Revenue Growth
₹228→₹408 Cr
FY18→FY25 · CAGR 8.6%
EBITDA Growth
₹20→₹79 Cr
FY18 8.8% → FY25 19.4% margin
PAT Growth
₹2.9→₹39.1 Cr
FY18→FY25 · CAGR 44.5%
Peak EBITDA
₹107 Cr
FY23 · 25.6% margin
Total Expenses Growth
₹211→₹337 Cr
FY18→FY25 · CAGR 6.9%
Debt Position
₹42→₹0 Cr
FY19 peak debt → Debt-free FY24
Consolidated P&L — Full 8-Year Trend (₹ Lakhs)
All figures audited · YoY% and margin% in tooltips · CAGR in last column
Revenue & EBITDA Trajectory
Bar = Revenue · Line = EBITDA margin %
Profit Waterfall: Revenue → PAT (FY25)
How each cost layer eats into top-line
YoY Growth Rates — Revenue vs EBITDA vs PAT
Divergence between revenue growth and profit growth shows cost growth relative to revenue
Indexed Performance (FY18 = 100)
Revenue, EBITDA, PAT normalized to base year
Revenue FY18→FY25
₹228→₹408 Cr
CAGR 8.6% over 7 years
Pre-COVID CAGR
15.5%
FY18–FY20 · ₹228→₹305 Cr
FY21 Contraction
−20.5%
₹305 Cr → ₹242 Cr
Post-COVID Recovery
₹242→₹419 Cr
FY21–FY23 · +73% in 2 years
FY24 Contraction
−5.5%
₹419 Cr → ₹396 Cr
Other Income Growth
₹2.5→₹8.2 Cr
FY18→FY25 · CAGR 18.6%
Revenue Story in 3 Acts
Act 1 (FY18–FY20): Organic growth at a 15.5% CAGR, with revenue expanding from ₹228 Cr to ₹305 Cr. Act 2 (FY21): Revenue contracted 20.5% to ₹242 Cr, reflecting the broad disruption to elective and inpatient volumes during the pandemic. Act 3 (FY22–FY25): A sharp recovery brought revenue to ₹419 Cr by FY23 (+73% over two years). FY24 recorded a contraction of 5.5% to ₹396 Cr, followed by a partial recovery to ₹408 Cr in FY25 (+2.9%).
Revenue Trend with Growth Phases
Bar = Revenue · Color = growth phase
Revenue vs Other Income Composition
Other income growing — treasury yield improving
Revenue Growth Bridge — Year-on-Year Incremental Revenue (₹ Lakhs)
Positive = growth year · Negative = contraction
Other Income Analysis
Rising from 1.1% of revenue in FY18 to 2.0% — mostly interest income on growing cash pile
Total Cost Growth
₹211→₹337 Cr
FY18→FY25 · CAGR 6.9%
Material Cost %
30.7%→28.6%
FY18→FY25 · −2.1pp
People Cost %
43.8%→36.7%
Payroll+Doctors FY18→FY25
Marketing Cost Growth
₹1.2→₹7.0 Cr
FY18→FY25 · CAGR 28.5%
🔍 Cost Structure Overview
The three largest cost heads — Materials (28.6%), Payroll (19.5%), and Doctor Costs (17.2%) — collectively accounted for 65.3% of FY25 revenue. Over the FY18–FY25 period, materials as a share of revenue declined from 30.7% to 28.6%, while payroll rose from 25.9% to 19.5% on a combined people-cost basis. Doctor costs as a percentage of revenue moved from 18.1% in FY23 to 17.2% in FY25. Marketing expenditure grew from ₹1.2 Cr in FY18 to ₹7.0 Cr in FY25, rising from 0.5% to 1.7% of revenue over the period.
Cost Structure as % of Revenue — Stacked Area
Key buckets as percentage of revenue over time
FY25 Cost Breakdown (₹ Lakhs)
Where the money goes
Cost Head Trends — % of Revenue (The Margin Levers)
Each row shows how that cost head has moved as a share of revenue
Cost CAGR vs Revenue CAGR — Who's Running Faster?
Red bars = cost growing faster than revenue = margin drag · Green = lean cost head
EBITDA Margin
8.8%→19.4%
FY18→FY25 · Peak 25.6% FY23
EBIT Margin
2.9%→13.0%
FY18→FY25 · Peak 20.2% FY23
PBT Margin
1.8%→12.9%
FY18→FY25
PAT Margin
1.3%→9.6%
FY18→FY25 · Peak 13.7% FY23
Finance Cost
₹2.4→₹0.3 Cr
FY18→FY25 following debt repayment
📐 Margin Architecture: FY18–FY25
EBITDA margin expanded from 8.8% in FY18 to a peak of 25.6% in FY23, driven by volume recovery and operating leverage post-FY21. FY24 and FY25 recorded a reversal, with EBITDA margin declining 6.2pp from the FY23 peak to 19.4% in FY25. The EBIT-to-PBT conversion rate stood at 99.4% in FY25, with finance costs effectively eliminated following full debt repayment by FY24.
Margin Cascade — EBITDA → EBIT → PBT → PAT (%)
All margins as % of revenue across years
Margin Spread: EBITDA vs PAT
Gap = depreciation + finance + tax burden
Margin Walk: FY23 (Peak) → FY25 — What Changed? (pp of Revenue)
Decomposing the 6.2pp EBITDA margin decline — positive = margin improvement, negative = margin drag
Depreciation & Finance Cost as % of Revenue
Below-EBITDA items — finance cost nearly eliminated
Effective Tax Rate Trend
Tax rate volatility due to deferred tax adjustments
⚙️ Fixed vs Variable Cost Behavior Analysis
This analysis classifies costs by their behaviour relative to revenue changes. A variable cost moves proportionally with revenue; a fixed cost remains broadly stable regardless of volume. The FY21 contraction (revenue −20.5%) followed by FY22 recovery (revenue +48%) provides a natural test of cost flexibility across the cycle.
Cost Elasticity to Revenue (FY18–FY25)
Revenue CAGR = 8.6%. Red = cost growing faster than revenue
Operating Leverage Effect
Revenue vs EBITDA YoY% — measures profit sensitivity to volume changes
Cost Behavior Classification
Based on correlation with revenue and CAGR relative to revenue CAGR
People Cost (Payroll + Doctor) as % of Revenue
The single biggest cost lever — 36.7% of revenue in FY25
Material Cost Ratio — Medicines & Consumables
Remarkably stable at 27–29% — well managed procurement
🏛️ DuPont Analysis — Decomposing Return on Equity
ROE = Net Margin × Asset Turnover × Equity Multiplier. This decomposition identifies whether returns were driven by profitability, asset efficiency, or financial leverage. LHRC was almost entirely equity-funded across the period (multiplier ~1.27x in FY25), making ROE principally a function of net margin and asset utilization.
ROE
1.0%→9.5%
FY18→FY25 · Peak 16.3% FY23
ROA
0.7%→7.5%
FY18→FY25 · PAT/Avg Assets
ROCE
2.3%→12.6%
FY18→FY25 · EBIT/Capital Employed
Asset Turnover
0.58→0.78x
FY18→FY25 · Revenue/Avg Assets
ROE, ROA & ROCE Trend
Return metrics across the cycle
DuPont Decomposition
Net Margin % × Asset Turnover × Equity Multiplier
DuPont Table — Full Decomposition
Cumulative CFO
₹343 Cr
FY18–FY25 · 8 years
CFO Range
₹31–₹68 Cr
Annual operating cash flow
Debt Reduction
₹42→₹0 Cr
FY19 peak → Debt-free FY24
Cash Accumulation
₹8.7→₹106 Cr
FY18→FY25 · Cash + Bank FD
Cumulative Dividends
₹75 Cr
FY18–FY25 total paid
✅ Balance Sheet & Cash Position — FY18–FY25
LHRC reached a debt-free position by FY24, having reduced total borrowings from ₹42 Cr (FY19 peak) to zero. Cash and bank balances grew to ₹106 Cr by FY25, comprising ₹44 Cr in liquid cash and ₹62 Cr in fixed deposits. Operating cash flow ranged between ₹31 Cr and ₹68 Cr annually over the period, with free cash flow positive in each year following FY19.
Cash Flow from Operations, Investing & Financing
CFO positive across all years
Free Cash Flow & Dividend Coverage
FCF = CFO – Capex · How much is left after reinvestment
Debt Reduction Journey
From ₹42 Cr total debt (FY19) to zero
Cash & Bank Balance Accumulation
Liquid assets on balance sheet
Total Assets
₹393→₹533 Cr
FY18→FY25 · CAGR 4.5%
Equity
₹279→₹422 Cr
FY18→FY25 · 79.2% of assets FY25
Net Fixed Assets
₹354→₹347 Cr
FY18→FY25 · PPE + CWIP
Working Capital Days
—
Trade Rec – Trade Pay cycle
Asset Composition Over Time
PPE dominates — typical for hospital businesses
Working Capital Metrics
Receivable days & inventory days trend
Balance Sheet Summary (₹ Lakhs)