well. The company has a relatively light asset model with it owning just 1,613 out of its 5,442 operational beds. It has a strong brand name and is known for its clinical excellence and being an affordable healthcare service provider. It currently has 23 hospitals. Potential improvement in profitability: Generally, hospital businesses have a long gestation period before they mature (in terms of occupancy rates) and it may operate at a loss for a period of time before achieving profitability. Currently, NHL is in an investment phase where the company has increased its bed count at a higher rate in comparison to its peer Apollo Hospitals (Apollo). As a result, its top-line has grown at a faster rate but its occupancy and profitability levels are not as high as that of Apollo. Going forward, with NHLs pace of expansion being slightly slower than in the past, we expect it to gradually increase its occupancy rates and enhance its profitability. Upcoming projects under light...