Narayana Hrudayalaya has brought down its debt significantly with the help of operational improvement at its new facilities, the Bengaluru-based hospital firm’s chief financial officer Kesevan Venugopal said.
The firm, which went public this year, is betting on its new hospitals that are expected to come up across three Indian cities. Founded by cardiologist Dr Devi Shetty, the firm plans to open four hospitals in the next three years and ramp up its occupancy rate from 54% at present. The first of its new hospitals will be the 297-bed facility that it plans to open in Mumbai in the next 12 months, followed by hospitals in Lucknow and Bhubaneswar. The hospital management hopes that the new hospitals will post double-digit growth while the existing facilities will clock 8-9% growth in line with the industry. Beyond India, the firm recently entered Kenya with a 130-bed hospital to test the African waters. Its hospital at Cayman Island is nearing breakeven, the management said.