Healthcare expansion moderates; focus on asset sweating Rapid expansion and maturity of older hospitals has kept the overall growth tempo at 12-14% per annum. However, constant addition is likely to put some pressure on EBITDA margins and return ratios in the short to medium term. Similarly, existing hospital margins are being compressed due to 1) regulation on stent/implants pricing, 2) negative GST impact and 3) higher guarantee fees to the doctors. However, in the past, the company has demonstrated its ability to balance between expansion and profitability. We...