Jupiter Life Line Hospitals Ltd (NSE: JLHL) Q4 2025 Earnings Call dated May. 12, 2025
Corporate Participants:
Unidentified Speaker
Ankit Thakker — Chief Executive Officer
Anand Apte — Chief of Business and Strategy
Nitin Patodi — Head of Finance
Suma Upparatt — Company Secretary and Compliance Officer
Analysts:
Unidentified Participant
Amey — Analyst
Moksh Ranka — Analyst
Abdulkader Puranwala — Analyst
Bino Pathiparampil — Analyst
Prisha Rathi — Analyst
Himanshu Binani — Analyst
Aashita Jain — Analyst
Harshal Patil — Analyst
Ashok Shah — Analyst
Rohit Mehra — Analyst
Presentation:
operator
Ladies and Gentlemen, good day and welcome to Jupiter Lifeline Hospitals Limited Q4 and FY25 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touch tone phone. Please note that this conference is being recorded. This conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on date of this call.
These statements are not guarantee of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Dr. Ankit Thakkar, ED and CEO of Jupiter Lifeline Hospitals Ltd. Thank you. And over to you sir.
Ankit Thakker — Chief Executive Officer
Thank you. Good morning everybody. Thank you for joining us on our earnings call to discuss the business and financial performance of the Last Quarter and FY25. I hope you all had a chance to view the financial results and investor presentation that were uploaded on the website and the stock exchanges. I am accompanied by Mr. Anand Apte, our Chief of Business and Strategy, Mr. Nitin Patodi, our Head of Finance and Ms. Sumarati, our company Secretary and Compliance Officer. I am also joined on the call with our Investor Relation Advisors sga. So we have consistently communicated that our post listing initial objective was to establish 2,500 beds and expand our networks from three to six hospitals.
We believe that we could achieve this milestone by leveraging our existing cash reserves and internal accruals. I am pleased to report that this first target of 2,500 beds in the Western India region is now within sight. Over the next four five years as these hospitals become operational, we are confident that the operating cash flows generated should be sufficient to fund this capex and their ongoing operations. However, while six hospitals represented our initial target, they are certainly not the final destination. We are exploring some opportunities in addition to the above six which could be greenfield or in the form of an acquisition.
With this in mind, we have raised additional debt to fund these new projects. The Board has carefully considered this and is comfortable with a prudent and responsible level of leverage to optimize our growth in both skin and and speed. The broad contours of this debt structure are detailed in the investor presentation but I will reiterate some key aspects. Let me begin with our subsidiary JHPPL which operates our indoor hospital. Following our listing and primary equity raise we had extended loan to our Indore subsidiary to facilitate the repayment of their bank obligations and also to fund some of their CAPEX initiatives.
We have now raised a 250 crore debt within our INDOL subsidiary to repay our intercompany loan. Importantly, this INDOL subsidiary now possesses sufficient cash flows to service this debt and the debt repayment benefits the listed entity directly because this amount represents equity in our books. Consequently, this money becomes available to either pursue a land purchase or a strategic acquisition depending on the opportunities that may materialize. Turning to the listed entity, we have secured a sanction of 350 crore loan which is earmarked for capex. Of this sanction amount we have drawn 75 crores. We have the option to utilize the remaining 275 from this debt facility to fund our CAPEX plans which could be anywhere.
Dombiwali, Pune or something else. This strategic move means that our surplus internal accruals which are also reflected as equity will be available for future expansion initiatives. The cost of carrying this loan is expected to be less than 1%. We have proactively availed this loan so that we are well positioned to act swiftly should a compelling opportunity present itself without the need of last minute fundraising. As you see on our balance sheet today, our cash position stands at about 600 crores comprising of 325 crore from the new debt and 275 crore from our existing cash reserves.
In this financial year we have also undertaken several significant groundfield CAPEX initiatives. Let me provide you an update on some of these. Starting with our Indore facility, we executed a substantial expansion project adding two additional floors to the existing hospital building resulting in 78 new beds. These beds were commissioned on the 1st of January 2025. Furthermore, we have constructed an 11 bed ICU which is now ready for commissioning but will be operationalized based on occupancy demands. We have also pursued multiple expansion projects in our Thane facility this year. To begin with, we have received approval from the Municipal Corporation to develop the building in accordance with the new UDCPR regulations.
This could potentially entitle us to increased FSI allowing us to add an additional floor to the Thane hospital. However, this is contingent upon obtaining environmental clearances and some other necessary statutory permissions. We will keep you updated about the potential size and scope of future expansions at the Thane facility as and when these approvals are received. In the interim, we have undertaken some CAPEX activities to cater to the current clinical needs. We decommissioned our 22 bed economy ward and strategically reconfigured certain areas to create two new operating theaters, a second MRI machine, a second cardiac cath lab, an expansion of our daycare and chemo suites from 14 to 22 beds and the new OPD cluster.
We have also undertaken a comprehensive overhaul of some of our aging engineering infrastructure including chillers and cooling towers. The Dombeeweli Hospital construction is progressing as per plan with an expected commissioning within a year in Q1 of FY27. The new Pune Hospital is at the excavation stage after receiving all the environmental clearances. The construction is expected to begin post monsoon in Mira Road. The land has been acquired and we are at the post purchase regulatory stage of 712 updation etc. And we will start working on the architectural drawings for that project shortly. Coming to the numbers Q4 of this year versus last year the total income this quarter stood at 326.7 crores an increase of 12.1%.
Year on year the EBITDA was 78.3 crores for this quarter the EBITDA margin was 23.9%. The PAT stood at 44.9 crore in this quarter a decrease of 0.9% year on year on account of increased depreciation. In this quarter the PAT margin stood at 13.7% for the whole year. The income is 1261.5 crores an increase of 17.5%. The EBITDA for the year is 296.6 crores an increase of 22.5% year on year and the EBITDA margin is 23.5% for the financial year 25. The PAD for the year is 193.5 crores representing a margin of 15.3%. The RPOP has increased by 10.4% to 60,600 in this year the ALOS is at 3.89 days.
The average occupancy for the year is 65.3% and improvement of 150 points. Year on year the breakup is 72.1% occupancy for Thane, 65.5% occupancy for Pune and 54.9% occupancy for the indoor hospital. The overall volume has increased 11.2% to 9.8 lakhs. In the financial year the payer mix split Insurance stood at 55.8%, self payers 42.9% and government schemes at 1.3%. So with this I open the floor for questions.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone phone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of AMYA from JM Financial. Please go ahead.
Amey
Yeah, thank you so much for taking my question and congrats to Ankit and the management from good set of members. Ankit, first question I have although you mentioned some details at the of your speech regarding R but for the quarter is it possible to give R POP and occupancy how it has been and how it has performed?
Ankit Thakker
You want the R pops for the quarter?
Amey
Yeah. Yes.
Ankit Thakker
So RPOB for the quarter is 65,453.
Amey
Okay. And the year on year growth is around 10% or similar to.
Ankit Thakker
Yeah, around 10% I think.
Amey
Yeah. So you expect this 10% year on year to continue and if yes then what will be the levers for next year?
Ankit Thakker
No, I don’t expect 10% to continue. As I was saying that the projection for RPAP growth should be inflation linked Ghana and Pune both are mature hospitals. So besides inflation there is no other lever for RPAP growth. Indoor may be slightly higher than inflation because for maybe one more year it has a second lever that is of case mix optimization that is more tertiary work. So Indore may have an extra lever for maybe another year or so. But apart from that I think if you want to extrapolate RPAP it is the safest to extrapolate it in line with inflation.
Amey
So then the volume growth has been around 10% as well for us on the IP opening side. So that has resulted into something like 17 18% year on year growth of the revenue side. So how does that will shape up next year? Considering the RFOB is going to fall a bit and the volumes for the existing hospital might not remain at around 10% level. Right.
Amey
So ARP is not going to fall. It will rise in line with inflation. The volume in Thane should be stable. In Pune and Indus we could expect some growth in volumes as well.
Amey
Sure. The second question I have on the Thane is you said that you will get permission to add one more floor in Thane. So the current restructuring you have done where you have removed economy ward, is it keeping in that thing in mind or.
Ankit Thakker
Yeah, so we needed, you know. Now what is happening is that as you Are seeing across the board, length of stay for specific procedures and diseases is going down year on year with advancement of technology and medical science. So the supporting infrastructure is becoming more important and necessary. So we thought that we were in need of more operating rooms. We were falling short of our cath lab space so we added one more there. We were also struggling on the imaging side with Mrs. So we added one there. Doctors offices was becoming a challenge which necessitated a need for another OPD cluster.
So these supporting services were becoming more necessary. Because just adding beds is not going to solve all the problems.
Amey
Right. And once this added floor, whenever it comes gets completed, it’s functional, you expect there is a little scope to improve your margins on farming hospital. Because the incremental cost would be lower, right? For the incremental beds,
Amey
yeah. Ideally, if, if and when this floor does come up, we definitely think that it should contribute on a unit level a little more to the EBITDA margins because most of the fixed costs are taken care of and the added capacity in terms of manpower, power, etc. Does not need as much fixed cost now. So yes, we think it should contribute well to the bottom line.
Amey
Thank you so much. I will join. Thank you.
operator
Thank you. The next question is from the line of Mokshranka from Aurum Capital. Please go ahead.
Moksh Ranka
Hello. We are doing a green 3 capex in Pune. Right. Could you please provide some color on the capex amount which will be investing in it? Actually a very. We are doing a
Ankit Thakker
Greenfield capex. Yes. In Pune.
Moksh Ranka
Yeah. And could you give me some details about the amount we would be investing in it and the timeline for this? And it’s actually a very good location I would say because I just live near the line. So yeah, I would just like your comments.
Ankit Thakker
Thank you. Mo. So the new Pune hospital is supposed to be of 500 beds in size. We think that the capex incurred for that project should be somewhere in the tune of 500 clause excluding land.
Moksh Ranka
And for the land we have got some favorable terms in. That is my understanding. Correct.
Ankit Thakker
So the contours of the land deal are that currently it is on a lease for 10 years without any escalation for the whole tenure. And after the third year is completed, we have a right to purchase the land. So those are the terms of the land.
Moksh Ranka
Okay. That’s it from me. Thank you.
Ankit Thakker
Thank you.
operator
Thank you. Before we take the next question, we would like to remind the participants to press star and one to ask a question. The next question is from the line of Abdulkader Puranwala From ICICI Securities. Please go ahead.
Abdulkader Puranwala
Thank you for the opportunity. So firstly on the Thane you spoke about an addition of new floor. So any timeline you would like to provide on the quantum of better you will add for this facility.
Ankit Thakker
Abdul. So no, I don’t have a timeline. Honestly at this stage it will depend on the regulatory framework. Currently there are the environmental committee for the state and for this region is not very active. So once those committees start getting active and Thane starts coming back on the fold of the permission stage, we will move the applications. And then whenever those applications come through, we will keep you updated. So today I don’t have an exact timeline to share with you.
operator
Ladies and gentlemen, we seem to have lost the participant. Participants may press star and one to ask a question. The next question is from the line of Bino Pathimparampil from Irala. Irala Capital. Please go ahead.
Bino Pathiparampil
Hi, good morning all. Thank you for taking my question. Just in your speech you had mentioned about the occupancy rates for separately for each hospitals one. Could you repeat that one? Then was that for Q4 or the full year? And if it is full year, do you mind giving the Q4 numbers? Because we used to give it in the presentation earlier.
Ankit Thakker
So this is for the whole year. Thane 72.1, Pune 65.5 and Indore 54.9. And for the quarter we have Thane 671.1 Kone 61.1 and Indoors 42.1.
Bino Pathiparampil
Okay, got it. And any reason why it’s lower in. Indoor for the quarter
Ankit Thakker
it’s an expanded base. So we added 80 more, 78 more beds. So in percentage terms there is a dilution effect.
Bino Pathiparampil
Got it. Thank you.
operator
Thank you. The next question is from the line of Prisha Rati from NMCAT Securities. Please go ahead.
Prisha Rathi
Good morning sir. I have only one question. Could you please. Hello.
Ankit Thakker
Yes. Yes, go ahead.
Prisha Rathi
I have only one question. Could you please provide an update on the restructuring or the rational behind Medina Health?
Ankit Thakker
So Medulla is a wholly owned subsidiary. It was activated during the COVID period where we. We were trying to, you know, create a separate entity to build and run our IT services. It was at that time IT engineers, etc. Were in a different mood. And they were, you know, not very keen to work with hospitals. And some of them who were maintaining our unit at that time were wanting to commercialize healthcare software. So in with that view we. They wanted to spin it off and create a new entity. This activity lasted for probably a year or so.
I’m not sure. But we never really ended up going down that route of commercialization. We have some team restructuring and realignment of thoughts. And we said that that is not the road we want to go down under. So now this Medulla is not a functional entity. We are just carrying it on the books. So we thought that we should merge it and stop carrying one more entity. So that is the reason Medulla is being merged.
Prisha Rathi
Okay. Okay, got it. Thank you very much.
operator
Thank you. Participants may press star and one at this time to ask a question. The next question is from the line of Abdul Kader Puranwala from ICICI Securities. Please go ahead. Hello, Mr. Abdul. You may go ahead.
Abdulkader Puranwala
So, I mean, when we talk about, you know, going inorganically, are we trying to look for certain brownfield expansion and in terms of the kind of asset would we look at, would it be the same 500 bit kind of a facility setup you have been, you know, adding to your network so far?
Ankit Thakker
Yes. So there is no change in thought process on any front. A, to begin with, Western India remains the focus. B, full service flagship hub model continues to remain the focus. C, Greenfield continues to remain a preferred choice. D, on the acquisition and brownfield front, like we have always said, if a good opportunity at a good value does present itself, we are not averse to it. But we will insist that the quality of asset and the value at which we are able to acquire it seems justifiable in our mind. If that does happen, we will look at an acquisition.
Abdulkader Puranwala
Any target multiple in terms of the acquisition value or the kind of amount would be ready to spend any color on that would be very helpful.
Ankit Thakker
There is no target as such. It’s dynamic, right? I mean, you are willing to spend different things for different. I mean, different value for different things. So I don’t want to close my mind and just give you some number. The only thing I want to tell you is it should, as long as it makes sense in our view. And we will do it. We will not do it just in a mindless way to add numbers and add speed. If it makes sense, we will do it
Abdulkader Puranwala
under true. Thank you.
operator
Thank you. The next question is from the line of Himanshu Binani from Anandraki. Please go ahead.
Himanshu Binani
Thank you sir for taking my question. So if you can like help me with the numbers for Q4 for Khanikone Indoor.
Ankit Thakker
So as pop number for Q4 consolidated is 65453. We are not getting.
Himanshu Binani
Unit, right? We are not given.
Ankit Thakker
No
Himanshu Binani
Got it, sir. And so secondly, can you please help me explain the second phase of this indoor expansion of 111 days by when this would be like coming.
Ankit Thakker
Like I just answered some time back. If you look at the occupancy for this quarter in Indore is 40, 45%. Right. Once this number reaches 60, 65% we will start thinking about expansion.
Himanshu Binani
Got it? Got it. Okay. Thank you.
Ankit Thakker
Thank you.
operator
Thank you. The next question is from the line of Ashita Jain from Nuvama Institutional Equities. Please go ahead.
Aashita Jain
Hi, good morning. I just only have one question on Thane Hospital. So computer skim through the start of its IT services soon and even Max has announced the new Tani hospital. So have you seen any impact on your senior doctors in this facility so far? And also with Thane attracting more hospitals in future, how do you plan to minimize such impact in the future?
Ankit Thakker
Hi Ashita. So yeah, so far not a single one of our senior doctors has moved out and stopped association with us. So we continue to report zero attrition at the senior consultant level going forward. Also I don’t perceive that to be a major risk factor. As I said, we have fortunately developed strong and sticky teams in all the locations where we are operating. So tuition at the doctor side has not been a big problem. However, with answering your question completely with new hospitals coming in, the supply of doctors in Thane is also extremely high. As is the population of Thane which is extremely high and growing at 3 million people.
So I don’t think that even if there is zero attrition from our side, the new hospitals will struggle in building teams. They will be able to build teams also. And with the population, I think on the demand side there should not be challenge for, you know, any of the three hospitals.
Aashita Jain
Can we provide RPOps on an annualized basis for the three units? I know you’re not sharing for the quarter.
Ankit Thakker
Unit wise we are not sharing total. If you want me to Repeat, I can. 60,600 is annualized and 65,000 is for the quarter.
Aashita Jain
Sure. Okay. Thank you. Thank you so much.
Ankit Thakker
Thank you.
operator
Thank you. The next question is from the line of Rohit Mehra from SK Securities. Please go ahead.
Rohit Mehra
Yeah. Hi sir. Thank you for the opportunity. My first question is regarding our Ghana hospital. That with the restructuring of the hospital in place what is the expected increase in assurance for occupied bed?
Ankit Thakker
Yeah, Rohit. So I have not done that math and I have not done this restructuring, you know, purely from the lens of R pops and revenue. It is predominantly from the occupancy and clinical needs. So it should have theoretically Some impact. What impact it will have. Maybe we’ll see over the next couple of quarters. But I have really not done the math. I don’t have an answer to that question, unfortunately.
Rohit Mehra
Okay, no problem, sir. Okay. My second question is considering our cash balance of approximately 600 crores, are we planning any acquisition or any such opportunities under consideration?
Ankit Thakker
Yes, as I said, we are open to both greenfield opportunities and an acquisition as long as the broad criteria that we have is met. Western India flagship and logical Capex plan.
Rohit Mehra
Okay, got it. That’s it. From my side. Thank you and all the best.
Ankit Thakker
Thank you, Rohit.
operator
Thank you. Participants who wish to ask a question may press star and one at this time. To ask a question, please press star and one. Now the next question is from the line of Harshal Patil from Miray Asset Markets. Please go ahead.
Harshal Patil
Just most of the questions are answered. Just one thing I wanted to know. You’ve been quite alluding to even pursuing inorganic opportunities and targets for expansion. And at the same time we’ve been quite focused on the western part of India now. So any thoughts? Just purely qualitative comments from your side. Maybe you would be looking to go beyond the western part of India or is there any targets that you are kind of looking at evaluating or something. So any qualitative comments just from an understanding perspective?
Ankit Thakker
Yes. So there is currently there is absolute clarity that we will not go beyond western part of India for. For now. And on the acquisition side, you know, again it is just to complete the whole story that Greenfield remains the first choice. But if there is a sensible acquisition opportunity, we are not averse to it. So that is. That is about it.
Harshal Patil
Okay. Okay. That’s helpful sir. Thank you.
Ankit Thakker
Thank you.
operator
Thank you. The next question is from the line of Ashok Shah from Eklavia Invesco family office. Please go ahead.
Ashok Shah
Thank you for taking and allowing me. Sir, can you just inform or say about does the this occupancy level can be increased at the Thane hospital still by 10 to 15% or 20%.
Ankit Thakker
So Thane hospital occupancies are 72% currently anything in mid 70% is in our view peak occupancy because we measure it at midnight. So there isn’t too much scope to increase occupancy in Thane at current levels.
Ashok Shah
Okay. So are there any plan to open a tertiary center near Pune area or near Thane area towards central suburb, towards the other area till so we can get more and more elite patient for the our hospital?
Ankit Thakker
Yeah. So as I said towards other areas they need health care there. The challenge remains land availability and cost of land. So if something sensible presents itself we are definitely open to doing so. Things in Mumbai and near Thane is don’t be where we are doing a hospital. We are also doing a second hospital in Pune. So I hope that answers your question.
Ashok Shah
Okay, so any, any tertiary plant or something like only OPD opening and then the all the other requirement can be done at Thane hospital. Is it possible or not feasible?
Ankit Thakker
So only OPD we don’t do. We are into full service tertiary care only. So wherever we are present it is tertiary care. And that is the model that we are following. We are not doing only OPD kind of satellite basic.
Ashok Shah
So my, my question was since the availability of land is very difficult so that’s why this can be a second view or something similar thing happens in the eye care hospital.
Ankit Thakker
Certainly that can be one view and a lot of people have very successfully done hub and spoke and things like that. And like you alluded single specialty eye care has done it very successfully. Our model is more hub focused. So it does not suit our model.
Ashok Shah
So second point is we are doing a major expansion at two, three places over next two to three years. So with the expansion at full capacity what could be our total turnover after three years?
Ankit Thakker
I wouldn’t want to get into financial specific guidance after three years. But on the occupancy front I can give you some color to understand that next financial year Domioli should get inaugurated and that should add about 250 odd beds to our capacity in phase one which can be ramped up over the next couple of years as the capacity expands. And then Pune a couple of years after that. So within three years we should have two more functional hospitals which should add to available bed capacity. And it should start contributing on the financial front as well.
Ashok Shah
So don’t be will be 250 and how much will be Puna?
Ankit Thakker
Both are 500 beds. Phase one will be around 250 and then we will ramp it up as per me.
Ashok Shah
So in first case total high ended bed will be opening and second phase we can have a look at the next 500 beds.
Ankit Thakker
Correct.
Ashok Shah
Thank you sir. Thank you. That’s all from my side. Thank you. Very best wishes to you.
Ankit Thakker
Thank you.
operator
Thank you. As there are no further questions from the participants I now hand the conference over to the management for closing comments.
Ankit Thakker
So thank you everyone for joining on Monday morning. I hope the questions were answered satisfactorily. However if there are any further questions or you need any more clarifications, please reach out to us through SGA and we’ll be happy to take them up. Thank you, and best wishes.
operator
Thank you. On behalf of Jupiter Lifeline Hospitals Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.