Metropolis

Embracing the
Unpredictable.

Achieving the
Remarkable.

Embracing the Unpredictable. Achieving the Remarkable.

Healthcare has always been a dynamic field, one that constantly deals with new challenges and utmost chaos as the providers make every possible effort to save lives and ensure a healthy and happy life experience for people. However, the industry has undergone one of its most extensive transformations in the wake of the Covid-19 pandemic. Today, customer preferences have changed significantly, and the methods of healthcare delivery are being changed to address prevailing and future needs.

Embracing the Unpredictable says about our firm belief in looking at the silver lining in each cloud and finding ways to thrive amidst uncertainties. For us, healthcare delivery is not only about ensuring that the patient is cured of a disease or an injury, but also helping every individual attain a state of holistic wellness.

Chairman’s Communique

Striving Ahead,
Delivering Value

Our vision is to position Metropolis as a future-ready chain of diagnostic labs. We aim to continue offering world-class diagnostic testing services, contributing to improving healthcare standards throughout the country.

letter from the managing director

Achieving the Remarkable,
Strategically and Sustainably

We have successfully retained and expanded our talented workforce, significantly grown our network, explored newer geographies, and developed substantial new capabilities that will contribute to our future success.

Letter from the
Managing Director

Key Highlights of FY 2022-23

Embracing the Challenges. Delivering Remarkable Results.

Healthy finances
Robust operations

Rs.1,148 Crs

Total Revenue

Rs. 293 Crs

EBITDA

25.5%

EBITDA Margin

Rs.143.4 Crs

PAT

12.5%

PAT Margin

Rs. 1,104 Crs

Revenue Excl. Covid PCR & Covid Allied Tests

24.5 Mn

Volume (Excl. Covid PCR and Covid Allied Tests)

21.2 Mn

Core Business Volume (excl. Covid, Covid Allied, PPP & Hi-tech)

Rs.949 Crs

Core Business Revenue

12.2Mn

Number of Patient Visits

25.3Mn

Number of Tests

Rs. 944

Revenue per Patient

Rs. 453

Revenue per Test

175+

Advanced Clinical Laboratories

3,675

Patient Service Centres

Regional Labs

12,000 +

Patient Touch Points

Service Capital

Financial Capital

Embracing our Strengths.
Delivering on Expectations.

We strive to provide optimum returns to our investors. Our business growth is aligned with providing best-in-class diagnostic services to our customers and making best use of profitability across the organization.

A Strong financial performance in a challenging environment and optimum returns to investors

Service Capital

Enhancing Geographic Presence.
Delivering Remarkable Customer Experience.

Enabling outstanding customer experience through growing geographic presence

Metropolis aims for excellence in customer service. We have taken several steps to enhance our customers’ experience. We offer an extensive test menu for pathology services backed by state-of-the-art technology to deliver accurate test results. We have initiated measures to provide a seamless experience for the customers and ensure a faster turnaround for delivering test results. We are also expanding our reach to newer geographies to enlarge our customer base and spread our business reach.

Intellectual Capital

Embracing Technology.
Facilitating Digital Transformation.

Continually upgrading technology to build a seamless digital ecosystem

Diagnostic testing calls for constant research and development and upgradation of testing techniques. We are in search of advanced solutions to provide diagnostic testing to our patients. Our state-of-the-art technology attracts customers for its easy sample collection and accuracy in test results. We are constantly endeavoring to upgrade our testing methods and technology to deliver the best test results to our customers.

Materiality Assessment

Embracing Materiality for
Achieving Long-term SUCCESS.

Materiality guides strategic decision-making by determining the significance of topics for an organization and its stakeholders. A sustainability materiality assessment is crucial to identify and prioritize Environment, Social and Governance (ESG) topics, align strategies with stakeholder expectations, and make informed decisions amidst diverse ESG demands.

During this year, we embarked on our ESG journey and as a first step, we conducted a materiality assessment exercise on some key ESG topics that might impact our business. This analysis will help us in allocating resources effectively and implementing various initiatives under ESG that will enable us in making a larger impact and long-term value for all our stakeholders. Furthermore, we remain dedicated to positively impacting society and the environment, while fulfilling our responsibilities as one of the country’s leading pathologists.

Environment, Social and Governance at Metropolis

Embracing Responsible Business Practices
through Environment, Social and GOVERNANCE.

At Metropolis, we recognize that true success goes beyond financial accomplishments. Our Company places utmost importance on ethical conduct and upholding the principles of good corporate governance. We are fully committed to our vision and actively collaborate with stakeholders to integrate ESG (Environmental, Social, and Governance) principles into our business operations. This holistic approach to business ensures that we align our practices with sustainable and responsible values, benefiting both our organization and the wider community.

Environment

Achieving sustainability through
environmental stewardship

At Metropolis, we recognize the importance of environmental stewardship. Towards this end, we have implemented a range of initiatives aimed at minimizing our ecological footprint and promoting a greener future.

Our Company is committed to safeguarding the environment and ensuring sustainable practices within our operations. We have put in place strategic measures and are undertaking continuous improvements in different areas of our operations to reduce our environmental impact and contribute positively to the communities we serve. This reflects our dedication to fulfilling our responsibility towards the environment and undertaking sustainable practices.

Social

Achieving Growth with a
Strong Workforce.

At Metropolis, our diverse and passionate workforce has been the catalyst for our achievements. They embody our commitment to excellence, innovation, and collaboration, enabling us to deliver outstanding diagnostic services.

Our team is characterized by cultural diversity and is driven by their unwavering commitment to the organization and its vision. We continuously strive to create an engaging work environment that attracts and motivates talented individuals. Our organizational culture enables us to deliver value to our stakeholders, with our employees embodying the culture through knowledge sharing, collaboration, and teamwork.
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Good Governance

Embracing Our Commitment to Integrity.

Metropolis is a value-driven organization dedicated to upholding exemplary business integrity and ethics. Our Board plays a crucial role in guiding and defining our direction. We exercise independent, well-informed, and effective judgment and leadership when making significant decisions that are reserved for the Board.

As a responsible entity, we understand the importance of transparency and disclosures. Our core team monitors all organizational functions. Our leadership team prioritizes a culture of integrity, compliance and responsible decision making.

Fostering diverse and accountable governance

Partnered with a consulting firm to initiate the process for Certification in ISO 27001 / 2:2022 and ISO/IEC 27701:2019 during FY2023-24 for Information Security and Data Privacy
Continued to maintain high ethical standards, and protect and secure data, infrastructure, and identity

Human rights

We have human rights policies and grievances in place. We conduct regular training of our staff on human rights issues and violations, covering the aspect of any adverse consequence for the complainant. As a responsible organization, we treat all employees as equal and provide them the opportunity to grow.

Our Board of Directors

Dr. Sushil Kanubhai Shah

Designation: Chairman & Executive Director

Qualification: Bachelor’s Degree in Medicine and Surgery and MD in Pathology and Bacteriology from University of Mumbai (formerly Bombay)

Experience: More than four decades of experience in Pathology business

Designation: Chairman & Executive Director

Qualification: Bachelor’s Degree in Medicine and Surgery and MD in Pathology and Bacteriology from University of Mumbai (formerly Bombay)

Experience: More than four decades of experience in Pathology business

Dr. Sushil Shah is the Founder - Chairman of our Company and has been a Director on our Board since 2005. Beckoned by a strong academic career, Dr. Shah embarked upon his educational journey with the prestigious Scindia School and went onto completing his M.B.B.S in 1972 and M.D. in Pathology and Bacteriology from Grant Medical College in 1975. In 1978, he received Research Fellowship at the esteemed Cornell Medical Center in Endocrine Pathology. Thereon, he held many prestigious academic positions and headed departments at recognized hospitals throughout his career. He has headed the RIA department at Breach Candy Hospital and Pathology Departments at Sir. H.N. Hospital, Saifee Hospital and Cumballa Hill Hospital. He has numerous scientific publications to his credit and has pioneered Radio Immunoassay Technique, HIV testing and In-Vitro Fertilization for the first time in India. He also served as a PhD teacher in Microbiology at Mumbai University in 2004 and PhD/MSc Guide by Research at Rai University in Mumbai.

Inundated with business acumen, Dr. Shah displays an exemplary mix of academic and business success. In addition to the evident accomplishments to his credit as the founder of Metropolis Healthcare, he has held Directorial positions at leading corporates. A businessman of wide understanding, Dr. Shah was the Director at Dr. Reddy’s Laboratories and Span Diagnostics, the Executive Director of Dr. Reddy’s Diagnostics and Standard Finance Equity Fund. His entrepreneurial zeal, disposition and accomplishments made him the Ernst and Young’s Entrepreneur of the Year in 2011.

An alumni of the prestigious Scindia School, Dr. Shah was felicitated with the esteemed ‘Madhav Award as an Old Boy of Eminence’ for the year 2016 for his exemplary business acumen coupled with deep commitment to Corporate Social Responsibility and outstanding contribution in the medical field. For his contributions he has earned national recognitions like the Rashtriya Chikitsa Ratna Award, Rajiv Gandhi Gold Medal Award; is a Member of the Committee on Diagnostics with the FDA and Research Committee of IICB, Calcutta. Dr. Shah was also awarded the prestigious Maharashtra Gaurav Award for his contributions to the state of Maharashtra. In addition, he was honored with the prestigious Lifetime Achievement Award by Six Sigma Healthcare Awards. He has been felicitated with the Hurun Industry Achievement Award for the year 2022 in the Diagnostics Category by Hurun India.

Authored by Maya Bathija, a biography on Dr. Sushil Shah titled ’Dare to Make a Change’ was released by Rupa Publishers in 2022. The book gives us a sneak view inside Dr. Shah’s journey, life, vision, and the foresight that made Metropolis possible while being honest, fueled by integrity.

Dr. Shah has made significant contributions to the overall Diagnostic Pathology Industry and continues his pursuit towards a vision of a consolidated industry in India.

Ms. Ameera Sushil Shah

Designation: Promoter & Managing Director

Qualification: A Degree in Finance from The University of Texas at Austin and the prestigious Owner-President Management (OPM) Programme at Harvard Business School

Experience: More than two decades of experience in Pathology business

Designation: Promoter & Managing Director

Qualification: A Degree in Finance from The University of Texas at Austin and the prestigious Owner-President Management (OPM) Programme at Harvard Business School

Experience: More than two decades of experience in Pathology business

Ms. Ameera Sushil Shah has been a Director on our board since 2008. A global thought leader in the healthcare industry, she has played an instrumental role in changing the pathology industry landscape in the country; from being a doctor-led practice to a professional corporate group in an extremely unregulated, competitive, and fragmented market.

Over the two decades, Ms. Shah has built the organization across the board, and has been a dynamic driving force behind the entire corporate transformation and the sustained growth of Metropolis. Due to its unique growth model and competitive advantage, Metropolis has attracted three rounds of investment by reputed private equity investors. Under the leadership of Ms. Shah, Metropolis listed successfully at the stock exchanges in 2019 and within three years of its listing, our Company cemented a position of trust with international and domestic investors by posting industry leading performance every quarter and delivering good returns on their investments. Upholding the highest standards of corporate governance and business ethics, Metropolis has built exceptional value for all its stakeholders.

Ms. Ameera Shah is the recipient of the Entrepreneur of the Year Award in healthcare category for the year 2021 from Ernst & Young. She has been named amongst ‘Asia’s Power Businesswoman’ (2020) by Forbes Asia, ‘Fifty Most Powerful Women in Business’ by Fortune India (2017, 2018, 2019, 2020, 2021) and Business Today (2018, 2019, 2021, 2022). She has been bestowed with multiple awards for her outstanding performance and excellence in diagnostics business and entrepreneurship from various reputed organizations.

Ms. Ameera Shah is an eminent industry spokesperson and has been a speaker in various National and International forums, industry events and conclaves. She has been an active member and has served senior level positions in key industry bodies that drives policy decisions at the Center. She is currently serving as the Sr. Vice-President of NATHealth (Healthcare Federation of India).

Ms. Shah is an independent director on the board of reputed Indian companies (Torrent Pharma, Adani Group). Prior to the Covid-19 pandemic, she was an advisor to Baylor College of Medicine, Texas and the global advisory board of AXA, a Paris headquartered company with 700 Bn USD under asset management.