ICICI Securities Ltd | Retail Equity Research We met the management of Narayana Hrudayalaya (NHL) to understand its business model and future prospects. NHL was founded by cardiac surgeon Dr Devi Prasad Shetty in 2000. The company operates as a chain of multispecialty, tertiary and primary healthcare facilities. NHL has a strong legacy in cardiac and renal sciences. Cardiac sciences alone contributed 42% to FY17 sales. The company has a strong presence in Karnataka and Eastern India. NHL is also growing in western and central India. The...