Annua l Report


A crossroad is an opportunity to redefine our choices while making a shift in our perspective. For the last few months,healthcare institutions in India have been found at the forefront of a challenging situation. The sudden outbreak of Covid-19 pandemic has brought everyone to a point of transformation.

We, at Metropolis Healthcare Limited (‘Metropolis’ or ‘the Company’),promptly responded to this stimulus by adapting to the change. We transformed and adapted not to cope up but to win. We redesigned to quickly merge with the change, transforming ourselves for a new tomorrow.

The current scenario foretells two changes for the pathology industry: Consolidation of path labs in the nation and consumers’ keen interest in good health and overall wellness. Metropolis is strengthening its team for the next big leap. We are building our digital capacities, automating processes, and enhancing our efficiencies and productivity for swiftly transitioning into the future. We are well-poised to lead this new era of change while keeping safety, quality, and empathetic patient services at the core of our business.

Metropolis at a Glance

Metropolis is India’s leading diagnostic company with a presence across in India and Africa.

Incorporated in the year 1981, Metropolis has built the foundation of its success on the pillars of accuracy, reliability, and consistency. With the perfect mix of these pillars, we have been successful in establishing

ourselves as one of the most trusted and leading brands in the Indian diagnostic industry. We offer an exhaustive test repertoire comprising of the most routine tests to semi-specialised tests and super-specialised tests. Transforming and upgrading ourselves to the tune of new trends and changes, today we have over 4,100 tests and test profiles to offer. Various test combinations, specific to a disease or disorder and wellness profiles used for health and fitness screening form a part of our service profile.


With over


Years of Experience

Our Network Comprises


Clinical Laboratories



Service Network

We Have Laboratories


Across Indian States

With Presence Across



Which are

Global and

In Terms of Quality Accredited

With More Than


Tests and Profiles

With a


In Western & Southern India

And Serving Customers through


Patients Touch Points



Pick-up Points



Assisted Referral Centres (ARC)

All figures as on 31 March 2020

Metropolis edge


Deploys best IT which allows fully integrated and automated processes


Pan-India availability through a distributed network and owned laboratories


Provides tests at affordable prices with quality and patient experience score at 91% as per (NPS)

NABL accreditation

More than 75% reports are generated by accredited labs. NABL Accreditation follows ISO-15189 Standard and is recognised by ILAC & APLAC.


Wide range of clinical preventive and wellness tests, including highly specialised and esoteric assays.


Mumbai Lab is CAP accredited since 2005

*CAP: College of American Pathologists. *NABL: National Accreditation Board for Testing and Calibration Laboratories


Snapshot of Key Performance, 2019-20

856 Crores, up 12.6%


232 Crores


128 Crores


56%, up 400bps

Revenue Share of b2c in focused cities

10.00 mn, up 11.3%

Patient visit

19.62 mn, up 15.7%

Tests Conducted

Note: EBIDTA: Earnings before Interest, Depreciation, Taxes and Amortisation, PAT: Profit after Tax, B2C: Business to Customers

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Covid-19 Highlights

The global catastrophe of Covid-19 has altered life and affected every aspect of it in almost every corner of the world. While it is hard to fully fathom the degree to which life will change post-Covid-19, we can only predict and assume what it will be like. Everything has its own pros and cons and this outbreak is no different. We very well know how Covid-19 has disrupted our lives, but we are oblivious of how it has helped us stop, rethink, and transform certain facets of our lives. It is helping us rectify the way our world functions. At a micro level, big manufacturing companies are switching to sustained and alternative supply chains. Similarly, at macro level, a growing number of nations are focusing on how to strengthen healthcare infrastructure in their system. In India, Covid-19 is raising tremendous awareness about health, thereby changing the dynamics of the Indian healthcare system.


Chairman’s Message

Letter from MD’s Desk

Business Model

Metropolis recognises the importance of creating value for all its stakeholders. For this, the Company has identified different type of capitals which enable us to respond to the many opportunities and challenges we face. Our business model shows links between our strategic focus areas, business activities and the six capitals. It helps us address all the aspects of business for creating value over the short, medium and long term.


Financial Capital

Financial Capital refers to a pool of funds that we use to create value through conversion into other forms of capital. This capital is raised through financing (equity, debt), operations and investments.

Service Capital

Service capital refers to our labs and infrastructure that goes into delivering quality and innovative service offering to customers.

Intellectual Capital

Intellectual Capital represents our knowledge-based intangibles. Our research and development and innovation capabilities help us achieve operational excellence while remaining competitive.

Human Capital

Human capital refers to our highly-skilled, diverse, and effective workforce. Through continuous training of our people and by hiring new talent, we secure our future development.

Relationship Capital

Relationship capital reflects our strong relationships with regulators, health authorities and successful collaborations with industry partners that enables us in meeting growth objectives.

Natural Capital

Natural capital represents our commitment towards achiveing the highest quality standards, without harming the nature.


Revenue for the year 2019-20
TruHealth mobile
application launched
service networks added
patients touch points added during FY16-FY20
New geographies enteredapplication
New tests launched
Patient experience score

Financial capital

The Company generates financial capital annually in the form of surplus, arising from the current business operations, financing activities and investing activities through monetisation of assets and investments. We follow asset light model which allows us to generate rich cash and cash equivalents. Our 91.5% of the centre network and 16.1% lab network do not require capital and hence are asset light.

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Service capital

Our service capital critically assists us in facilitating value creating activities. Customer centricity approach, world-class quality services with accessibility, conclusive diagnosis, and comprehensive test profiles to serve better, form the nucleus of Metropolis. Our service capital comprises employees’ skill set and service offerings along with a wide network presence and laboratories.

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Intellectual capital

Intellectual capital supports our commitment of increasing the number of lives that benefit from our focused, high quality and affordable services offered. Moving along this path of quest, our ongoing investment in intellectual capital allows us to remain the pioneers while focusing on the highest standard of quality.

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Human capital

Our workforce is professionally qualified and contributes a wealth of intellectual capital. Our employees are our ambassadors, vital for growing and running our business. We invest in our employees to attract and retain high-calibre workforce. Our employees, in turn, are passionate and committed to quality and excellence, which assists in creating and maintaining confidence in our value proposition.

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Relationship capital

In an endeavour towards consistently improving its customer service, Metropolis actively manages its stakeholder relationships with customers (patients), investors, government, regulators, and communities. We put special efforts for instilling a culture of respect, by giving back to the communities. This is done through our outreach projects within the areas we operate. Through these initiatives, we aim to instil a sense of responsible corporate citizenship and care for the community.

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Natural capital

Natural capital refers to creating value for our stakeholders through conservation of the natural resources. We recognise that our operations indirectly impact the environment. Our safety protocol affirms our commitment of reducing impact on the environment. We do this through responsible environmental management, conservation, and protection across all our operations.

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Board of Directors & Leadership Team

Dr. Sushil Kanubhai Shah

Designation: Chairman & Executive Director

Qualification: Bachelor’s degree in Medicine and Surgery and Ph.D Medicine in Pathology and Bacteriology from University of Bombay.

Experience: More than four decades of experience in pathology

Sushil Kanubhai Shah is the Founder of the Company and has more than four decades of experience in the pathology business. He was one of the partners of Metropolis Healthcare Services and Metropolis Lab. He has been instrumental for the growth and success of the Company. He was awarded the “Maharashtra Gaurav award” by the Government of India and the “Lifetime Achievement Award” at the Six Sigma Healthcare Excellence Awards. He was also awarded the “Rajiv Gandhi Excellence Award” by the Indian Solidarity Council and the “Rashtriya Chikitsak Ratna” award by the National Education & Human Development. He has been a Director on the Board since 2005.

Ms. Ameera Sushil Shah

Designation: Managing Director

Qualification: A degree in Finance from The University of Texas at Austin and the prestigious Owner-President Management Program at Harvard Business School.

Experience: More than two decades of experience in pathology business

Ms. Ameera Shah is the Promoter & Managing Director of Metropolis Healthcare Ltd. Ms. Shah received a degree in Finance from The University of Texas at Austin and is an alumnus of the Harvard Business School (OPM Program). Under the leadership of Ms. Shah, Metropolis listed successfully at the stock exchanges in April 2019 at a 9% premium amidst challenging market circumstances. Ms. Shah also led Metropolis into the frontlines of the COVID-19 testing in India. For the last 20 years, Ms. Shah has focused on delivering sustained growth, built, and led corporate functions, including finance, strategy, business process optimization, innovation, investor relations etc. Under her leadership, Metropolis raised the bar of diagnostic accuracy, technological equipment, customer experience, and research-driven, empathetic service. Ms. Shah has led the corporate transformation of Metropolis by setting protocols, hiring expert professionals for the management team, and bringing together a fully actualized board. She has been a Director on our Board since 2008.

Mr. Vivek Gambhir

Designation: Non-Executive Independent Director

Qualification: Bachelor’s degree in both Science and Arts from the Lafayette College, Pennsylvania. He also holds a Master’s degree in Business Administration from Harvard University.

Experience: More than ten years of experience in operations and strategy.

Vivek Gambhir currently associated as whole time director of Godrej Consumer Products Limited was earlier serving as a Managing Director and Chief Executive Officer of Godrej Consumer Products Limited. Vivek was instrumental in driving the company’s efforts to become a leading emerging markets FMCG leader.

He joined Godrej Industries in 2009 as Chief Strategy Officer responsible for guiding overall Group strategy, conducting portfolio analysis and driving special projects. He helped define the CREATE portfolio approach and the 10X10 objective for the Group. Prior to joining the Godrej Group, Vivek was a partner at Bain & Company, one of the world’s leading business consulting firms. He worked with Bain in Boston, Singapore and New Delhi. He was a founding member of Bain’s consulting operations in India and led the firm’s FMCG practice in India. He has been a Director on our Board since September 2018.

Mr. Sanjay Bhatnagar

Designation: Non-Executive Independent Director

Qualification: Master’s degree in Engineering from Stanford University. He also holds Master’s degree in business administration from Harvard University.

Experience: More than 16 years of experience in project development, marketing, and operations management.

He is the founder of THOT Capital Group, a private equity firm based in New York focused on energy and infrastructure. He was also serving as the CEO of WaterHealth International (WHI), an innovative water Company. Prior to setting up THOT Capital in 2001,Sanjay served as the Chairman and CEO, Enron South Asia, where his responsibilities included developing and project-financing of large-scale infrastructure, power plants, pipelines, LNG ships and re-gasification terminals. As CEO of Enron Broadband Services for Asia and the Middle East, Sanjay developed Internet Data Centers and optical fiber networks in India and S.E. Asia.

Sanjay started his career with Schlumberger, an oil field services company, as an engineer and manager in Singapore and worked in Brunei, Thailand, Philippines, Malaysia, Indonesia and France. His responsibilities included project development, marketing and operations management. He had hold the former positions of Director Emeritus of US India Business Council (USIBC), Advisory Board member of University of Alberta, Canada and many such other positions of repute. He has been a Director on our Board since 2018.

Mr. Milind Sarwate

Designation: Non-Executive Independent Director

Qualification: Chartered Accountant, Company Secretary, Cost & Management Accountant, B Com (Hons) (University of Bombay), CII-Fulbright Fellow (Carnegie Mellon University, Pittsburgh, PA, USA).

Experience: 37 Years in Finance, HR and Strategy

Mr. Milind Sarwate is the Founder and CEO of Increate Value Advisors LLP, a firm that facilitates organizations and individuals to discover, develop and deliver business & social value. He provides advice and mentorship in value creation, effective governance, and capability building, leveraging his long experience including long stints in Marico & Godrej. He also invests in promising businesses/ social enterprises.

His eight independent directorships include Mahindra Finance, Hexaware, Metropolis Healthcare and, with an audit committee focus.

Mr. Sarwate has received the ICAI Award - CFO - FMCG 2011, CNBC TV-18 Best Performing CFO Award -FMCG & Retail-2012. He was included in the CFO India Hall of Fame 2013 by CFO India magazine.

He has been a Director on our Board since September 2018.

Ms. Anita Ramachandran

Designation: Additional Non-Executive Independent Director (Appointed w.e.f. 14th May, 2020)

Qualification: MBA (Finance) from the Jamnalal Bajaj Institute

Experience: More than 35 years of experience as a management consultant

Anita Ramachandran began her career in the Management Consultancy division of AF Ferguson & Co (the KPMG network company in India then) in Mumbai in 1976 as the first woman consultant in the firm and worked in a wide range of areas from finance, industrial market research, strategy, and human resources consulting. She founded M/s. Cerebrus Consultants in the year 1995 to focus on HR advisory services, which has now established itself as a specialist firm in the HR field. Her wide general management consulting experience and insights on HR has enabled her to be a strategic advisor to many family groups. She supports many organizations in the social sector through pro bono professional work and remains deeply committed to working with women.

Mr. Mihir Doshi

Designation: Non Executive Non Independent Director (Ceased to be a Director wef April 30, 2020)

Qualification: He holds a bachelor’s degree in Science from New York University and is also a member of the New York State Society of Certified Public Accountants and the American Institute of Certified Public Accountants.

Experience: Mr. Mihir J. Doshi is Managing Director and Country CEO of Credit Suisse, India. He joined Credit Suisse in April 2006 and is based in Mumbai. He is a member of the Asia Pacific Management Committee.

Mr. Doshi has been instrumental in establishing Credit Suisse’s India franchise, which today is active across Private Banking, and Investment Banking. He has been deeply involved in strengthening the overall business profile of the Bank in India and in providing its strategic direction. Under his leadership, Credit Suisse has been awarded a banking license by the Reserve Bank of India and established a bank branch in Mumbai in 2011.

Awards & Recognition

Accorded as the Most Admired Healthcare Company of the Year – February 2020

Won the award for Best IT Practices at the Data Center Summit 2019– October 2019

Awarded the Best Patient Experience team of the Year Award at PEXA Awards 2019, in Delhi – December 2019

Wins the Healthcare Leadership Awards, 2019 at Uttar Pradesh Healthcare Leadership Awards 2019 held at Lucknow– October 2019

Bagged Excellence in Logistics award at the CII SCALE Awards 2019 - Supply Chain & Logistics Excellence Awards organised by Confederation of Indian Industries – December 2019

Was awarded the Best IT Enabled Pathology Chain Award during the 4th Digital Innovation Health Summit and CIO Awards at Kolkata

Won a special mention as the Best Performance-Driven Digital Campaign Award at the InkSpell Drivers of Digital Awards 2019– December 2019

Metropolis was conferred with Award De Excelencia –‘’Service Excellence in Healthcare & Wellness’’ during the 3rd Annual Global Business Leadership Forum. It was presented by the prestigious Asian African Chamber of Commerce & Industry. July 2019

Conferred the Best Logistics Network Optimization & Best use of Technology in Logistics awards announced at the 5th Asian Supply Chain Thought Leadership Summit & Awards in Mumbai - November 2019

Our Chairman, Dr. Sushil Shah, was awarded with the ‘Lifetime Achievement Award’ at the South Asia Pacific Healthcare Summit & Business Awards 2019, for his immense contribution to the diagnostic industry Honoured as the Iconic Personality in Healthcare by Mid-Day at the Mid-Day Healthcare and Wellness Awards September 2019

Our Managing Director, Ms. Ameera Shah won the ‘Best Woman Entrepreneur of the Year’ in Healthcare Sector award at the ASSOCHAM Women Leadership & Empowerment Summit & Awards, for her outstanding leadership and achievements in the diagnostic industry. Ms Shah was also listed as the Most Powerful Women in Business listing and feature by Fortune India 2019 and Business Today 2019. Also won the Leader of the Year: NextGen award at the CNBC-AWAAZ CEO Award, organized by CNBC Awaaz held at Raipu

Our CEO, Mr. Vijender Singh won the Best Business Leader of the Year award at Business Leader of theYear Awards 2020