Healthcare expansion moderates; focus on asset sweating Notwithstanding short-term fluctuations stemming from Covid, rapid expansion, maturity of older hospitals have kept overall growth tempo at 1214% per annum. After an intense capex cycle, especially in FY14-18, the company is focusing on profitability, return ratios with calculated capex moderation. This reflected in a marked improvement in both EBITDA margins, RoCE. The new hospitals and ventures are turning profitable ahead of schedule on the back of a judicious case mix besides better occupancy and other matrix. We expect healthcare sales to grow at ~8% CAGR in FY2022E to | 7544 crore mainly due to growth at new hospitals, AHLL....