Dr. Tushar Suvagiya, aged 45 years, is Bachelor of Medicine and Bachelor of Surgery from the Maharaja Sayajirao University of Baroda and Diploma in Gynaecology and Obesterics from the College of Physicians and Surgeons of Bombay. He has more than 20 years of experience in surgeries of vaginal, abdominal and laparoscopic hysterectomy and gynaec surgeries. He provides various diagnostic and healthcare services which include Treatment of Infertility, Complete Obstetric and Gynaec care, 3D-4D sonography (USG), High Risk-Delivery and C-section, Cancer Diagnosis and Treatment. He is actively involved into corporate development and new business ventures to achieve the growth and business plans of the Company and has been the driving force behind Company’s success and growth. Mrs. Jignasa Suvagiya, aged 44 years, is Bachelor of Science (Chemistry) from South Gujarat University. She has vast experience in the field of Hospital Management. She is looking after different departments of the Company i.e. operations, marketing, business development and employee welfare activities. She is a whole time director of the Company at present. Dr. Ravi Apte, aged 48 years, is Bachelor of Medicine and Bachelor of Surgery from the Maharaja Sayajirao University of Baroda and Diploma in Anaesthesiology from the Maharaja Sayajirao University of Baroda. He actively attends and participates in workshops and certification courses conducted by leading organisations. He provides anaesthesia assistance to the surgeons in various surgeries such as Orthopaedic Surgeries, Gynaec Surgeries, Uro Surgeries, Neuro Surgeries, General Surgeries and Onco Surgeries.

A. Balance Sheet

Particular (In Lakhs)	Mar-20	Mar-21	Mar-22	9MFY23
Equity Share Capital	135	135	135	810
Reserves	-228	184	676	578
Borrowings	876	433	518	1,218
Trade Payables	107	170	164	153
Other Liabilities	43	58	227	272
Total Liabilities	1,026	661	909	1,644
Net Block	798	818	1,081	1,087
Other Assets	4	17	31	40
Total NC Assets	803	835	1,113	1,128
Receivables	98	57	510	1,580
Inventory	14	21	41	39
Cash & Bank	2	55	18	187
Other Assets	16	13	39	98
Face value	5	5	5	5

B. Profit & Loss Statement

Particular (In Lakhs)	Mar-20	Mar-21	Mar-22	Mar-23
Sales	436	1,726	2,181	2,727
Raw Material Cost	17	193	137	148
Purchases of Stock In Trade	64	230	285	64
Change in Inventory	-3	-7	-20	2
Employee Cost	68	154	394	423
Other Expenses	221	626	633	890
Other Income	1	0.36	0	4
EBITDA	69	529	752	1,203
Depreciation	36	39	43	70
Interest	50	44	24	68
Profit before tax	-18	446	685	1,066
Tax	9	34	193	296
Net profit	-27	412	492	770

C. Cash Flow Statement

Particular (In Lakhs)	Mar-20	Mar-21	Mar-22	9MFY23
Cash From Operating Activity
Profit From Operation	69	529	752	903
Receivable	3	41	-453	-1070
Inventory	-3	-7	-20	2
Payable	-47	63	-6	-11
Other WC Items	-75	10	126	-27
Working Capital Changes	-122	107	-352	-1107
Direct Taxes	0	25	175	222
Net Cash Inflow from Operating Activity	-54	611	225	-426
Cash from Investing Activity
Fixed assets purchased	-18	-57	-310	-57
Investments purchased	0	0	-0.3	0.3
Other investing items	-0.39	-14	-11	0
Net cash inflow from investing activities	-18	-71	-322	-56
Cash from Financing Activity
Proceeds from shares	27	0	0	0
Proceeds from borrowings	90	-99	340	702
Repayment of borrowings	0	344	256	0
Intrest paid fin	-50	-44	-24	-51
Net Cash Flow	-5	53	-37	169

 

Review and Recommendation of Aatmaj Hospital SME IPO by IZ team is 6/10 A) Business Model: 1. Atmaj Healthcare Limited, originally incorporated as Aatmaj Healthcare Private Limited on March 10, 2014, is a significant player in the healthcare sector based in Vadodara, Gujarat. TThe founders, Dr. Tushar Suvagiya and Dr. Subhash Padmani, envisioned making international standard healthcare accessible to all individuals. 2. The company operates a state-of-the-art hospital built on a 686 square meter land parcel, strategically located in a prime locality of Vadodara. The construction of the hospital was completed in 2017, with Dr. Ravi Apte joining as a Director in 2015. It has a beg capacity of 130 beds extendable to 175 beds. 3. Aatmaj Healthcare Limited has fostered associations with various organizations, including Oil & Natural Gas Corporation Ltd., Gujarat Alkalies and Chemicals Ltd., and Pidilite Litokol Pvt. Ltd., to provide regular, affordable healthcare check-ups for their employees. Furthermore, the company is a part of the Government of India's Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana, aiming to achieve universal health coverage. B) Pros: 1. Experience Management. 2. Revenue growth is decent. Revenue has grown from ~5 Cr in Fy20 to ~27 Cr in Fy23. 3. PAT has increased from loss of 27 lakhs in Fy20 to Profit of ~8 Cr in Fy23. 4. Almost all the Hospitals shares have done really well in the last 1 year. 5. The Operating Profit Margin (OPM) of Aatmaj Hospital is 44.44%, which is relatively high as compared to peers. This indicates that the hospital has good operational efficiency. 6. The Enterprise Value (EV) per Bed is 1.1, which is lower than the average of 3.2 for listed peers. This could suggest that the hospital is undervalued compared to its peers, potentially offering a good investment opportunity. C) Cons: 1. As on 31.12.2022, total trade receivables is ~16 Cr. It has increased by ~10 Cr in the first 9MFy23 on revenue of ~20 Cr. That means almost 50% is struck in receivables in the first 9MFy23. May be due to delay in payment from Ayushmann Bharat-Pradhan Mantri Jan Arogya Yojana. 2. The Revenue per Bed is 0.21 Cr, which is lower than the average of 0.58 Cr. Which peers are generating. This could indicate that the hospital is not generating as much revenue per bed as its peers.

Aatmaj Healthcare Limited Jupiter Hospital, Opp. ICAI Bhavan, Sunpharma Ataladra Road, Vadodara - 390012 Phone: +91 9714059465 Email: cs@jupiterhospitalvadodara.com Website: https://www.jupiterhospitalvadodara.com/