METROPOLIS HEALTHCARE LTD

Dr. Sushil Kanubhai Shah, one of the Promoters, commenced pathology business in January 1980 as a partnership firm in the name of Dr. V. K. Desai's Hospital, having Dr. Kanubhai M. Shah, Dr. Sushil Kanubhai Shah and Dr. Vasant Kalyandas Desai as partners. The partnership was continued by Dr. Sushil Kanubhai Shah, Dr. Kanubhai M. Shah and Dr. Duru Sushil Shah from September 30, 1981 onwards. In June 1989, upon death of Dr. Kanubhai M. Shah, the partnership was continued by Dr. Sushil Kanubhai Shah and Dr. Duru Sushil Shah. Prior to March 18, 1995, Dr. Sushil Kanubhai Shah was also carrying on a business of radioimmunoassay and pathology laboratory on a sole proprietorship basis. On March 20, 1995, the said sole proprietorship business was converted into a partnership with Dr. Sushil Kanubhai Shah, Dr. Duru Sushil Shah and Aparna S. Shah (Rajadhyaksha) as partners, in the name and style of Metropolis Lab. In January 1998, Ameera Sushil Shah was inducted as an additional partner in Metropolis Lab. With effect from February 1, 2002, the business of Metropolis Lab was transferred to Dr. V. K. Desai's Hospital as a going concern. In May 2002, Dr. G. S. K. Velu and Subbulakshmi K. Velu were admitted as partners in Dr. V. K. Desai Hospitals. The name of Dr. V. K. Desai's Hospital was changed to Metropolis Health Services in November 2002. Further, in April 2003, Ameera Sushil Shah, Jaswanti Kanubhai Shah, Sadacharan Gomanthybabu and Gomathybabu Gomathy were admitted as partners in Metropolis Health Services. In July 2003, Metropolis Health Services was converted into a private limited company as Metropolis Health Services (India) Private Limited (MHSIPL). The name of MHSIPL was changed to Metropolis Health Services (India) Limited, pursuant to a Fresh Certificate of Incorporation upon Change of Name to Public Limited Company' on March 1, 2006. In January 2009, MHSIL amalgamated with Pathnet India Private Limited, which was a wholly owned subsidiary of MHSIL. Metropolis Healthcare Limited (Formerly known as Pathnet India Private Limited) was incorporated in New Delhi on November 10, 2000. The Company is one of the leading diagnostics companies in India. It has widespread presence across 220 cities in India with leadership position in West and South India. Through its widespread operational network, it offers a comprehensive range of clinical laboratory tests and profiles, which are used for prediction, early detection, diagnostic screening, confirmation and/or monitoring of the disease. It also offers analytical and support services to clinical research organizations for their clinical research projects. Presently, it is engaged in the business of providing pathology and related healthcare services. The Company conducts its operations through their laboratory and service network. It has implemented a hub and spoke' model for quick and efficient delivery of services through their widespread laboratory and service network, which covers 197 cities in India. As of December 31, 2018, its laboratory network consists of 115 clinical laboratories, comprising (i) a global reference laboratory ('GRL') located in Mumbai, which is the main hub' and equipped to conduct majority of the tests offered by them; (ii) 14 regional reference laboratories ('RRLs') (out of which four are located outside India), which are equipped to conduct routine, semi-specialized and few specialized tests; (iii) 56 satellite laboratories (out of which one is located outside India), which are equipped to conduct routine and semi-specialized tests; and (iv) 44 express laboratories (out of which five are located outside India), which are equipped to conduct routine tests. Metropolis Healthcare has been awarded the tender by the National Aids Control Organization ('NACO') to collect specimens from 525 government-owned antiretroviral therapy (ART) centers and conduct HIV-1-Viral load tests. It also offers analytical services and support services such as logistics and electronic data interchange ('EDI') to contract research organizations for their clinical research projects. Outside India, it has laboratory operations in Ghana, Kenya, Zambia, Mauritius and Sri Lanka. In addition, it has also entered into agreements with third parties for collection and processing of specimens in Nepal, Nigeria, UAE and Oman. Metropolis' brand is recognized for delivering quality diagnostic and related healthcare tests and services. For instance, it received 'excellence in customer service and delivery' award from Biotrains in 2018, and also received special jury mention for 'service excellence (diagnostic center)' by FICCI at the Healthcare Excellence Awards 2018. In addition, its health campaign was recognized as 'best in health and fitness' in the Digital Campaign Awards 2018 by LH Insights. Metropolis Healthcare Ltd. came out with an Initial Public Offering (IPO) of 13,685,095 equity shares of Face Value of Rs 2/- each of the company for cash at a price of Rs 880 per equity share aggregating Rs 1204.29 Crores, consisting of an offer for sale of 6,272,335 equity shares by Dr. Sushil Kanubhai Shah (the promoter selling shareholder) aggregating to 551.97 Crores and 7,412,760 equity shares by Ca Lotus Investments (the investor selling shareholder) aggregating 652.32 Crores. The face value of equity shares is Rs 2/-each. The IPO was priced at Rs 880 per equity share. During the year 2018-19, the Wholly Owned Subsidiaries viz., Bacchus Hospitality Services and Real Estate Private Limited; Metropolis Healthcare (Chandigarh) Private Limited, Metropolis Healthcare (Jodhpur) Private Limited, Sanket Metropolis Health Services (India) Private Limited, Final Diagnosis Private Limited and Golwilkar Metropolis Health Services (India) Private Limited amalgamated with the Company (Transferee Company) effective from 08 September 2018. Further, the Transferee Company on 08 September 2018 allotted 26,57,731 fully paid up Equity Shares of Rs 10/- each in the ratio of 957,713 Equity Shares of Rs 10/- each to the shareholders of Bacchus for every 10,00,000 Equity Shares of Rs 10/- each held in Bacchus (Pre-bonus and Sub-division). The wellness initiative TruHealth' was launched across 36cities in FY19; launched Medengage, to nurture upcoming medical talent. A wide range of ~3,487 clinical laboratory tests and 530 profiles were offered by Metropolis as of March 2019. The equity shares of Company were listed on BSE Ltd and the National Stock Exchange of India Limited with effect from April 15, 2019. The Company acquired four frontend labs in Surat in FY 2020. It acquired 51% of stake i.e. 5,100 Equity Shares of Shraddha Diagnostic Centre (I) Private Limited (SDCIPL) from the existing shareholders at a consideration of Rs 9,36,30,000/-. It further acquired a total of 550 equity shares of the Target Company (constituting 5.5 % of its Share Capital) on April 7, 2020 for a consideration of Rs 1 Crores. During the year 2020-21, the Company acquired the balance stake of 49% in Raj Metropolis and with effect from November 5, 2020 and as a result, Raj Metropolis became a wholly-owned subsidiary of the Company. In the financial year 2021-22, Metropolis strengthened its operations by adding 16 labs and 506 network centres, as a part of expansion plan of adding 90 labs and 1,800 network centres by FY 24. It acquired the 100% stake in Dr. Ganesan's Hitech Diagnostics Centre Private Limited along with its subsidiary Centralab Healthcare Services Private Limited and post completion of acquisition, Hitech and Centralab became wholly-owned subsidiary and step down wholly owned subsidiary respectively of Company effective 22 Oct' 2021. Similarly, during the year 2021-22, Company had acquired balance stake of 35% of Metropolis Histoexpert Digital Services Private Limited, Subsidiary of the Company from Koninklijke Philips N.V. Post the acquisition, Metropolis Histoxpert became the wholly-owned Subsidiary of the Company with effect from 26 November 2021. During the year 2022-23, the Company launched some complex tests using Next Generation Sequencing (NGS) Technology for Pre-natal screening, Breast Cancer, Bone Marrow Transplant and Allergy Component Testing powered by Artificial Intelligence. In FY 23, it added 14 labs and approximately 548 centers during the year, built a new management team to run the business, integrated the technology offering with Metropolis and executed some cost synergies; further added 83 new tests. During year 2022-23, the subsidiary companies, M/s. Bokil Golwilkar Metropolis Healthcare Private Limited, M/s. Desai Metropolis Health Services Private Limited, M/s. Dr. Patel Metropolis Healthcare Private Limited, M/s. Lab One Metropolis Healthcare Services Private Limited, M/s. Micron Metropolis Healthcare Private Limited, M/s. R. V. Metropolis Diagnostic & Health Care Center Private Limited, M/s. Raj Metropolis Healthcare Private Limited and M/s. Sudharma Metropolis Health Services Private got merged with the Company through the Scheme of Amalgamation, which was made effective from July 11, 2022. The Company expanded its network, marking the presence to 600 towns across India. In 2023-24, it launched over 100 advanced tests, including Comprehensive testing for food and drug allergies using AI, Syndromic Multiplex PCR Testing for infectious diseases, and Next Generation Sequencing-based tests for various conditions, including predictive biomarkers for cancer immunotherapy. Further, the Next Best Action (NBA) initiative-a comprehensive program designed to empower patients and prevent severe complications from chronic diseases launched in FY24. The Company expanded the lab footprint by nearly 90 labs and scaled the network of owned Patient Service Centers from ~251 (FY22) to over 530 in FY 2025. It opened 11 new laboratories and acquired Core Diagnostics Private Limited, a leading Delhi-NCR specializing in oncology and genomics. It expanded the business by acquiring Scientific Pathology in Agra, Uttar Pradesh and Dr. Ahuja's Pathology & Imaging Centre, Dehradun in Uttarakhand in FY 2025.