Dear Shareholders,

Following a steady recovery from the pandemic and geo-political tensions, the macro-economic condition seems to be poised for gradual growth. India continues to be among the fastest growing economies recording 7.2% growth despite the global turmoil.

Over the past couple of years, the country’s healthcare ecosystem including diagnostics has made significant advancements. There is also a marked improvement in the technological capabilities of the diagnostics space. India has a substantial pool of skilled healthcare professionals, including doctors, nurses, and technicians. Despite this, there are several challenges to overcome in the healthcare space especially those that have emerged after the pandemic. The need of the hour is a systematic approach to resolving these challenges and strengthening the healthcare sector through advanced technology, infrastructure, and scientific capabilities.

This is where we are

India’s healthcare service providers play a significant role in addressing the existing gaps. As one of the leading players in the industry, 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. Our specialized services i.e., advanced diagnostic tests with less turnaround time, help our customers to take their medical decisions after consulting with their doctors. The pandemic has led to a shift in customer preference due to its impact on health. There is an increasing preference for wellness packages as they help detect problems early thereby preventing the onset of chronic diseases. There has also been a notable rise in the adoption of home diagnostics. In response to this evolving business landscape, we have introduced affordable wellness packages that offer customers a comprehensive understanding of their health. This empowers them to make informed decisions and leads them towards a happier and healthier lifestyle. At Metropolis, we aim to strategically expand our network and strengthen our domestic presence. We are planning to diversify our reach across the country and go deeper to deliver healthcare services in the untapped cities through various patient service networks. Our synergies work in tandem, continuously striving towards the shared vision of providing best-in-class diagnostic services to our customers. Our aim is to reach our goal of making Metropolis a trusted and most preferred consumer brand in India’s diagnostic service industry.

Making our R&D arm stronger and better

The significance of digital technology in the healthcare industry has increased manifold after the pandemic especially in terms of improving the efficiency and effectiveness of healthcare operations. As a healthcare company backed by science, Metropolis will continue to invest in R&D and technology. We are also constantly on the scout for opportunities to bring advanced testing mechanisms using state-of-the-art technologies for our customers. Our focus is on driving enhanced patient experience by establishing a digital ecosystem and delivering improved services at optimal costs while providing better and faster results in lesser time. Additionally, by harnessing our deep scientific knowledge and expertise, we proactively explore avenues to offer accessible and affordable healthcare solutions to customers across the country.

Caring for our people

The success of Metropolis depends on our employees. We are committed to creating and nurturing a growth-oriented culture and work environment which will help them achieve their full potential. Through our people-centric policies, we strive to ensure their safety and foster their holistic development. During the year, we launched our employee value proposition (EVP) based on the five pillars of trust, openness, innovation, compassion and growth mindset - “Taking Life Up a Notch”. The objective of this initiative is to strengthen our commitment towards employees and to become the ‘Employer Brand of Choice’. We believe in growing together to achieve business success and shape a sustainable future.

Contributing towards community responsibly

In the last several years, Metropolis has laid the cornerstone for innumerable service projects. Even more, we have extensive plans to conduct even bigger welfare projects in the future. This volume and versatility of projects created a dire need to set up an independent CSR arm to implement a range of CSR initiatives. During the year, the Women Empowerment Foundation came together with Metropolis Healthcare Limited to expand its scope and achieve mutual goals with the formation of Metropolis Foundation.

Metropolis Foundation is the philanthropic arm of Metropolis Healthcare. The vision of Metropolis Foundation is to transform Health, Education, and social sector ecosystems through partnerships, high-impact solutions and thought leadership. Its core mission is for an equitable world, built on the foundation’s core purpose of awareness, engagement, and empowerment to enhance the quality of life. Metropolis Foundation shall endeavour to work closely with different stakeholders like Government, NGOs, Civil Society, and like-minded-agencies to achieve sustainable change and contribute to nation-building.

Metropolis Foundation’s CSR initiatives are aimed towards imparting education, creating awareness on Gender, Equality, Health, and Women Empowerment. In line with this, we are currently driving various CSR programs i.e., MedEngage, Too Shy to Ask (TSTA), Delhi Skill and Entrepreneurship University (DSEU) and few preventive healthcare projects focusing on Anaemia, Diabetes and Tuberculosis. As a socially conscious company, we are actively contributing to building a more sustainable and inclusive future for all.

Committed to sustainability

As a responsible corporate citizen, we understand the importance of sustainability. We have implemented various initiatives to minimize the environmental footprint of our operations and the services we provide to customers. We have been actively striving to address the same through our focussed efforts in two areas such as Energy Efficiency and Proper management of Biomedical waste. During the FY 2022-23, we began our ESG (Environment, Social and Governance) journey with the goal of making a larger impact for the greater good. We have determined our ESG focus areas using a materiality assessment approach. We will be implementing various ESG initiatives focusing on Energy Conservation, Water, Waste Management, strengthening the DE&I (Diversity, Equity and Inclusion), Protecting Patient Privacy and Electronic Health Records and other areas.

Leading the way with strong governance

Our corporate governance structure is firmly rooted in ensuring accountability and transparency. Our Board of Directors, comprising individuals with diverse backgrounds and expertise, uphold the highest standards of governance. We adhere to best practices, both internally and externally, to ensure sound decision-making and ethical conduct. By emphasizing strongly on diversity, we proactively disclose our progress in this area, acknowledging that it not only aligns with our core values but also fuels our business achievements. We understand that our efforts to make a positive impact on the world go hand in hand with our business goals. We firmly believe that by doing the right thing, we can create a better future for all stakeholders while maintaining our competitive advantage.

Looking forward

Going forward, we are expecting that the diagnostics sector will be a key contributor to the healthcare industry. This is due to various factors such as the rise in spending, better life expectancy, increasing income levels, growing awareness around preventive testing, advanced diagnostic tests offerings, and rise in lifestyle-related diseases, as well as healthcare policies enabled by the government. In this light, as one of the fastest expanding service providers in India, we are striving to deliver our services in tandem with the rapidly changing business environment.

In closing

I would like to thank everyone who supported us throughout the year. I am grateful to our customers for their continued trust in us. I also want to thank our Board for their invaluable guidance and our shareholders for their continued support. I would also like to extend my gratitude to our employees, doctors, and leadership team for achieving outstanding business results throughout the year. I look forward to the year ahead and I am excited about striving ahead and delivering value together.

Sincerely,

Dr. Sushil Shah

Founder & Chairman