Healthcare expansion moderates; focus on asset sweating Rapid expansion and maturity of older hospitals has kept overall growth tempo at 12-14% per annum. After a prolonged capex cycle, especially in FY14-18, Apollo is focusing on profitability and return ratios with capex moderation. This has reflected in a marked improvement in both EBITDA margins and RoCE. The new hospitals, 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 9.5% FY20-23E...