About
Narayana Hrudayalaya Ltd
Narayana Hrudayalaya Limited together with its subsidiaries and associates is primarily engaged in business of rendering medical and healthcare services. Narayana Hrudayalaya Limited, the flagship company of the Group, was incorporated on 19th July 2000 by Dr. Devi Prasad Shetty as its Founder. It has a network of 23 multi-speciality and super speciality hospitals with 7 heart centres spread across 18 locations in India and 1 multi-specialty hospital in Cayman Islands.
During the financial year ended 31 March 2016, Company acquired the entire remaining 26% in Narayana Hrudayalaya Surgical Hospital Private Limited (NHSHPL) from Infrastructure Development Corporation (Karnataka) Limited (IDECK) by paying Rs 3,025.60 Lacs as total purchase consideration to make NHSHPL as its wholly owned subsidiary.
During the year under review, the company through its wholly owned subsidiary entered into an agreement with prominent Kenyan doctors and couple of leading international financial institutions to establish a multi-specialty hospital in Nairobi, Kenya. The company through its wholly owned subsidiary would initially own 26% equity stake in the operational entity for a consideration of USD 1.325 million. The multi-specialty hospital will be a state of the art tertiary care facility poised to cater to patients across different specialties. The 130 bedded hospital will provide affordable quality care that Narayana stands for, to the patients from Kenya and neighbouring African countries.
During the year under review, the company received National Accreditation Board for Hospitals & Healthcare Providers (NABH) accreditation for 5 new units viz. HSR, Guwahati, Ahmedabad, Jamshedpur and Mysore.
Asia Healthcare Development Limited (AHDL) was a wholly owned subsidiary of the Company which was engaged in the business of operation of hospitals, clinics, health centers, nursing homes and other related activities. The Company was sold in November 2016 to Lila Hospitals Private Limited by executing a Share Purchase Agreement for the sale of all its shares for a consideration of Rs. 38.34 lacs.
The promoters and promoter group of the company other shareholders (JP Morgan Mauritius Holdings, Ambadevi Mauritius Holdings, Ashoka Investment Holdings) offloaded a total of 2.45 crore equity shares of Narayana Hrudayalaya by way of an initial public offer (IPO). The IPO was open for subscription during the period from 17 to 21 December 2015. There was no fresh issue of shares from the company. The company got its securities listed on BSE Limited and on National Stock Exchange of India Limited on 6 January 2016.
During the year ended 31st March 2016, the Company completed the Initial Public Offering (IPO) through an offer for sale by existing shareholders to the extent of 24,523,297 equity shares of face value of Rs10 each for a cash price of Rs 250 per equity share including a premium of Rs 240 per equity share, of 6,287,978 equity shares by Ashoka Investment Holdings Limited, 1,886,455 equity shares by Ambadevi Mauritius Holdings Limited, 12,261,648 equity shares by JP Morgan Mauritius Holdings IV Limited, 2,043,608 equity shares by Dr. Devi Prasad Shetty and 2,043,608 equity shares by Shakuntala Shetty aggregating to Rs 6130.82 million and the equity shares of the Company were listed on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited on 6th January 2016.At the beginning of the financial year ended 31 March 2017, Narayana Hrydayalaya made significant investments by acquiring NewRise Healthcare Private Limited from Panacea Biotech Limited at an enterprise value of Rs 180 crore. On the organic route, the company started fiscal 2016-17 with the commissioning of its super speciality facility at Kakriyal, Jammu (established in partnership with Shri Mata Vaishno Devi Shrine Board). The 230 bedded facility is a state-of-the-art tertiary care facility catering to patients across 20 different specialities with a particular focus on cardiac sciences and oncology
Pursuant to a Share Purchase Agreement executed in November 2016, Asia Healthcare Development Limited was sold to Lila Hospitals Private Limited. Narayana Hrydayalaya's subsidiary Narayana Hrudayalaya Hospitals Malaysia Sdn Bhd (Narayana Malaysia) filed an application for voluntary liquidation, pursuant to Section 257(1) of the Companies Act, 1965 of Malaysia in January 2017.
During the financial year ended 31 March 2017, the company launched a dedicated 30 bedded platinum wing in Mazumdar Shaw Medical Centre, Bengaluru to offer world-class services and comfort in line with international standards of dedicated care and hospitality. During the year under review, the company partnered with Cisco to offer affordable remote diagnostic capabilities; this digital telemedicine solution would deliver advanced specialized healthcare services remotely in various parts of the country.
Narayana Hrydayalaya's wholly owned subsidiary Narayana Hrudayalaya Surgical Hospital Private Limited (NHSHPL) entered into a Healthcare Services Agreement in March 2017 with Dharamshila Cancer Foundation and Research Centre for operating a hospital in New Delhi. NHSHPL is engaged in the business of operating and maintaining hospitals, clinics, health centers, nursing homes and other related activities.
Towards the beginning the financial year ended 31 March 2018, the company commissioned SRCC Children's Hospital at Haji Ali Park, Mahalaxmi in Mumbai. The facility is operated and managed by Narayana Hrydayalaya and backed by SRCC, an institution renowned for serving the needs of children from all sections of society. SRCC Children's Hospital is the company's maiden foray in Mumbai and a well-calibrated step in line with the group strategy to reinforce its presence across selected regional clusters. Narayana Hrydayalaya also acquired) a ~230 bedded near complete hospital at Gurugram in early 2017-18.
During the financial year ended 31 March 2018, NewRise Healthcare Private Limited (NRHPL) was merged with the company vide Regional Director's Order dated 4 October 2017. NRHPL was a wholly owned subsidiary of the company which was acquired from Panacea Biotech Limited during the year under review.
The company commissioned 2nd LINAC at Westbank in June 2017. The wholly owned subsidiary company, Narayana Cayman Holdings Ltd. was merged with the step-down subsidiary, Health City Cayman Islands Ltd. through Scheme of Merger effective April 1, 2021.
In 2023, The Health City Cayman Islands Ltd. (HCCI) acquired the 100% Ordinary Shares in the ENT in Cayman Ltd. on 3rd March, 2023. Accordingly, ENT in Cayman Ltd. was made a 100% step-down subsidiary of the Company.
In 2022-23, the Company through a Business Transfer Agreement (BTA) with hiva and Shiva Orthopaedic Hospital Private Limited acquired its Orthopaedic and Trauma Hospital effective from October 1, 2022 as a going concern on slump sale basis for an aggregate cash consideration of Rs 200 Crores. The Company launched its first ever Cadaveric Liver & Kidney Transplant at DNSH, Delhi. Narayana Multispecialty Hospital, Jaipur performed its First Liver Transplant in FY23. Narayana Multispecialty Hospital, Jaipur commissioned its new LINAC Machine, further bolstering its capabilities in the field of Oncology. Narayana Institute of Cardiac
Sciences (NICS), in Health City, Bengaluru operationalized three new Operating Rooms, expanding its capacity to serve patients in need of surgical procedures. Mazumdar Shah Medical Centre (MSMC), Bengaluru acquired the Sparsh Hospital unit it its Health
City premises in Bommasandra and expanded its scope of clinical services by launching the Dept. of Orthopaedics & Joint Replacement. MSMC went on to become the largest Bone Marrow Transplant (BMT) facility in India, with a total capacity of 35 Bone Marrow Transplant (BMT) beds. Dharamshila Narayana Superspecialty Hospital (DNSH) in Delhi expanded its clinical services
by adding Da Vinci Robot and launching Robotic GI Surgery, providing patients with access to cutting-edge surgical technology.
The Unit also upgraded its Radiation Therapy system to Versa HD platform, installed an Advanced Nurse Call Bell System with Patient
Tracker & Announcement Facility and, conducted its first successful Cadaveric Liver Transplant in the year.
Narayana Hrudayalaya Ltd
Chairman Speech
Dear Shareholders,
In 2011, Marc And reessen the co-founder of Netscape, famously stated that
"software is eating the world".
In 2011, Marc And reessen the co-founder of Netscape, famously stated
that"software is eating the world". His prediction was proven correct as
companies like Amazon, Google and Facebook changed the way we live our lives. However, not
many people are aware that these companies were able to change the world because they are
standing on the shoulders of giant platform ecosystems like Windows, Android, iOS, and
AWS. Being built on a stable platform allowed these companies to share information,
rapidly innovate, and build software that is so intuitive, even children can download an
app the first time they pick up a phone.
Unfortunately, the healthcare industry does not benefit from a platform that allows
multiple programs to interact with one another. We are rigidly isolated from progress made
in the consumer technology industry due to the complexity of the existing systems.
Contrary to popular perception, hospitals are not the safest places for patients. Despite
having world class hospitals and intense regulation, it's estimated that if 200 patients
spend just one night in an American Hospital, 1 of them will die due to medical error.
Medical error is widely acknowledged to be the 3rd commonest cause of death in hospitals,
after heart disease and cancer. According to the Joint Commission of the USA, medical
error usually happens due to a "communication failure". The foundation of
patient care is built on the ability of doctors, nurses and paramedics to communicate with
each other in real time and take critical decisions. However, existing electronic medical
record systems don't do a good job of addressing the communication gap in healthcare.
Despite costing tens of millions of dollars, the dominant EMR systems in the west don't
have happy end users and is cited as one of the most common reasons for the physician
burnout in the US. There needs to be a new platform that allows multiple sources of
information, and multiple methods of communicating patient data among doctors, nurses, and
technicians.
As a senior doctor, I believe that technology will make healthcare safer, more
affordable and restore the joy of taking care of patients. However, I also believe that if
a technology company builds software far away from the patient's bedside, it won't be
acceptable to the doctors. This inspired us to start our digital journey which eventually
gave birth to the ATHMA platform for healthcare delivery and MEDHA platform for healthcare
analytics and AI. Today ATHMA includes AADI app for inpatient care, Namah app for nursing
care, ATHMA LIS for managing laboratories, ATHMA RIS for radiology and reporting and the
NHCare app for patients. True to our mission, we can seamlessly integrate with third-party
applications to unlock the full potential of our data.
ATHMA enables mobile first, seamless communication between all our doctors, nurses,
paramedics, administrators, patients, and medical equipment. About 1.5 million messages
flow everyday between all our stakeholders. This has dramatically improved the quality of
patient care across our hospitals. Here's an example of how our doctors have vastly
improved our patient care routine because of the new tools available to us. Before I go to
bed at 11 pm, I conduct my ICU rounds sitting in the comfort of my home. I'm able to do
this through the AADI app on my iPhone, which shows all the relevant patient information
from ATHMA. My day begins at 4:30 in the morning with a fresh cup of coffee and checking
up on all my patients virtually. Today, I can be anywhere in the world, and still see my
ICU patients, interact with my colleagues, see the cardiac monitor of a particular
patient, check the latest X ray, change the medication, or even speak to the patient's
family from my phone. For the first time in my professional life as a heart surgeon, I can
see everything about my patients from anywhere I choose and at any time I want to see it.
We are among the few hospitals in the world that can remotely treat critically ill
patients with all the medical reports at our fingertips. For someone like me who used to
spend many nights in the hospital as a young surgeon, this is nothing short of magical.
Young students join the medical profession because they are inspired to heal the sick
and reduce suffering in this world. But modern healthcare systems have a lot of mindless
and rote tasks that kills that spark. We designed Athma to restore the joy of patient care
by eliminating pointless tasks while improving clinical outcomes and administrative
efficiency. Our study on nurses' routine revealed that over 50% of their time is spent
simply copying information from machines and entering it into another system or writing on
paper. After deploying Namah nursing app, we were able to reduce the time spent on this
kind of monotonous work to less than 5%. This means that nurses are now able to spend more
time performing their clinical tasks and caring for their patients with empathy. These
innovations dramatically enhance patient satisfaction and improves the quality of care.
Our MEDHA Analytics team has gathered mountains of clinical data to build the Normal
Heart Score - a risk scoring algorithm which can predict an adverse cardiac event in post
operative patients. In a recently published peer reviewed study, the NH Score outperformed
both the existing benchmarks: STS and Euroscore II for all outcomes in an Indian
population. The MEDHA team is currently working on predicting cardiac function from a
simple ECG with better accuracy than the existing models.
Building ATHMA and our technology platform is the most complex project we have ever
undertaken. It is my belief that world class software for our industry can only be built
by brilliant engineers coding at the patient's bedside, interacting with doctors in the
halls of the ICU, and experiencing the joys of healing patients and relieving suffering.
We are truly blessed to have the opportunity to run an institution that attracts both
talented clinicians and world class software engineers with magic in their fingers. The
end result is truly special.
I would like to thank the Ministry of Health, Government of India for encouraging
hospitals and diagnostic centres to adopt electronic medical records and bring about EMR
as the next UPI moment for India. In a world where a vast majority of hospitals don't use
an EMR or modern software, there is an immense opportunity to improve the quality and
affordability of healthcare through digital tools. We want Athma to be embraced by
hospitals around the world at a price they can afford. This will save millions of lives
and will be a fitting tribute to the brilliant software developers who worked tirelessly
for years to create a masterpiece.
We are extremely grateful for your trust in us and for giving us an opportunity to make
the world a better place.
Thank you so much.
Dr. Devi Prasad Shetty
Chairman
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Narayana Hrudayalaya Ltd
Company History
Narayana Hrudayalaya Limited together with its subsidiaries and associates is primarily engaged in business of rendering medical and healthcare services. Narayana Hrudayalaya Limited, the flagship company of the Group, was incorporated on 19th July 2000 by Dr. Devi Prasad Shetty as its Founder. It has a network of 23 multi-speciality and super speciality hospitals with 7 heart centres spread across 18 locations in India and 1 multi-specialty hospital in Cayman Islands.
During the financial year ended 31 March 2016, Company acquired the entire remaining 26% in Narayana Hrudayalaya Surgical Hospital Private Limited (NHSHPL) from Infrastructure Development Corporation (Karnataka) Limited (IDECK) by paying Rs 3,025.60 Lacs as total purchase consideration to make NHSHPL as its wholly owned subsidiary.
During the year under review, the company through its wholly owned subsidiary entered into an agreement with prominent Kenyan doctors and couple of leading international financial institutions to establish a multi-specialty hospital in Nairobi, Kenya. The company through its wholly owned subsidiary would initially own 26% equity stake in the operational entity for a consideration of USD 1.325 million. The multi-specialty hospital will be a state of the art tertiary care facility poised to cater to patients across different specialties. The 130 bedded hospital will provide affordable quality care that Narayana stands for, to the patients from Kenya and neighbouring African countries.
During the year under review, the company received National Accreditation Board for Hospitals & Healthcare Providers (NABH) accreditation for 5 new units viz. HSR, Guwahati, Ahmedabad, Jamshedpur and Mysore.
Asia Healthcare Development Limited (AHDL) was a wholly owned subsidiary of the Company which was engaged in the business of operation of hospitals, clinics, health centers, nursing homes and other related activities. The Company was sold in November 2016 to Lila Hospitals Private Limited by executing a Share Purchase Agreement for the sale of all its shares for a consideration of Rs. 38.34 lacs.
The promoters and promoter group of the company other shareholders (JP Morgan Mauritius Holdings, Ambadevi Mauritius Holdings, Ashoka Investment Holdings) offloaded a total of 2.45 crore equity shares of Narayana Hrudayalaya by way of an initial public offer (IPO). The IPO was open for subscription during the period from 17 to 21 December 2015. There was no fresh issue of shares from the company. The company got its securities listed on BSE Limited and on National Stock Exchange of India Limited on 6 January 2016.
During the year ended 31st March 2016, the Company completed the Initial Public Offering (IPO) through an offer for sale by existing shareholders to the extent of 24,523,297 equity shares of face value of Rs10 each for a cash price of Rs 250 per equity share including a premium of Rs 240 per equity share, of 6,287,978 equity shares by Ashoka Investment Holdings Limited, 1,886,455 equity shares by Ambadevi Mauritius Holdings Limited, 12,261,648 equity shares by JP Morgan Mauritius Holdings IV Limited, 2,043,608 equity shares by Dr. Devi Prasad Shetty and 2,043,608 equity shares by Shakuntala Shetty aggregating to Rs 6130.82 million and the equity shares of the Company were listed on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited on 6th January 2016.At the beginning of the financial year ended 31 March 2017, Narayana Hrydayalaya made significant investments by acquiring NewRise Healthcare Private Limited from Panacea Biotech Limited at an enterprise value of Rs 180 crore. On the organic route, the company started fiscal 2016-17 with the commissioning of its super speciality facility at Kakriyal, Jammu (established in partnership with Shri Mata Vaishno Devi Shrine Board). The 230 bedded facility is a state-of-the-art tertiary care facility catering to patients across 20 different specialities with a particular focus on cardiac sciences and oncology
Pursuant to a Share Purchase Agreement executed in November 2016, Asia Healthcare Development Limited was sold to Lila Hospitals Private Limited. Narayana Hrydayalaya's subsidiary Narayana Hrudayalaya Hospitals Malaysia Sdn Bhd (Narayana Malaysia) filed an application for voluntary liquidation, pursuant to Section 257(1) of the Companies Act, 1965 of Malaysia in January 2017.
During the financial year ended 31 March 2017, the company launched a dedicated 30 bedded platinum wing in Mazumdar Shaw Medical Centre, Bengaluru to offer world-class services and comfort in line with international standards of dedicated care and hospitality. During the year under review, the company partnered with Cisco to offer affordable remote diagnostic capabilities; this digital telemedicine solution would deliver advanced specialized healthcare services remotely in various parts of the country.
Narayana Hrydayalaya's wholly owned subsidiary Narayana Hrudayalaya Surgical Hospital Private Limited (NHSHPL) entered into a Healthcare Services Agreement in March 2017 with Dharamshila Cancer Foundation and Research Centre for operating a hospital in New Delhi. NHSHPL is engaged in the business of operating and maintaining hospitals, clinics, health centers, nursing homes and other related activities.
Towards the beginning the financial year ended 31 March 2018, the company commissioned SRCC Children's Hospital at Haji Ali Park, Mahalaxmi in Mumbai. The facility is operated and managed by Narayana Hrydayalaya and backed by SRCC, an institution renowned for serving the needs of children from all sections of society. SRCC Children's Hospital is the company's maiden foray in Mumbai and a well-calibrated step in line with the group strategy to reinforce its presence across selected regional clusters. Narayana Hrydayalaya also acquired) a ~230 bedded near complete hospital at Gurugram in early 2017-18.
During the financial year ended 31 March 2018, NewRise Healthcare Private Limited (NRHPL) was merged with the company vide Regional Director's Order dated 4 October 2017. NRHPL was a wholly owned subsidiary of the company which was acquired from Panacea Biotech Limited during the year under review.
The company commissioned 2nd LINAC at Westbank in June 2017. The wholly owned subsidiary company, Narayana Cayman Holdings Ltd. was merged with the step-down subsidiary, Health City Cayman Islands Ltd. through Scheme of Merger effective April 1, 2021.
In 2023, The Health City Cayman Islands Ltd. (HCCI) acquired the 100% Ordinary Shares in the ENT in Cayman Ltd. on 3rd March, 2023. Accordingly, ENT in Cayman Ltd. was made a 100% step-down subsidiary of the Company.
In 2022-23, the Company through a Business Transfer Agreement (BTA) with hiva and Shiva Orthopaedic Hospital Private Limited acquired its Orthopaedic and Trauma Hospital effective from October 1, 2022 as a going concern on slump sale basis for an aggregate cash consideration of Rs 200 Crores. The Company launched its first ever Cadaveric Liver & Kidney Transplant at DNSH, Delhi. Narayana Multispecialty Hospital, Jaipur performed its First Liver Transplant in FY23. Narayana Multispecialty Hospital, Jaipur commissioned its new LINAC Machine, further bolstering its capabilities in the field of Oncology. Narayana Institute of Cardiac
Sciences (NICS), in Health City, Bengaluru operationalized three new Operating Rooms, expanding its capacity to serve patients in need of surgical procedures. Mazumdar Shah Medical Centre (MSMC), Bengaluru acquired the Sparsh Hospital unit it its Health
City premises in Bommasandra and expanded its scope of clinical services by launching the Dept. of Orthopaedics & Joint Replacement. MSMC went on to become the largest Bone Marrow Transplant (BMT) facility in India, with a total capacity of 35 Bone Marrow Transplant (BMT) beds. Dharamshila Narayana Superspecialty Hospital (DNSH) in Delhi expanded its clinical services
by adding Da Vinci Robot and launching Robotic GI Surgery, providing patients with access to cutting-edge surgical technology.
The Unit also upgraded its Radiation Therapy system to Versa HD platform, installed an Advanced Nurse Call Bell System with Patient
Tracker & Announcement Facility and, conducted its first successful Cadaveric Liver Transplant in the year.
Narayana Hrudayalaya Ltd
Directors Reports
Narayana Hrudayalaya Ltd
Company Background
| Incorporation Year | 2000 |
| Registered Office | No 258/A Bommasandra Indl Area,Anekal Taluq
Bengaluru,Karnataka-560099 |
| Telephone | 91-80-71222802,Managing Director |
| Fax | 91-80-71222611 |
DEVI PRASAD SHETTYEmmanuel Rupert| Company Secretary | Sridhar S |
| Auditor | Deloitte Haskins & Sells LLP |
| Face Value | 10 |
| Market Lot | 1 |
| Listing | BSE,NSE, |
| Registrar | KFin Techologies Ltd
Karvy Selenium Tow-B,31&32 Financial Dist,Nanakramguda ,Hyderabad-500032 |
Narayana Hrudayalaya Ltd
Company Management
| Director Name | Director Designation | Year |
|---|
| DEVI PRASAD SHETTY | Chairman & Wholetime Director | 2023 |
| Viren Shetty | Executive Vice Chairman | 2023 |
| Kiran Mazumdar Shaw | Director | 2023 |
| Dinesh Krishna Swamy | Independent Director | 2023 |
| B Muthuraman | Independent Director | 2023 |
| B N Subramanya | Independent Director | 2023 |
| Sridhar S | Company Sec. & Compli. Officer | 2023 |
| Arun Seth | Independent Director | 2023 |
| Emmanuel Rupert | Managing Director & Group CEO | 2023 |
| Terri Smith Bresenham | Independent Director | 2023 |
| Nachiket Mor | Independent Director | 2023 |
| Shankar Arunachalam | Independent Director | 2023 |
| Naveen Tewari | Independent Director | 2023 |
Narayana Hrudayalaya Ltd
Listing Information
| Listing Information |
|---|
| BSE_500 |
| BSE_HC |
| CNX500 |
| BSESMALLCA |
| CNXSMALLCA |
| BSEALLCAP |
| SML250 |
| MSL400 |
| NFTYMSC400 |
| NFTYSC50 |
| NFTYSC250 |
| NF500M5025 |
| NFTYTOTMKT |
| NFTYMIDSMH |
| NMIF503020 |
Narayana Hrudayalaya Ltd
Finished Product
| Product Name | Unit | Installed
Capacity | Production
Quantity | Sales
Quantity | Sales
Value |
|---|
| Income from Medical&Healtcare | NA | 0 | 0 | 0 | 2829.276 |
| Sale of Medical Consumables | NA | 0 | 0 | 0 | 120.717 |
| Other Operating Income | NA | 0 | 0 | 0 | 6.166 |
| Teleradiology Income | NA | 0 | 0 | 0 | 2.772 |
| Income from Patient Amenities | NA | 0 | 0 | 0 | 2.484 |
| In Patient Collections | NA | 0 | 0 | 0 | 0 |
| Out Patient | NA | 0 | 0 | 0 | 0 |