HealthCare Global Enterprises' (HCG) Q4 consolidated EBITDA grew by 15% YoY to Rs1.1bn; in line with our estimate. The company's asset-light approach with a focus on partnerships has made its business model more capital efficient and scalable, in our view. We believe the strategic investment by KKR will bring in more operational and financial efficiency. Currently, HCG enjoys 13-14% pre IND AS margin, which is lower than its peers. We expect KKR to drive growth through bed expansion, rationalization of existing assets and scale up of...