MB Stories
Performance Review – Q2 FY25
Healthcare providers continue to focus on growth, led by scale expansion through consolidation by large players and brownfield expansion, increased specialization in service mix, and cost optimization initiatives.
The healthcare sector in India is poised for strong growth in the medium to long term.
In the hospital category, there is a lot of expansion and consolidation going on. The Tier-II and Tier-III cities can expect large hospitals prowling around looking at acquisitions. And yet there is a niche demand for single specialty hospitals, and they can expect to grow.
These keep the investors interested in large multi-specialty hospitals that garner the lion’s share of the funding, and also in single-specialty hospitals that get some of the smart money, especially funding from alternative investment funds, angel investors, and growth-focused funds. Nothing matters more to a PE firm than scaling up a business quickly.
India shall continue to be the go-to destination for those seeking both complex procedures and preventive healthcare, propelling the hospitals to let technology redefine delivery. Advances, such as artificial intelligence (AI), robotic surgery, digital outpatient services, and even 3D printing are becoming integral to hospital operations. These shifts are not just novel; they are setting up India as a potential leader in advanced medical services.
India has a vast unserved and underserved population in terms of diagnostics. The diagnostics industry has emerged as a preferred play, driven by attractive margins and huge headroom for growth.
Adieu 2024! Charting a new horizon for the IVD industry in 2025
Sachinkumar Singh
Director & CEO,
DiaSys Diagnostics India Pvt. Ltd.
As 2024 draws to a close, the IVD industry gears up for a transformative year ahead. The rapid pace of technological advancements, coupled with the growing demand for accessible and affordable diagnostics, sets the stage for an exciting 2025. At DiaSys India, we remain steadfast in our commitment to revolutionizing healthcare diagnostics through innovation, quality, and accessibility.
Pioneering innovation
Innovation drives the evolution of diagnostics, and at DiaSys India, it is our guiding principle. We are proud to lead the charge with our advancements in CLIA (Chemiluminescence Immunoassay) systems, offering integration capabilities and over 150 parameters. These technologies enhance diagnostic precision and efficiency, laying the groundwork for faster, more reliable results. By consistently pushing the boundaries of what’s possible, we aim to redefine the standards of diagnostic excellence.
Empowering local manufacturing
A robust manufacturing base is crucial for self-reliance, and DiaSys India continues to strengthen local production capabilities. By aligning with the government’s Make in India initiative, we are contributing to the nation’s aspiration of becoming a global leader in healthcare manufacturing. Our state-of-the-art facilities ensure world-class quality, enabling us not only to meet domestic demand but also to extend India’s footprint in international markets.
Expanding accessibility
Healthcare equity is at the heart of our mission. In 2025, we will further extend our distribution network, ensuring our products reach underserved regions and remote areas. Collaborating with partners under the Public-Private Partnership (PPP) model, we aim to make quality diagnostics universally available. Our focus on affordability and ease of use ensures that healthcare providers, from major hospitals to rural clinics, can rely on our solutions to deliver better patient outcomes.
A vision for the future
As we step into 2025, DiaSys India is proud to introduce an integrated system, combining clinical chemistry and immunoassay capabilities. This innovation marks a significant milestone in our journey toward fostering a healthier Bharat. Driven by our core values of innovation, quality, and accessibility, we are prepared to embrace new challenges and opportunities. Together, we strive to build a Swastha Bharat and Viksit Bharat by 2047, shaping a future where diagnostics play a transformative role in empowering lives across the nation.
The road ahead is promising, and at DiaSys India, we are ready to lead with purpose, passion, and progress.
The diagnostics industry is characterized by a high degree of fragmentation with over 132,000 labs of which 65 percent is concentrated in Tier-I and Tier-II cities. Of the ₹1.26-lakh crore market, Tier-1 and Tier-II cities account for more than 50 percent market share. The fragmentation of laboratories in Tier-II+ cities presents challenges in terms of infrastructure, talent, and patient awareness. Yet, this fragmentation offers significant opportunities for technology-driven solutions to address these challenges and improve the quality and accessibility of laboratory services.
Leading hospitals
Apollo Hospitals Enterprises Ltd.
Apollo Hospitals recorded significant growth in the Q2 FY25. The company has reported revenue from operations of ₹5589.3 crore during Q2 FY25, compared to ₹4846.9 crore during Q2 FY24. The company has reported a net profit of ₹395.70 crore for Q2 FY25 compared to ₹248.80 crore for Q2 FY24. The EPS is ₹26.34 for Q2 FY25 compared to ₹16.2 for Q2 FY24.
- Consolidated EBITDA grew 30 percent YoY to ₹816 crore.
- Healthcare services revenue grew 14 percent YoY to ₹2903 crore.
- Apollo HealthCo revenues grew 17 percent YoY to ₹2282 crore.
- GMV of Apollo 24/7 is at ₹757 crore.
Apollo Hospitals has reinforced its commitment to Maharashtra by signing a definitive agreement to build and operate a new 500-bed hospital in Worli, Mumbai. Additionally, the group announced the expansion of its Lucknow facility from 300 to 500 beds, with the development of 1.2 acres of recently acquired land. Plans are to expand more across 11 locations nationwide. Apollo Hospitals aims to increase its capacity by over 3512 beds (2877 census beds) over the next four years.
Dr Prathap C Reddy
Founder and Chairman,
Apollo Hospitals Group
One of our proudest achievements is our recent partnership with the Government of Tripura to provide free heart surgeries for children, underscoring our belief that healthcare should reach those who need it most, especially in underserved communities. Beyond expanding access, we are advancing medical technology with innovative treatments like water vapor thermotherapy for prostate care and robotic radiosurgery systems for cancer. These state-of-the-art solutions make procedures less invasive and reduce recovery time, resulting in better patient outcomes.
In H1 FY25, Apollo Hospitals launched a research academy to drive groundbreaking medical discoveries and shape the next generation of treatments.
Beyond 2024 – Transformative trends and the path ahead for India’s MedTech and diagnostics
Thomas John Sharma
Managing Director,
Agappe Diagnostics Ltd
As 2024 draws to a close, the Indian IVD and MedTech sectors have demonstrated a robust growth trajectory. MedTech services take the cornerstone of healthcare by enabling disease monitoring and health assessments, valued approximately at USD 13 billion in 2023, with projections indicating a doubling in size by 2028. A CAGR of 18.5 percent between 2023 and 2029 reflects increasing healthcare awareness, preventive check-ups, rising disease prevalence, and greater health insurance penetration. These measures are fostering an ecosystem for local manufacturing, technology transfer, and collaborative efforts between startups and established players.
Indian IVD segment is valued at USD 2.3 billion in 2024 and anticipated to touch USD 3.98 billion by 2028 with a CAGR of 12–15%. Immunology branch occupies the principal place in Indian IVD sector with significant growth potential. The rise of Indian startups in the MedTech domain is substantial, offering solutions in areas like point-of-care testing (POCT) and wearable diagnostics. The POCT segment alone has reported to be increased @12 percent from 2025 to 2028, i.e., from USD 0.6 billion in 2024 to touch USD 1 billion in 2028.
2024 also marked significant strides in home diagnostics and wearable technology, facilitating patient care beyond traditional healthcare settings, valued at approximately USD 1.3 billon in 2022 and is expected to grow at a CAGR of 34 percent to reach USD 5.7 billion by 2027.
Additionally, special focus of the Life Sciences Sector Skill Development Council (LSSSDC) as well as Healthcare Sector Skill Council (HSSC) is addressing the scarcity of skilled labor, vital for sustaining growth in this sector.
Vision for Agappe in 2025
Agappe is poised to lead the transformation of diagnostic solutions with a focused vision for innovation and excellence. Our initiatives, including the Mispa HX series in 5-part and 6-part hematology analyzers, and the production of CLIA equipment, such as the Mispa i200 and i180, reflect our commitment to providing precise and reliable diagnostic tools that meet the rapidly evolving needs of the healthcare industry. Agappe is the first Indian company to get regulatory approvals for manufacturing CLIA reagents. Setting up of the Specialty Division, collaborating with global leaders like Fujirebio Holdings, Japan, in immunology (mono-cartridge systems like Mispa i60 and i121) segment enables us to focus on special neurology and gastro disorders. Diversification into POCT and veterinary diagnosis further solidifies our commitment to delivering cutting-edge healthcare solutions. Yes, we strive for excellence in every step.
Aster DM Healthcare
Aster DM Healthcare reported revenue from operations of ₹1086.44 crore during Q2 FY25, compared to ₹929.43 crore during Q2 FY24. The company has reported a net profit of ₹105.76 crore for Q2 FY25, a net profit of ₹5152.2 crore in Q1 FY25 and a loss of ₹15.34 crore in Q2 FY24. The EPS is ₹1.94 for Q2 FY25 compared to ₹0.94 for Q2 FY24.
| Aster DM Healthcare Limited | |||
| In ₹ crore | Q2 FY25 | Q1 FY25 | Q2 FY24 |
| Revenue from operations | 1086.44 | 1001.87 | 929.43 |
| Net profit | 105.76 | 5152.20 | -15.34 |
| EPS | 1.94 | 1.49 | 0.94 |
Dr Azad Moopen
Founder and Chairman,
Aster DM Healthcare
I am pleased to announce that this quarter represents a pivotal moment for Aster DM Healthcare. With the successful segregation of our GCC business, we are now a pure-play India entity, as we embark on a new journey FY25 onwards. In Q1 FY25, our India business achieved 20 percent YoY growth delivering the highest ever revenue performance of ₹1002 crore, aided by an increase in bed capacity and growth in ARPOB. The operating EBITDA grew by 39 percent YoY to ₹177 crore and net profit (post NCI) grew by 80 percent YoY to ₹74 crore in Q1 FY25.
Fortis Healthcare Ltd.
Fortis Healthcare shows a significant improvement over the previous year. The company has reported revenue from operations of ₹1988.39 crore during Q2 FY25, compared to ₹1769.95 crore during Q2 FY24. The company has reported a net profit of ₹188.85 crore for Q2 FY25 compared to ₹182.62 crore for Q2 FY24. The EPS is ₹2.34 for Q2 FY25 compared to ₹2.30 for Q2 FY24.
| Fortis Healthcare Limited | |||
| In ₹ crore | Q2 FY25 | Q1 FY25 | Q2 FY24 |
| Revenue from operations | 1988.39 | 1858.90 | 1769.95 |
| Net profit | 188.85 | 173.39 | 182.62 |
| EPS | 2.34 | 2.20 | 2.30 |
Hospital business revenues reported an increase of 13.9 percent to ₹1655 crore while diagnostic business revenues at ₹334 crore versus ₹317 crore and consolidated revenues increase 12.3 percent to ₹1988 crore. Q2 FY25 EBITDA is up 30.38 percent YoY to ₹448.07 crore compared to ₹343.67 crore for Q2 FY24. The company posted a 7.6-percent YoY increase in ARPOB per annum to ₹2.37 crore, while occupancy levels rose to 72 percent in Q2 FY25, up from 69 percent in Q2 FY24.
Dr Ashutosh Raghuvanshi
MD and CEO,
Fortis Healthcare Limited
The company has continued its positive momentum in Q2 with the hospital business contributing approximately 82 percent to consolidated EBITDA. The hospital is making good progress by planning to add nearly 700 beds this fiscal year across key facilities, including Faridabad, Anandpur, Shalimar Bagh, and Noida.
In addition to expansion plans, 350-bed Manesar facility which is acquired in FY24 commissioned recently. We will actively pursue further inorganic growth opportunities in our focus geographic cluster.
Healthcare Global Enterprises Limited (HCG)
Healthcare Global Enterprises Limited reported its best-ever revenue from operations of ₹552.47 crore during Q2 FY25, compared to ₹485.96 crore during Q2 FY24. The company has reported a net profit of ₹20.68 crore for Q2 FY25 as compared to ₹10.78 crore for Q2 FY24. The EPS is ₹1.29 for Q2 FY25 as compared to ₹0.97 for Q2 FY24.
| HealthCare Global Enterprises Ltd. | |||
| In ₹ crore | Q2 FY25 | Q1 FY25 | Q2 FY24 |
| Revenue from operations | 552.47 | 524.69 | 485.96 |
| Net profit | 20.68 | 13.63 | 10.78 |
| EPS | 1.29 | 0.87 | 0.97 |
EBITDA margins stood strong at 18.8 percent compared to 17.8 percent in the same period last year. Proforma revenue growth including Vizag acquisition stands at 20 percent with EBITDA margins of 19 percent. This growth is on the back of increased volumes across modalities leading to operational leverage playing out well.
Dr BS Ajaikumar
Executive Chairman,
HealthCare Global Enterprises Limited
As we look to the future, HCG remains committed to pushing the boundaries of cancer treatment through the integration of advanced technologies and patient-centric innovations. With initiatives like virtual OPD and centralized genomics, we aim to make high-quality cancer care more accessible and precise, empowering patients with cutting-edge diagnostics and treatment plans tailored to their unique needs.
Emerging centers grew by 32 percent and with the Kolkata center being a major growth driver, growing by 66 percent on a year on year basis, turning profitable in the current year with 9.2 percent EBITDA in Q2. The digital initiatives have significantly boosted patient funnel, raising digital channel revenue to 14 percent of overall revenue in Q2, up from 4 percent last year.
Jupiter Life Line Hospitals Ltd.
Jupiter Life Line Hospitals Ltd. reported revenue from operations of ₹320 crore during Q2 FY25, compared to ₹260.80 crore during Q2 FY24. In Q2 FY25, EBITDA rose by 23.5 percent to ₹76.6 crore, compared to ₹62 crore in Q2 FY24, while PAT grew by 52.8 percent to ₹51.5 crore in Q2 FY25, up from ₹33.7 crore in Q2 FY24 The EPS is ₹7.86 for Q2 FY25 compared to ₹5.67 for Q2 FY24.
In Q2FY25, the company added 22 beds at Pune hospital.
| Jupiter Life Line Hospitals Ltd. | |||
| In ₹ crore | Q2 FY25 | Q1 FY25 | Q2 FY24 |
| Revenue from operations | 320.00 | 284.50 | 260.80 |
| Net profit | 51.5 | 44.6 | 33.7 |
| EPS | 7.86 | 6.8 | 5.67 |
Krishna Institute of Medical Sciences
KIMS reported revenue from operations at ₹777.30 crore during Q2 FY25, compared to ₹652.50 crore during Q2 FY24, a 19.1 percent increase. The net profit for Q2 FY25 was at ₹121 crore against ₹101 crore and ₹95 crore in Q2 FY24 and Q1 FY25 respectively. It declared a consolidated EPS of ₹2.68, a growth of 16.7 percent on YoY and 24.0 percent on QoQ basis.
| KIMS Hospitals | |||
| In ₹ crore | Q2 FY25 | Q1 FY25 | Q2 FY24 |
| Revenue from operations | 777.3 | 688.4 | 652.48 |
| Net profit | 120.7 | 95.2 | 101.29 |
| EPS | 2.68 | 10.82 | 11.50 |
Consolidated EBITDA in Q2 FY25 was ₹223.1 crore, an increase of 23.8 percent YoY from ₹180.2 crore in Q2 FY24.
Max Healthcare Institute Limited
The company has reported revenue from operations of ₹1707.46 crore during Q2 FY25, compared to ₹1363.16 crore during Q2 FY24. The company has reported a consolidated net profit of ₹281.81 crore in the Q2 FY25, increased by 1.9 percent from ₹276.68 crore for Q2 FY24. The EPS is ₹2.9 for Q2 FY25 compared to ₹2.85 for Q2 FY24.
| Max Healthcare Institute Limited | |||
| In ₹ crore | Q2 FY25 | Q1 FY25 | Q2 FY24 |
| Revenue from operations | 1707.46 | 1542.95 | 1363.16 |
| Net profit | 281.81 | 236.27 | 276.68 |
| EPS | 2.9 | 2.43 | 2.85 |
The company has reported ARPOB (average revenue per occupied bed) at ₹76,100 in Q2 FY25, an increase of 2 percent from ₹74,600 in the same period last year.
The market cap of the company is ₹95.8K crore.
Narayana Healthcare Limited
The company has reported revenue from operations of ₹1400 crore during Q2 FY25, compared to ₹1305.24 crore during Q2 FY24. The company has reported a net profit of ₹198.79 crore for Q2 FY25 compared to ₹226.68 crore for Q2 FY24. The EPS is ₹9.78 for Q2 FY25 compared to ₹11.16 for Q2 FY24.
| Narayana Healthcare Limited | |||
| In ₹ crore | Q2 FY25 | Q1 FY25 | Q2 FY24 |
| Revenue from operations | 1400.00 | 1340.95 | 1305.24 |
| Net profit | 198.79 | 201.49 | 226.68 |
| EPS | 9.78 | 9.92 | 11.16 |
Consolidated EBITDA stood at ₹332.03 crore, reflecting a margin of 23.7 percent as against ₹326.51 crore in Q2 FY24, translating into a growth of +1.7 percent YoY and +1.4 percent quarter-to-quarter (QoQ).
Dr Emmanuel Rupert
Managing Director and Group CEO,
Narayana Hrudayalaya Limited
We are pleased to report the highest-ever revenue on a quarterly basis with sustainable profitability margins, which is on account of improvement in realizations and increased domestic patient footfalls. Despite the slowdown in international patient inflows due to geopolitical tensions in the neighborhood, we have been able to show an overall growth in revenues during the quarter through our enhanced focus on domestic business. The performance improvement is seen across our flagship units, other hospitals, and steady improvements in the performance of our newer hospitals. We remain on track to delivering on our expectations for the full fiscal year for all our businesses including the new ventures.
Medanta (Global Health Limited)
Global Health Limited has reported revenue from operations of ₹956.56 crore during Q2 FY25 compared to ₹843.94 crore during Q2 FY24, a 12.5-percent YoY increase. The company has reported a net profit of ₹130.80 crore for Q2 FY25, growth of 4.5 percent YoY and 23.1 percent QoQ. The EPS is ₹4.87 for Q2 FY25 compared to ₹4.66 for Q2 FY24. The company has reported EBITDA of ₹246.5 crore during Q2 FY25, growth of 5.5 percent YoY and 18.4 percent QoQ was ₹233.6 crore during Q2 FY24.
| Medanta (Global Health Limited) | |||
| In ₹ crore | Q2 FY25 | Q1 FY25 | Q2 FY24 |
| Revenue from operations | 956.56 | 861.08 | 843.94 |
| Net profit | 130.82 | 106.26 | 125.16 |
| EPS | 4.87 | 3.96 | 4.66 |
On a consolidated basis, the company’s EBITDA grew by 5.5 percent to ₹246.5 crore in Q2 FY25, with EBITDA margins down to 25.3 percent from 27 percent in Q2 FY24.
Global Health reported a 9.1-percent YoY growth in average occupied bed days, with strong occupancy of 64.3 percent due to increased bed capacity. The company’s ARPOB per day rose to ₹62,140 in Q2 FY25, a marginal growth of 1.9 percent YoY compared to ₹61,003 reported for the same period last year.
During the quarter, Medanta added 118 total beds. This includes 66 beds in Patna and 52 in Lucknow, and operationalized 73 ICU beds. The company has signed an agreement to operate a 750-bed super-specialty hospital in Pitampura, New Delhi. Additionally, Medanta acquired 8859 sq. meters of land in Oshiwara, Mumbai, for ₹125.11 crore through a public auction. The upcoming facility will have a capacity of over 500 beds.
Rainbow Children’s Medicare Ltd.
In Q2 FY25, Rainbow witnessed growth across all key operating metrics, including the newly opened hospitals in Hyderabad, Bengaluru, and Chennai. The company achieved its highest-ever revenue from operations of ₹417.46 crore during Q2 FY25, grew 26 percent YoY and QoQ compared to ₹332.67 crore during Q2 FY24. The company reported a net profit of ₹79.01 crore for Q2 FY25, a 25.1 percent increase compared to ₹63.15 crore for Q2 FY24. The EPS is ₹7.77 for Q2 FY25 compared to ₹6.2 for Q2 FY24.
| Rainbow Childern’s Medicare Ltd | |||
| In ₹ crore | Q2 FY25 | Q1 FY25 | Q2 FY24 |
| Revenue from operations | 417.46 | 330.22 | 332.67 |
| Net profit | 79.01 | 39.73 | 63.15 |
| EPS | 7.77 | 3.89 | 6.2 |
The company has signed a lease for a brownfield spoke hospital to accommodate 90 beds in a rapidly growing micro market of Electronic City, Bengaluru. After completing interior work, it successfully registered and submitted the architectural design for both the land parcels at sector 44 and sector 56 at Gurugram to HSVP (Haryana Shehri Vikas Pradhikaran) for building plan approval. During the quarter, it has established a child development center at Banjara Hills, Hyderabad. This is expected to commence full-fledged services from November 2024.
Shalby Limited
The company has reported consolidated revenue from operations of ₹267.53 crore during Q2 FY25 compared to ₹237.98 crore during Q2 FY24. The company has reported a net profit of ₹2.36 crore for Q2 FY25 compared to ₹27.58 crore for Q2 FY24. The EPS is ₹0.22 for Q2 FY25 compared to ₹2.57 for Q2 FY24.
| Shalby Limited | |||
| In ₹ crore | Q2 FY25 | Q1 FY25 | Q2 FY24 |
| Revenue from operations | 267.53 | 278.89 | 237.98 |
| Net profit | 2.36 | 14.74 | 27.58 |
| EPS | 0.22 | 1.37 | 2.57 |
The major growth has been contributed from the implant business and acquisition of Delhi NCR hospital in current calendar year. The hospital segment has maintained consistent performance across key operational metrics, witnessing a 5.5-percent rise in in-patient count (including day care) YoY in Q2 FY25. Notably, ARPOB and ALOS stood at ₹38,779 and 3.6 respectively in Q2 FY25, compared to ₹36,136 and 3.92 in the corresponding quarter of the previous year improved by 7.3 percent and 8.2 percent respectively. The core specialties, including arthroplasty, onco-science, cardiac science, orthopedic, critical care and general medicine, and neurology, collectively contributed 80 percent to the revenues in Q2 FY25.
Shanay Shah
President,
Shalby Limited
On a standalone performance, our revenue has degrown by 2.4 percent due to reduction in surgeries by 7 percent on YoY basis. Rajasthan and Gujarat had witnessed a major rainfall in Q2 FY25, when most districts in Gujarat and Rajasthan experienced heavy flooding, which resulted in patients postponing elective surgeries. This resulted in a major dip in surgeries in the arthroplasty business as well as other specialties. Our EBIDTA on stand-alone performance has de-grown due to the above reason, which has resulted in higher expenses in proportion to revenue.
Yatharth Hospital and Trauma Care Services Ltd.
Yatharth has reported revenue from operations of ₹217.77 crore during Q2 FY25, compared to ₹171.28 crore during Q2 FY24. The company has reported a net profit of ₹30.95 crore for Q2 FY25, up 12.13 percent from ₹27.6 crore for Q2 FY24. The EPS is ₹3.59 for Q2 FY25 compared to ₹3.8 for Q2 FY24.
| Yatharth Hospitals | |||
| In ₹ crore | Q2 FY25 | Q1 FY25 | Q2 FY24 |
| Revenue from operations | 217.77 | 211.78 | 171.28 |
| Net profit | 30.95 | 30.38 | 27.6 |
| EPS | 3.59 | 3.54 | 3.80 |
EBITDA stands at ₹57.61 crore in September Q2 FY25, up 16.64 percent from ₹49.39 crore in Q2 FY24.The company expanded its bed capacity to over 2,300 beds through strategic acquisitions in Delhi and Faridabad.
Adieu 2024, Medical diagnostics in 2025
Abhishek Kaushal
Director,
Recorders & Medicare Systems Pvt. Ltd.
As 2024 draws to a close, we bid farewell to a year filled with growth, challenges and memorable milestones. The healthcare sector has experienced considerable development, growth and innovation. In healthcare, diagnostics plays a pivotal role in monitoring, disease diagnosis and well-being tests. The Indian diagnostics market was valued at about USD 13 billion in 2023 and is expected to grow twice its current size by 2028.
India’s diagnostics market is divided into various segments and the two major segments of the market are pathology and radiology. The pathology market was valued at about USD 8 billion dollars, with the clinical pathology accounting for the highest market size in India. The radiology market worth over USD 5 billion US dollars, with x-rays accounting for the greater part of the market.
The Department of Health and Family Welfare’s FY 2024-25 budget was ₹87,656.90 crores (US dollars 10.73 billion), reflecting a 12.93 percent rise from the revised allocation for the previous year. Government initiatives like production-linked incentive (PLI) scheme, foreign direct investment (FDI) policy have boosted domestic manufacturing which is advancing India’s self-reliance in medical diagnostics. National Medical Devices Policy 2023 supported the development of medical devices parks at state level to nurture the domestic and local manufacturers.
Implementation of Central Drugs Standard Control Organization (CDSCO) guidelines and regulations ensuring that medical diagnostic devices and products in India meet the highest standards of safety, efficacy and quality. Integration of diagnostics into the Ayushman Bharat Digital Mission (ABDM) for improved interoperability and data management empower the digitization of medical diagnostics.
We at RMS are strengthening the radiology segment by use of AI and machine learning for detecting anomalies in imaging, that will help medical professionals. Through the installation of advanced health kiosks at various locations, we are bringing essential diagnostic and healthcare services closer to communities that need those most. These kiosks are equipped to provide vital health checks (height, weight, BMI, blood glucose, haemoglobin, SpO2, blood pressure, spirometry, blood and urine test, teleconsultations) and real-time diagnostics report, bridging the gap between patients and healthcare providers.
In 2025, the medical diagnostics sector in India is expected to evolve as a cornerstone of the healthcare ecosystem, bridging gaps in accessibility, affordability and technological innovation.
Leading diagnostic centers
Dr Lal PathLabs Ltd.
Dr Lal PathLabs Ltd. celebrates 75 years of excellence
Revenue for Q2 FY25 came in at ₹660.2 crore compared to ₹601.3 crore in the same quarter last year, reflecting a growth of 9.8 percent. PAT for Q2 FY25 came in at ₹130.8 crore compared to ₹110.7 crore in the same quarter last year, registering a growth of 18.1 percent with the PAT margin of 19.8 percent. Earning per share for Q2 FY25 is ₹15.52 compared to ₹13.16 in Q2 FY24.
| Dr Lal PathLabs Limited | |||
| In ₹ crore | Q2 FY25 | Q1 FY25 | Q2 FY24 |
| Revenue from operations | 660.20 | 601.90 | 601.30 |
| Net profit | 130.80 | 107.80 | 110.70 |
| EPS | 15.52 | 12.79 | 13.16 |
EBITDA for Q2 FY25 came in at ₹202 crore compared to ₹178 crore in Q2 FY24, registering a growth of 13.9 percent with an EBITDA margin of 30.7 percent. Revenue per patient for Q2 FY25 is ₹844, 5.7 percent higher compared to ₹798 in Q2 FY24. Test per patient for Q2 FY25 is 2.94 versus 2.81 in Q2 last year, registering a growth of 4.5 percent.
Brig Dr Arvind Lal
Executive Chairman,
Dr Lal PathLabs Limited
Our ability to maintain our market position in the highly fragmented and competitive Indian diagnostics industry is a testament to our strong brand, exceptional service and extensive network.
We are leveraging these strengths to penetrate deeper into underserved Tier-III and Tier-IV regions by offering affordable high-quality diagnostics to the patients. Dr Lal PathLabs have scaled up nationally into a well-run operation with an extensive franchise base; consistent delivery of high-quality and affordable diagnostics reports to our patients has earned us this position. We believe this to be a core factor why patients have faith in our brand.
The growth in revenue is driven by sample volumes, which stand at 23 million. Patient volumes came at 7.8 million. Sample volume growth for Q2 FY25 is 8.6 percent and patient volume growth is 3.9 percent over Q2 FY24. The Q2 FY25 revenue per patient stands at ₹844, an increase of 5.7 percent. The realization improvement does not have any price increase impact, rather it is due to product and geography mix. In Q2 FY25 suburban has delivered revenue growth in double digits. It has started contributing positively to the overall and western region growth.
Metropolis Healthcare Ltd.
Metropolis Healthcare reported a successful quarter. The company reported revenue from operations of ₹349.79 crore during Q2 FY25, an increase of 13.4 percent, compared to ₹308.5 crore during Q2 FY24. Net profit was ₹46.7 crore for Q2 FY25, compared to ₹39.70 crore for Q2 FY24, a 31-percent increase. The EPS is ₹9.08 for Q2 FY25, compared to ₹6.92 for Q2 FY24.
| Metropolis Healthcare Limited | |||
| In ₹ crore | Q2 FY25 | Q1 FY25 | Q2 FY24 |
| Revenue from operations | 349.79 | 313.36 | 308.50 |
| Net profit | 46.70 | 38.11 | 39.70 |
| EPS | 9.08 | 7.41 | 6.92 |
The company reported EBITDA of ₹91.5 crore in Q2 FY25, an increase of 22.2 percent YoY, compared to ₹74.9 crore during Q2 FY24. PAT margin is at 13.4 percent for Q2 FY25 against 11.6 percent for Q2 FY24, up by 180 bps YoY.
This strong performance has been fuelled by a 21-percent YoY growth in B2C revenue, along with expansion in Tier-III cities and an improvement in average revenue per patient. Key growth areas, including Specialty and TruHealth segments.
Ameera Shah
Promoter and Managing Director,
Metropolis Healthcare Limited
We are delighted to share that Q2 FY25 has been a successful quarter, marked by a significant increase in revenue, driven by strong PAT growth and solid execution from our management team. As we move forward, we will remain focused on advancing our testing capabilities to maintain our differentiated position in the market and to support sustainable long-term growth. With a solid pipeline of future initiatives, including potential mergers and acquisitions, we see a long growth runway ahead in a normalized competitive landscape and are well positioned to capitalize on these opportunities, ensuring long-term value creation for our shareholders.
Krsnaa Diagnostics Limited
Krsnaa Diagnostics reported revenue from operations of ₹186.34 crore during Q2 FY25, which increased by 19.87 percent, compared to ₹155.44 crore during Q2 FY24. The company has reported a net profit of ₹19.59 crore for Q2 FY25, which increased by 86.67 percent compared to ₹10.49 crore for Q2 FY24. The EPS is ₹6.07 for Q2 FY25 compared to ₹3.35 for Q2 FY24.
Krsnaa Diagnostics Limited posted a robust set of earnings for Q2 FY25 with EBITDA increasing by 15.8 percent QoQ/71.6 percent YoY to ₹49.4 crore with margins of 26.5 percent, improving further by 145 bps QoQ/799 bps YoY.
| Krsnaa Diagnostics | |||
| In ₹ crore | Q2 FY25 | Q1 FY25 | Q2 FY24 |
| Revenue from operations | 186.34 | 170.23 | 155.44 |
| Net profit | 19.59 | 17.92 | 10.49 |
| EPS | 6.07 | 5.55 | 3.35 |
The diagnostic chain has expanded to 3139 pathology collection centers with 121 processing labs and on the radiology front, they operate 178 CT scan/MRI centers with 1434 tele-reporting centers pan India, with association with more than 500 doctors across more than 150 districts in India.
Krsnaa Diagnostics Limited is undergoing capacity expansion across several states, including Maharashtra, Odisha, Madhya Pradesh, Jharkhand and Odisha. In Q2 FY25, the operations were stabilized in Assam with 10 pathology labs and 652 collection centers.
Thyrocare Technologies Limited
The company achieved the highest-ever consolidated revenue in a quarter, and reported revenue from operations of ₹177.36 crore during Q2 FY25, an increase of 20 percent, compared to ₹148 crore during Q2 FY24. The company reported a net profit of ₹26.42 crore for Q2 FY25, an increase of 29 percent compared to ₹20.33 crore for Q2 FY24. The EPS is ₹4.99 for Q2 FY25, compared to ₹3.84 for Q2 FY24.
| Thyrocare Technologies Limited | |||
| In ₹ crore | Q2 FY25 | Q1 FY25 | Q2 FY24 |
| Revenue from operations | 177.36 | 156.91 | 148.00 |
| Net profit | 26.42 | 23.94 | 20.33 |
| EPS | 4.99 | 4.52 | 3.84 |
The company has reported EBITDA of ₹48.2 crore during Q2 FY25, which increased by 28 percent compared to ₹37.6 crore during Q2 FY24. At a consolidated level, gross margin stood at 71 percent, while the normalized EBITDA margin was 29 percent. Reported EBITDA grew by 28 percent YoY.
The partnership business grew by 33 percent YoY, and if API is excluded, it showed a growth of 40 percent YoY. Radiology business, including Pulse Hitech, did a strong revenue growth of 21 percent YoY.
Vijaya Diagnostic Centre Limited
The company has reported revenue from operations, including PH Diagnostic Centre Private Limited, Pune, of ₹182.94 crore during Q2 FY25, an increase of 32 percent YoY, compared to ₹138.85 crore during Q2 FY24. The company has reported a net profit of ₹42.12 crore for Q2 FY25, compared to ₹33.57 crore for Q2 FY24. The EPS is ₹4.09 for Q2 FY25 compared to ₹3.26 for Q2 FY24.
| Vijaya Diagnostic Centre Ltd | |||
| In ₹ crore | Q2 FY25 | Q1 FY25 | Q2 FY24 |
| Revenue from operations | 182.94 | 156.22 | 138.85 |
| Net profit | 42.12 | 31.51 | 33.57 |
| EPS | 4.09 | 3.06 | 3.26 |
Agilus Diagnostics
Agilus Diagnostics reported a revenue of ₹372.5 crore in Q2 FY25, marking a 3.4-percent increase from ₹360.3 crore in Q2 of FY24. Operating EBITDA reached ₹80 crore in Q2 FY25, up from ₹62 crore in Q2 FY24, with the margin improving to 21.5 percent from 17.2 percent. In comparison, Q1 FY25 EBITDA stood at ₹55.4 crore, yielding a margin of 16.1 percent, adjusted for one-off expenses. Operating EBITDA in Q2 FY25 was ₹89.3 crore with a 24-percent margin versus ₹81.9 crore or 22.7 percent in Q2 FY24.
The company reported EBITDA of ₹75.98 crore during Q2 FY25, an increase of 32.5 percent YoY, compared to ₹57.37 crore during Q2 FY24.
The company consolidated its stake in Agilus by acquiring 31.52 percent stake from the PE investors. The preventive portfolio revenues in Agilus’ overall revenue grew 20 percent in Q2 FY25 and contributed 12 percent to the operating revenues versus 10 percent in Q2 FY24.
Agilus Diagnostics conducted a total of 11.1 million tests in Q2 FY25, up from 10.6 million in Q2 FY24 and 9.9 million in Q1 FY25. Agilus expanded its network significantly, adding over 150 customer touch points in Q2 FY25. The B2C to B2B revenue mix stood at 54 percent in Q2 FY25, slightly higher than the 53 percent in the same period last year. From a product standpoint, revenue contributions are 33 percent from specialized testing, 55 percent from routine testing, and about 12 percent from our wellness portfolio in Q2 FY25. The wellness portfolio stood at 20 percent growth in Q2 FY25 versus Q2 FY24. Regional revenue contributions are 31 percent from the North, 21 percent from the West, 32 percent from the South, 13 percent from the East, and about 3 percent from the international markets.
Anand K
CEO,
Agilus Diagnostics
While expenses related to rebranding would constitute to be incurred for the remaining part of the current fiscal year, Agilus’ steady recovery and improvement in margin reassures my faith in its ability to scale its revenue and profitability.
On the brand side, we have introduced Anil Kapoor as our new brand ambassador through a campaign centered on the theme keep testing yourself. We expect this brand-building initiative to strengthen our brand presence, particularly supporting growth in our B2C and wellness segments. We continue to focus on improving our efficiencies through various cost management initiatives.
Demand for high-quality healthcare is being met with supply as more investors enter the market. With quite a few hospitals and diagnostic centers delivering the highest-ever revenue performance in Q2 FY25, as they shared their expansion plans, they expressed confidence to maintain growth momentum in the upcoming quarters.
Breaking boundaries in electrolyte measurement
Sanjay Gajjar
Director,
B&E Diagnostics India Pvt. Ltd.
Multi bio-sensor module of KS401 has four ion selective electrodes (ISE), which measure ion concentration of sodium, potassium, chloride and total calcium in a sample. It is B&E’s exclusive electrode technology. Each ion selective membrane undergoes a specific reaction with the ion contained in the sample. The membrane reacts to the difference of potential of sample and the standard solution A. Then ion concentration in the sample is determined. 10,000 samples can be tested for the three parameters of K+, Na+, and Cl−, and 4000 samples for all parameters (K+, NA+, Cl−, and TCa).
Under the condition of conventional electrolyte analyzer, the ion selective electrode method (direct) measured ionic calcium, and many important physiological processes are related to ionic calcium concentrations.
However, ionic calcium is significantly affected by pH. Blood samples were dissolved after isolation, the release of CO2 gas causes an increase in blood pH, which results in a measured decrease in ionic calcium. In order to accurately reflect the actual situation of patients and facilitate comparison, it is usually necessary to follow the experience formula to calculate the ionic calcium concentration at pH 7.4, i.e., the standard ionic calcium, for clinical doctor’s diagnostic reference. However, it is important to note that twice the concentration of standard ionic calcium is considered to be the total calcium concentration, which is unscientific and cannot meet the clinical needs. Total calcium in the blood plasma concentration is greatly affected by total protein, especially albumin, and albumin decreases by 10 g/L, the total calcium decreases by about 0.25 mmoL/L. There are significant differences in individual albumin in clinical samples.
The decrease of albumin level 1 at 30–35 g/L is very common. The normal range of total human calcium is 2.2–2.7 mmoL/L, the total calcium calculated by the electrolyte analyzer should also be corrected and compensated with the albumin concentration, otherwise there must be a large error in total calcium, which seriously affects the clinical treatment.
KS series electrolyte analyzer comes with its unique indirect ion selective electrode method and exclusive reagent formulation. The total calcium detection results can be comparable to the mainstream brand biochemical detection results, thus achieving excellent results in the external quality assessment, providing a reliable basis for clinical diagnosis.
