June 13, 2025

National Stock Exchange of India Limited BSE Limited

Exchange Plaza, Plot No. C/1, G Block, Corporate Relationship Department,
Bandra Kurla Complex, Bandra (E), Phiroze Jeejeebhoy Towers,
Mumbai – 400 051. Dalal Street, Mumbai – 400001.
Symbol: RAINBOW Scrip Code: 543524

Sub: Integrated Annual Report for the Financial Year 2024-25

Ref: Pursuant to Regulation 34(1) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations 2015 ("SEBI Listing Regulations")

Dear Sir/ Madam,

Pursuant to the provisions of Regulation 34(1) of the SEBI Listing Regulations, please find
attached copy of Integrated Annual Report of the Company for the Financial Year 2024-25,
which is being sent through electronic mode to the Members, who have registered their e-mail
addresses with the Company/ / Registrar and Transfer Agent/ Depositories.

In addition, pursuant to Regulation 36(1)(b) of the SEBI Listing Regulations, a letter is also
being sent to the Members whose email addresses are not registered, providing the web-link
where the Annual Report is uploaded on website.

We request you to kindly take the same on record.

Thanking You,

Yours faithfully,

For Rainbow Children’s Medicare Limited

Shreya Digitally signed by
Shreya Mitra

Mitra Date: 2025.06.13

15:06:41 +05'30'

Shreya Mitra
Company Secretary and Compliance Officer

Encl.: As above
Index STATUTORY
REPORTS
76 76  anagement Discussion
M This year holds special significance as we
CORPORATE 172
94
and Analysis
Board’s Report
celebrated our 25th anniversary. A silver jubilee
is not just a milestone; it is a moment to reflect
OVERVIEW 112  eport on
R on the journey that brought us here, one built
Corporate Governance on compassion, trust, and an unwavering
138  usiness Responsibility and
B commitment to excellence in pediatric and
02 Introducing Our Sustainability Report
Integrated Report perinatal care.
05 02 About Our Report
04 Our Reporting Theme
FINANCIAL
06 Insights into
STATEMENTS
Read more on 14
Our Company
25 06 About Us
08 Journey 173 Standalone
10 Key Highlights
244 173 Independent Auditor’s Report
12 Our Strengths
184 Balance Sheet
14 Chairman’s Message
185 Statement of Profit and Loss
18 Geographic Footprint
186 Statement of Cash Flows
20 Our Offerings
188  tatement of Changes
S
24 Awards and Accolades in Equity
26 How We Create Value 189 
Notes to the
Financial Statements
37 26 Operating Environment
245 Consolidated
28 Business Model
30 Stakeholder Engagement 316 245 Independent Auditor’s Report
32 Strategy 254 Balance Sheet
36 Risk Management 255 Statement of Profit and Loss
38 How We Performed
256 Statement of Cash Flows
258  tatement of Changes
S
67 38 Financial Capital in Equity
42 Manufactured Capital 260 Notes to the Financial
52 Intellectual Capital Statements
56 Human Capital
AGM Notice
60  ocial and Relationship
S
Capital 317 Notice
64 Natural Capital
68 Our Governance and Leadership
74 68 Governance Structure
70 Board of Directors
73 Key Managerial Personnel
74 Corporate Information
Rainbow Children's Medicare Limited
CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
Integrated Annual Report 2024-25 PG 02-74 PG 76-172 PG 173-316

ABOUT
In this report, we have used FORWARD-LOOKING STATEMENTS
This report may include statements projecting
six capitals – Financial, Rainbow’s future financial standing, operational
Manufactured, Human, outcomes, strategic plans, and growth

OUR REPORT Intellectual, Social & projections, generally marked by forward-looking

terminologies such as “believe”, “aim”, “intend”,
Relationship, and Natural – to “likely to”, “plan”, “anticipate”, “continue”,
provide holistic information on “estimate”, “expect”, “may”, “will”, among other
phrases of similar import. Such forward-looking
our value creation process. We statements reflect current views and are based
This is the fourth Integrated Annual Report (hereinafter the have also captured information on management beliefs, plans, estimates and

“Report”) of Rainbow Children’s Medicare Limited, hereafter about the external operating expectations based on the available information.
We caution that the actual results, performances,
called “Rainbow”. It encapsulates our financial, operational, environment, our strategy to or accomplishments may significantly vary
and societal activities. Our goal is to deliver long-term value maximize value creation, and from those projected in these forward-looking
statements. We do not commit to update
to our stakeholders ethically, employing different forms of our governance practices. or revise any forward-looking statements,
capital and further promoting value-added activities. irrespective of any new information, future
events, or other circumstances.
REPORTING PERIOD AND SCOPE
The quantitative and qualitative disclosures in
this Report pertain to the financial year from
April 1, 2024, to March 31, 2025. The report
contains information concerning the operations
of Rainbow and its subsidiaries, unless explicitly
stated otherwise.

STANDARDS AND FRAMEWORKS FEEDBACK

This report has been prepared in accordance We continue to engage with all stakeholders to
with the Companies Act, 2013 (and the Rules ensure that we improve our external integrated
made thereunder), the Indian Accounting reporting. For more information about this Report
Standards, the SEBI (Listing Obligations and or to provide feedback, please write to us at
Disclosure Requirements) Regulations, 2015, [email protected]
and the Secretarial Standards issued by the
Institute of Company Secretaries of India.
The non-financial section of the Report has been Website
compiled following the principles suggested by www.rainbowhospitals.in
the International Integrated Reporting Council
(IIRC). Furthermore, we have mapped the United
Nations’ Sustainable Development Goals (SDGs)
to the Key Performance Indicators (KPIs) used
for reporting on the Capitals.

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CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
Integrated Annual Report 2024-25 PG 02-74 PG 76-172 PG 173-316

Our progress is
rooted in a clear
mission:
to make high-quality neonatal, pediatric,
and maternal care accessible to more
families across India and beyond.
With each new hospital, service line,
and innovation, we are extending our
Our growth
reach, enhancing clinical capabilities, is not only
and addressing the evolving needs of
children and mothers. Geographic –
This momentum is visible across our it is holistic. We have expanded
network. With 1,935 Capacity Beds in our fertility services to 12 centers,
In FY 2025, launched a state-of-the-art Child
19 hospitals across India, we are now
Rainbow Children’s Medicare preparing to add ~1,000 beds more – Development Centre in Hyderabad, and
Limited celebrated 25 years strengthening our presence in Southern introduced Butterfly Essentials across
of steadfast commitment to India and entering high-growth regions in 17 hospitals, delivering care beyond
the North, including Gurugram. Plans are the clinical, into every aspect of patient
pediatric and perinatal healthcare.
underway for new facilities in Bengaluru, experience. Our integrated hub-and-
This milestone was not only a spoke model enables us to scale
Rajahmundry, and Coimbatore, while we
moment to reflect on our legacy, actively explore strategic acquisitions in responsibly, sustain quality, and build
but also a reaffirmation of the the North East and Western India. for the future.
long-term vision that continues to
We are also focused on expanding our Excellence continues to guide every
guide our growth. international reach through medical step. From managing medically
tourism and cross-border collaborations. complex, high-dependency cases to
By engaging with health authorities earning NABH and JCI accreditations,
and care networks across Africa we uphold the highest standards
and Southeast Asia, we are building of care, safety, and innovation.
Rainbow’s presence in high-potential Through robust training programs
regions and improving access for and multidisciplinary collaboration,
international patients seeking advanced we equip our teams to lead with both
pediatric and maternal care. expertise and empathy.

As we look ahead,
our purpose
remains unchanged:
to grow with intent and to
deliver excellence – consistently,
compassionately, and across every
community we serve.

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Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

ABO U T U S

Pioneers of
Excellence in
Pediatric and
Perinatal Care
Established in 1998, Rainbow VISION
Children’s Medicare Limited Our aim at Rainbow Children’s
(Rainbow) is one of India’s Hospital is to provide high
standards of care for the mother,
leading multi-specialty fetus, newborn, and children, so
pediatric and perinatal hospital that none of them is deprived of
chains with strong clinical a tertiary care facility.

expertise. Our undeterred

commitment to quality,
innovation, and excellence MISSION
enables us to offer high-quality, The measure of our success is
comprehensive healthcare in the number of smiling faces.

services, enhancing patient

care and outcomes.

Under the "Rainbow Children’s Our women’s care services,

OUR ACCREDITATIONS
Hospital" brand, we provide offered under the "BirthRight
a wide array of pediatric by Rainbow" brand, encompass
services, including: a full range of perinatal care 'Gold Seal of Quality Approval'
services, which include: from the Joint Commission International (JCI)

Newborn and CORE Routine to

Pediatric Intensive Care
SERVICES Complex Obstetric Care India’s first pediatric hospital to have
two flagship hub hospitals, one each
India’s first standalone fertility
center, BirthRight Fertility, Kondapur,
Pediatric AND Multi-Disciplinary
Fetal Care
in Hyderabad and Bengaluru, awarded
with JCI Accreditation
Hyderabad, accreditation in 2022 and
re-accreditation in 2025
Multi-Specialty
Care
SPECIALTIES
Perinatal Genetics
National Accreditation Board of Hospitals & Healthcare
Pediatric Quaternary Fertility Care Providers (NABH) Accreditation
Care (including organ 13 NABH-Accredited hospitals
transplantation) Gynecology Services

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CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
Integrated Annual Report 2024-25 PG 02-74 PG 76-172 PG 173-316

JO U R N E Y

Milestone moments in our journey

2025
2015 2022 R
 eceived JCI
L
 isted on BSE and NSE
2023 re-accreditation for
E
 stablished spoke hospitals at BirthRight Fertility,
Established
Hydernagar, Hyderabad, and Hub Added a Kondapur, Hyderabad
spoke hospital at
at Marathahalli, Bengaluru spoke hospital at
Financial District, R
 eceived NABH
R
 ebranded our perinatal Sholinganallur, Chennai
Hyderabad accreditation
services division as ‘BirthRight by R
 eceived JCI for Visakhapatnam
R
 eceived JCI
Rainbow Hospitals’ accreditation
accreditation P
 erformed first
for BirthRight
for Banjara liver transplant at
Fertility, Kondapur,
Hills, Hyderabad Guindy, Chennai
Hyderabad
R
 eceived liver
transplant license at
2016 Marathahalli, Bengaluru
E
 stablished two spoke
2021 2024 C
 ommissioned Child
hospitals at Bannerghatta development center to
1999 Road, Bengaluru and LB S
 tarted liver Received
 JCI provide comprehensive
C
 ommenced transplant services at accreditation for developmental care
Nagar, Hyderabad
operations with first Banjara Hills, Hyderabad Marathahalli, Bengaluru
S
 et Guinness World S
 tarted ‘Butterfly
hospital at Banjara 2013 Record for assembling the E
 stablished an  stablished three spoke
E Essentials’ for
Hills, Hyderabad outpatient clinic at hospitals: Himayatnagar, Women and Children
E
 stablished largest gathering of people
spoke hospital Kailash Metta, Hyderabad; Sarjapur,
born prematurely O
 utpatient
at Kondapur, Visakhapatnam Bengaluru; and
S
 econd tranche of investment Annanagar, Chennai clinic opened at
Hyderabad Attapur, Hyderabad
by the CDC Group, UK
S
 ecured Expanded our capacity
E
 stablished an by adding a new block
investment
outpatient clinic at at our Hydernagar
from CDC
Group, UK
Governorpet, Vijayawada 2020 Hospital, Hyderabad
 xpanded our presence
E E
 stablished an outpatient
to Visakhapatnam, clinic at Hennur, Bengaluru
2006 Andhra Pradesh A
 dded IVF services
S
 tarted DNB 2017 E
 stablished a spoke at 8 hospitals
pediatric hospital at Hebbal,
E
 xpanded Hub
training program 2010 hospital at
Bengaluru
at Banjara S
 tarted first P
 erformed 1,25,000+
Madhukar at Malviya
Hills, Hyderabad outpatient outpatient video
Nagar, New Delhi
clinic at Madhapur, consultations during
Hyderabad the pandemic

2007
E
 stablished 2018
hospital
2009 E
 xpanded into Chennai 2019 Hospital addition
at Vijayawada by establishing Hub
F
 irst spoke S
 tarted IVF facility at Clinic addition
B
 roadened our hospital as Guindy
hospital Kondapur, Hyderabad
services to include Service expansion
established at E
 stablished standalone Cardiac and excellence
obstetrics and
Vikrampuri, Hospital at Hyderabad (RCHI)
gynecology Other achievements
Hyderabad
A
 cquisition of
Rosewalk Healthcare Private
Limited, New Delhi

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K E Y H I G H LI GHT S

Numbers that define us Performance Highlights FY 2024-25

1 1 98,935
Outpatient Hospital adding In-patient admissions
clinic opened at IVF services
26 19 5
( 12.1% y-o-y)
Attapur, Hyderabad

Years of Hospitals Out-patient clinics

excellence

7,239 8,435 17,349

Pediatric Surgical Gynecology Surgeries Deliveries
procedures ( 11.3% y-o-y) ( 9.8% y-o-y)
( 2.1% y-o-y)

6 1,935 ~1/3
Cities Bed capacity Bed capacity
allocated
to critical care
14,26,733 ` 15,159 Million
Out-patient visits Revenue from Operations
( 11.7% y-o-y) ( 16.9% y-o-y)

910+ 5,500+ ` 4,898.9 Million ` 2,442.3 Million

Doctors (Including Employees EBITDA PAT
full time residents ( 14.2% y-o-y) ( 11.9% y-o-y)
and DNB)

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CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
Integrated Annual Report 2024-25 PG 02-74 PG 76-172 PG 173-316

MULTI-DISCIPLINARY PEDIATRIC CARE

O U R S T R E NGTHS
With all pediatric super-specialties under
one roof, we offer holistic care – from routine

Advancing healthcare with

check-ups and secondary care to advanced NICU
and transplant ICUs. Our integrated approach
and clinical expertise provide us with a distinct

robust fundamentals
competitive edge, ensuring the best outcomes for
complex medical needs.

Our commitment to exceptional patient care is rooted in our strong

fundamentals, including a multi-disciplinary approach, round-the-clock
END-TO-END PERINATAL CARE
consultant-led services, and child-centric hospital environment. Our
From prenatal scans to postnatal support, our
unique hub-and-spoke model enhances service accessibility, facilitates integrated perinatal care enhances synergy
expansion, and drives efficiencies. between pediatric, obstetrics, and gynecology
services. This one-stop model ensures a seamless
care experience for mothers and newborns.

DEDICATED CHILD-CENTRIC HEALTHCARE

ENVIRONMENT
Designed thoughtfully for children, our hospitals
feature vibrant interiors, playful elements, and
comforting spaces that support psychological and
TRACK RECORD OF SUCCESSFUL
emotional well-being. We ensure every interaction
PERFORMANCE
is gentle, creating a conducive environment for Over the years, we have built a solid track record
healing and recovery. of growth, operational excellence, and financial
performance. With a strong balance sheet and
cash flows, we are well-positioned to fund
our capital expenditure plans entirely through
internal accruals.
HUB AND SPOKE MODEL
We follow a unique hub-and-spoke operating model where
the hub hospitals, centrally located within cities, provide
comprehensive outpatient, inpatient care, with a focus on
tertiary and quaternary services. These hubs are connected VISIONARY LEADERSHIP AND MANAGEMENT
to several smaller spoke hospitals in high-growth catchment Our Board comprises distinguished professionals who
areas, providing secondary care, 24/7 pediatric and maternity bring strategic foresight and deep industry experience
emergency services, and extensive outpatient care. to guide our ambitious growth journey. Backed by a
seasoned leadership team, we remain focused on
continuous innovation and elevating patient care and
operational excellence.

UNIQUE DOCTOR ENGAGEMENT MODEL

Our success can be attributed to our
ability to attract and retain dynamic, highly
experienced doctors and medical professionals.
COMMITTED TO ESG
Working full-time exclusively with us, our doctors We embed Environmental, Social, and
operate in cohesive teams available round-the- Governance (ESG) principles into our core
clock, ensuring consistency, continuity, and strategy. From responsible operations to
excellence in healthcare delivery. impactful community initiatives, we’re shaping
a future of sustainable growth.

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CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
Integrated Annual Report 2024-25 PG 02-74 PG 76-172 PG 173-316

C H A I R M AN’ S M E SS AGE

Advancing Healthcare This milestone reflects the values we

hold dear, the culture we’ve nurtured,
required. The combined efforts of our
intensive care and surgical teams led

with Purpose and the resilience that has carried us to a full recovery, and the child was THIS YEAR, WE FURTHER
through the challenges and triumphs discharged in three weeks. STRENGTHENED OUR
alike. To commemorate this occasion, CREDENTIALS, WITH FERTILITY
we came together to celebrate the At BirthRight, a 32-year-old SERVICES AT RAINBOW
people and the purpose that define first-time mother with a complex CHILDREN’S HOSPITAL
us. It was a moment of pride to honor medical history – including nephrotic KONDAPUR RECEIVING RE-
a large number of our team members syndrome, chronic hypertension, ACCREDITATION FROM JCI AND
type 2 diabetes, and ischemic heart RAINBOW CHILDREN’S HOSPITAL
for their invaluable contributions
disease – successfully delivered
over the years. IN VISAKHAPATNAM RECEIVING
under our care. A multidisciplinary
NABH ACCREDITATION.
As we look ahead, we do so with team worked in close coordination
deep gratitude, renewed conviction, to ensure a safe pregnancy and
and a clear sense of purpose. delivery, reflecting our strength in to achieve steady organic growth.
The next phase of our journey holds high-risk maternal care. Overall occupancy for the year stood
AT RAINBOW, CLINICAL immense promise, and we remain at 50.5%, with mature hospitals at
This year, we further strengthened
EXCELLENCE IS NOT JUST A committed to growing with integrity, 57.8% and new hospitals at 36.5%.
our credentials, with fertility services
BENCHMARK – IT IS THE VERY staying rooted in our mission, and
at Rainbow Children’s Hospital
FOUNDATION OF OUR IDENTITY. continuing to deliver care that truly
Kondapur receiving re-accreditation
EXPANDING OUR REACH
OUR STEADFAST COMMITMENT makes a difference. Rainbow currently operates 1,935
from JCI and Rainbow Children’s
TO QUALITY, INNOVATION, Hospital in Visakhapatnam receiving beds across 19 hospitals in six Indian
CLINICAL EXCELLENCE NABH accreditation. With these, we cities, with a strategic focus on
AND PATIENT-CENTRIC
At Rainbow, clinical excellence continue to remain the only pediatric geographic expansion, particularly
CARE, CONTINUES TO DRIVE
is not just a benchmark - it is the hospital chain in India with three in Southern India and the National
EXCEPTIONAL OUTCOMES very foundation of our identity. hospitals accredited by the Joint Capital Region (NCR). Over the next
ACROSS THE FULL SPECTRUM Our steadfast commitment to quality, Commission International (JCI) three years, we plan to enhance
OF PEDIATRIC AND PERINATAL innovation, and patient-centric and 13 NABH-accredited hospitals our capacity by adding ~1,000
SERVICES. care continues to drive exceptional across the network. beds, strengthening our presence
outcomes across the full spectrum in key markets.
of pediatric and perinatal services. FINANCIAL PERFORMANCE
I would like to highlight a few clinical In Bengaluru, we are expanding our
FY 2024-25 was a year of strong
achievements that are particularly hub-and-spoke footprint with a
growth, demonstrating the resilience
close to my heart. These cases are a 90-bed brownfield spoke hospital in
of our business. We achieved an
reflection of the depth of expertise Electronic City and a 60-bed hospital
operating revenue of `15,158.7
within our clinical teams and reaffirm in Hennur, respectively. Both hospitals
DEAR SHAREHOLDERS, million, marking a 16.9% year-on-
our ongoing commitment to delivering year growth, driven by consistent are anticipated to commence
It is my privilege to present the the highest standards of tertiary and performance in our mature hospitals operations by Q2 FY 2026.
quaternary care. and increasing contributions from
Integrated Annual Report of We are also entering new regional
newer ones (under five years old).
Rainbow Children’s Medicare In one case, a four-year-old with hubs with high growth potential.
severe dengue, brain swelling, and A 100-bed hospital in Rajahmundry is
Limited for the financial Our hub-and-spoke model grew
on track to be operational by the first
dangerously high inflammation stronger, with new hospitals
year 2024-25. This year markers was admitted. The treatment seamlessly integrating into the quarter of FY 2026, while a 130-bed
holds special significance involved mechanical ventilation, Rainbow network. While upholding hospital in Coimbatore is expected to
be operational by the end of FY 2027.
as we celebrated our 25th bronchoscopy, and three cycles of high clinical standards and excellent
plasmapheresis. With coordinated patient care, we efficiently managed
anniversary. A silver jubilee care across multiple specialties, the operational expenses through
In the NCR, our expansion plans
is not just a milestone; it is comprise a 300-bed flagship
child made a steady recovery and was disciplined cost control.
super-specialty hospital at
a moment to reflect on the discharged healthy after two weeks.
Sector 44 and a 100-bed spoke
Despite the additional costs of
journey that brought us here, In another complex case, an expanding new hospitals, we hospital at Sector 56 in Gurugram.
one built on compassion, eight-year-old child presented with maintained a healthy EBITDA margin With regulatory approvals already
neck swelling, sepsis, and multi-organ of 32.3%, highlighting our scalability secured, both hospitals are scheduled
trust, and an unwavering to commence operations by calendar
dysfunction. Emergency renal and efficiency. Our newer hospitals
commitment to excellence in support, surgical debridement, are progressing as expected, year 2027, significantly strengthening
pediatric and perinatal care. ventilation, and rehabilitation were while mature hospitals continue our footprint in North India.

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Integrated Annual Report 2024-25 PG 02-74 PG 76-172 PG 173-316

This strategic expansion aligns with b. Child Development Center DIGITAL TECHNOLOGIES are strengthening collaborations with SUSTAINABILITY AND SOCIAL The Southern region remains our
our vision of reinforcing our integrated At Rainbow, we continuously Our commitment to digital medical professionals and hospitals IMPACT stronghold, with strong brand
hub-and-spoke model, improving evolve to address the emerging transformation is driving meaningful across Africa and neighboring At Rainbow, we take our role in recognition and sustained demand
patient accessibility, and driving healthcare needs of children and countries. These efforts aim to driving growth. We will continue to
advancements in both patient contributing to society beyond
excellence in clinical outcomes their families, not only through reinforce Rainbow’s position as expand our hub-and-spoke network,
care and operational efficiency. core healthcare delivery seriously.
across our expanding network. clinical excellence but also by a trusted healthcare destination enhance accessibility, and reinforce
By embracing technology across the Sustainability and social responsibility
At the same time, the Company fostering holistic well-being. while building a more resilient and our market leadership in key cities.
system, we are creating smarter, more are not just ideals; they are integral to
is actively exploring strategic Cognizant of the increasing diversified international patient base. the way we operate. We continue to
connected healthcare experiences. Our planned entry into Gurugram
acquisition opportunities, aiming to prevalence of childhood collaborate with local communities marks a pivotal step in our North India
collaborate with existing promoters developmental and behavioral Our advanced hospital information PEOPLE DEVELOPMENT and government programs to expansion strategy. As we establish our
to expand into newer regions. challenges, we have established system ensures real-time data access Our people are the cornerstone enhance access to maternal and presence in the NCR, we will assess
Our focus is particularly on the North an ~8,000-square-feet, state-of- across departments, supporting of Rainbow’s success. child healthcare, particularly for further opportunities in micro-markets,
East, where there is a significant the-art Child Development Center timely and well-informed decisions for Cultivating a culture of learning, underserved populations. guided by patient needs and regional
need for enhanced healthcare at our Banjara Hills campus in both caregivers and administrators. growth, and well-being is a priority healthcare dynamics.
infrastructure and services. Hyderabad. This pioneering facility The deployment of our Patient App In our commitment to environmental
across all levels of the organization.
sets a new benchmark in pediatric and Portal has enhanced accessibility, We continue to invest in talent responsibility, we have adopted Simultaneously, we are actively
BROADENING OUR SERVICES developmental healthcare in allowing patients to easily connect green hospital practices across our exploring strategic acquisitions in
development, ensuring a steady
I would like to take this opportunity India, integrating multidisciplinary with doctors and access their network, focusing on energy-efficient the Western and North eastern
pipeline of qualified doctors, nurses,
to highlight a few key initiatives specialists under one roof to health records – broadening our infrastructure, waste reduction, and regions, targeting institutions that
and paramedics to support our
undertaken over the past year to provide comprehensive therapies digital outreach. Furthermore, we water conservation to minimize our align with our clinical standards,
expanding network while maintaining
expand our service offerings: in a supportive environment. have fortified our cybersecurity ecological footprint. Additionally, operating philosophy, and long-term
our standards of clinical excellence.
framework, implementing robust through health camps, parental vision. Our approach emphasizes
a. Fertility Care c. Butterfly Essentials comprehensive regional coverage,
data privacy measures to ensure that Rainbow takes pride in running education programs, and digital
Recognizing the rising demand, Aligned with our vision of enhancing one of India’s largest pediatric outreach, we actively promote ensuring sustained impact rather than
patient information remains secure
we have expanded our IVF the patient experience beyond training programs, offering awareness around pediatric and isolated expansions.
and trustworthy.
services and now offer advanced clinical care, we launched Butterfly maternal health, ensuring families
230+ DNB (Diplomate of Our strong financial position
reproductive care across 12 Essentials – a specialized initiative Looking ahead, our focus is on are empowered with the knowledge
National Board) seats across our provides the foundation to execute
facilities, further reaffirming offering a carefully curated mapping the patient journey across network. Our comprehensive they need to make informed these growth plans effectively.
our commitment to accessible, range of baby and women’s care all initiatives, enhancing electronic training ecosystem also includes health decisions. With a robust balance sheet, we are
high-quality fertility treatment. products. Now operational across medical record (EMR) capabilities super-specialty programs, equipping well-positioned to fund our expansion
17 hospitals, Butterfly Essentials for doctors, and integrating intelligent In line with our commitment to
Our IVF services continue to gain healthcare professionals to manage through internal accruals, minimizing
provides families with convenient responsible governance and
strong momentum, driven by systems for effective decision-making. complex, high-acuity pediatric reliance on external debt and further
access to safe, natural, and transparent ESG disclosures, we
clinical excellence, brand trust, hospital-approved essentials, and maternal cases. In addition to strengthening our financial resilience.
INTERNATIONAL MARKET AND in-house training, we are exploring are continuously enhancing our
and exceptional patient care. further enriching the overall
GLOBAL OUTREACH sustainability data management
As a strategic growth driver, this care experience. the establishment of dedicated ACKNOWLEDGMENTS
training centers for paramedical and practices. By focusing on
segment remains well-positioned Like many in the Indian healthcare In closing, I would like to express my
nursing staff to address a critical standardizing environmental data
for continued expansion, and d. Transplant Services sector, our international business sincere gratitude to my fellow Board
collection and optimizing the use of
we are confident in our ability to Over the last few years, we have faced challenges this year due to need in India’s healthcare landscape. members for their valuable guidance,
our information systems, we aim to
further strengthen our leadership built a strong foundation for geopolitical developments and and to our doctors, employees, and
We are proud to have been improve both operational efficiency
in the fertility space. quaternary care at our Banjara regulatory constraints in key regions, leadership team for their dedication
conferred two prestigious and environmental stewardship.
Hills facility, consistently delivering including Bangladesh, Oman, Kenya, and hard work. I also extend heartfelt
Somalia, and Sudan, resulting in a recognitions by The Economic thanks to our shareholders for their
excellent clinical outcomes.
Times: Best Pediatric Hospital and GROWTH OUTLOOK
Building on this success, we temporary decline in patient inflows. continued trust and support.
are now expanding advanced In response, we have intensified Best Organization for Women. Looking ahead, we remain focused
services in Bengaluru and Chennai. engagement with health authorities As we continue to grow, we remain on strengthening our leadership Importantly, I am deeply thankful to
Our kidney and bone marrow and local stakeholders to ensure dedicated to building a future-ready in pediatric and perinatal the young parents, pediatricians, and
OUR COMMITMENT TO DIGITAL workforce that embodies our core healthcare through a balanced the wider community who place their
transplant programs are already smoother access to care. At the same
TRANSFORMATION IS DRIVING values and supports our mission. and sustainable growth strategy. trust in us every day. Their continued
underway, and we recently time, we are expanding our focus to
MEANINGFUL ADVANCEMENTS performed our first successful Additionally, we are honored to Expansion will be driven by scaling faith inspires us to build a more
high-potential markets such as the
IN BOTH PATIENT CARE AND liver transplant in Chennai. have received the “Great Place mature hospitals through the addition inclusive, community-driven model of
Philippines, Mauritius, Uganda, and
OPERATIONAL EFFICIENCY. BY to Work” certification for the fifth of new specialties and clinical talent, healthcare that truly responds to the
With regulatory approvals Zimbabwe, where we see significant
EMBRACING TECHNOLOGY time in 2025, highlighting our accelerating the performance of needs of children and families.
received, we look forward to opportunities for growth.
ACROSS THE SYSTEM, WE ARE formally launching our liver continuous efforts to cultivate a newer hospitals, and commissioning
CREATING SMARTER, MORE transplant program at Bengaluru Recognizing the increasing demand work environment that prioritizes three new facilities in FY 2025-26, Warm regards,
CONNECTED HEALTHCARE soon, further strengthening our for advanced pediatric and maternal the well-being and growth of which will increase capacity by Dr. Ramesh Kancharla
EXPERIENCES. quaternary care offerings. healthcare in emerging markets, we our team members. ~13% (250 beds). Chairman and Managing Director

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G EO G R A P HI C FO OTPRI NT

Expanding presence for improved Banjara Hills, 1999 Vikrampuri, 2009 Kondapur, 2013 Hydernagar, 2014

healthcare accessibility #250 #110 #50 #160

Hyderabad
940
Having established a strong foothold in the South, we are now expanding Total Bed Capacity
our presence in North India, particularly the National Capital Region
(NCR). Our focus is on deepening our footprint within key geographies,
ensuring greater accessibility and service delivery. LB Nagar, 2016 RCHI 1, 2019 Financial District, 2023 Himayat Nagar, 2024
#100 #110 #100 #60

Bengaluru
Delhi-2 Hospitals
Malviya Nagar | Panchsheel Park 442
Marathahalli, 2015 BG Road, 2016 Hebbal, 2020 Sarjapur, 2024
Total Bed Capacity
#200 #102 #50 #90

Chennai
270
Guindy, 2018 Sholinganallur, 2022 Anna Nagar, 2024 Total Bed Capacity
#135 #55 #80

Hyderabad-8 Hospitals & 2 Clinic

Banjara Hills (Rd. No. 2) | Hydernagar, LB Nagar |
Secunderabad | Kondapur | Banjara

Andhra
Hills (Rd. No. 10) | Financial District |
Himayat Nagar | Kondapur (Clinic) | Attapur (Clinic)

Pradesh
Visakhapatnam-1 Hospital & 1 Clinic
Health City | Kailash Metta (Clinic)
259
Vijayawada, 2007 Visakhapatnam, 2020 Total Bed Capacity
#130 #129
Vijayawada-1 Hospital & 1 Clinic
Currency Nagar | Governorpet (Clinic)
1,935#
Total No. of Beds

Chennai-3 Hospitals
Delhi Rainbow Children’s
1
Guindy | Sholinganallur | Anna Nagar Heart Institute, Banjara

24#
Bengaluru-4 Hospitals & 1 Clinic Hills, Hyderabad
#
Bed Count excludes the 130
Marathahalli | Bannerghatta | Hebbal | Malviya Nagar, 2017 Rosewalk, Panchsheel
Total Bed Capacity beds at Malviya Nagar where
Sarjapur Road | Hennur (Clinic)
#130 Park, 2019 Rainbow Hospitals provide
#24 Medical services
Map not to scale and used for representation only.

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O U R O F F E RI N G S

Comprehensive offerings
for quality care
We provide comprehensive pediatric and perinatal healthcare, covering
the entire continuum – from maternal care during pregnancy and fetal
health to newborn and childhood care. Our offerings also include fertility
and gynecology services. This integrated, multidisciplinary approach
ensures holistic care across every stage of the patient’s journey.

Pediatric Care

PEDIATRIC SECONDARY CARE PEDIATRIC MULTI-SPECIALTY

• Pediatric Outpatient Services AND QUATERNARY CARE
• Immunizations • Pediatric Surgery, Urology and
Minimally Invasive Surgery
• Developmental Screening
• Pediatric Cardiology and
• Treatments for Acute and
Cardiothoracic Surgery
Seasonal Illness
• Pediatric Neurology
PEDIATRIC & NEONATAL and Neuro-Surgery
TERTIARY INTENSIVE CARE • Pediatric Hemato-Oncology
• Care of Pre-term Babies, Very & • Pediatric Gastroenterology and
Extremely Low Birth Weight babies Liver Diseases
• Sick term babies • Pediatric Nephrology
• New Born & Pediatric • Pediatric Orthopedics
Emergency Transports • Pediatric Pulmonology and Allergy
• Neonatal Surgical Services • Pediatric Organ Transplantation
• Inhale Nitric Oxide Therapy (Liver, Kidney, Bone-Marrow)
• Advanced Ventilation • CRRT Services
Including HFOV
• Pediatric
Neuro-Critical Care Services
• ECMO Services

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DEPARTMENT OF PEDIATRIC
GASTROENTEROLOGY
Core Expertise
• Acute and Chronic Liver Disease
• Food Intolerance / Allergies
• GERD (Gastro Esophageal
Reflux Disease)
• Pancreatitis
• Liver Transplant

DEPARTMENT OF PEDIATRIC
NEPHROLOGY
Core Expertise
• Acute and Chronic Renal Failure
• Nephritis and Nephrotic Syndrome
• Urinary Tract Infections
• Acute and Long term Dialysis
• CRRT
• Plasmapheresis
• Kidney Transplant
Extensive Tertiary and
DEPARTMENT OF Women Care
Quaternary Care Offerings ORTHOPEDICS
Core Expertise
• Childhood Trauma
• Correction of Congenital
DEPARTMENT OF PEDIATRIC PEDIATRIC NEUROLOGY AND Deformities FETAL MEDICINE HIGH-RISK PREGNANCY CARE FERTILITY CARE
SURGERY, UROLOGY AND NEUROSURGERY • Ligament Repairs • Targeted Imaging for Fetal • Complex Obstetric Surgeries • Intrauterine Insemination (IUI)
MINIMALLY INVASIVE SURGERY Core Expertise Anomalies (TIFFA Scan) • In-Vitro Fertilization (IVF)
• Multi-Disciplinary Care
Core Expertise • Epilepsy, Autism and ADHD DEPARTMENT OF • Chromosome Screening • Intracytoplasmic Sperm
• Maternal Intensive Care
• Neonatal Surgery • Neuro-Muscular Disorders
PULMONOLOGY AND ALLERGY Injection (ICSI)
• Prenatal Testing and Diagnosis • Supports Natural yet
• Pediatric Urology and Minimally Core Expertise
• Developmental Disorders • Pediatric Fetal Growth Painless Birthing • Intracytoplasmic Morphologically
Invasive Surgery • Asthma Assessments and Well-Being Selected Sperm Injection (IMSI)
• Congenital Malformations
• Hepato-Biliary Surgeries of Nervous System • Acute and Chronic Cough • Fetal Therapies like Intra-Uterine GYNECOLOGY
• Correction of • Chronic Lung Disease Transfusions, Laser Interstitial • Ovarian Cysts and Polycystic
Congenital Malformation DEPARTMENT OF HEMATO- Ablations, etc. Ovarian Syndrome (PCOS)
• Sleep Apnea
ONCOLOGY
• General Gynecologic Conditions
DEPARTMENT OF PEDIATRIC Core Expertise PEDIATRIC TRANSPLANT OBSTETRICS and Pelvic Pain
CARDIOLOGY AND CARDIAC • Childhood Leukemia PROGRAM Pregnancy and Childbirth • Minimal Access Surgery and
SCIENCES • Brain Tumors Core Expertise • Prenatal Care including Neonatal Advanced Gynecological Surgery
Core Expertise Specialty Care, Diagnostics,
• Solid Tumors • Bone Marrow Transplant • Birth Control Needs
• Congenital Heart Disease Advanced Imaging and NICUs
• Diagnosis and Treatment of Various • Liver Transplant
• Arrhythmias Hematological Disorders • Kidney Transplant
• Childhood Hypertension • Bone Marrow Transplant

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AWAR D S AN D ACCO L A DE S

Recognized
for Excellence
ACCREDITATIONS
Rainbow Children's Hospital at Banjara Hills, Hyderabad and Marathahalli, Bengaluru has
been accredited with ‘The Gold Seal of Approval’ by Joint Commission International (JCI),
a trusted symbol of quality and patient safety worldwide.

Rainbow Children’s Hospital & BirthRight at Sholinganallur, Chennai and Hebbal, Bengaluru
received accreditations from the National Accreditation Board for Hospitals & Healthcare
Providers (Guin), recognized globally as a standard for healthcare excellence.

Guinness Book of World South East Asia’s Smallest Certified for For Four
Record Holder for the Baby Born at Rainbow the Fifth Year Consecutive Years
largest gathering of people Children’s Hospital,
Born Prematurely – 2016 Hyderabad - 2018

Rainbow Children's BirthRight Fertility by India’s first Awarded Best Children’s The Best Multi Speciality Awarded an Leader Best Organisation Rainbow Children's
Hospital Marathahalli, Rainbow Children's NABH Accredited Hospital in India by CNBC Hospital in Fertility and in Safe Delivery for Women 2025 Hospital & BirthRight,
Corporate TV 18 and ICICI Lombard IVF Category 2018-2019 Secunderabad &
Bengaluru Hospital Kondapur,
- 2010, 2014, 2018 Marathahalli World's Best
Accredited by Hyderabad Children's Hospital
Specialized Hospitals 2025
JCI in 2024 Accredited by ICI in 2022

The Week & Hansa Best Hospital for Mother Ranked No. 1 Ranked No. Rainbow Children's Heart Pharmacie De Qualite’
Research Survey & Childcare Best Hospital in National Single 1 in Obstetrics & Institute Hyderabad. Certification from the
– India’s No.1 for Obstetrics and Speciality - Pediatrics Gynecology Hospital World's Best Specialized Bureau of De Veritas –
Pediatrics Standalone Gynecology 2024 Times Critical Care in - Times Critical Hospitals 2025 Rainbow Children’s Hospital,
Hospitals – 2021 & 2022 Survey 2022, 2023 Care Survey-2021 Banjara Hills – 2017

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O P E R AT I N G ENVI RO NM EN T

Adapting to evolving
industry trends
India’s healthcare sector is experiencing rapid transformation,
driven by rising demand for specialized services, increasing
awareness, and adoption of digital technologies. These trends are
reshaping healthcare delivery, creating opportunities for providers
to expand access, enhance outcomes, and deliver high-quality care.

VAST AND UNDERSERVED RISING INCOMES AND AFFORDABILITY

PEDIATRIC MARKET India is undergoing profound shifts in demographic
Children under the age of 15 make trends. Rapid economic growth has propelled around
up nearly 29% of India’s population, 73 million households into the middle-class category
underscoring the pressing need for over the past decade, significantly boosting their
specialized pediatric and maternity purchasing power. By 2026, it is projected that 8%
care. Yet, India’s pediatric sector of Indians will earn more than USD 12,000 annually.
remains nascent, especially when This rise signals a shift towards greater affordability
compared to countries like the and a growing preference for premium healthcare PREMIUMIZATION IN
United States and China. In contrast, services. As the middle class expands, more families HEALTHCARE
specialized pediatric hospitals are are expected to seek high-quality care for maternal Rapid urbanization is driving a
only now beginning to emerge in and child health needs. shift in consumer behavior, with
India, creating a significant market growing demand for premium,
gap. The Indian pediatric healthcare personalized healthcare experiences. INCREASING PENETRATION OF HEALTH INSURANCE
market size reached USD 441.6 Further, increasing awareness, Health insurance penetration is set to grow rapidly in India,
million in 2024 and is expected improved literacy rates, and strengthening access to private healthcare services. Factors such as
to reach USD 654.2 million by preference for preventive care are rising premiums per person, increased employer participation, and
2033, exhibiting a CAGR of 4.46% propelling demand for specialized deeper penetration of government-backed schemes like Ayushman
during 2025-2033. child and maternal healthcare. Bharat, are driving this expansion.

GROWING OPPORTUNITY IN MEDICAL TOURISM TECHNOLOGY ADVANCEMENTS

India has emerged as a global leader in medical tourism, offering advanced Digitization is revolutionizing
medical care at competitive prices. In 2024, the Indian medical tourism Indian healthcare landscape.
market was valued at USD 7.69 billion and is projected to reach USD 14.31 Technologies such as telemedicine,
billion by 2029, reflecting a CAGR of 13%. This growth will be fueled by the Artificial Intelligence (AI), blockchain,
country’s world-class healthcare infrastructure, skilled medical professionals, and Internet of Things (IoT) enable
and significantly lower treatment costs compared to Western countries. more efficient, personalized,
India’s global standing is further validated by its 10th place ranking on the and scalable service delivery.
Medical Tourism Index (MTI) out of 46 destinations worldwide. International These innovations are not only
patients prefer India for specialized treatments, high standards of care, and a enhancing patient experiences but
patient-first approach. As awareness and access expand, India’s reputation as also boosting operational efficiency
an attractive healthcare destination continues to rise. and clinical outcomes.

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B U S I N E S S M O DEL

Integrated model for Our value creation model considers the operating environment, capital
inputs, and stakeholder needs, all of which inform our strategy. Supported
by strong governance and core strengths, we aim to amplify outcomes while
holistic value creation responsibly mitigating risks and creating lasting value for all.

Input Strategic process Output Outcome SDG Linkage

Financial Capital Financial Capital • Constant and sustained growth

• Disciplined strategic investments • ` 15,159 million Revenue in revenue and profitability
and capital allocation • ` 4,899 million EBITDA • Strong balance sheet and
hild-centric liquidity position
ed c etwork
• ` 2,442 million PAT
at
dic
Manufactured Capital
are n
• 19 Hospitals De althc
he Manufactured Capital • Increased operational efficiency
• 5 Clinics
• Services offered • Expansion of facilities
• 1,935 Beds
1. Child Care
• Best-in-class infrastructure and
2. Comprehensive Super-Specialty
advanced medical equipment

Mu
Growth Pediatric Care

lti-d
strategies 3. Women Care
Intellectual Capital
4. Fertility Care

iscipli
• Leading brands –‘Rainbow
5. Diagnostic Services
Children’s Hospital’ and
H ub and Sp

‘BirthRight by Rainbow Hospital’ • 14,26,733 Outpatient visits

nary approach
• Clinical excellence Performance • 98,395 Inpatient admissions
• JCI and NABH accreditations through
• Digital capabilities and systems design Intellectual Capital
• International alliances Strong Committed • 51 - Kidney, Liver and Bone Marrow
oke

financials Transplantation • Management of

• 231 Trainee doctors pursuing to ESG complex medical cases
• 1,500+ cardiac surgeries since inception
mo

DNB, postgraduate and

other fellowship programs in • 50+ Research papers published • Development of sustainable
de

Rainbow network technologies and processes

l

• KONAR-MF Patent • Building strong brand

Human Capital value and recall
• 62% Women workforce
Human Capital
r • Trained doctors
Unique doctoodel
• 3,972 Permanent employees
• Increased retention rate
m • Skilled nurses and medical staff
• 910+ doctors e n g a g e m e nt • Career growth
• Safe, inclusive and open
• Elite consultant pool work environment
• Opportunity to relocate
• Experienced leadership team • Diverse and
• Regular training and development committed workforce
sessions for our people Social & Relationship Capital
• Educational support to schools
Social & Relationship Capital • Free Medical Camps • Sustained and consistent value
• Collaborated with YouTube to creation for stakeholders
VISION MISSION
• Trusted stakeholder relationships
and corporate reputation create informative videos addressing • Uplifting the communities in
• Constructive relationships within children’s and women’s health issues which we operate
the healthcare sector Our aim at Rainbow Children’s The measure of • Various RWA and corporate tie-ups
• Partnerships with Hospitals is to provide high our success is in
• Reduced environmental footprint
non-profit organizations standards of care for the mother, the number of Natural Capital • Resource efficiency and
fetus, newborn and children so smiling faces. • 7,604 MT Total carbon emission waste minimization
Natural Capital that none of them is deprived of reduction through direct (solar panels)
• Sustainable practices and indirect (open access) methods
a tertiary care facility.
• 5,88,565 Units of solar • 69 Mn Liters Total water recycled
power generation • 339.17 MT Bio-waste disposed safely

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S TA K E H O LDER ENG AGEM ENT

Key Mode Of How We Measure Capital
Stakeholder
Expectations Engagement Success Linkage

Responding proactively to • Financial performance • Integrated Annual Report • Management meetings

stakeholder needs
• Operational performance • Website • Investor complaints
• Corporate governance • Quarterly and • Feedback from Investors
Investors • Management annual presentations • Response
strategies and outcomes and earning calls during Analyst calls
• Annual General Meeting
We actively engage with key stakeholder groups that influence our • Dividends
• Information provided
strategy and long-term success. Our approach prioritizes transparent, about financial and
operational management
meaningful, and consistent communication to understand their • Announcements to
expectations and address concerns proactively. This structured stock exchanges
engagement framework not only strengthens relationships but also • Investor
Relations communications
enhances patient experiences and supports overall value creation.
• Physiological safety • Robust learning journeys • Retention figures
• Learning and • Continuous • Average organization
growth opportunities performance development performance score
• Sense of belongingness • Competitive • Internal talent mobility
Employees compensation and benefits vs. external hiring
Key Mode Of How We Measure Capital • Intranet Portal for open positions
Stakeholder
Expectations Engagement Success Linkage • Cultural events • Promotion %
• Structured • GPTW survey scores
• Quality/ • CRM • Positive feedback employee surveys • Number of employee
efficiency of service • Daily/weekly/monthly or complaints/ grievances
• Periodic townhalls to
• Cost effectiveness continuous monitoring constructive feedback,
enable bottom-to-
Patients/ • Hygiene in environment based on feedback system with regards to
top communication
Customers • Innovation in depending on the nature of price and quality
• Culture of service
services/products stakeholder engagement • Patients’ downtime
orientation with each other
• Timely • Website and social media • Success rate of
availability of services • Company’s Public treatments/procedures
• Number of orders • Procurement policy • Positive feedback
• Patient data privacy Relations Officer • Repeat patients
• Competitive pricing • Purchase committee • Complaints/
(restrict personal data • Customer support desk • Turnaround time constructive feedback
• Consistency of orders • Logistics committee
use/shred documents) • Patient feedback system • Patient • Credit period
• Timelines • Regular meetings
• Patient satisfaction survey satisfaction score Suppliers
• Payment methods between supplier • Stock out percentage
• Other terms and and the management • Timely delivery
• Legal compliance • Compliance department • Number of litigations • Timely payments
conditions of delivery • Repeat purchase
• Regulatory compliance within the Company • Non-compliance • Transparent processes percentage
• Healthcare for all • Compliance with drugs penalty, if any
• Negotiations
and healthcare norms
Government • Measuring deliverables
and regulations
• Annual reports
• Analysis of healthcare • Social media • Positive feedback
• Filing of returns
needs of the society • CSR • Complaints/
• Report submissions
• Identifying the • Community constructive feedback
• Compliance to ESG gap between building sessions • Number of attendees
• Timely payment of taxes demand and supply for public events
Society • Awareness campaigns
• Press release • Prevention of illnesses • Responses
• Health surveys
• Need for private • Discussions on social media
practitioners and hospitals on medical issues
to work cohesively • Press conferences
• Health talks and camps
Financial Capital Manufactured Capital Intellectual Capital • Fulfilling
health requirements
Human Capital Social & Natural Capital
Relationship Capital

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01
S T R AT EGY Strengthen Tertiary and
Quaternary Pediatric Services

Accelerating growth with We focus on continuously

expanding our tertiary and
quaternary care offerings through
Key Achievements in FY 2025:
• Established a specialized Transplant Intensive Care Unit (ICU)
at our flagship hospital in Hyderabad, enhancing our capability

prudent strategies our hub hospitals, which serve

as centers of excellence for
specialized treatments. This
for advanced surgical and post-operative care in pediatric organ
transplantation
• Launched dedicated liver transplantation programs in Bengaluru and
enables us to deliver critical care
Chennai, strengthening our quaternary care capabilities
We continue to execute our multi-faceted strategy aimed at delivering to the most vulnerable patients.
• Hired a dedicated liver transplant surgeon and expanded the
superior patient outcomes, extending reach, enhancing efficiencies, pediatric gastroenterology team across Hyderabad, Chennai, and
and driving sustainable growth. Our focus remains on accelerating Bengaluru, ensuring consistent access to expert care
• Established an 8,000 sq. ft. multidisciplinary Child Development
momentum across our key priorities while introducing new strategies. Center at Banjara Hills, Hyderabad for addressing developmental and
behavioral challenges among children, ensuring holistic pediatric care
• Performed the world’s first fetal balloon aortic valvuloplasty
using a closure device, successfully treating a 27-week fetus with
severe aortic stenosis in utero, marking a significant milestone in
fetal cardiology

01 07
Strengthen Tertiary
and Quaternary
Grow
International Business
02 Further Our Comprehensive
Perinatal Services
Strengthening our perinatal care Key Achievements in FY 2025:
Pediatric Services offerings through enhanced • Added IVF services in 1 hospital, bringing the total to 12 facilities
training and expansion of services • Launched Butterfly Essentials across 17 hospitals. A specialized
and geographical footprint remains offering a wide range of products tailored to the unique needs of
STRATEGIC a key strategic priority.

02 06
children and women
• Enhanced IVF offerings through investments in infrastructure,
OBJECTIVES technology, and specialized personnel
Further Our IT
Comprehensive Transformation
Perinatal Services

03 05
Drive
Grow Our Performance Efficiencies
Presence Through
Hub-and-Spoke Networks
04
Timely
Execution of Projects

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05 Drive Performance
Efficiencies
We are committed to Key Achievements in FY 2024-25:
enhancing operational • Hired dynamic and highly experienced senior leaders aligned with
efficiency through process our long-term strategic goals
optimization, technology • Built a high-performing sales and marketing team, strengthening
integration, talent
capabilities across all units to drive patient outreach and
development, and improved
market penetration
capacity utilization.
• Invested in hiring the right clinical talent across both new and
existing locations to develop new specialties and enhance
existing services
• Adopted advanced technology solutions to streamline processes,
optimize inventory levels, reduce wastage, and improve
overall efficiency
• Optimized spending on advertising and branding, ensuring
maximum visibility and return on investment

03 Grow Our Presence Through

Hub-and-Spoke Networks
We aim to replicate our successful Key Achievements in FY 2025:
06 IT
Transformation
Leveraging digital tools to Key Achievements in FY 2024-25:
hub-and-spoke model in high- • Secured building plan approvals for a spoke hospital in Gurugram improve patient convenience, • Rolled out new Hospital Information Systems (HIS) for enhanced
potential cities, while increasing for commencing operations in the next 2–2.5 years, expanding our streamline operations, and digital capabilities
hub capacity and evaluating both footprint in North India extend our reach remains a • Implemented Electronic Medical Records (EMR) systems across
organic and inorganic growth strategic focus.
• Launched a new outpatient clinic in the densely populated our hospital network, digitizing patient health records and
opportunities in new locations.
residential area of Attapur, Hyderabad streamlining clinical workflows
• Launched a new payment gateway, website, and app;
introduced Business Intelligence (BI) dashboards to support
data-driven decision-making

04 Timely Execution
of Projects
Strategic project planning and Key Achievements in FY 2025:
07 Grow International
Business
With strategically located Key Achievements in FY 2024-25:
efficient resource allocation • Ongoing hospital projects in Electronic City and Hennur, Bengaluru, hospitals in South India and • Addressed challenges in international markets by forming
ensure timely commissioning and Rajahmundry, Andhra Pradesh are on track, with these facilities the National Capital Region, strategic partnerships to enhance market access and
of new facilities and services. anticipated to commence operations by the end of FY 2026 we are well-positioned to tap operational effectiveness
This approach enhances patient the growing medical tourism
• Commenced project work for a regional hub hospital in Coimbatore
outcomes and our reputation for opportunity and provide high-
efficiency and reliability. quality care.

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R I S K M AN AGEM EN T

Strengthening resilience through

effective risk management RISK MONITORING AND RISK REGISTER AND TECHNOLOGY FOR RISK
MITIGATION MECHANISMS ASSESSMENT MANAGEMENT
Effective risk management is crucial for an organization’s success. We Guided by a Risk Management Each functional head maintains a • Adopted HIS, HRMS, and SAP
regularly assess our risk profile to stay aligned with evolving market Charter approved by the RMC, detailed Risk Register that evaluates systems for real-time data analytics
potential risks based on likelihood
dynamics and emerging challenges. The stability of our risk landscape our risk oversight mechanism • Digitized medical records for
includes a structured and regularly and impact. This includes root cause patient data management
reflects the strength of our mitigation strategies and operational framework. updated risk management process. analysis, risk indicators, current
• Robust IT security, firewalls
Key elements include: status, timelines for mitigation, and security, and insurance against
• Concurrent audits, process mechanisms for ongoing monitoring. all cyber risks
walkthroughs, and risk-based Operational leaders are responsible
• Master data management
internal audit reviews for identifying new risks, while status
(MDM) has been enforced for all
• Continuous monitoring of updates and progress on mitigation
employees and third-party vendors
RISK MANAGEMENT FRAMEWORK internal controls and rectification efforts are periodically reported to
who access our network
of process gaps the RMC. The Committee reviews
We have established a robust risk management framework to • Medical boards are defined for
• Inputs drawn from risk perception these updates on a half-yearly
identify, assess, monitor, and mitigate risks across our operations. identifying and recommending
surveys, environmental scanning, basis, offering guidance and
This framework spans strategic, operational, financial, and compliance emerging technology/equipment/
and stakeholder feedback recommendations where necessary.
areas and is deeply embedded within our organizational culture, surgical techniques/procedures/
guiding informed decision-making at every level. best practices that can be adopted.
Quality assurance committee
RISK MANAGEMENT GOVERNANCE reviews and provides its approval
To oversee and steer our risk management practices, the Board of before any use of new technology
Directors has constituted a dedicated Risk Management Committee
(RMC), chaired by an Independent Director. The RMC regularly reviews
the effectiveness of our framework and provides updates to the Board
on risks and mitigation strategies.
MANAGING CYBERSECURITY RISK
As part of our commitment to safeguarding critical data and
ensuring operational continuity, we have established a
comprehensive cybersecurity framework. This includes rigorous Vulnerability
Assessment and Penetration Testing (VAPT) to identify and address potential
system weaknesses.
To further strengthen our digital defenses, we are actively implementing
Business Continuity and Disaster Recovery (BCDR) plans, ensuring
preparedness against unforeseen disruptions. Our cybersecurity infrastructure
includes the deployment of advanced perimeter protection systems such as
firewalls and the configuration of network and communication devices with
structured access controls.
We have also enforced stringent security protocols on servers, focusing on
secure authentication, authorization, and controlled database access for all
critical applications. To bolster our defenses against threats like ransomware and
phishing, we have rolled out a Cybersecurity Maturity Assessment framework
and adopted robust data encryption protocols.
Further, we are fostering a cyber-aware culture across the organization.
Through regular training sessions and awareness programs, we equip our teams
with the knowledge to identify risks and follow cybersecurity best practices.

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PERFORMANCE REVIEW we maintained a healthy EBITDA As of March 31, 2025, we

margin of 32%, reflecting disciplined maintained a strong and debt-free
FY 2024-25 was a pivotal year,
cost management and operational balance sheet, with cash, cash
marked by resilient financial
efficiency. Mature hospitals remained equivalents, fixed deposits, and
performance, strategic investments,
consistent performers, while mutual fund investments totaling
and strong operational execution,
newer hospitals progressed in line ` 6,989 million and zero borrowings.
even amid external challenges.
with expectations. This solid financial position reflects
We delivered total revenue of
our disciplined financial management,
` 15,159 million, reflecting 17% Notably, FY 2024-25 saw meaningful
strategic capital allocation, and
growth compared to ` 12,969 million contributions from new initiatives,
consistent operational excellence.
in FY 2023-24. EBITDA for the year such as the expansion of IVF services,
stood at ` 4,899 million, up 14% the launch of Butterfly Essentials,
from ` 4,289 million in and the establishment of the Child
INTERNATIONAL BUSINESS
FY 2024. Profit After Tax (PAT) Development Center, which together Our international business faced
reached ` 2,442 million, a enhanced both revenue streams and persistent headwinds due to
solid 12% growth from ` 2,183 patient value propositions. macroeconomic and regulatory
million in FY 2023-24. challenges across several key markets.
The ROCE and ROE declined to Countries such as Bangladesh, Oman,
Our performance underscores 26.95% and 17.85%, respectively, Kenya, and Sudan experienced a
the strength and scalability of our compared to the previous year. significant reduction in the issuance
business model, supported by the This decline was primarily due to of medical travel permits, leading
steady organic growth of mature our high capital investments in to subdued patient inflows and
hospitals and the rising contributions greenfield hospitals and new projects. impacting the international segment’s
from newer hospitals under five While these investments have revenue contribution.
years old. Our hub-and-spoke temporarily expanded the capital
network continues to strengthen, Despite these challenges, we remain
base, their financial contributions
with seamless integration of new confident in the long-term potential
will materialize gradually as these

Financial Capital units ensuring consistency in clinical of our international operations.

units ramp up and achieve optimal
standards and operational excellence Rainbow continues to enjoy a
utilization. We expect ROCE and ROE
across locations. strong recognition across multiple
to improve in the coming years as the
overseas markets as a brand, and
Despite the cost pressures associated revenue contribution from maturing
we are actively engaging with
with expanding new hospitals, units accelerates.
healthcare facilitators, medical
tourism agencies, and diplomatic

Propelling growth through prudent networks to revive and expand our

international outreach. We plan to
explore strategic partnerships, digital

financial management outreach initiatives, and regional

collaborations, with a particular focus
on East Africa, South Asia, and the
Middle East. We are also committed
to strengthening our domestic
Prudent financial capital management is crucial for long-term growth centers of excellence, ensuring
and value creation. By managing our resources with discipline, they remain attractive destinations
for international patients seeking
diligence, and foresight, we enable strategic investments in new complex pediatric and maternal care.
facilities to support geographic expansion, upgrade our service
offerings to enhance patient outcomes, and strengthen the foundation
of our sustainable business model.

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Integrated Annual Report 2024-25 PG 02-74 PG 76-172 PG 173-316

STRATEGIC PILLARS Operational Maturity of New DISCIPLINED AND Revenue (Turnover) EBITDA EBITDA Margins
Hospitals (` million) (` million) (%)
DRIVING GROWTH DEBT-FREE CAPITAL
• Achieved steady improvements 11,736 12,969 15,159 3,964 4,289 4,899 33.8 33.1 32.3
Network Expansion & Capacity
in occupancy rates and Average
EXPENDITURES
Augmentation
Revenue Per Occupied Bed Our capital allocation strategy was
• Focused on expanding geographic aligned with our expansion roadmap,
(ARPOB) at newer hospitals, with
reach through new hospitals ensuring funds were strategically
several units progressing toward
and increasing capacity across deployed into high-return areas,
breakeven and contributing
existing facilities to serve more including the commissioning of
meaningfully to topline growth
patients efficiently new hospitals, acquisitions, and the
Ancillary Services Expansion
Service Line Diversification development of advanced tertiary
• Rolled out Butterfly Essentials and quaternary care capabilities.
• Extended beyond core pediatric
across 17 hospitals, creating
and neonatal services with strong In FY 2024-25, we undertook a total
incremental revenue streams FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025
momentum in fertility (IVF), backed capital expenditure of `1,456 million,
and strengthening our holistic
by the JCI re-accreditation of our invested to support facility expansion,
care delivery model for
Kondapur center service enhancements, and new Y-O-Y 17% Y-O-Y 14%
women and children
growth initiatives. Importantly, all
• Expanded quaternary care Enhanced Hub-and-Spoke these investments were funded
offerings, including organ Integration entirely through internal accruals
transplants and advanced
• Strengthened alignment between and cash reserves, preserving the PAT PAT Margins ROCE
pediatric surgeries, highlighted
spoke hospitals and regional company’s debt-free status. (` million) (%) (%)
by our first liver transplant
hubs, driving increased specialty Leveraging our robust cash flow 2,124 2,183 2,442 18.1 16.8 16.1 24.6 27.63 26.95
in Chennai, contributing to
and complex case referrals and internal accruals, we are
revenue enhancement
and improving utilization at well-positioned to complete all
tertiary centers planned capital expenditures
Digital & Outreach Initiatives without resorting to debt financing.
• Scaled up digital engagement, This approach ensures financial
patient education, and community stability and minimizes risk,
outreach programs, boosting enabling us to maximize growth and
brand visibility, patient trust, and operational efficiency.
driving higher footfalls, especially in Looking ahead, we will continue
emerging geographies to allocate capital prudently and
FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025
efficiently, ensuring a balanced focus
on growth, profitability, and return
optimization, while strengthening our
Y-O-Y 12%
healthcare services across India.

ROE Dividend per Share

(%) (`)
25.4 18.7 17.9 3 3 3

FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025

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Integrated Annual Report 2024-25 PG 02-74 PG 76-172 PG 173-316

CAPACITY EXPANSION OPERATIONAL

In FY 2024-25, we made remarkable EXCELLENCE
strides in strengthening our hospital We prioritize operational excellence
network to elevate accessibility and by leveraging advanced technologies
care delivery. We are broadening and streamlined processes to
our reach by adding new hospital optimize resource utilization, reduce
units, increasing overall capacity and downtime, and improve overall
bringing specialized pediatric and efficiency. These efforts not only
maternal care to more regions. enhance the patient experience but
also generate meaningful cost savings
ADVANCED MEDICAL and operational effectiveness.
EQUIPMENT AND
TECHNOLOGY COMMITMENT TO
Continuous investments in SUSTAINABILITY
cutting-edge medical technologies We remain committed to integrating
remain a cornerstone of our strategy. sustainability across our operations.
Our hospitals are equipped with Our initiatives include adopting green
the latest Neonatal Intensive Care building materials, implementing
Units (NICUs), specialized surgical energy-efficient lighting and HVAC
suites, and advanced diagnostic systems, and running waste and
tools, ensuring delivery of the most water reduction programs, all aimed
effective, precise, and efficient care at minimizing environmental impact
to our patients. while upholding the highest quality of
healthcare services.
ENHANCEMENT OF
Manufactured Capital FACILITIES AND SERVICES
Infrastructure upgradation is central
to maintaining the highest standards
of care. We modernized patient
rooms, expanded intensive care
units, and integrated next-generation

Strengthening the foundation of diagnostic and therapeutic

equipment, creating a congenial
environment that fosters patient

exceptional care recovery and well-being.

Our facilities, infrastructure, and cutting-edge medical equipment

form the backbone of our ability to deliver excellent healthcare
services and patient outcomes. We are focused on expanding our
hospital network and clinical capabilities to remain at the forefront
of medical innovation and deliver world-class pediatric and
maternal care.

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CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
Integrated Annual Report 2024-25 PG 02-74 PG 76-172 PG 173-316

HUB-AND-SPOKE MODEL
HYDERABAD CHENNAI
Our hub-and-spoke model is
pivotal to our strategy of delivering
specialized pediatric and maternal
healthcare efficiently across
regions. At the heart of this model
are our hub hospitals – large,
super-specialty centers in cities
like Hyderabad, Bengaluru, and
Chennai – offering advanced
tertiary and quaternary care.
Supporting these hubs are
strategically located spoke hospitals
and clinics in key catchment
areas such as Visakhapatnam and
Vijayawada, providing accessible
primary and secondary care closer
to patients’ homes. This integrated
network enhances accessibility,
reduces patient travel times,
and strengthens our referral
ecosystem, ensuring timely transfers
for complex cases.
Going forward, we plan to replicate
this successful model across new
regions, expanding our national Hub Spoke Upcoming Hospital
footprint and deepening our impact
on pediatric and perinatal care BENGALURU *Hub Hospital is centrally situated, providing accessibility from all parts of the city
in India. This expansion will not *Spoke hospitals are situated in areas experiencing rapid growth and development, strategically located to ensure
only broaden our coverage but convenient access for nearby towns and cities
also enhance patient experiences
through improved access to quality
healthcare services.
BENEFITS OF HUB-AND-SPOKE MODEL

OUR HUB-AND-SPOKE
MODEL IS PIVOTAL
TO OUR STRATEGY OF
DELIVERING SPECIALIZED
PEDIATRIC AND Synergy Cost Efficiency Comprehensive
Hubs handle complex Optimal capital Coverage
MATERNAL HEALTHCARE
EFFICIENTLY ACROSS cases, while spokes investment at spokes A robust network
manage broader clinical enables wider market enhances regional
REGIONS.
services, creating a reach and stronger penetration, supported
powerful referral and financial returns. by efficient patient
care ecosystem. transport and
streamlined operations.

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Integrated Annual Report 2024-25 PG 02-74 PG 76-172 PG 173-316

UPCOMING HOSPITALS OVERVIEW EXPANDING SPECIALIZED SERVICES

EXPANSION IN KARNATAKA, ANDHRA PRADESH, AND TAMIL NADU FERTILITY CARE Child Development Center at our TRANSPLANT SERVICES
Banjara Hills campus in Hyderabad.
We have expanded our IVF We have steadily strengthened
This state-of-the-art facility integrates
Hennur Spoke Hospital and Regional Spoke Hospital, Regional Hub Hospital, offerings to 12 centers, reinforcing our quaternary care capabilities,
multidisciplinary specialists and
Electronic City Spoke Hospital, Rajahmundry, Andhra Pradesh Coimbatore, Tamil Nadu our commitment to accessible, particularly at our Banjara Hills
therapies under one roof, setting
Bengaluru, Karnataka high-quality fertility care. This segment hub. Building on this success,
• Final stages of development • Commenced project work for a new benchmarks in holistic
continues to gain strong momentum, we are expanding our advanced
• Two new spoke hospitals – for a hospital with 130-bed regional hub hospital pediatric care and supporting the
fueled by clinical expertise, transplant services in Bengaluru
Electronic City (90 beds) and around 100 beds • Completion anticipated by the broader well-being of children and
brand trust, and superior patient and Chennai, with active kidney and
Hennur (60 beds) • Expected completion by the end of FY 2026-27 their families.
outcomes. Our fertility services are bone marrow transplant programs,
• Expected to commence end of Q1 FY26 • Deepen our footprint and have recently achieved a
well-placed for continued expansion
operations by the end of • Aims to meet the healthcare in South India, catering as we strengthen our leadership
BUTTERFLY ESSENTIALS significant milestone with our first
Q2 FY26 needs of the region with to the local demand for successful liver transplant in Chennai.
in this segment. To enhance the patient experience
• Enhance our healthcare comprehensive pediatric and high-quality healthcare beyond clinical services, we With regulatory approvals underway,
services in Bengaluru, focusing perinatal services launched Butterfly Essentials, an we look forward to formally launching
on pediatric and perinatal care CHILD DEVELOPMENT our liver transplant program,
initiative offering safe, natural,
CENTER and hospital-approved baby and enhancing our comprehensive
During the year, we established women’s care products, available quaternary care portfolio.
a pioneering 8,000-square-feet across 17 hospitals.
EXPANSION IN NORTH INDIA

Hub Hospital, Sector 44, Spoke Hospital, Sector 56,

Gurugram, Haryana Gurugram, Haryana
• Planned with around 300 beds • State-of-the-art facility with
• Expected to commence around 100 beds
operations by 2027 • Expected to commence
• Strengthen our foothold operations by 2027
in North India • Strengthen our foothold
in North India

These projects reflect our

commitment to expanding our
network across key regions,
improving patient accessibility, and
delivering exceptional healthcare.
We are also pursuing acquisition
opportunities, aiming to collaborate
with existing promoters to expand
into newer regions. Our focus is
particularly on the Northeast,
where there is a significant
need for enhanced healthcare
infrastructure and services.

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Integrated Annual Report 2024-25 PG 02-74 PG 76-172 PG 173-316

SPECIALIZED CAPABILITY AND EQUIPMENT

Integration with Hub-and-Spoke COMMITMENT TO EXCELLENCE

NEONATAL INTENSIVE CARE Model PEDIATRIC INTENSIVE CARE UNITS IN PEDIATRIC CARE
UNITS (NICU) OVERVIEW NICU facilities are integral (PICU) OVERVIEW
components of our hub-and-spoke Continuous Innovation
model, enhancing our ability to deliver Embracing technological
specialized care closer to home for advancements and clinical best
families across India. practices to enhance patient
outcomes and family-centered care
ENHANCING NEONATAL in PICU settings.
HEALTHCARE STANDARDS
Patient-Centric Care
Continuous Innovation Focused on individual treatment
We prioritize innovation in neonatal plans and family support, ensuring
healthcare, leveraging technological compassionate care for both patients
advancements and best practices and their families during critical times.
to improve patient outcomes and
family support.
ENHANCING PEDIATRIC
Community Outreach HEALTHCARE STANDARDS
Collaborations with healthcare
professionals and community Training and Education
stakeholders to raise awareness and Investing in ongoing training for
promote preventive care measures medical staff to uphold high
for neonatal health. standards of care and stay
abreast of advancements in
pediatric critical care.
NICU CAPABILITIES
ADVANCED CRITICAL CARE KEY FEATURES OF OUR Quality Assurance
EXTENSIVE NICU NETWORK Level 3 NICUs at Spoke Hospitals
• Care for Extreme Low FOR CHILDREN PICUs Implementing rigorous quality
• Strategically placed in spoke
Birth Weight babies assurance measures to maintain
Comprehensive NICU Coverage hospitals to offer advanced
• Therapeutic Hypothermia State-of-the-Art PICU Facilities Advanced Ventilation and Organ safety, efficiency, and excellence in
medical care in regional areas
• We proudly operate one of • We maintain cutting-edge Support Systems PICU operations.
• Ensures comprehensive • Nitric Oxide Therapy
India's largest NICU networks, PICUs equipped with the latest Utilizing state-of-the-art technologies
encompassing 400 beds across neonatal care, maintaining high • High-Frequency Oscillation
technology and advanced to provide critical care interventions
multiple locations standards of medical expertise Ventilation (HFOV)
medical equipment such as mechanical ventilation,
and infrastructure • Advance ventilators
• Our NICU facilities are • Our facilities are designed hemodynamic monitoring, and renal
strategically positioned to ensure • Developmental clinics for to deliver specialized care replacement therapy.
widespread accessibility and COMMITMENT TO NEONATAL premature babies, offering
CARE EXCELLENCE and support to critically ill Specialized Medical Staff
timely medical intervention for comprehensive follow-up care children requiring intensive
premature infants and newborns Dedicated teams of pediatric
Advanced Medical Care • In-house Retinopathy of medical intervention
with critical medical needs intensivists, critical care nurses,
Prematurity (ROP) and Brainstem
Our NICUs feature advanced Comprehensive Network and support staff ensure
Evoked Response Audiometry
Level 4 NICUs at Hub Hospitals medical equipment and protocols, • Our network includes 200 PICU round-the-clock monitoring and
(BERA) services
• Equipped with state-of- ensuring optimal care for premature beds strategically located across specialized treatment.
babies and infants with complex • CRRT /and Peritoneal Dialysis
the-art technology and multiple hospital locations Integrated Healthcare Approach
expert medical staff medical conditions. • Neonatal surgical facilties
• Ensures comprehensive PICUs are seamlessly integrated
• Located at our hub hospitals Expert Medical Staff • Development supportive care coverage and accessibility for within our hospital network, aligning
to provide the highest Dedicated teams of neonatologists, • Human Milk Bank critical pediatric care across with our hub-and-spoke model
level of intensive care for pediatricians, and nurses provide different regions to provide specialized care closer
critically ill newborns round-the-clock care, focusing on to communities.
the specialized needs of newborns
requiring intensive care.

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CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
Integrated Annual Report 2024-25 PG 02-74 PG 76-172 PG 173-316

PICU CAPABILITIES
OPERATIONAL PERFORMANCE
• Latest-generation conventional
ventilators from GE
Carescape and Maquet In-patient Admissions Out-patient Consultations Bed Capacity
• Advanced ventilation modes, such (Nos.) (Nos.) (Nos.)
as high-frequency oscillation and 86,864 87,736 98,395 12,40,569 12,77,087 14,26,733 1,655 1,935 1,935
inhaled Nitric oxide therapy
• Extra Corporeal Membrane
Oxygenation (ECMO) support for
patients who do not respond to
advanced ventilation
• Organ support systems,
including ECMO for heart and
lung support, hemodialysis
and peritoneal dialysis for
FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025
kidney support,and Continuous
Renal Replacement Therapy
(CRRT) and plasmapheresis for
multiple organ failure
• Neurocritical Care Services Operational Beds Occupancy Rate Pediatric Surgeries
(Nos.) (%) (Nos.)
• Pediatric Burn unit
• Pediatric Trauma Services 1,186 1,324 1,523 55.4 47.9 50.5 6,379 7,088 7,239

FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025

Average Revenue Per Operating Gynecology Surgeries Average Length of Stay

Bed (ARPOB) (` per day) (Nos.) (Days)
48,932 55,853 53,962 6,638 7,579 8,435 2.76 2.65 2.85

FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025

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Integrated Annual Report 2024-25 PG 02-74 PG 76-172 PG 173-316

DIGITAL Salesforce CRM Implementation ENHANCING PATIENT

TRANSFORMATION Sales Cloud CARE AND EXPERIENCE
During the year, we made • Tracks sales representatives' travel We launched several initiatives
significant strides in advancing distances and doctor locations to enhance patient care and
our digital infrastructure, enabling • Captures detailed patient experiences, such as:
smarter, faster, and more efficient referral information
• New website and mobile
healthcare delivery. Our initiatives • Monitors achievement of application, offering streamlined
are strategically aligned to enhance key targets, including visits, appointment booking for both
clinical excellence, drive operational referrals, and revenue physical and virtual consultations
agility, and improve patient outcomes.
Service Cloud • Integrated payment gateway,
Migration of Hospital Information • Integrated with third-party enabling secure online transactions
System (HIS) to AWS aggregators such as Practo
• Access to lab and radiology
Our core Hospital Information and Just Dial and other social
reports, appointment history, and
System (HIS), the backbone of our media platforms
vaccination booking through a
IT infrastructure, was successfully • Enables seamless conversion of unified platform
migrated from a public cloud system open leads into patient accounts
to Amazon Web Services (AWS). • Implementation of a real-time
This shift enhances availability, Management Dashboards digital feedback system, integrated
scalability, and security, ensuring • Provides real-time insights into operational workflows
seamless access to clinical and into usage, utilization, • Role-Based Access Control
administrative applications across and trend analysis of the (RBAC) protocols to ensure
all units and enabling real-time, Salesforce application patient data privacy and
organization-wide connectivity.
information security
CME (Continuing Medical Education)
Real-Time Business Intelligence (BI) Campaigns
Dashboard
• Campaigns created and managed
We designed and deployed a

Intellectual Capital
within the Salesforce app, with
real-time BI dashboard that online approval of campaign
consolidates demographic, clinical, budgets and tracks referral details
and operational data from all units
and clusters. This tool empowers Doctor Promotion Support
our leadership with actionable
• Utilizes a shared promotion sheet
insights for effective business
for use by hospital units and

Advancing clinical excellence with

planning. We aim to evolve this
call center agents
into a prescriptive analytics
platform capable of identifying

technological breakthroughs
performance gaps and suggesting
interventions, strengthening
decision-making quality.

Our intellectual capital forms the foundation of our pediatric and

perinatal healthcare leadership. It encompasses the collective
expertise and clinical acumen that drive our commitment to
excellence and patient-centric care. Through strategic investments
in talent, knowledge systems, and clinical innovation, we continue
to enhance our capabilities, setting new benchmarks in specialized
healthcare delivery.

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CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
Integrated Annual Report 2024-25 PG 02-74 PG 76-172 PG 173-316

We have implemented a Cyber We supported national and and multidisciplinary meetings and
Security Maturity Assessment state-level conferences organized specialty CMEs inspired younger
Framework and robust data by our consultants, significantly professionals to take on greater
encryption protocols to protect enhancing the visibility of our responsibilities. This has facilitated
critical systems against ransomware, hospitals and doctors. The launch the expansion of departments
phishing, and DDoS attacks. of a co-guide program enabled and improved outreach efforts,
Additionally, focused efforts are being consultants to mentor students in contributing to overall growth.
made to foster a cyber-aware culture thesis and research work, fostering
across the organization through academic collaboration and Additionally, we absorbed eight
regular training programs. clinical inquiry. DNB-trained professionals into
full-time roles across our network
Key CME initiatives, including in specialties including Pediatrics,
ACADEMIC ENGAGEMENT those focused on quaternary Obstetrics and Gynecology,
AND TALENT care and transplant programs, and Pediatric Gastroenterology,
bolstered our clinical capabilities reinforcing our clinical workforce and
DEVELOPMENT
and served as effective tools talent pipeline.
In FY 2024-25, we supported a for retaining top medical talent.
range of academic and professional
development initiatives, reinforcing
As part of our 25th anniversary CONTRIBUTIONS
celebrations, team-building
our commitment to clinical TO RESEARCH AND
activities were conducted across
excellence and knowledge sharing. all centers. Further academic PUBLICATIONS
engagement through perinatal We continue to advance pediatric and
maternal healthcare through active
research and academic contributions.
Our medical professionals are involved
in numerous research projects,
resulting in publications in esteemed
medical journals. Our efforts reflect a
strong commitment to evidence-based
practice and knowledge dissemination.

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CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
Integrated Annual Report 2024-25 PG 02-74 PG 76-172 PG 173-316

Comprising expert medical unique needs and career aspirations Under the umbrella of the Rainbow
professionals and skilled non-medical of our medical staff. We also refined Leadership Academy, we launched
staff, our human capital is the our talent acquisition process to an annual leadership learning
cornerstone of our success, attract and recruit the highest calendar focused on developing
enabling clinical excellence and caliber of medical professionals. future-ready capabilities. As part of
patient-centricity. As an organization, To enhance doctor retention, we have this journey, our leaders underwent
we are committed to nurturing fostered a supportive environment a comprehensive 360-degree
their capabilities and providing that emphasizes comprehensive feedback process, aligned with
an environment that fosters a development, with a strong focus our competency framework and
sense of belonging. on academics and research, leadership potential indicators.
supported by institutional grants This initiative enabled deeper
We align our approach and efforts for these activities. Additionally, self-awareness and empowered
to manifest our performance pillars we continued to develop the right leaders to craft personalized
of Excel-Trust-Care, day in and day platforms and processes, supported development plans. In parallel, we
out. These agile and forward-looking by the necessary manpower and enhanced our balanced scorecard
pillars are further supported by a equipment, to ensure the delivery of framework for senior leadership by
robust competency framework that high-quality treatments. fully digitizing the goal-setting and
acts as a guide for our employees performance tracking process.
to embody excellence and SENIOR LEADERSHIP
service orientation. TRAINING AND
Our senior management team has
been bolstered to align with our DEVELOPMENT
DOCTOR ENGAGEMENT strategic goals and lead key growth We prioritize continuous
MODEL initiatives. During the year, we enhancement of our team's
Our unique full-time doctor expanded our leadership team by capabilities through a structured
engagement model has been introducing Regional COO roles to training and development framework
support our national growth agenda

Human Capital
further strengthened through tailored for both clinical and
multiple initiatives. We established while continuing to drive excellence in non-clinical staff. Our training
a specialized Doctors Engagement existing markets. We also welcomed programs are meticulously crafted
division within our HR department, several new senior leaders, each and include a variety of initiatives
specifically tailored to address the bringing valuable expertise to help aimed at improving communication,
advance our priorities and foster continuing medical education (CME),
sustainable growth. service orientation, and compliance

Creating meaningful
with the Prevention of Sexual
Harassment (POSH) standards.
We also implement focused

employee experiences
mentoring programs to develop
leadership skills and ensure alignment
with organizational objectives.

Our people are at the heart of everything we do, enabling us to deliver

exceptional pediatric and perinatal care. We remain committed to
nurturing talent and providing ample opportunities for a motivated and
engaged workforce.

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CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
Integrated Annual Report 2024-25 PG 02-74 PG 76-172 PG 173-316

Among our flagship programs, The "Rainbow Nurse Mentoring TALENT ATTRACTION, DIVERSITY, EQUITY AND trust, transparency, accountability, KEY HIGHLIGHTS
"Cure with Care" stands out, Program (RNMP) - Nurture" is and data accessibility, supporting
RECRUITMENT AND INCLUSION
focusing on frontline associates designed to support newly joined seamless interactions throughout the

62%
to bolster patient centricity in nurses, pairing them with experienced RETENTION We are deeply committed to employee journey.
our services. This program covers mentors who guide them through Our talent strategy is aimed at advancing Diversity, Equity, and
essential aspects of patient the complexities of the profession. building a diverse and skilled Inclusion (DEI), guided by the Recognizing the complex nature of
belief that diversity thrives best in the healthcare industry, employee Women representation
interaction, aiming to elevate patient This program helps inculcate workforce that delivers exceptional
an environment built on inclusion wellness remains a cornerstone of in the workforce
experience through emotional resilience, focus, and precision, which patient care and contributes to
regulation, stress management, and are crucial for nursing. a vibrant culture. This year, we and fairness. Our approach places our engagement strategy. We offer
effective collaboration. broadened our talent pool by inclusion at the forefront, ensuring nutritional, financial, and mental

30%
To enable proactive performance recruiting professionals from varied every individual feels valued, wellness counseling to support
Another equally powerful program management, our people managers industries such as hospitality respected, and empowered. holistic well-being. Our Employee
on service standards called “Heart are trained on “Performance and ITES, enriching our service Assistance Program (EAP) has seen
of Healthcare” is a one-day soft Conversations”, ensuring sharing of Our workforce is predominantly increased adoption, underscoring Women in leadership
delivery with fresh perspectives and
skills training program for employees constructive feedback to their teams, female, spans multiple generations, the impact of our wellness offerings.
specialized expertise.
working in patient-facing roles. while ensuring that each member is and brings together professionals In addition, regular frontline
The module covers the importance heard, valued, and supported. Our targeted recruitment approach from various industries. This diverse connects by leadership help foster a

75,593
of Hospitality, Empathy, Adaptability, for non-medical roles significantly talent pool fosters a dynamic culture of psychological safety and
We are fostering a continuous
Communication, Respect, Grooming, boosted applicant volumes, enabling workplace, driving innovation and open communication.
learning culture through our Learning
Managing Emotions, and Teamwork. seamless hiring. To attract and enabling us to uphold the highest
Management System (LMS).
The training includes engaging role retain top performers, we adopted a standards of excellence. To keep employees informed and Total training hours
Equipped with exhaustive clinical
plays, interactive learning activities, pay-for-performance model, offering aligned with organizational goals,
and non-clinical modules, LMS We have made notable strides in
and practical scenarios that allow differentiated salary increments we conduct quarterly Townhalls led
enables our employees to learn from enhancing female representation in
aligned with individual performance by senior management. We’ve also

27 hours
employees to develop essential skills. anywhere, especially beneficial for leadership and remain focused on introduced greater leave flexibility by
our front-line/nursing employees. and market benchmarks. Following an
strengthening this momentum in the revising our sandwich leave policy,
in-depth market analysis, we also
years ahead. In recognition of our supporting better work-life balance.
Our academic departments of revised nursing pay scales to ensure Average hours of
efforts, Rainbow was honored with
Obstetrics and Pediatrics, including competitiveness across the board. training per employee
the “ET Now Best Organization for Engagement initiatives – ranging
super-specialties, are nationally
Further strengthening our talent Women” award in March 2025, a from top performer recognitions
recognized, with trainee positions in
pipeline, we expanded our Train & testament to our inclusive culture and and festive celebrations to sports
high demand and student passing

79
Hire model across both medical and progressive workplace practices. events – have played a key role in
rates close to 100%. We have also
non-medical functions – including boosting morale and strengthening
strengthened simulation-based Our commitment to DEI is further
Nursing, Patient Care, Maintenance, camaraderie across teams.
training and forged collaborations for embedded in our governance
and IT. Through partnerships with Employee satisfaction/
research and skills enhancement. framework, exemplified by a Board Our collective efforts have resulted
colleges, we onboard fresh talent engagement score
Diversity Policy that ensures balanced in high employee satisfaction scores,
as interns and provide tailored
leadership and decision-making as reflected in internal surveys.
training programs. This approach
rooted in diverse perspectives. Further validating our people-first
ensures a steady pipeline of capable
culture, Rainbow was certified
professionals who are equipped
EMPLOYEE WELLNESS, by Amazing Workplaces as an
to contribute meaningfully to
the organization. ENGAGEMENT AND “Organization of Excellence in People
Practices” in April 2025.
EXPERIENCE
We strive to create a workplace that Rainbow was certified as a
fosters well-being, engagement, Great Place to Work for the
and positive employee experiences. fifth consecutive year, achieving
We introduced a new Human its highest-ever score of 90%.
Resource Management System This significant milestone reflects the
(HRMS) – a modern Human Capital enduring strength of our culture –
Management (HCM) platform rooted in care, commitment, and
designed to provide tech-enabled compassion – and the unwavering
touchpoints. This system enhances dedication of our people.

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Integrated Annual Report 2024-25 PG 02-74 PG 76-172 PG 173-316

STRENGTHENING BRAND visibility and reinforced Rainbow's facilitated knowledge exchange,

image as a leading provider of training programs, and research
VISIBILITY
specialized care. collaborations. Additionally, we
Our marketing efforts are focused deepened partnerships with
on enhancing brand visibility, patient A key highlight of the year was insurance and TPAs, ensuring
engagement, and reinforcing our the launch of our centralized seamless cashless treatment options
position as a trusted healthcare emergency number, further for patients. These alliances have
provider for pediatric and maternity enhancing accessibility and played a vital role in expanding our
care. We conducted impactful patient trust. Our 25th anniversary reach and improving patient care
Above-the-Line (ATL) and Below-the- campaign, featuring inspiring and convenience.
Line (BTL) activities across our key stories of employees and patients,
markets. We executed targeted celebrated our legacy while elevating
digital campaigns on Google
LAUNCH OF BUTTERFLY
brand engagement.
and Meta platforms, ensuring ESSENTIALS
visibility among audiences. EXPANDING In line with our vision of
Expert-led content, patient success comprehensive maternal and child
COLLABORATIONS FOR
stories, and awareness drives across wellness, we launched Butterfly
social media platforms further IMPROVED PATIENT CARE Essentials, a curated line of
deepened engagement. During the year, we strengthened pediatrician-approved, toxin-free
our strategic partnerships with products. These products are
To connect with communities on leading healthcare brands, insurance available at hospital and through
the ground, we launched localized providers, and digital health digital platforms, offering parents
promotional campaigns, including platforms to enhance patient care easy access to trusted care
health camps, parenting workshops, and accessibility. We expanded essentials. By combining Rainbow’s
and school collaborations, helping tie-ups with corporate organizations expertise with safe, quality products,
us build stronger relationships with and schools, offering preventive Butterfly Essentials not only
local audiences. Outdoor branding

Social and Relationship Capital

healthcare programs, health camps, enhances patient experience but also
through hoardings, transit ads, and and wellness initiatives. strengthens brand loyalty and trust.
hospital frontage branding ensured
strong top-of-mind recall. Our public Through our collaborations
relations efforts secured media with medical institutions, we

Driving impact through

trusted collaborations
Our long-term success is deeply intertwined with the trust and relationships
we build with our patients, partners, and stakeholders. Equally important are
our collaborative partnerships and meaningful contributions to society, all of
which are integral to sustainable value creation.

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STRATEGY FOR FY 2025-26

Awareness Drive for Blood Stem Cell Preservation
RCHF collaborated with the DATRI Blood Stem Cell Donors Registry to
organize a blood stem cell donation awareness campaign in Banwali
village of Shree Ganganagar district, Rajasthan. The session focused on
Scale educating the community about the life-saving potential of stem cell
Leverage Enhance digital community-driven transplants for over 75 diseases, including various forms of blood cancer.
Deepen corporate
AI-driven presence through initiatives, including The campaign successfully led to 56 individuals registering as potential
and school
marketing to targeted campaigns wellness programs and donors, contributing to the national stem cell registry and offering hope to
collaborations
drive conversions on Google and Meta awareness patients in need of critical transplants.
campaigns

Empowering Talent
Strengthen During the year, we extended support to Sanjana Sirimalla, a 20-year-old professional tennis player from Telangana,
Expand the reputation Improve patient
as part of our commitment to promoting youth talent and sports. Through financial aid, the Foundation enabled
reach and management through experience
Sanjana to receive advanced coaching and participate in prestigious national and international tournaments.
product line of PR, influencer through digital
Her achievements in FY 2024-25 include captaining the Telangana State team at the National Games in Dehradun,
Butterfly Essentials collaborations, and tools and strategic
winning the AITA-ANT International Women’s Title, securing a gold medal at the University Zonal Competition –
expert visibility partnerships
South Zone, and earning runner-up positions at major AITA Women’s tournaments.

Sanjana’s inspiring journey, supported by her family’s sacrifices and

RCHF’s timely intervention, exemplifies the impact of nurturing
emerging talent and creating opportunities for young athletes to shine
on global platforms. With the Foundation’s support, Sanjana has
been able to receive professional coaching, compete at higher levels,
CORPORATE SOCIAL RESPONSIBILITY (CSR) and improve her rankings. This partnership empowers her to achieve
Through Rainbow Children’s Hospital Foundation (RCHF), our social and Vision her dreams of competing with top-tier global athletes, potentially
philanthropic arm, we are committed to creating lasting impact in the To build a healthier, more becoming a role model for other young athletes in India.
communities we serve. Guided by the principles of equity, inclusion, and equitable society through
empowerment, our CSR initiatives focus on enhancing access to quality sustainable development,
healthcare, education, and opportunities, especially for women, children, ensuring inclusive access to
and marginalized groups. healthcare, education, and
RCHF executes its initiatives directly within communities or through trusted opportunities for all, especially
partnerships, ensuring alignment with the guidelines outlined in Schedule those from economically
CONCLUSION
VII of the Indian Companies Act, 2013. This strategy enables RCHF to disadvantaged and
maximize its impact and address key social challenges in a sustainable and underserved communities. Our CSR initiatives build the
scalable manner. foundation for long-term health,
education, and empowerment.
Whether it’s providing access to
KEY INITIATIVES IN FY 2024-25 clean water, promoting critical
health education, or supporting
promising talent, our programs are
Access to Clean Drinking Water
crafted to uplift communities and
To address the acute shortage of clean drinking water in Chiramana village,
located in the Sri Potti Sriramulu Nellore district of Andhra Pradesh, RCHF create positive change.
undertook the installation of a Reverse Osmosis (RO) plant. This initiative
followed reports of severe water contamination due to high sediment levels
in local bore wells, causing health issues among the residents. In addition,
RCHF constructed a dedicated facility at the heart of the village to house
the plant. This project now ensures access to safe drinking water for
nearly 2,000 residents, significantly improving the community’s health and
quality of life.

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ENERGY CONSERVATION
Solar Power Generation Green Power Sourcing Energy Conservation
We have installed solar rooftops We have signed Memoranda of We have adopted various
and solar water heaters across Understanding (MoUs) for the energy-efficient technologies and
our facilities. These initiatives procurement of solar and wind practices to optimize energy usage
significantly reduce our dependence energy through open access systems. across our hospitals. These include
on fossil fuels and lower greenhouse This move allows us to source clean motion sensors for lighting control,
gas emissions, reinforcing our energy across major facilities in smart HVAC systems that adjust
commitment to sustainable Guindy, Sholinganallur, and Anna temperature based on occupancy,
energy solutions. Nagar (Chennai); Marathahalli and and energy-conscious management
Bannerghatta Road (Bengaluru); and of operating theaters during
our hospitals in Delhi. non-operational hours. Together, these
measures enhance operational
efficiency while supporting our
environmental goals.

KEY HIGHLIGHTS

3,03,490.2 Units 31.13%

Energy saved through energy Energy sourced from renewable
conservation methods sources (Open Access &
In-House Solar System)

79,55,353 Units
Green power purchased, leading to a reduction
of 7,081 metric tons of CO2
7,604 MT
Total carbon emission reduction

Natural Capital 5,88,565 Units

achieved through direct (solar panels)
and indirect (open access) methods

Through Solar Rooftop

8,096 MT
70,680 kWh
Promoting environmental
Reduction of net carbon equivalent
Total capacity of solar water heaters achieved by energy savings and usage
of renewable energies

stewardship
57 kWp
Installation of solar power capacity
Our sustainable practices protect natural capital and reduce our at Hydernagar gynecology unit
environmental footprint. Through proactive efforts in energy efficiency,
emissions reduction, and responsible resource management, we strive to
create a healthier environment for our communities and future generations. 56.5 kWp
Installation of solar power
capacity at Himayatnagar unit

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WATER MANAGEMENT WASTE SEGREGATION AND DISPOSAL

Water management is a key priority at Rainbow. We remain focused on continually advancing our water Pharmaceutical Waste Biomedical Waste Disposal
conservation practices. This includes adopting innovative practices and technologies aimed at ensuring water Management All biomedical waste generated
stewardship and fulfilling our role as a responsible corporate citizen.
We follow strict segregation across our facilities is managed in
protocols for pharmaceutical strict adherence with regulatory
Advanced Sewage Treatment Staff Training and Education waste, with clearly labeled norms, including the Bio-Medical
Plants (STPs)
We have deployed state-of-
We conduct regular training programs 69 Mn Liters and color-coded systems to
distinguish between hazardous
Waste Management Rules, 2016.
Robust handling and disposal
and awareness campaigns to Water recycled and non-hazardous waste. procedures are in place to ensure
the-art sewage treatment plants promote mindful water usage among
All pharmaceutical waste the protection of both environmental
across our hospitals to ensure our employees. These sessions help
is disposed of responsibly, and public health.
safe and efficient treatment instill a culture of conservation and
159 Mn
in line with applicable
of wastewater. These systems ensure adherence to best practices
environmental regulations.
meet stringent quality standards, in water management.
enabling safe reuse while
protecting the environment.
Our integrated approach to water
management contributes to both
Liters 339.17 MT 4.06 MT
Water treated
environmental sustainability and
Water Reuse Systems Bio-waste disposed safely Plastic disposed
operational efficiency. By reducing
Treated water from STPs is freshwater consumption, optimizing
repurposed for non-potable reuse, and lowering overall costs,
applications such as landscape we minimize our environmental
irrigation, HVAC systems, footprint and contribute to TRAINING AND COMPLIANCE
and other operational uses. sustainable operations.
This reduces our dependence on Staff Training and Awareness Routine Inspections
freshwater sources and supports Our teams undergo regular training We conduct routine internal
long-term water sustainability. sessions to strengthen awareness inspections and third-party
and capabilities in waste handling audits to ensure compliance with
and disposal. These programs waste management protocols.
cover best practices in waste These assessments help identify
segregation, recycling, and areas for improvement and ensure
regulatory compliance, ensuring our practices remain aligned with
our staff are well-equipped to environmental standards and industry
WASTE MANAGEMENT implement sustainable operations. best practices.

We adopt a comprehensive waste management strategy that not only reduces our environmental footprint
but also ensures compliance with regulatory standards. Our focus lies in promoting sustainable practices,
efficient resource utilization, and safe waste disposal across our healthcare facilities.

WASTE REDUCTION
Waste Recycling Usage of Sustainable Materials CONCLUSION
We have implemented targeted We prioritize the use of eco-friendly, We are focused on embracing
waste reduction initiatives non-toxic materials in products for sustainable energy practices, optimizing
that emphasize recycling, children, such as clothing, toys, and
resource management, and prioritizing
composting, and product daily essentials. Our procurement
environmental stewardship to preserve
redesign to minimize resource practices are guided by sustainability
consumption. These efforts goals, with a strong preference
natural capital. These initiatives play
include using recyclable materials for recyclable and biodegradable a vital role in mitigating the impacts
for patient kits, diapers, carry materials wherever feasible. of climate change. As we continue to
bags, and office supplies, innovate and grow, sustainability remains
promoting a circular approach central to our philosophy, ensuring
to consumption. that every aspect of our business
reflects a resilient, future-ready, and
environmentally responsible
approach.

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O U R G OV E RN A NCE A ND LE A DE R SH IP
Nomination and Stakeholders

Governance Structure
Remuneration Relationship
Committee Committee

Treasury
Rooted in integrity and accountability, our governance practices are Audit
BOARD COMMITTEES Management
Committee
designed to safeguard stakeholder trust, ensure ethical decision- Committee

making, and uphold the highest standards of trust and transparency.

Risk
CSR & ESG
Management
We have embedded a culture with these principles, ensuring that BOARD COMPOSITION Committee
of robust governance across our actions consistently reflect Committee
We believe that the strength of our
the organization, reinforcing a our core values. This foundation organization lies in the diversity,
strong sense of integrity and empowers us to deliver business expertise, and effectiveness of
responsibility. We believe that trust excellence while maintaining the our Board. Our Board comprises
and transparency are fundamental, trust of patients, partners, investors, individuals with rich and varied The Audit Committee supervises our responsibility, Social impact, and of the Company, such as review
not only to patient care but also and the wider community. experience across domains accounting and financial reporting Governance excellence. of investment portfolio, review
to stakeholder confidence and such as Healthcare, Finance,
Our commitment is further processes, audits of financial of debt position and maturities,
long-term value creation. Risk Management, Corporate The Treasury Management
upheld by a comprehensive Code statements, and the performance and interest rate exposure and strategies,
Governance, ESG & Sustainability, Committee oversees and
Our governance philosophy is of Conduct that applies to all appointment of external, internal, and capital expenditure and funding
Human Resource Management, supervises the treasury operations
deeply rooted in fairness, ethics, employees and directors. This code cost auditors. It ensures transparency, strategies, etc.
and accountability. We go beyond ensures adherence to all applicable and Information Technology. precision, and integrity in our
compliance, striving to uphold the laws and regulations, promotes This breadth of knowledge ensures financial reports.
spirit of governance in everything ethical behavior, and maintains robust oversight and well-informed,
The Risk Management Committee Board Composition
we do. Our corporate structure, transparency and fairness in both strategic decision-making.
has the responsibility to review, Women Director 14%
operational decisions, and disclosure financial and non-financial matters. We conduct regular independent evaluate, and mitigate risks that
practices are meticulously aligned evaluations of the Board’s Independent Directors 57%
could impact our organizational
performance. These assessments goals. It establishes risk management
help ensure that the Board structures and monitors their
continues to fulfill its responsibilities efficiency, initiating corrective Committees of the Board
effectively while driving measures when necessary. Audit Committee 100%
continuous improvement and
The Nomination and Remuneration Nomination and Remuneration Committee 100%
reinforcing our commitment to
Committee ensures that the right
excellence in governance. Stakeholders Relationship Committee 75%
individuals are assigned the right roles
within our organization. It manages CSR & ESG Committee 50%
executive appointments, determines
Risk Management Committee 40%
remuneration standards, establishes
performance goals, and supervises Treasury Management Committee 33%
succession planning.
% Independent Directors
The Stakeholders Relationship
Committee oversees the relationships
with all our stakeholders. It creates
communication strategies and TRANSPARENCY AND ACCOUNTABILITY
engagement plans to make sure the We place high importance on open, consistent, and transparent communication
opinions of stakeholders are factored with our stakeholders. We actively engage with investors, employees, patients,
into decision-making processes. and communities through a variety of platforms, including town halls, digital
The CSR & ESG Committee channels, and detailed reports. These ongoing dialogues foster mutual trust and
supervises CSR initiatives to align ensure that stakeholders remain aligned with our strategic direction.
organizational activities with societal We also maintain a strong commitment to timely disclosure of material
duties. It systematically evaluates information, strictly adhering to regulatory norms. Any developments that may
and guides our performance across impact the Company are communicated promptly and transparently, reinforcing
three dimensions: Environmental stakeholder confidence and enabling informed decision-making.

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O U R G OV E RN A NCE A ND LE A DE R SH IP

Board of Directors
Dr. Ramesh Kancharla is the hepatology, and nutrition. Sundari Raviprasad Pisupati is a Ms. Pisupati also plays an active
founding promoter of the Company Dr. Kancharla has been recognized dual-qualified lawyer licensed in role in corporate policy through
and has been on the Board since with several prestigious awards, India and New York, with nearly 32 the Indo-American Chamber of
incorporation. He holds a Bachelor including the Lifetime Achiever of the years of experience in corporate Commerce and the Federation
of Medicine and Bachelor of Surgery Year in Pediatric Gastroenterology and commercial law. A gold medalist of Telangana Chambers of
(MBBS) from Sri Venkateswara & Hepatology by the Times of India from NLSIU, Bangalore, and an Commerce and Industry.
University, Tirupati, Andhra Pradesh in 2017 and the Best Healthcare LL.M. graduate from Columbia Law Her accolades include recognition
and a Doctor of Medicine (MD) in Professional Award at Telangana's School, she began her career at as a Band 1 Lawyer by Chambers
Pediatrics from Mangalore University, Best Healthcare Professional Sidley Austin, New York, and has & Partners (2023–2025), Leading
Mangaluru, Karnataka. He is also a Awards in 2017. In 2018, he was since built a globally recognized Individual by Legal 500 Asia-Pacific,
member of the Royal Colleges of honored with the Entrepreneur of practice focused on M&A, Private and Top 10 Individual Lawyers in
Physicians of the United Kingdom. the Year award by the Sakshi Media Equity, Venture Capital, and
Dr. Ramesh Kancharla India by Forbes (2021). She was also
With over 25 years of experience, Group. In 2022, he received the Ms. Sundari Raviprasad Pisupati Cross-Border Transactions. featured in Women's Era and the ALB
Chairman & Managing Director
Dr. Kancharla has made significant Lifetime Achievement Award at the Independent Director She has advised leading companies India Super 50 list.
contributions to pediatric healthcare. Times Health Excellence Awards
M M M C and funds across sectors, including She has been on the Board of our
Prior to establishing Rainbow for his exemplary contributions to M M C M
IT, financial services, infrastructure, Company since September 2021.
Children's Hospital, he was associated pediatric healthcare. In 2024, he was
biotechnology, and pharmaceuticals.
with King's College Hospital, London, bestowed with 'healthcare leader of
where he completed his specialist year' award at the Financial Express,
training in pediatric gastroenterology, Healthcare Award, 2024.
Mr. Aluri Srinivasa Rao holds a relationships, driving collaboration
Bachelor of Pharmacy (Honors) towards shared goals.
Dr. Dinesh Kumar Chirla is one of He played a key role in setting a from the Birla Institute of Technology Mr. Rao's tenure as Managing Director
the promoters of the company Guinness World Record for the largest & Science, Pilani, and a Master of at Morgan Stanley Private Equity Asia
and has been on the Board since gathering of preterm babies and Business Administration (MBA) from was instrumental in the firm's success,
2005. He completed his MBBS a LIMCA Record for saving South Osmania University, Hyderabad. with a particular focus on the India
in 1990 and MD (Pediatrics) in Asia’s smallest baby (375g). He also He has completed the Global and South Asia markets. During his
1994 from Marathwada University, established the largest Neonatal Executive Leadership Programme tenure as Director of Investments at
followed by DM (Neonatology) and Pediatric Emergency Transport from Yale School of Management and ICICI Venture Funds Management,
from Bombay University in 1998. Network and pioneered the use of a Master of Science in Management Mr. Rao spearheaded private equity
He earned MRCPCH (2002), CSST HFOV during transport. from the University of London, growth investments and venture
in Neonatology (2003), and FRCPCH Mr. Aluri Srinivasa Rao London Business School. His Sloan capital activities, with a specific
He was Secretary combined AP
(2015) from the Royal College of Independent Director Fellowship Program in General emphasis on life sciences and
NNF, President-TS NNF 2018,
Pediatrics, UK. He was conferred Management and specialization in emerging technologies. His extensive
Joint Secretary NNF 2021-22.
Dr. Dinesh Kumar Chirla FNNF by the National Neonatology M M C M Business Strategy and International experience in opportunity mapping
He was Chairperson – IAP Intensive
Whole-time Director Forum in 2018 and FIAP by the Indian Business have fortified his and portfolio management
Care Chapter 2023 and is a
Academy of Pediatrics in 2024. practical expertise. significantly impacted the industry.
Vice President NNFI 2024.
M Mr. Aluri Srinivasa Rao has over Mr. Rao's contributions extend to
After completing his training in He has organized numerous national
India, he pursued a Neonatology three decades of private equity and governance and value creation for
and international conferences
Fellowship at Mercy Hospital, business leadership experience, numerous companies, in addition
and workshops in Neonatology
Melbourne. He then worked as a Mr. Rao has excelled in pivotal to investments in and mentorship
and Pediatric Intensive Care.
Senior Clinical Fellow in Neonatology roles at renowned organizations, of over 15 promising deeptech
Actively involved in academics, he
at St. Michael's Hospital, Bristol, and leaving an indelible mark on the companies spanning various
conducted the Ventilation Series
completed a Fellowship in Pediatric industry. His multifaceted expertise industries. His diverse interests, from
locally and the NOEL (NNF Online
Intensive Care at Bristol Children's encompasses business and financial extensive travels and golf to new
Education & Learning) series
Hospital, UK, before returning to India. analysis, corporate strategy, exponential technologies, exhibits his
nationally for fellows. He is a regular
operations, marketing, and business remarkable versatility and excellence
He is the Director of Intensive Care at invited faculty, including orations,
the Rainbow Group, a Gold Medalist at major conferences. A Founding development. As a seasoned in various facets of the business
with numerous awards, and has Trustee of the Heal a Child NGO, he professional, he has consistently world. He is on the Board of our
authored 75 research publications has also received the Best Doctor fostered strong stakeholder Company since March 2019.
and contributed to several textbooks. award for his contributions.

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Key Managerial Personnel

Dr. Anil Dhawan holds Bachelor of USA. He is the fellow member of the
Medicine and Bachelor of Surgery Royal College of Pediatrics and Child
(MBBS) from the Himachal Pradesh Health (FRCPCH).
University, where he was awarded With over 30 years of experience
the Shri Devi Chand Memorial Gold in the healthcare industry,
Medal and the Dr. Kranti Mohan Dr. Dhawan has had a distinguished
Sharma Memorial Prize for securing career. He worked as a pediatric
first position in MBBS. He also hepatologist at King's College
holds Doctor of Medicine (MD) in Hospital, London, UK. Currently, he
Pediatrics from the Post Graduate is associated with King's College
Institute of Medical Education and Hospital, London UK as Director Ms. Shreya Mitra
Mr. Vikas Maheshwari Company Secretary and
Dr. Anil Dhawan Research (PGIMER), Chandigarh, Research and Innovation and the Chief Financial Officer Compliance Officer
Independent Director and has passed the examination Director of Pediatric Liver GI and
of the Educational Commission for Nutrition Center and Mowat Labs.
M M
M M M C
Foreign Medical Graduates (USMLE) He is on the Board of our Company
and held the license to practice in since August 2018. Mr. Vikas Maheshwari is a highly Ms. Shreya Mitra is an Associate
accomplished finance professional Member of the Institute of Company
with over 28+ years of experience Secretaries of India (A54901), a
in corporate finance, mergers & gold medalist in M.Com (HRM)
Mr. Santanu Mukherjee is the officer and carried out important amalgamations, deal structuring, from The Maharaja Sayajirao
strategy, and treasury management. University of Baroda, and holds
former Managing Director of the domestic and overseas assignments
He is a member of the Institute of certifications in Corporate Finance
erstwhile State Bank of Hyderabad, in the SBI Group.
Chartered Accountants of India and ESG. With nearly a decade of
an associate bank of the country’s Mr. Mukherjee holds a Bachelor and holds a Bachelor’s degree in post-qualification experience, she
largest lender - State Bank of India. of Science (Honors) degree from Commerce from Lucknow University. has a strong track record in corporate
He has four decades of experience Presidency College under the governance, regulatory compliance,
Mr. Maheshwari plays an essential
in the fields of banking, finance, University of Calcutta and is a role in driving the financial strategy of and legal affairs across diverse sectors.
risk management, etc. in various Certified Associate of the Indian our company, leveraging his extensive She played a pivotal role in the
capacities. From 2013 to mid-2014, Institute of Bankers (CAIIB). He is a expertise to optimize financial successful IPO of Sigachi Industries
he was acting as Chief General member of the Board of Governors performance and drive sustainable Limited, where she oversaw due
Manager of State Bank of Bikaner of the Institute of Management growth. His proficiency in corporate diligence, coordinated with regulatory
Mr. Santanu Mukherjee and Jaipur. He has also worked as finance & treasury management authorities such as SEBI, BSE, and
Technology, Hyderabad, and has
Independent Director a Chief Executive Officer of State ensures effective capital utilization NSE, and managed key corporate
been serving on the Board of our
Bank of India, Paris from 2004 to and risk management. Mr. Maheshwari actions. In her earlier roles, she
Company since October 2021.
C C M M M 2008. He joined as a probationary collaborates closely with functional handled a broad spectrum of
heads, senior management and responsibilities, including secretarial
Board of Directors to develop and functions, arbitration matters, and
implement financial strategies that large-scale compliance operations
align with the company’s objectives, across various entities.
Dr. Adarsh Kancharla is one of the program in the Western world, from thereby enhancing shareholder Her core strengths include regulatory
promoters of our Company and has March 2024 to March 2025. value and fostering financial stability. compliance, stakeholder engagement,
been a valued member of the Board A dedicated clinician and He is associated with the Company policy drafting, and aligning
since January 2024. He earned academic, he has authored since June 2023. governance practices with strategic
his MBBS and MD in Pediatrics numerous publications in reputed business goals.
from Sri Ramachandra Institute of national and international journals.
Higher Education and Research, Beyond medicine, he brings strategic
Chennai. After working as a registrar leadership to our organization. In a
in the pediatric liver and GI unit significant academic advancement,
at Rainbow’s flagship center in Dr. Adarsh has been accepted
Hyderabad for 18 months, he moved into Harvard Business School’s Audit Committee Risk Management Committee
Dr. Adarsh Kancharla to London to further hone his clinical full-time MBA Program, Class of Nomination & Remuneration Committee Stakeholders Relationship Committee
Non-Executive Director expertise. He completed a one-year 2027. This achievement reflects his CSR & ESG Committee Treasury Management Committee
fellowship at King’s College Hospital, aspiration to blend clinical acumen
M M C the largest pediatric liver transplant with global business leadership. C = Chairperson M = Member

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Corporate Information
BOARD OF DIRECTORS STATUTORY AUDITORS
Dr. Ramesh Kancharla M/s. S.R. Batliboi & Associates LLP
Chairman & Managing Director Chartered Accountants

Dr. Dinesh Kumar Chirla SECRETARIAL AUDITOR

Whole-time Director Mr. K.V.S. Subramanyam
Company Secretary in Practice
Dr. Adarsh Kancharla
Non-Executive Director INTERNAL AUDITORS
M/s. Deloitte Touche Tohmatsu India LLP
Mr. Aluri Srinivasa Rao Chartered Accountants
Independent Director

REGISTERED OFFICE
Dr. Anil Dhawan
8-2-120/103/1, Survey No.
Independent Director
403, Road No. 2, Banjara Hills,
Hyderabad-500034, Telangana.
Mr. Santanu Mukherjee
Independent Director
CORPORATE OFFICE
8-2-19/1/A, Daulet Arcade,
Ms. Sundari Raviprasad Pisupati
Road No. 11, Banjara Hills,
Independent Director
Hyderabad-500034, Telangana.
Website: www.rainbowhospitals.in
CHIEF FINANCIAL OFFICER
Mr. Vikas Maheshwari
REGISTRAR AND SHARE TRANSFER AGENT
M/s. Kfin Technologies Limited
COMPANY SECRETARY &
Plot 31 and 32, Financial District,
COMPLIANCE OFFICER
Nanakramguda, Serilingampally,
Ms. Shreya Mitra
Hyderabad, Rangareddi-500 032, Telangana.

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and financial inclusion programs, enhanced domestic INDUSTRY OVERVIEW

manufacturing and attracted foreign direct investment Indian Healthcare Industry
(FDI) in key sectors. Access to capital, changing investment
The Indian healthcare sector has witnessed strong growth in
trends and credit availability played a key role in business
recent years, supported by favorable demographics, rising
growth, infrastructure development and job creation incomes, greater health awareness, digital advancements
during the year. Inflation remained a major concern in and government support. While challenges such as
FY 2024-25, primarily driven by global supply chain infrastructure gaps and limited insurance coverage remain,
disruptions and volatile commodity prices. In response, they also create opportunities for increased investment
the RBI’s Monetary Policy Committee (MPC) reduced in the sector. As a major contributor to both revenue and
the repo rate twice by 25 basis points, lowering it to 6% employment, the healthcare sector continues to grow
by April 2025, while continuing with an accommodative through improved service delivery and steady capital inflows.
policy stance. Consumer Price Index (CPI) inflation for
FY 2024-25 is projected at 4.9%, down from 5.4% in India’s dual public-private healthcare system helps provide
affordable, quality care, strengthening its position as a
the previous year and is expected to decline further to
key destination for medical tourism and clinical research.
4.0% in FY 2025-26. Despite external challenges, India’s
The country’s advantages include a skilled medical
robust domestic fundamentals, growing middle class and
workforce and significantly lower treatment costs compared
proactive policy measures are expected to support stable
to developed nations. Key growth drivers include progress
medium-term economic growth. in diagnostics, medical devices and therapies, along with
increased healthcare spending and a stronger focus on
India’s economy is expected to grow steadily at 6.5% quality care. According to CRISIL Intelligence report, the
year-on-year in FY 2025-26, sustaining the pace Indian healthcare delivery market reached approximately
achieved in FY 2024-25. Stabilization of global crude ` 6.3 trillion in FY 2023-24, The market is expected to grow
oil prices within the range of USD 60 to USD 65 to ` 9.4–9.8 trillion by FY 2027-28.
per barrel is likely to ease inflationary pressures and
support overall economic momentum. However, recent Healthcare market in India – Key Segments (` trillion)
tariff measures have created mixed impacts—posing FY19- FY24-
challenges for export-driven sectors by affecting global Industry FY19 FY24 FY28P FY24 FY28
competitiveness, while benefiting domestic industries by CAGR CAGR
reducing import dependence and spurring local demand. Pharmaceuticals 1.7 2.6 3.5- ~9% ~8-
Exporters are facing margin pressures and limited market Retail 3.7 9%
access, whereas domestic manufacturers are gaining Healthcare 3.9 6.3 9.4- ~10% ~10-
Management Discussion & Analysis from increased protection and opportunities to scale
operations. Despite continued geopolitical uncertainties
Delivery
Diagnostics 0.6 0.9
9.8
1.28- ~7%
12%
~10-
and market volatility, India’s economic outlook remains 1.38 12%
favorable, with growth projected to outpace the global Medical Devices 0.5 0.9 1.4- ~13% ~11-
INDIA’S ECONOMY OVERVIEW Indian GDP Growth Rate
average. The Government of India has rolled out various 1.45 12%
India remained one of the fastest-growing major economies, initiatives to enhance the accessibility, affordability and (P) - Projection
(in %) quality of healthcare across urban and rural regions.
supported by strong domestic demand, structural reforms Source: CRISIL March 2025 Report
and favorable policies. The country’s rapid economic These efforts aim to boost social welfare, improve
7.6 9.2 6.5 6.5
expansion in recent years enabled it to surpass the UK, workforce productivity, reduce income disparities and The main segments of India’s healthcare industry include
becoming the world’s fifth-largest economy. However, in FY promote inclusive development. Alongside healthcare, pharmaceuticals, healthcare delivery, diagnostics and
2024-25, global uncertainties, geopolitical tensions and sustained investments in infrastructure, renewable energy medical devices. Overall, growth in the sector is supported
inflationary pressures slowed overall economic growth. and digital transformation are expected to drive long-term by factors such as an aging population, the rise in
As per the second advance estimates from the Ministry of growth and strengthen India’s global standing. lifestyle-related diseases, growing health awareness, new
Statistics and Program Implementation (MOSPI), India’s technology adoption and a growing affluent middle class.
The Indian hospital industry serves as the foundation of the
economy grew by 6.5% year-on-year (YoY) in FY 2024-25,
nation’s healthcare system, providing essential inpatient and
compared to 9.2% (as per first revised estimate) in
specialized medical services across both public and private
the previous year. FY 2023 FY 2024 FY 2025* FY 2026#
sectors. The number of hospital beds in India has grown
from 1 million in 2013 to 1.9 million by 2023, while the
The Consumer Price Index (CPI) inflation for FY 2024-25 Source: *MOSPI NSO Report dated 28th February 2025
THE INDIAN HOSPITAL INDUSTRY number of doctors has increased from 646 to 1,000 per
is estimated at 4.9%, improving from 5.4% in FY 2023-24. #Reserve Bank of India (RBI) Monetary Policy Committee (MPC)
SERVES AS THE FOUNDATION million population during the same period. The number of
To ease liquidity challenges, the Reserve Bank of India’s report dated 9th April 2025
OF THE NATION’S HEALTHCARE private hospitals also rose from 37,908 in 2013 to 43,486
(RBI) Monetary Policy Committee (MPC) reduced the repo in 2023, reflecting the sector’s steady expansion.
rate by 25 basis points to 6.25% on 7th February 2025, In FY 2024-25, India maintained steady economic growth, SYSTEM, PROVIDING ESSENTIAL
marking the first rate cut since May 2020. Despite this, the supported by a strong manufacturing sector, a growing INPATIENT AND SPECIALIZED Source: Crisil report

MPC maintained a neutral stance to remain adaptable to services industry and increased infrastructure investments. MEDICAL SERVICES ACROSS BOTH https://www.fortuneindia.com/macro/indias-healthcare-on-fast-
economic changes. Government-led initiatives, including digital transformation PUBLIC AND PRIVATE SECTORS. track-growth-trajectory/119785#goog_rewarded

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India Emerges as a Value Healthcare Destination communication. Popular procedures include cardiac
India has positioned itself as a prominent global destination surgeries, joint replacements, cosmetic enhancements and
dental treatments. INDIA’S DYNAMIC DIGITAL HEALTHCARE ECOSYSTEM BENEFITS FROM STRATEGIC PARTNERSHIPS,
for medical travel, offering advanced healthcare solutions at
CONTINUOUS INNOVATION AND RISING INVESTMENT FROM BOTH DOMESTIC AND INTERNATIONAL
affordable prices. Its modern medical facilities, experienced
professionals and integration of traditional wellness
India, ranked 10th in the Medical Tourism Index (MTI) STAKEHOLDERS. THE COUNTRY’S LEADERSHIP IN THE WHO’S GLOBAL INITIATIVE ON DIGITAL HEALTH
2020-21, has demonstrated a strong recovery following the AND ITS EFFORTS IN PROMOTING CROSS-BORDER COLLABORATION UNDERSCORE ITS ROLE AS A
practices such as Ayurveda and Yoga attract a growing
pandemic-induced decline, registering a 66% rebound in MODEL FOR LOW- AND MIDDLE-INCOME NATIONS
number of international patients seeking quality care.
2021. Continued government efforts, such as the creation
To support this sector, the Indian government has introduced of the National Medical and Wellness Tourism Board, have
further accelerated sector growth. In calendar year 2024, The country’s digital healthcare market is set for robust https://www.imarcgroup.com/india-telemedicine-market
various measures, including simplified visa procedures,
the industry is projected to expand by 15%, surpassing growth, with projections indicating a rise to USD 946.04 https://www.grandviewresearch.com/press-release/global-
the establishment of dedicated medical tourism zones
pre-COVID levels, with approximately 7.3 lakh inbound billion by 2030 at a CAGR of 22.2% from 2025 onwards. digital-health-market#:~:text=Digital%20Health%20Market%20
and strategic partnerships with private players. The Union
medical travelers. From January to July 2024, these visitors This growth is supported by widespread smartphone usage, Growth%20%26%20Trends,growth%20driven%20by%20
Budget 2025–26 further reinforces this focus by prioritizing various%20factors.
represented 7.8% of all foreign tourist arrivals. improved internet connectivity and expanding healthcare
initiatives like “Heal in India” to elevate the country’s global
IT infrastructure. The telemedicine sector alone, valued at
standing in healthcare services. India appeals to foreign Indian Healthcare Insurance Industry Overview
USD 3.10 billion in 2024, is expected to grow at a CAGR of
patients not only for its cost-effective treatments but also for
its strong clinical capabilities and the widespread availability ~7.3 lakh 20.5% through 2033, driven largely by demand for remote As per the Insurance Regulatory and Development Authority
of India (IRDAI), around 573 million people in India had
consultations and digital health integration, particularly
of English-speaking medical staff, which ensures smooth inbound medical travelers
in South India. Increasing patient awareness and a shift health insurance coverage in FY 2023-24, up from
towards patient-centered care are encouraging greater 288 million in FY 2014-15. Despite this growth, overall
adoption of digital solutions, while healthcare providers and insurance penetration remained relatively low at 40-42%
Growth in medical tourists*
payers continue to integrate these technologies to enhance in FY 2023-24. This is expected to rise to 45-50% by FY
service quality and efficiency. 2025-26. Health insurance penetration is a major growth
driver for the healthcare sector. The health insurance
Fall due India’s dynamic digital healthcare ecosystem benefits coverage has increased from 288 million in FY 2014-15
0.70 to from strategic partnerships, continuous innovation and to 573 million in FY 2023-24, yet penetration remains
0.64 COVID-19 0.64
R- 20% rising investment from both domestic and international at 40–42%. With projections of 45–50% coverage by FY
CAG 0.29-0.31 stakeholders. The country’s leadership in the WHO’s Global
0.49 2025-26, more people are expected to access quality
0.48
0.43 Initiative on Digital Health and its efforts in promoting healthcare, boosting demand for medical services.
cross-border collaboration underscore its role as a model for
0.30 0.43 low- and middle-income nations. By advancing AI diagnostics,
0.24 0.23 telemedicine and harmonized digital health standards, India
0.17 0.18 0.18
0.16 is transforming healthcare delivery domestically and offering
0.11
0.14
scalable frameworks for global adoption. 573 million
Source: https://www.weforum.org/stories/2025/01/india-can- People in India had health insurance
be-a-global-pathfinder-in-digital-health-here-s-how/ coverage in FY 2023-24
FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY
2009 2010 2011 2012 2013 2014* 2015# 2016* 2017 2018 2019 2020 2021 2022 2023 2024

Medical Tourists (in mn) Medical Tourists (P)

Distribution of various insurance businesses by population
*Note: includes all types of medical and medical attendant visa; #includes medical visa and medical attendant visa.
(in million)
Source: CRISIL March 2025 Report 45-50%
40-42%
39%
38% 38%
37% 37%
36%
India’s Medical Value Travel (MVT) sector is witnessing Digital Healthcare 34%
rapid growth, with its market size increasing from USD 2.89 261
India is establishing itself as a global frontrunner in digital 28% 298
billion in 2020 to a projected USD 13.42 billion by 2026. 307
healthcare by harnessing a strong digital infrastructure, an 23% 362 343
This expansion is driven by a rising influx of foreign patients 335 359 357
innovative private sector and a diverse population to deliver 17% 17% 17%
seeking specialized, affordable medical care. The country scalable, cost-effective solutions. National programs such 273
offers tertiary and quaternary care for serious chronic 214 256
as the Ayushman Bharat Digital Mission (ABDM), CoWIN 161 149 155 162
199
and non-communicable diseases, along with specialized platform and eSanjeevani telemedicine service are bridging 94 119
57 71 89 73
treatments in areas such as cardiology, orthopedics, 30 34 34 48
healthcare gaps and improving access while setting 21 24 27 25 29 32 33 42 43 52 52 56 56
neurosciences and oncology. Additionally, India provides international standards for digital health transformation. FY FY FY FY FY FY FY FY FY FY FY FY FY FY
comprehensive rehabilitation, functional health therapies Key technologies driving this evolution include telemedicine, 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2026(P)
and holistic wellness solutions, further strengthening its mobile health apps, wearable devices, electronic health
reputation as a leading global healthcare hub. records and AI-powered diagnostic and monitoring tools, Individual business Group (other than Govt business)
Source: https://pib.gov.in/PressReleasePage. whose adoption was accelerated significantly during the Government-sponsored schemes Coverage (RHS)
aspx?PRID=2082732 COVID-19 pandemic.
https://pib.gov.in/PressReleasePage.aspx?PRID=2099519 Source: CRISIL March 2025 Report

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Health insurance premiums remain the largest segment Indian Maternity and Pediatric Care Industry The healthcare system is undergoing a significant digital
within the non-life insurance industry, even though growth India’s maternity and pediatric care sector plays a critical shift, driven by initiatives like ABDM and the Digital Health
has slowed following the implementation of the 1/n rule. ADVANCEMENTS IN TECHNOLOGY ARE DRIVING Incentive Scheme (DHIS). These efforts aim to integrate
role in shaping the country’s overall healthcare landscape,
SAHIs have consistently delivered growth that exceeds THE GROWTH OF THE INDIA MOTHER AND CHILD technology into healthcare delivery nationwide. The World
given the size and diversity of its population. With a growing
the overall health segment. Consequently, the health HEALTHCARE MARKET. INNOVATIONS IN MEDICAL focus on improving maternal and child health outcomes, Economic Forum has recognized India’s potential to lead in
segment’s market share has increased from 35.3% in FY DEVICES, INCLUDING FETAL MONITORS, NEONATAL the sector is witnessing increased investment, policy digital health innovation. This transformation is supported by
2022-23 to 38.6% in FY 2024-25. The total premium INCUBATORS AND PORTABLE ULTRASOUND support and technological integration. Rising awareness better data sharing, strong public-private partnerships and
for the health segment stood at ` 90,667.7 crore in FY MACHINES, ARE IMPROVING MATERNAL AND INFANT around prenatal and postnatal care, coupled with evolving scalable service models, which can serve as a benchmark
2022-23. This amount expanded to ` 1,09,006.5 crore for other countries.
CARE BY REDUCING COMPLICATIONS DURING consumer expectations for quality and accessible services,
in FY 2023-24, marking a strong YoY growth of 20.2%. is further driving transformation within this space.
PREGNANCY AND CHILDBIRTH.
The momentum carried into FY 2024-25, with total
premiums reaching ` 1,18,687.9 crore, reflecting a YoY
1. (AB
Ayushman Bharat Pradhan Mantri Jan Arogya Yojana
PM-JAY):
The India mother and child healthcare market reached
growth of 8.9% compared to FY 2023-24. units and robotic-assisted surgeries are further enhancing
a size of USD 29.6 million in 2024. According to IMARC As of 24th March 2025, over 36.9 crore Ayushman
healthcare outcomes. In addition, companies are focusing
Group, the market is expected to grow steadily, reaching Cards were issued. Between FY 2014-15 and
According to the IMARC Group, the Indian health insurance on launching digital platforms to provide teleconsultations
USD 75.8 million by 2033, at a compound annual growth FY 2021-22, the rise in government health spending
market was valued at USD 145.0 billion in 2024 and is and health education.
rate (CAGR) of 11.00% during the period 2025–2033. and the decline in out-of-pocket expenditure saved
projected to reach USD 308.0 billion by 2033, growing
Global Maternity and Pediatric Care Industry over ` 1.25 lakh crore. In March 2024, coverage
at a CAGR of 8.70% from 2025 to 2033. Key growth
drivers include rising healthcare costs, an increase in Indian Maternity and Pediatric Healthcare Market Size was extended to 37 lakh ASHAs, Anganwadi
The global maternity and pediatric healthcare market had
lifestyle-related diseases, growing awareness and strong Workers and Helpers along with their families.
emerged as a crucial segment focused on improving health (in USD Billion)
contributions from regions such as North and South India. standards for mothers and children. According to IMARC From 29th October 2024, free treatment benefits
These regions benefit from better healthcare infrastructure, Group, the market was valued at USD 904.5 billion in 2024.
29.6 75.8 of up to ` 5 lakh per year were offered to nearly 6
expanding corporate coverage, higher insurance It is projected to expand at a strong compound annual crore senior citizens aged 70+, regardless of income.
%
penetration, supportive government policies and rising growth rate (CAGR) of 11.0% from 2024 to 2033, reaching 1.0 The scheme includes a three-tier grievance redressal
digital adoption. -1 system and has introduced HEM 2.0 to boost private
an estimated value of USD 2,427.8 billion by 2033. R
AG hospital participation.
C
Source: https://www.careratings.com/uploads/
The global maternity and pediatric care segment is
newsfiles/1745386639_Non-Life%20Insurance%20
Update%20for%20March%202025.pdf
experiencing significant growth, driven by the rising adoption 2. 
Pradhan Mantri Ayushman Bharat
Infrastructure Mission (PM-ABHIM):
Health
of digital health solutions that enhance accessibility,
efficiency and patient engagement. The increasing reliance Launched with an outlay of ` 64,180 crore for 2021-26,
Transformation of the Healthcare Sector FY 2024 FY 2033
on healthcare insurance coverage has further supported this centrally sponsored scheme aims to improve
India’s healthcare industry is poised to benefit significantly this expansion by ensuring broader access to essential health infrastructure at all levels and prepare for future
Source: https://www.imarcgroup.com/India-Mother-
from rapid advancements in digital technology, which are services for mothers and children. Additionally, higher and-Child-Healthcare-Market#:~:text=India%20 health emergencies. As of 3rd December 2024, support
improving accessibility, operational efficiency and care healthcare spending continues to improve the quality and Mother%20and%20Child%20Healthcare%20Market%20 was provided for building 17,788 Sub-Centers and
quality. Innovations such as Electronic Health Records reach of maternal and child healthcare. Overview%3A,11.00%25%20during%202025%2D2033.
11,024 urban Health & Wellness Centers, renamed
(EHRs), Artificial Intelligence (AI), blockchain, telemedicine
Ayushman Arogya Mandirs (AAMs), mostly in slum
and mobile healthcare apps are enhancing diagnostics, Advancements in diagnostics, therapeutics and vaccines The growth of this market is being propelled by increasing
areas. The scheme also supports 3,382 Block Public
treatment and patient engagement, particularly in remote tailored for children, along with a stronger focus on adoption of advanced technologies, particularly artificial
Health Units, 730 Integrated Public Health Labs – one
and rural areas. Biotechnology is also playing a central preventive care, are further strengthening the sector. intelligence (AI)-driven diagnostics and predictive
role in healthcare innovation through the development in each district – and 602 Critical Care Hospital Blocks
The growing global child population and heightened analytics, which support early detection of complications
of personalized therapies, cutting-edge vaccines and in districts with populations over five lakh.
awareness of pediatric health issues are also contributing to and timely medical interventions. Additionally, ongoing
oncology treatments. The ongoing rollout of 5G technology, this positive momentum, supported by an expanding range public-private partnerships are playing a crucial role in
coupled with rising smartphone adoption and increasing of specialized medical devices and support services. strengthening the maternal healthcare infrastructure across 3. Ayushman Bharat Digital Mission (ABDM):
health consciousness, is set to accelerate the digitalization the country, thereby widening access to quality care for Launched in September 2021, the ABDM aims
of healthcare services and drive inclusive sectoral growth. Global Maternity and Pediatric Healthcare Market Size mothers and children. to create a unified digital health ecosystem. As of
6th February 2025, over 73.98 crore Ayushman Bharat
(in USD Billion)
Advancements in technology are driving the growth Health Accounts (ABHA) were created and more than
of the India mother and child healthcare market. 904.5 2,427.8 49.06 crore health records were linked. Over 3.63
Innovations in medical devices, including fetal monitors, GOVERNMENT INITIATIVES lakh health facilities were registered on the Health
%
neonatal incubators and portable ultrasound machines, 1 .0 India’s strong focus on digital healthcare transformation Facility Registry and more than 5.64 lakh healthcare
are improving maternal and infant care by reducing -1 has positioned it as a potential global leader in this space. professionals on the Healthcare Professional
R
complications during pregnancy and childbirth. AG Between FY 2014-15 and FY 2021-22, government Registry. Over 1.59 lakh facilities were actively using
C
AI-based diagnostics and predictive analytics are enabling health expenditure increased from 29.0% to 48.0%, while ABDM-enabled software.
early detection of high-risk pregnancies, allowing for timely out-of-pocket expenditure fell from 62.6% to 39.4%.
interventions. Remote healthcare solutions are bridging Key digital initiatives like the Ayushman Bharat Digital
the gap between rural and urban areas, enabling expecting Mission (ABDM), e-Sanjeevani, U-WIN and Tele MANAS
mothers to consult specialists without the need to travel FY 2024 FY 2033 are driving improvements in accessibility, efficiency and

USD 29.6 million in 2024

long distances. Wearable health trackers and mobile apps Source: Imarc Mother and Child Healthcare Market Report inclusivity in healthcare delivery. With continued investment
are supporting mothers in monitoring their health, tracking (https://www.imarcgroup.com/mother-child-healthcare- in digital infrastructure, policy support and innovation,
fetal growth and receiving real-time medical advice. market#:~:text=The%20global%20mother%20and%20 India is set to become a global model for digital healthcare The Indian mother and child healthcare market
Improved fertility treatments, advanced neonatal care child,11.01%25%20during%202025%2D2033.) transformation. reached this milestone

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4. e-Sanjeevani – Expanding Telemedicine Services: Information Bureau to ` 340 crore to support the development of robust
India’s National Telemedicine Service, e-Sanjeevani, https://pib.gov.in/PressReleasePage.aspx?PRID=2101737 digital health systems.
TRENDS AND OPPORTUNITIES IN THE INDIAN
has delivered over 34 crore consultations as of The Times of India HEALTHCARE SECTOR
2nd February 2025. It operates through 17,051 hubs 4. Public Health Programs: The National Health Mission
and 1,31,793 spokes, covering 130 specialties and is
Kalinga TV+2Daijiworld+2Press Information Bureau+2 (NHM) has received a budget increase of 3%, with a 1. Emerging Healthcare Delivery Models
Press Information Bureau+1The Lancet+1The Economic total allocation of ` 37,227 crore. Significant boosts The traditional hospital ownership model has become
especially useful in remote areas. Times+1Digital Sansad+1 have been provided for organ transplant programs increasingly cost-prohibitive, especially in metros
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2094604 (up by 50%) and tele-mental health services and Tier-1 cities, due to a steep rise in land prices in
5. U-WIN Portal – Digitizing Immunization Records:
https://pib.gov.in/PressReleasePage.aspx?PRID=2116209 (up by 77%). recent years. As a result, private healthcare operators
As of 25th November 2024, the U-WIN portal registered
https://pib.gov.in/PressReleasePage.aspx?PRID=2080067 are adopting alternative business models such as
7.43 crore beneficiaries, held 1.26 crore vaccination
PIB – Summary of Economic Survey
5. Medical Research & Biosecurity: The Department of lease agreements, operations and maintenance
sessions and recorded the administration of 27.77 Health Research (DHR) has received a 15% budget contracts, medicities (integrated healthcare hubs),
crore vaccine doses. It provides digital vaccination increase, while ` 3,126 crore has been allocated one-stop care centers and franchise arrangements.
records, SMS alerts and self-registration features. FY 2025-26 Budget Highlights
to the Indian Council of Medical Research (ICMR). These new models are reshaping the healthcare
The Government of India has significantly enhanced its Funding for One Health and pandemic preparedness delivery landscape and broadening the sector’s reach
6. Tele MANAS – Expanding Mental Health Support: healthcare budget for FY 2025-26, allocating ` 99,859 platforms has increased by 87%, reflecting a strategic across different geographies.
Launched on 10th October 2022, Tele MANAS has crore – a notable 11% increase over the previous focus on integrated health responses.
year. The budget reflects continued commitment to
handled over 20 lakh calls as of April 2025. It offers
2. Expansion into Tier-2 and Tier-3 Cities
24/7 counseling services in 20 languages through 53 strengthening healthcare infrastructure, expanding cancer
care, improving primary health services, advancing digital
6. Human Resources for Health: There has been a 189% Private healthcare providers are actively expanding
cells across 36 States and Union Territories. increase in the allocation for health workforce training,
into Tier-2 and Tier-3 cities, driven by rising disposable
health systems and promoting inclusive healthcare with a particular emphasis on strengthening the
incomes and significant unmet medical needs in these
coverage across the country.
7. FDI in Healthcare: nursing sector.
areas. Leading hospital chains are tailoring their pricing
Since 2000, 100% FDI is permitted under the strategies to cater to the unique economic dynamics
Key Budget Initiatives:
automatic route in hospitals. By FY 2023-24, 7. Allied Programs: The Ministry of AYUSH has
of these regions while simultaneously offering
cumulative FDI equity inflows reached USD 10.27 1. Infrastructure & Access: The Government plans received a 14% budget hike to ` 3,993 crore, with
advanced super-specialty care in metros and Tier-1
billion in hospitals and diagnostics, USD 22.53 to establish 200 Day Care Cancer Centers during increased funding earmarked for AYURGYAN and
cities. This approach facilitates the development of
billion in pharmaceuticals and USD 3.29 billion in FY 2025-26, with a broader target of covering the Ayurswasthya Yojana. Funding for the Swachh
a comprehensive and integrated healthcare network
all district hospitals within the next three years. Bharat Mission (Urban) has more than doubled to
medical appliances. covering both urban and semi-urban locations.
An allocation of ` 9,406 crore has been made to the ` 5,000 crore. The Jal Jeevan Mission will continue
AB-PMJAY Scheme. The funding for the Pradhan
8. Medical Visa:
Mantri Swasthya Suraksha Yojana (PMSSY) has been
until 2028, aiming to ensure universal access to clean
drinking water.
3. Increasing Public-Private Partnerships (PPPs)

To further support medical value travel, the 
Public-Private Partnership (PPP) models have
increased by 15% to support medical education,
Government introduced a separate Ayush Visa category emerged as a vital solution for bridging the healthcare
on 27th July 2023, facilitating foreigners seeking
with a plan to introduce 10,000 new undergraduate
and postgraduate medical seats. The PM-ABHIM has
8. Disease Surveillance & Emergency Preparedness:
infrastructure gap, particularly in Tier-2 and Tier-3
There have been substantial increase in allocations
treatment under the Ayush system of medicine. As of cities where access to quality medical services remains
seen a 41% increase in funding, aimed at enhancing for pandemic response mechanisms, including a
4th December 2024, a total of 123 regular Ayush Visas, limited. These partnerships combine government-led
healthcare infrastructure and pandemic preparedness. 184% rise in the COVID-19 Global Fund and a
221 e-Ayush Visas and 17 e-Ayush Attendant Visas efforts to enhance affordability and accessibility with
526% increase for Emergency Medical Services
have been issued. Additionally, the Ministry of Health
and Family Welfare launched the Advantage Healthcare
2. Healthcare Affordability: To reduce treatment costs, Human Resource Development (EMS HRD).
private sector investment, innovation and operational
efficiency. Typically, private players oversee facility
the Government has exempted 36 life-saving drugs
At the same time, the budget for epidemic prevention
India portal, providing a one-stop resource for from Basic Customs Duty (BCD) and introduced a management and technology deployment, while
tools has been rationalized, witnessing a 56% cut.
international patients seeking medical treatment in India. concessional 5% duty on six additional critical drugs. government entities ensure regulatory compliance and
Further, drugs supplied under Patient Assistance public accountability. This collaborative model helps
Source: https://pib.gov.in/PressReleasePage.
aspx?PRID=2082732 Programs will be exempted from BCD when 9. Tax Reforms for Charitable Institutions: The
deliver efficient, inclusive and sustainable healthcare
Government has relaxed compliance requirements
distributed free of cost. services in underserved regions.
https://www.mordorintelligence.com/industry-reports/india- and extended the validity period for small charitable
hospital-supplies-market institutions. Additionally, reforms to Tax Collected at
https://www.imarcgroup.com/india-health-insurance-market 3. Digital & Rural Health: All rural Primary Health Centers Source (TCS) and Tax Deducted at Source (TDS) have
4. Demographic Shifts Driving Demand
will receive broadband connectivity through BharatNet, India is witnessing a steady rise in the demand for
https://www.imarcgroup.com/india-telemedicine-market strengthening rural healthcare delivery. The allocation been introduced to reduce the operational burden on
healthcare services, largely due to increasing life
ETHealthworld.com+1Press Information Bureau+1Press for the ABDM Scheme has been increased by 51% these institutions.
expectancy and a changing demographic structure.
A significant contributor to this trend is the growing
Overall, the Union Budget for FY 2025-26 reflects
elderly population, which generally requires more
a comprehensive and inclusive approach to
frequent and specialized medical attention. In 2011,
healthcare, combining infrastructure development,
around 8% of the Indian population was aged 60 years
THE GOVERNMENT OF INDIA HAS SIGNIFICANTLY ENHANCED ITS HEALTHCARE BUDGET FOR digital transformation, affordability and enhanced
and above. This proportion is projected to increase
FY 2025-26, ALLOCATING ` 99,859 CRORE – A NOTABLE 11% INCREASE OVER THE PREVIOUS human resource capacity to strengthen India’s
to 12.5%, or approximately 191 million people, by
YEAR. THE BUDGET REFLECTS CONTINUED COMMITMENT TO STRENGTHENING HEALTHCARE health ecosystem.
2026. Despite this clear demographic change, there
INFRASTRUCTURE, EXPANDING CANCER CARE, IMPROVING PRIMARY HEALTH SERVICES, remains limited availability of detailed data and
Source: https://assets.kpmg.com/content/dam/kpmgsites/
ADVANCING DIGITAL HEALTH SYSTEMS AND PROMOTING INCLUSIVE HEALTHCARE COVERAGE in/pdf/2025/02/healthcare-pov-union-budget-2025-26. focused research on the healthcare needs of older
ACROSS THE COUNTRY. pdf.coredownload.pdf adults. However, it is widely acknowledged that aging

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RAINBOW HAS MADE SIGNIFICANT STRIDES IN EXPANDING ITS IVF SERVICES ACROSS THE
GROUP. THE NUMBER OF CENTERS PROVIDING THESE SERVICES HAS GROWN FROM ELEVEN
LAST YEAR TO 12 IN FY 2024-25. MOREOVER, DURING FY 2024-25, RAINBOW HAS LAUNCHED
A PILOT PROJECT CALLED THE ADULT VACCINATION OUTREACH PROGRAM (AVON) IN
COLLABORATION WITH THE TOP FIVE VACCINE MANUFACTURING COMPANIES.

individuals are more prone to health-related concerns. and treatment measures. Cancer incidence, forecasted to
The United Nations Population Fund (UNFPA), in its grow by 41%, will further intensify healthcare challenges,
November 2012 publication “Report on Status of emphasizing the importance of early detection and
Elderly in Select States of India, 2011”, highlighted improved oncology care.
that nearly 66% of the elderly population reported
having at least one chronic illness such as diabetes, Given that NCDs are projected to contribute to 74%
hypertension, arthritis, asthma or heart disease. of morbidity and mortality by 2030, the healthcare
The report also pointed out gender-based patterns, industry must prioritize scalable, patient-centric solutions
indicating that men are more vulnerable to conditions that improve access, affordability and quality of care.
such as heart, kidney and skin disorders, while women Investments in digital health, diagnostics and chronic disease
show higher prevalence of ailments like hypertension, management will be critical to addressing these growing
arthritis and osteoporosis. health concerns. Furthermore, continued government
support and public-private partnerships will play a vital role COMPANY OVERVIEW
5. Expansion of In-Patient Services in strengthening healthcare infrastructure and expanding
outreach, especially in underserved regions.
Rainbow Children’s Medicare Limited (hereafter referred
The share of IPD services in India’s healthcare delivery to as ‘Rainbow’ or ‘the Company’) has established itself
as a leading healthcare provider specializing in pediatrics,
RAINBOW'S BIRTHRIGHT FERTILITY AT
market is estimated to have reached approximately
Private hospitals in India are expected to add approximately KONDAPUR, HYDERABAD RECEIVED
71% by FY 2023-24. This reflects a strong emphasis obstetrics and gynecology. The Company began its journey
4,000 beds in FY 2025-26, following the addition of nearly RE-ACCREDITATION FROM JCI DURING
on treatment options that involve hospitalization and in 1999 by opening a 50-bed pediatric multi-specialty
6,000 beds in FY 2024-25, with a projected investment FY 2024-25
overnight stays. Although Out-Patient Department hospital in Banjara Hills. In 2009, Rainbow expanded
of ` 11,500 crore. Ongoing innovation and digitization
(OPD) services record a higher number of visits, it is its services to include maternity care (gynecology/
are reshaping the healthcare sector, supported by a
the IPD segment that contributes the larger share of obstetrics), which contributed approximately 30% of its
strong pipeline of medical advancements and favorable
revenue for hospitals, driven by the cost of surgeries, government policies aimed at improving access and patient revenue in FY 2024-25.
hospital admissions and specialized care. The growing outcomes. However, sustaining this growth will require
number of hospitals expanding their IPD capabilities, Dr. Ramesh Kancharla, an expert with over 25 years perinatal care, which includes routine and complex
tackling key challenges. A significant issue is the shortage
along with the rise in complex health cases that require of experience in pediatric hepatology and liver obstetric care, multi-disciplinary fetal care, perinatal
of specialized healthcare professionals, particularly in Tier
extended treatment durations, is expected to sustain transplantation, leads the Company. Rainbow implements genetic and fertility support and a variety of gynecology
2 cities. Additionally, there is a need for stronger incentives
momentum in this segment. a hub-and-spoke operational model to provide its services treatments. Rainbow has made significant strides in
to encourage sustainability across the healthcare industry.
effectively. The central hospitals focus on delivering expanding its IVF services across the group. The number
6. Private Sector Leadership In addition, the corporate healthcare is projected to comprehensive outpatient and inpatient care, particularly of centers providing these services has grown from 11 last
The private healthcare sector is playing a pivotal role achieve a 15% increase in sales in FY 2025-26, supported tertiary and quaternary services. Meanwhile, the satellite year to 12 in FY 2024-25. Moreover, during FY 2024-25,
in the expansion of India’s healthcare delivery market. by expanded bed capacity, higher occupancy levels and centers provide emergency care, outpatient consultations Rainbow has launched a pilot project called the Adult
Private hospitals, specialty centers and clinics are improved average revenue per occupied bed (ARPOB). and level 3 NICU (Neonatal Intensive Care Unit) services. Vaccination Outreach Program (AVON) in collaboration
making substantial investments in state-of-the-art The diagnostics industry is also forecasted to grow at a Rainbow has successfully implemented this model in with the top five vaccine manufacturing companies.
medical infrastructure, advanced technology and rate of 14%. Public healthcare spending is anticipated Hyderabad and Bengaluru and the Company actively This initiative aims to address the immunization needs of
skilled professionals to cater to the increasing demand to reach 1.9% of GDP, with the government committing works to replicate its approach in Chennai and the families and will cover vaccines such as Influenza, HPV,
for high-quality healthcare. These institutions are also substantial funds to support the sector’s development. National Capital Region. Rainbow also plans to expand Pneumococcal and Shingles.
focusing on enhancing patient experience through Moreover, the FY 2025-26 Union Budget would aid in into tier-2 cities in Southern India, aiming to make its
tailored and specialized services, which are particularly building a resilient, inclusive and technology-led healthcare specialized healthcare services accessible to a larger In FY 2024-25, Rainbow has expanded its network to
appealing to affluent and urban populations. As a system. Strategic investments in infrastructure, digital population. The Company’s hospitals in South India operate 19 hospitals with a combined capacity of 1,935
result, the private sector is emerging as a leader not just health and affordability are expected to strengthen and the National Capital Region are well-connected to beds, along with 5 outpatient clinics across six cities:
in terms of revenue, but also as a driver of innovation primary care, enhance health outcomes and drive private international destinations and recognized as medical hubs, Hyderabad, Bengaluru, Chennai, Vijayawada, Vizag and
and service quality across the healthcare landscape. sector collaboration. positioning it well to capitalize on the significant medical Delhi. The Company ensures high standards by operating
Source: https://neosciencehub.com/indian-corporate- tourism opportunity. 13 NABH-accredited hospitals and 3 EDGE-certified
Outlook healthcare-sector-on-track-for-15-growth-in- hospitals. Rainbow's BirthRight Fertility at Kondapur,
The outlook for India’s healthcare sector remains robust, fy26/#:~:text=The%20Indian%20corporate%20healthcare%20 Rainbow actively provides a wide range of pediatric Hyderabad received re-accreditation from JCI during the
sector,Research%20(Ind%2DRa).&text=Several%20factors%20
driven by the rising concern for non-communicable services, including natal, neonatal and pediatric intensive FY 2024-25. With this achievement, Rainbow has become
are%20converging%20to,hospitals%2C%20particularly%20
diseases (NCDs) and increasing demand for advanced in%20urban%20areas. care, multi-specialty treatments and advanced quaternary the only pediatric hospital chain in the country to have
healthcare services. Cardiovascular diseases and diabetes https://www.crisilratings.com/en/home/newsroom/press-
care such as multi-organ transplants for children. three JCI-accredited hospitals: the flagship facilities in
are expected to see a significant rise of 34% each by 2030, releases/2025/02/private-hospitals-to-add-10000-beds-over- The Company delivers women’s healthcare services under Hyderabad and Bengaluru, as well as the Kondapur fertility
underscoring the urgent need for enhanced preventive this-fiscal-and-next.html the “Birthright by Rainbow” brand, offering comprehensive center in Hyderabad.

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Underpenetrated Pediatric Market

SWOT ANALYSIS India’s rapidly growing cities with populations
between 4 and 5 million are experiencing significant
WEAKNESS development across various sectors. However, these
cities lack an adequate number of pediatric hospitals,
Evolving and Extensive Regulatory Requirements
limiting access to specialized treatment for critically-ill
Rainbow must comply with a wide array of regulations
children. Such gap in the market provides Rainbow with
imposed by central, state and local authorities.
STRENGTHS WEAKNESS OPPORTUNITIES THREATS a substantial opportunity to expand its presence and
These regulations include various domains, including patient
meet the rising demand for quality pediatric healthcare.
care, privacy, safety and record-keeping. The dynamic
The Company can strengthen its position as a leader
nature of the healthcare regulatory environment requires
in pediatric services by addressing this unmet need
the Company to allocate considerable resources to ensure
while contributing to improved healthcare outcomes
Comprehensive Child-Centric Healthcare Framework compliance and adapt to new mandates.
in these regions.
Rainbow places children at the center of its healthcare
framework. The Company has created a child-friendly Meeting these regulatory obligations can be
Growing Demand for Specialized Maternity Care
environment designed to reduce stress and anxiety during time-consuming and resource-intensive, diverting attention
The trend of delayed childbirth, driven by advancements
STRENGTHS hospital visits. The Company has trained its staff to interact from core patient care activities. It can lead to delays
in healthcare and changing societal norms, has led to an
Adoption of an Innovative Hub-and-Spoke Model with children in a comforting and reassuring manner, in delivering essential services and reduce operational
increased need for specialized maternity care. Rainbow is
Rainbow utilizes an innovative hub-and-spoke model to improving treatment outcomes and patient satisfaction. efficiency. Additionally, certain regulatory restrictions
uniquely positioned to address the complexities associated
provide comprehensive healthcare services. Central hubs, Such child-centric approach not only enhances care might hinder the Company’s ability to introduce innovative
with advanced maternal age due to its multidisciplinary
with a minimum capacity of 150+ beds, function as treatments or services, potentially limiting the hospital’s
delivery but also strengthens trust between the hospital, expertise and state-of-the-art facilities. The Company
regional centers for advanced and specialized care, ability to fully meet patient needs. Non-compliance with
children and their families. has the opportunity to expand its maternity care services,
including secondary, tertiary and quaternary services. these regulations could result in fines, legal consequences,
reinforce its reputation for excellence and significantly
Smaller hospitals, referred to as spokes, offer secondary or reputational damage, further impacting the Company’s
Collaborative Multi-Disciplinary Approach enhance the health and well-being of mothers and
operations and growth.
and tertiary services in regional areas and maintain a Rainbow adopts a collaborative, multi-disciplinary infants in India.
minimum capacity of 50 beds. approach to patient care, integrating expertise from
Significant Capital Investment Requirements
specialists across diverse fields such as pediatrics,
Rainbow operates in a capital-intensive industry that
Currently, Rainbow operates four hubs located in Banjara neurology, nephrology, oncology and cardiology.
necessitates substantial financial investment to maintain
Hills (Hyderabad), Marathahalli (Bengaluru), Guindy Such collaboration ensures that every patient receives
its competitive edge. The Company actively upgrades
(Chennai) and Malviya Nagar (Delhi). The hub-and-spoke a comprehensive and personalized treatment plan,
its equipment to ensure it provides the latest treatments THREATS
model enhances accessibility by positioning regional leading to better outcomes. Support staff, including and remains ahead of competitors. However, the rapid Heightened Industry Competition
spokes 200-250 kilometres from the hubs, ensuring that nurses, therapists and administrative personnel, also pace of technological advancements in healthcare often Rainbow faces stiff competition from government-owned
remote areas have access to quality healthcare. It also work in unison to create a seamless and coordinated leads to swift obsolescence, requiring frequent and costly healthcare entities and private non-profit organizations,
optimizes the utilization of specialized facilities such as care experience. updates. These significant financial outlays can strain the which often benefit from tax advantages and access
PICU and NICU beds, balances a mix of care services and Company’s resources and may also increase treatment to endowments or charitable contributions for funding
operates cost-effectively. Strategic Doctor Engagement for Round-the-Clock Care costs. Consequently, higher treatment expenses could capital expenditures. Additionally, the healthcare sector’s
Rainbow’s doctor engagement model ensures that limit the hospital’s ability to attract patients who are unable growth has attracted new entrants, further intensifying the
Strong Brand Identity ensuring Patient Trust high-quality care is available 24/7. The Company to afford advanced medical procedures. competitive landscape. To maintain its market position,
Rainbow has established a strong and recognizable brand in employs over 910+ full-time doctors on a retainer Rainbow has implemented several strategies, including
pediatric healthcare. Its reputation for providing advanced basis, providing consultant-led care for emergencies, offering attractive compensation packages to attract and
medical care and innovative treatment options attracts neonatal and pediatric intensive care and retrieval retain top-quality medical professionals and providing
patients and referrals from healthcare professionals across services. With approximately 50% of pediatric superior services at competitive rates. However, these
regions. By building emotional connections with patients cases being emergency-driven, it enables timely and measures could impact the Company’s profitability.
and their families, Rainbow has instilled trust and loyalty effective intervention. Many of Rainbow’s doctors have OPPORTUNITIES
among its patients, ensuring that families continue to rely received advanced training and certifications from Appeal to International Patients Reliance on Skilled Healthcare Professionals
on its services for future healthcare needs. countries such as the UK, USA, Canada and Australia, Rainbow has a significant opportunity to position itself Rainbow’s success relies heavily on its ability to attract,
further enhancing the quality of care. Additionally, as a preferred destination for international patients acquire and retain highly skilled medical professionals,
Excellence in Pediatric and Perinatal Care Rainbow operates India’s largest private pediatric DNB seeking high-quality healthcare services. The Company’s particularly in specialized fields like pediatrics and
Rainbow has positioned itself as a leader in pediatric and (Diplomate of National Board) training program, offering reputation for excellence, coupled with its cutting-edge obstetrics. The expertise of these specialists plays a
perinatal care by offering specialized services in areas postgraduate and fellowship opportunities to train future infrastructure and skilled medical professionals, makes it critical role in delivering high-quality patient care, elevating
such as neurology, nephrology, oncology and cardiology. healthcare professionals. an attractive choice for overseas patients. Additionally, the Company’s reputation and driving increased referrals
The Company’s ability to seamlessly integrate pediatric Rainbow’s strategic location in a medical tourism hub and and revenue growth. However, India faces a significant
and perinatal care gives it a distinct competitive edge in its ability to offer competitive pricing without compromising shortage of experienced medical professionals, making
the healthcare sector. on quality further enhance its appeal. Currently, Rainbow it increasingly challenging to recruit and retain talent.
hospitals serve patients from various countries, including Additionally, intense competition for skilled physicians,
Bangladesh, Bhutan, Bahrain, Kenya, Tanzania, Rwanda, nurses and technicians exacerbates the difficulty, as
Somalia, Sudan and the Maldives. competitors also seek to secure top-tier talent.

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OPERATIONAL REVIEW
​Now in 3 hospitals Construction work has commenced at both sites,
marking a significant step in Rainbow’s northward
Key Business Updates – Project Expansion
• The 100-bed regional spoke hospital in Rajahmundry
Liver transplant services now offered across expansion during the year Andhra Pradesh, has entered its final stages of
Mature Hospitals (>5 years): As of FY 2024-25, Rainbow three hub hospitals in Rainbow network development and is on track to commence operations
operated 10 mature hospitals, with a total capacity of 1,237 • 
Rainbow has received the ‘Great Place to Work’
by the end of Q1 FY 2025-26
beds, of which 1,001 were operational. Rainbow Children’s certification for the fifth time, reflecting its consistent
Hospital, Guindy, Chennai, completed five years and is • 
Butterfly Essentials, has expanded its presence focus on promoting a strong workplace culture • Two spoke hospitals in Bengaluru – Electronic City (90
now classified as a mature hospital. Total revenue from to 17 hospitals
beds) and Hennur (60 beds) – are progressing as per
• 
Additionally, the Company was honored with the
mature hospitals reached ` 11,764 million, reflecting • A new IVF clinic has been added at the spoke hospital schedule and are expected to become operational by
‘Amazing Workplace for Excellence’ award for its
a 8% YoY growth. The Average Revenue Per Occupied on BG Road, Bengaluru, increasing the total number of the end of Q2 FY 2025-26
outstanding people practices and was recognized
Bed (ARPOB) stood at ` 55,679/day, compared to IVF clinics across the group to 12, further strengthening by The Economic Times as the ‘Best Place to • Project work has commenced on the 130-bed regional
` 56,806/day in FY 2023-24, marking a 2% YoY decline. Rainbow’s footprint in fertility care Work for Women’ spoke hospital in Coimbatore, with an estimated
Occupancy levels improved to 57.8% in FY 2024-25 from
54.5% in FY 2023-24. • A significant milestone was achieved with the first completion timeline of 20 to 24 months
• 
Furthermore, Newsweek acknowledged Rainbow
liver transplant performed at the Chennai hub as the ‘Best Pediatric and Women’s Hospital’ of • The Company successfully conducted Bhoomi Puja
hospital, coupled with the successful reciept of the year, reinforcing its position as a leader in (groundbreaking ceremonies) in late April at both
a liver transplant license for the Bengaluru hub. specialized healthcare land parcels in Sector 44 and Sector 56, Gurugram.
These developments underscore Rainbow’s strategic
New Hospitals (<5 years) Construction work is currently underway at both sites
focus on elevating the clinical infrastructure and
Rainbow had nine new hospitals as of FY 2024-25, expertise in Chennai and Bengaluru to match the high
with a total capacity of 698 beds, of which 522 were standards set in Hyderabad
operational. The new hospitals include: FINANCIAL OVERVIEW
• 
Further, Rainbow’s commitment to quality and Financial highlights (` in million)
1. Rainbow Children’s Heart Institute, Hyderabad excellence in care was reaffirmed as the fertility
Particulars FY 2024-25 FY 2023-24 YOY (%)
Rosewalk by Rainbow Hospitals, New Delhi services at its Kondapur hospital in Hyderabad
2.
received re-accreditation from the Joint Commission Income
3. Rainbow Children’s Hospital, Hebbal, Bengaluru International (JCI). The Company now continues to Revenue from operations 15,158.66 12,969.00 16.9
operate three JCI-accredited hospitals, reflecting its
4. Rainbow Children’s Hospital, Visakhapatnam adherence to globally benchmarked clinical protocols Other income 510.08 370.64 37.6
and patient safety standards Total Income 15,668.74 13,339.64 17.5
5. Rainbow Children’s Hospital, OMR, Chennai
• A new outpatient clinic has been launched in the Expenses
Rainbow Children’s Hospital, Financial District,
6. 
densely populated residential area of Attapur, Cost of materials consumed 1,949.20 1,652.80 17.9
Hyderabad
Hyderabad, operating in conjunction with the hub
Employee benefits expenses 2,063.67 1,761.70 17.1
Rainbow Children’s Hospital, Himayatnagar,
7.  hospital at Banjara Hills to ensure seamless integration
and improved service delivery Finance Cost 724.55 590.54 22.7
Hyderabad
Depreciation and amortization expense 1,384.40 1,120.82 23.5
Rainbow Children’s Hospital, Sarjapur Road,
8.  • 
Rainbow continued to strengthen its tertiary and
quaternary care capabilities across its network. Professional fee to doctors 3,690.21 3,053.66 20.8
Bengaluru
The Company successfully integrated all newly Other expenses 2,556.70 2,211.99 15.6
9.  ainbow Children’s Hospital, Anna Nagar,
R commissioned beds into its ecosystem
Chennai Total expenses 12,368.73 10,391.51 19.0
• The Board has recommended a final dividend of 30% Profit Before Tax (PBT) 3,300.01 2,948.13 11.9
per equity share of face value ` 10, amounting to
Tax expense
Total revenue from new hospitals stood at ` 3,394 ` 304.7 million (i.e., ` 3 per equity share), reflecting
million, reflecting a 63.1% YoY growth. The ARPOB for the Company’s continued commitment to delivering (a) Current tax 873.08 770.39 13.3
new hospitals was ` 48,751/day, compared to ` 51,347/ value to its shareholders (b) Deferred tax expense/(credit) -35.19 -5.13 586
day in FY 2023-24, reflecting a 5.1% YoY decline.
• As of 31st March 2025, cash and cash equivalents, (c) Adjustment of tax related to earlier periods 19.85 -
Occupancy levels improved to 36.5% in FY 2024-25 from
fixed deposits and mutual fund investments totaled
30.5% in FY 2023-24. Total tax expense 857.74 765.26 12.1
` 6,989 million. These reserves, coupled with expected
internal accruals, provide strong support for all ongoing Profit for the period/year 2,442.27 2,182.87 11.9
Key Strategic Initiatives and Achievements in FY 2024-25
and planned capital expenditures, enabling Rainbow to
• The Child Development Center in Banjara Hills, fund its growth through internal resources
Hyderabad, now serves as a centralized hub,
consolidating child development services across • In the National Capital Region (NCR), the Company
all Rainbow hospitals in the city for integrated and has completed the groundbreaking at its two land
comprehensive care parcels in Sector-44 and Sector-56, Gurugram.

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Revenue Professional Fees to Doctors

The revenue for FY 2024-25 amounted to ` 15,158.66 million, reflecting a 16.9% increase compared to ` 12,969.00 OPERATIONAL EXCELLENCE INITIATIVES Professional fees to doctors rose to ` 3,690.21 million in
million in FY 2023-24. The growth was driven by a 12.1% rise in inpatient volumes, a 11.7% increase in outpatient volumes FY 2024-25, up from ` 3,053.66 million in FY 2023-24,
Employee Benefits Expense
and a 3.4% decline in ARPOB (Average Revenue per Occupied Bed). The growth during FY 2024-25 was primarily fueled by reflecting the growth in business and commencement
In FY 2024-25, employee benefits expenses, which of new hospitals. As a percentage of operating revenue,
the Company’s specialty services, including pediatric super-specialty, obstetrics, tertiary care and quaternary care services.
include salaries and other benefits, totaled ` 2,063.67 professional fees increased from 23.55% in FY 2023-24 to
These services, characterized by high ARPOB and relatively lower ALOS (Average Length of Stay), contributed significantly
million, marking a 17.14% increase from ` 1,761.70 24.34% in FY 2024-25.
to revenue growth. Additionally, the superior case mix effectively mitigated the impact of lower occupancy rates caused by
million in FY 2023-24. The growth can be attributed to
reduced seasonal business.
salary increments, the strengthening of the leadership, Other Expenses
% age of revenue sales and marketing teams and an increase in the overall
Other expenses increased by 15.58%, reaching to
Particulars (` in million) FY 2024-25 FY 2023-24 YoY Growth employee count due to the addition of new hospitals. As a
FY 2024-25 FY 2023-24 ` 2,556.70 million in FY 2024-25, compared to ` 2,211.99
result, employee benefits expense as a percentage of the
million in FY 2023-24. The growth was driven by higher costs
EBITDA 4,898.88 4,288.85 14.22% 32.32% 33.07% hospital’s total revenue rose from 13.58% in FY 2023-24
in areas such as contract wages, communication expenses,
Profit Before Tax (PBT) 3,300.01 2,948.13 11.94% 21.77% 22.73% to 13.61% in FY 2024-25.
canteen services, lab investigations, power and fuel, repairs
Tax (Including Deferred Tax) 857.74 765.26 12.09% and maintenance, business promotion and advertisement,
Finance Costs
Profit after tax 2,442.27 2,182.87 11.88% 16.11% 16.83% Corporate Social Responsibility (CSR) activities, as well as
Finance costs mainly consist of interest on lease liabilities legal and professional fees.
EPS - Basic (`) 23.97 21.38 12.38% under Ind AS 116. In FY 2024-25, financial costs rose to
EPS - Diluted (`) 23.84 21.38 11.75% ` 724.55 million, up from ` 590.54 million in FY 2023-24. Income Tax Expense
It is primarily due to the interest expenses incurred on
EBITDA (Pre-IND AS) 4,025.78 3,563.86 12.96% 26.56% 27.48% Income tax expense rose to ` 857.74 million in FY 2024-25,
new lease liabilities associated with the hospitals added
compared to ` 765.26 million in FY 2023-24, reflecting an
during the year.
Significant Factors contributing to the growth in revenues are stated in table below: effective tax rate of 25.17% for FY 2024-25.

Particulars Units FY 2024-25 FY 2023-24 YoY Change Depreciation and Amortization

Capital expenditure
Depreciation and amortization expenses, which include
In-patient (IP) volume # 98,395 87,736 12.15% The net block grew by ` 1,745.76 million, reaching to
depreciation on Property, Plant and Equipment (PPE),
Out-patient (OP) volume # 14,26,733 12,77,087 11.72% ` 8,132.82 million as of 31st March 2025. The increase is
amortization of intangibles and depreciation of right-of-
primarily due to the addition of new units in FY 2024-25,
Delivery volume # 17,349 15,798 9.82% use assets, increased to ` 1,384.39 million in FY 2024-25,
including locations in Annanagar (Chennai), Central
compared to ` 1,120.82 million in the previous year. The rise
ARPOB ` per day 53,962 55,853 -3.39% Hyderabad and Sarjapur (Bengaluru), along with the
is primarily due to higher depreciation on the new units
ALOS # days 2.85 2.65 7.55% acquisition of other medical equipment. Furthermore, capital
opened during FY 2024-25, along with the amortization of
work in progress amounted to ` 277.66 million, covering
Occupancy % 50.53% 47.91% 5.47% right-of-use assets.
expenditures related to upcoming units in Gurugram,
Rajahmundry and Electronic City.

EBITDA Expenses
Key financial ratios
In FY 2024-25, the EBITDA stood at ` 4,898.88 million, The Company recorded a 19.02% increase in total expenses
Overall improvement in operating results led to better key financial ratios as tabulated below:
marking a strong 14.22% growth compared to ` 4,288.85 during FY 2024-25, rising by ` 1,977.22 million from
million in FY 2023-24. It was driven by strong revenue ` 10,391.51 million in FY 2023-24 to ` 12,368.73 million. Unit FY 2024-25 FY 2023-24 Change % Reason
growth combined with the effective maintenance of an The growth was primarily driven by a significant 17.14%
Liquidity ratios
optimized cost structure. increase in employee benefits expenses, a 20.84% rise in
professional fees paid to doctors and a 15.58% uptick in Current Ratio # 5.46 4.16 31.25%
PAT other expenses. Inventory Turnover Ratio Days 7.56 7.73 -2.20%
In FY 2024-25, the Profit After Tax (PAT) was ` 2,442.27
million, representing 16.1% of revenue and a 11.9% Other expenses includes contract wages, canteen Trade Receivables/Debtors Turnover Ratio Days 20.52 21.32 -3.77%
increase compared to ` 2,182.87 million in FY 2023-24. services, lab investigations, power and fuel costs, repairs Leverage ratios
and maintenance, business promotion and advertisement
Debt Equity Ratio # -
Other income efforts, Corporate Social Responsibility (CSR) initiatives
Other income primarily consists of interest income and legal and professional fees. Debt Service Coverage Ratio Times 5.21 5.37 -2.98%
from fixed deposits, mutual fund earnings, reversal of Interest Coverage Ratio Times -
Medical Consumables and Pharmacy Items
expected credit losses and other miscellaneous income. Profitability ratios
In FY 2024-25, it experienced a substantial increase of The procurement of medical consumables and
37.6%, rising from ` 370.64 million to ` 510.08 million. pharmaceutical items, including associated GST and Operating Profit Margin % 32.32 33.07 -2.27%
The growth was mainly driven by below factor: freight charges, amounted to ` 1,949.20 million in Net Profit Margin % 16.11 16.83 -4.28%
FY 2024-25, compared to ` 1,652.80 million in FY
• A ` 171.21 million increase in mutual fund income, Return on Equity Ratio/Networth (ROE) % 17.85 18.72 -4.65%
2023-24. These costs represented 12.86% and 12.74%
resulting from the rebalancing of investments from of revenues, respectively. The increase as a percentage of Return on Capital Employed (ROCE) % 26.95 27.63 -2.46%
fixed deposits to higher-yield mutual funds revenue was driven by an clinical case mix, centralized lab
and vaccination.

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and ensures that the Internal Audit team reports directly

to it. Each year, the Internal Audit team develops a
BUSINESS OUTLOOK RISK MANAGEMENT ENVIRONMENTAL, SOCIAL AND GOVERNANCE
risk-based internal audit plan to evaluate the design and
The Company remains dedicated to providing exceptional Rainbow has established a comprehensive Risk (ESG)
operational effectiveness of controls, subject to the Audit
multi-disciplinary pediatric and perinatal care, supported Committee’s approval. Management Framework to address the complexities Rainbow has made significant strides in advancing its ESG
by ongoing investments in state-of-the-art infrastructure, of its business landscape. Rainbow’s risk management vision and promoting business sustainability. The Company
expanded service offerings, recruitment of top-tier talent The Company’s functional heads review internal audit approach aligns with the globally recognized Committee has embraced energy-efficient solutions, including the
and the implementation of advanced technologies. reports, prepare detailed action plans with defined of Sponsoring Organizations (COSO) framework, including installation of solar rooftops, solar water heaters and the
timelines and establish a responsibility matrix for each various aspects of its business operations. Rainbow’s risk use of Internet of Things (IoT) technology for equipment
Going forward, the Company will focus on enhancing observation. Once these reviews are completed, the assessment methodology incorporates various tools, such maintenance and energy monitoring. A notable achievement
the performance of its existing units, aiming to optimize reports are presented to the Audit Committee for quarterly as risk perception surveys, business environment analysis during the year was the signing of a Memorandum of
their operational efficiency. The addition of new hospitals reviews and approvals. and feedback from internal and external stakeholders. Understanding (MoU) to secure solar and wind power
has deepened the Company’s market penetration and The framework is strategically designed to identify, assess supply through the open access system.
increased its bed capacity, which is expected to create Rainbow has also assigned a separate team of auditors to and mitigate potential risks, ensuring the Company’s
significant growth opportunities in the near future. conduct concurrent reviews of daily transactions across resilience and sustainable growth in a dynamic Rainbow continues to implement comprehensive waste
all group hospitals. The outcomes of these reviews are environment. The Company’s functional heads play a and water management strategies aimed at reducing
Furthermore, the Company is committed to establishing evaluated monthly at the unit level and regular updates are crucial role in preparing detailed Risk Registers, which its ecological impact. On the social front, the Company
new facilities in strategically selected locations, with a shared with management. Such an approach has enabled serve as foundational documents for the Risk Management collaborates with non-profit organizations and educational
particular focus on launching centers in untapped markets real-time monitoring and facilitated the prompt resolution framework. Risks are evaluated based on three critical institutions to promote awareness of pediatric healthcare.
that exhibit a growing demand for high-quality healthcare of emerging issues. factors: the likelihood of occurrence, the severity of impact
services. The Company is expected to implement such and the detectability of the risk.
expansion strategy by adopting a targeted approach in Tier Moreover, the Internal Audit team conducts annual testing
CAUTIONARY STATEMENT
II cities and actively exploring potential new markets using of Entity Level Controls (ELCs) and Internal Controls over The Company’s Risk Management practices are governed
Financial Reporting (ICoFR) established by management. by a Risk Management Charter, which is reviewed and Certain statements that may be made or discussed in this
a clinical model. A clinical model refers to a structured
The quarterly updates on the status of internal controls, approved by the Board’s Risk Management Committee release may be forward-looking statements and/or based on
framework used in healthcare to guide patient care,
along with a comprehensive Action Taken Report (ATR) (RMC). The committee oversees and monitors all risk management’s current expectations and beliefs concerning
diagnosis, treatment and overall medical decision-making.
to track pending observations, are submitted to the Audit management activities to ensure their effectiveness. future developments and their potential effects upon
It will enable the Company to conduct a comprehensive
Committee. The systematic and diligent approach reflects Rainbow utilizes monitoring mechanisms such as process Rainbow Children’s Medicare Limited. The forward-looking
feasibility assessment to evaluate the viability and potential
the Company’s commitment to continuously monitoring walkthroughs, concurrent auditing and risk-based internal statements are not a guarantee of future performance
of these markets.
and improving its internal control processes. audit reviews to ensure effective oversight and address and involves risks and uncertainties and there are
potential risks. This approach focuses on detecting and important factors that could cause actual results to differ,
In addition, In Vitro Fertilization (IVF) services have
resolving gaps in internal processes, enhancing operational possibly materially, from expectations reflected in such
emerged as a promising growth avenue and the Company’s
integrity. Management actively identifies new risks, which are forward-looking statements. Rainbow Children’s Medicare
concentrated efforts to enhance this service offering HUMAN RESOURCE MANAGEMENT Limited does not intend and is under no obligation, to
are expected to generate further opportunities for immediately recorded in the Risk Register. Each identified
The healthcare sector operates within a stringent regulatory update any forward-looking statement made in this release.
expansion. Other areas with significant growth potential risk is thoroughly analyzed for root causes, with clearly
framework. The HR departments ensure compliance with
include pediatric quaternary care, perinatal care and the defined indicators established for ongoing monitoring.
labor laws, patient confidentiality regulations and ethical
Company’s international business. The Company also standards. Regular audits, training sessions and an effective
A Management Information System (MIS) is also established
remains open to actively exploring mergers and acquisitions grievance redressal system maintain organizational
for each identified risk, ensuring effective tracking.
(M&A) opportunities to accelerate its growth. The Company integrity and build trust among employees and patients
Comprehensive mitigation plans are then developed,
is confident in its ability to deliver exceptional value to alike. During the year, the Company invested in hiring the
with regular progress updates shared with the RMC.
patients and achieve sustained growth by leveraging right clinical talent across new and existing locations in
The Company prepares a monthly MIS report summarizing
its core strengths and executing a range of strategic order to build new specialities and strengthen the existing
identified risks and presents it to the management for review.
business initiatives. ones. Additionally, the Company has established a strong
During scheduled RMC meetings, members thoroughly
leadership team for driving organizational goals.
evaluate the status of risks and provide actionable
Rainbow’s unwavering commitment to offering best-in-class recommendations, which are promptly implemented.
INTERNAL CONTROLS Additionally, updates on risk management initiatives are
training programs and career development opportunities
Rainbow has prioritized establishing an efficient internal earned recognition from the National Board of Examinations, communicated to the RMC on a half-yearly basis to ensure
control system to uphold governance standards and ensure designating it as a Membership of the Royal College of sustained focus on mitigating risks.
operational excellence. The Company has implemented a Pediatrics and Child Health (MRCPCH) Examination
well-defined internal control framework tailored to the size Center and training center in India. The Company has
and complexity of its operations. In addition, Rainbow has cultivated a comprehensive clinical environment within
enforced stringent measures to ensure effective oversight the Rainbow network that supports continuous employee
and risk management. learning and growth. Moreover, the Company also provides
firm support for full-time physician retention by offering
The Internal Audit function operates under a comprehensive strong career development and growth opportunities.
charter approved by the Audit Committee, which outlines its As of 31st March 2025, the Company had 3,972 permanent
scope, authority and responsibilities. The Audit Committee, employees, reflecting its focus on building and sustaining a
comprising four independent directors, provides oversight dedicated and skilled workforce.

92 93
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Board’s Report
Dear Members,
Your Directors have pleasure in presenting the 27th Annual Report on the business and operations of your Company along
with the audited financial statements (Consolidated as well as Standalone) for the financial year ended March 31, 2025.

FINANCIAL RESULTS
The Financial performance of your Company for the financial year ended March 31, 2025 is summarized below:

(` in million)

Year ended Year ended Year ended Year ended

Particulars March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
(Consolidated) (Consolidated) (Standalone) (Standalone)
Total Income 15,668.74 13,339.64 15,034.56 12,735.10
Total Expenses 12,368.73 10,391.51 11,813.73 9,842.93
Profit/ (Loss) before Tax (PBT) 3,300.01 2,948.13 3,220.83 2,892.17
Profit/ (Loss) after Tax (PAT) 2,442.27 2,182.87 2,375.85 2,148.91

1. STATEMENT OF COMPANY’S AFFAIRS million compared to ` 13,339.64 million in the


The Company delivered a resilient financial previous year, registering a growth of 17.46%.
performance for FY 2024-25, successfully navigating The consolidated net profit after tax increased
seasonal headwinds that affected patient inflow across to ` 2,442.27 million compared to ` 2,182.87
the industry. Our clinical and operational excellence, million in the previous year, representing a
combined with cost optimization measures, enabled growth of 11.88%.
us to overcome external challenges and achieve our
II. Standalone Performance
highest revenue, EBITDA and PAT.
During the year under review, the standalone
The Company continued to fortify its operations, income of the Company increased to ` 15,034.56
achieving several notable milestones and implementing million compared to ` 12,735.10 million in the
numerous new initiatives. previous year, registering a growth of 18.06%.
The standalone net profit after tax increased
The Company demonstrated its clinical excellence to ` 2,375.85 million compared to ` 2,148.91
through advanced medical intervention and the million in the previous year, representing a
successful management of complex medical cases. growth of 10.56%.
During the period under review, the fertility services
at Kondapur Hospital in Hyderabad received 3. CONSOLIDATED FINANCIAL STATEMENTS
reaccreditation from the prestigious Joint Commission 
The consolidated financial statements of your
International (JCI), continuing to have three Company for the Financial Year 2024-25, are prepared
JCI-accredited hospitals and affirming the Company’s in compliance with applicable provisions of the
dedication to providing healthcare services that meet Companies Act, 2013 (‘‘the Act”), Indian Accounting
global quality and safety standards. Standards and SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (“SEBI Listing
The Company has received the necessary approvals Regulations”). The consolidated financial statements
from Haryana Shehri Vikas Pradhikaran, Panchkula, have been prepared based on the audited financial
for two land parcels situated in Sector 44 and Sector statements of the Company and its Subsidiaries, as
56, Gurugram (“Land Parcels”). The Company has approved by their respective Board of Directors.
performed the groundbreaking at two land parcels and
project work has commenced at both sites. 4. CHANGE IN NATURE OF BUSINESS
During the year under review, there is no change in
2. FINANCIAL PERFORMANCE nature of business of your Company.
I. Consolidated Performance
During the year under review, the consolidated
income of the Company increased to ` 15,668.74

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5. DIVIDEND The Company has fixed Saturday, June 28, 2025

During the Financial Year, your Company declared and as the "Record Date” for determining entitlement
paid dividend as under: of Members to final dividend for the Financial Year
2024-25, if approved at the AGM.
Date of Dividend Per
Dividend Type
Declaration Share The Dividend Distribution Policy of the Company is
July 30, 2024 Final Dividend ` 3/- also available on the Company’s website at:

https://d31scedd5hpubp.cloudfront.net/investor_
Your Directors are pleased to recommend dividend of files/Dividend_Distribution_Policy.pdf.
` 3/- per Equity Share of face value of ` 10/- each
as Final Dividend for the Financial Year 2024-25, for 6. TRANSFER TO RESERVES
approval by the shareholders at the ensuing Annual
During the year under review, no amount has been
General Meeting (“AGM”) of the Company.
transferred to the General Reserve of the Company.

7. UTILISATION OF PROCEEDS OF INITIAL PUBLIC OFFER (“IPO”)

The Company has utilised the IPO proceeds in accordance with objects of the offer as mentioned below:
(` in Million)
S. Amount Deviation(s) or Variation(s) in the
Particulars Funds Utilized
No Allocated use of proceeds of issue, if any
1 Early redemption of Non-Convertible 400.00 400.00 NA
Debentures (NCDs) issued by our
Company to CDC Emerging Markets
Limited (“CDCEML”), one of our Group
Companies, in full.
2 Capital expenditure towards setting up of 1,700.00 1,700.00 NA
new hospitals and purchase of medical
equipment for such new hospitals.
3 General corporate purposes 576.10 576.10 NA
Total 2676.10 2676.10

There was no deviation or variation in the utilization b) Allotment of 5,986 Equity shares of `10/-
of proceeds of IPO from the objects of Offer stated on August 22, 2024 under ‘Rainbow
in the Prospectus dated May 2, 2022. Further, the Children’s Medicare Limited - Employees
detailed Monitoring Agency Report for such utilization Stock Unit Plan 2023’.
of IPO proceeds received by the Company from its
Monitoring Agency i.e., HDFC Bank, on quarterly basis As a result of above, the Paid-up Share Capital
affirming no deviation or variation in utilisation of the of the Company stands at ` 1,01,55,16,730/-
issue proceeds from the objects stated in prospectus divided into 10,15,51,673 Equity Shares of
dated May 2, 2022 was submitted to Stock Exchanges ` 10/- as on March 31, 2025.
in compliance with the aforesaid regulations.
9. EMPLOYEES STOCK OPTION PLAN/ SCHEME
8. CHANGES IN SHARE CAPITAL During the year under review, upon recommendation of
I) Changes in Authorized Share Capital: Nomination and Remuneration Committee, the Board
During the year under review, there were no of Directors in their meeting held on February 9, 2025,
changes in the Authorized Share Capital. has terminated the Rainbow Employee Stock Option
The Authorized Share Capital of the Company Scheme 2021 (“ESOP Scheme 2021”) as the scheme
stands at ` 1,50,00,00,000/- divided into was deferred and no options were granted under the
15,00,00,000 Equity Shares of ` 10/- as on said scheme till date.
March 31, 2025.
During the year under review, there has been no
II) Changes in Paid-up Share Capital: material change in the ‘Rainbow Children’s Medicare
During the year under review, the paid-up share Limited - Employees Stock Unit Plan 2023’ (“Stock
capital was changed in the following manner: Unit Plan”/ “Plan”) and the same was in compliance
with the Securities and Exchange Board of India
a) Allotment of 44,000 Equity shares of `10/- (Share Based Employee Benefits and Sweat Equity)
each on July 17, 2024 under ‘Rainbow Regulations, 2021 (“SEBI SBEB & SE Regulations”).
Children’s Medicare Limited - Employees Applicable disclosures as stipulated under the
Stock Unit Plan 2023’. SEBI SBEB & SE Regulations with regard to Stock

95
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Unit Plan 2023 is available on the Company’s V of the Companies Act, 2013 read together with the
website at https://d31scedd5hpubp.cloudfront. Companies (Acceptance of Deposits) Rules, 2014.
net/investor_files/Information_as_per_SEBI_(SBEB)_
Regulations_FY_25.pdf 13. PARTICULARS OF EMPLOYEES AND RELATED
DISCLOSURES
Subsequent to the year under review, the members of Disclosures pertaining to remuneration and other
the Company had approved the ‘Rainbow Children’s details as required under Section 197(12) of the
Medicare Limited - Employee Stock Option Scheme Companies Act, 2013 read with Rule 5(1) of the
2025’ (“ESOP Scheme 2025”) by passing the special Companies (Appointment and Remuneration of
resolution through Postal Ballot on April 2, 2025 for Managerial Personnel) Rules, 2014 are set out
issue of options to eligible employees, which may result in prescribed format and annexed herewith as
in an issuance of a maximum number of 10,15,000 Annexure - 2 to this Report.
Equity Shares i.e., 10,15,000 Options. The ESOP
Scheme 2025 shall be implemented through an The statement containing particulars of employees as
irrevocable employee welfare trust namely ‘Rainbow required under Section 197(12) of the Companies
Employees Welfare Trust’. Disclosures as stipulated Act, 2013 read with Rule 5(2) and 5(3) of the
under the SEBI SBEB & SE Regulations with regard Companies (Appointment and Remuneration of
to the ESOP Scheme 2025 is not applicable for the Managerial Personnel) Rules, 2014, forms part of this
Financial year 2024-25. Annual Report. Further, the Report is being sent to the
members excluding the aforesaid annexure. In terms
10. SUBSIDIARIES of Section 136 of the Act, any shareholder interested
in obtaining a copy thereof may write to the Company
A report on the performance and financial position of
Secretary of the Company at companysecretary@
each of the subsidiaries and their contribution to the
rainbowhospitals.in.
overall performance of the Company for the Financial
Year ended March 31, 2025 is set out in Form
14. AUDIT COMMITTEE
AOC-1 as per the Companies Act, 2013 and annexed

The composition of Audit Committee has been
herewith as Annexure - 1 to this Report.
detailed in the Corporate Governance Report, forming
The annual financial statements of the subsidiaries part of this Annual Report.
shall also be made available to the Members of the
All recommendations made by the Audit Committee
Company/ Subsidiary Companies seeking such
have been accepted by the Board of Directors.
information at any point of time. The annual Financial
Statements of the subsidiaries are available on the
15. DIRECTORS AND KEY MANAGERIAL
Company’s website at https://www.rainbowhospitals.
PERSONNEL
in/investors-relations/subsidiary-financials.
I. Directors
The Company has formulated a policy for determining Retirement by rotation and subsequent
material subsidiaries. The said policy is also available on re-appointment
the Company’s website at: https://d31scedd5hpubp. Dr. Dinesh Kumar Chirla (DIN: 01395841),
cloudfront.net/investor_files/Policy_for_determining_ Whole-time Director of the Company is liable to
Material_Subsidiary-2025.pdf retire by rotation at the ensuing AGM pursuant to
the provisions of Section 152 of the Companies
During the year under review, no Company has become Act, 2013 read with the Companies (Appointment
or ceased to be a subsidiary, joint venture or associate and Qualification of Directors) Rules, 2014 and
of the Company. being eligible offers himself for re-appointment.
Appropriate resolution for his re-appointment is
11. MATERIAL CHANGES AND COMMITMENTS being placed for the approval of the Members of
AFFECTING THE FINANCIAL POSITION the Company at this AGM.

No material changes and commitments, other than

A brief profile of Dr. Dinesh Kumar Chirla and
disclosed as part of this report, affecting the financial other related information is detailed in the Notice
position of the Company have occurred between convening the 27th AGM of your Company.
March 31, 2025 and as on the date of the report.
The Board considered the said re-appointment
12. PUBLIC DEPOSITS in the interest of the Company and hence
During the year under review, your Company has not recommends the same to the Members for
accepted any deposits as prescribed under Chapter their approval.

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II. Key Managerial Personnel the Board’s functioning such as adequacy of the
In accordance with the provisions of Section composition of the Board and its Committees, Board
2(51), 203 of the Companies Act, 2013 read with culture, execution and performance of specific duties,
Companies (Appointment and Remuneration of obligations and governance. A separate exercise was
Managerial Personnel) Rules, 2014, the following carried out to evaluate the performance of individual
are the Key Managerial Personnel of the Company Directors, who were evaluated on parameters such as
as on March 31, 2025. level of engagement and contribution, independence
of judgment, safeguarding the interest of the Company
1. Dr. Ramesh Kancharla - Chairman and and its minority shareholders etc. The performance
Managing Director; evaluation of the Independent Directors was carried
out by the entire Board excluding the Director being
2. Dr. Dinesh Kumar Chirla - Whole Time Director; evaluated. The performance evaluation of
Non-Independent Directors, Board as a whole and
3. Mr. Vikas Maheshwari - Chief Financial the Chairman of the Company was evaluated in a
Officer; and separate meeting of Independent Directors after
considering the views of Executive Directors and
4. Ms. Shreya Mitra - Company Secretary and Non-executive Directors.
Compliance Officer.
The feedback and results of the questionnaire were
During the year under review, the following Key collated and consolidated report generated was
Managerial Personnel of the Company resigned: shared with the Board for improvements. The Directors
expressed their satisfaction with the evaluation
- Mr. Sanjeev Sukumaran, resigned from process.
the post of Chief Operating Officer
(Key Managerial Personnel) w.e.f Further, the evaluation process confirms that the
October 30, 2024; and Board and its Committees continue to operate
effectively and the performance of the Directors and
- Mr. Ashish Kapil, resigned from the post of Chairman is highly satisfactory.
Company Secretary and Compliance Officer
(Key Managerial Personnel) of the Company 17. REMUNERATION POLICY
w.e.f. December 14, 2024. In compliance with the provisions of Section 178
of the Companies Act, 2013, the Board has, on the
The Board of Directors, on the recommendation recommendation of the Nomination & Remuneration
of the Nomination and Remuneration Committee, Committee of the Company, framed a policy
appointed Ms. Shreya Mitra as the Compliance for selection and appointment of Directors, Key
Officer of the Company w.e.f. December 15, Managerial Personnel (KMP), Senior Management and
2024. Subsequently, she was appointed as the their remuneration.
Company Secretary (designated as Company
Secretary and Compliance Officer) (Key The salient features of the Policy are:
Managerial Personnel) of the Company w.e.f.
February 9, 2025, in accordance with the i. 
It lays down the criteria for determining
provisions of Section 203 of the Companies Act, qualifications, competencies, positive attributes
2013, read with the Companies (Appointment and independence for appointment of a director
and Remuneration of Managerial Personnel) (Executive/ Non-Executive/ Independent)
Rules, 2014 and the SEBI Listing Regulations. of the Company;

16. BOARD’S EVALUATION ii.  o recommend to the Board the policy relating
T
The Board of Directors has carried out an annual to the remuneration of the Directors, KMP and
evaluation of (i) its own performance; (ii) Individual Senior Management/ Other Employees of
Directors Performance (Including Independent the Company; and
Directors) and (iii) Performance of all committees of
the Board, pursuant to the provisions of Companies iii. 
Reviewing and approving corporate goals and
Act, 2013 and SEBI Listing Regulations. objectives relevant to the compensation of the
executive Directors, evaluating their performance
A structured questionnaire, after taking into in light of those goals and objectives and either
consideration the inputs received from Nomination as a committee or together with the other
and Remuneration Committee, was prepared and independent Directors (as directed by the Board),
circulated to all the Directors for taking their responses, determine and approve executive Directors’
these questionnaires covered various aspects of compensation based on this evaluation; making

97
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

recommendations to the Board with respect to VI. the Directors have devised proper systems to
KMP and Senior Management compensation ensure compliance with the provisions of all
and recommending incentive-compensation applicable laws and that such systems were
and equity-based plans that are subject to adequate and operating effectively.
approval of the Board.
20. AUDITORS AND AUDITORS’ REPORT
During the year under review, the policy was revised to I. Statutory Auditors
align with amendments in the Companies Act, 2013
The shareholders in the 25th AGM, approved the
and SEBI Listing Regulations.
appointment of M/s. S.R. Batliboi & Associates
The Nomination and Remuneration Policy of the LLP, Chartered Accountants (Firm Registration
Company is available on the website of the Company No. 101049W/ E300004), as the Statutory
and can be accessed at the following web link: Auditors, for a period of five (5) years i.e.,
h
 t t p s : / /d 3 1 s c e d d 5 h p u b p . c l o u d f r o n t . n e t / from the conclusion of the 25th AGM held on
investor_files /Nomination_and_Remuneration_ June 29, 2023 till the conclusion of 30th AGM
PolicyFEB2025.pdf of the Company.

18. NUMBER OF MEETINGS OF THE BOARD AND M/s. S.R. Batliboi & Associates LLP, have
ITS COMMITTEES confirmed that they have not been disqualified
to act as Statutory Auditors of the Company and
The Board met Five (5) times during the Financial Year that their appointment is within the maximum
2024-25. The details of the meetings of the Board and ceiling limit as prescribed under Section 141 of
Committees along with its composition and respective Companies Act, 2013/ relevant statute.
terms of reference thereof are given in the Corporate
Governance Report, which forms an integral part of The Statutory Auditors of the Company have not
this Annual Report. reported any fraud as specified under the second
proviso of Section 143(12) of the Companies
19. DIRECTORS’ RESPONSIBILITY STATEMENT Act, 2013 (including any statutory modification(s)
Pursuant to Section 134(3)(c) of the Companies Act, or re-enactment(s) for the time being in force).
2013, the Directors confirm that:
The Auditors’ Report for the Financial Year
I. In the preparation of the annual accounts for ended March 31, 2025, does not contain
the Financial Year ended March 31, 2025, any qualification, reservation or adverse
the applicable accounting standards and remark, etc. Further the Auditors’ Report being
Schedule III of the Companies Act, 2013, self-explanatory does not call for any further
have been followed and there are no material comments from the Board of Directors.
departures from the same;
II. Maintenance of Cost Records and Cost Auditors
II. the Directors have selected such accounting In terms of the Section 148 of the Companies
policies and applied them consistently and made Act, 2013 read with Companies (Cost Records
judgments and estimates that are reasonable and and Audit) Rules, 2014, the Company is required
prudent so as to give a true and fair view of the to maintain cost accounting records and get them
state of affairs of your Company as at March 31, audited every year. Accordingly such accounts
2025 and of the profit of the Company for the and records were made, maintained and audited
Financial Year ended March 31, 2025; for the financial year 2024-25.

III. proper and sufficient care has been taken for the 
The Board of Directors on the basis of
maintenance of adequate accounting records in recommendations from Audit Committee has
accordance with the provisions of the Companies appointed M/s. Lavanya & Associates as the
Act, 2013 for safeguarding the assets of the Cost Auditors of the Company for the Financial
Company and for preventing and detecting fraud Year 2025-26 at a fee of ` 2,00,000/- (Rupees
and other irregularities; Two Lakhs Only) plus applicable taxes and out of
pocket expenses subject to the ratification of the
IV. the annual accounts have been prepared on a said fees by the shareholders at the ensuing AGM.
‘going concern’ basis; M/s. Lavanya & Associates have applied for the
formation of a new LLP under the name “Lavanya
V. proper internal financial controls laid down by the and Associates LLP” and have obtained name
Directors were followed by the Company and that approval from the Institute of Cost Accountants
such internal financial controls are adequate and of India (ICMAI). The registration process with the
were operating effectively; and Ministry of Corporate Affairs (MCA) is currently in

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 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
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progress. Upon completion of the incorporation 21. ANNUAL RETURN

and receipt of MCA approval, the appointment As required under Section 92(3) of the Companies
shall be deemed to have been made in favour of Act, 2013 read with the Companies (Management
“Lavanya and Associates LLP” as the Cost Auditors and Administration) Rules, 2014, the Annual Return of
for the Financial Year 2025-26, as if the said LLP the Company is available on the Company’s website at
had been appointed in place of the existing firm. https://www.rainbowhospitals.in/investors-relations/
shareholder-information
The Cost Auditors of the Company have not
reported any fraud as specified under the second 22. RELATED PARTY TRANSACTIONS
proviso of Section 143(12) of the Companies
In compliance with the requirements of the Companies
Act, 2013 (including any statutory modification(s)
Act, 2013 and SEBI Listing Regulations, your Company
or re-enactment(s) for the time being in force).
has formulated a Policy on Related Party Transactions
III. Secretarial Auditors which is also available on Company’s website at
https://d31scedd5hpubp.cloudfront.net/investor_
Pursuant to the provisions of Section 204 of the
files/Policy_on_Materiality_and_Dealing_with_Related_
Companies Act, 2013 read with the Companies
Party_TransactionsFEB2025.pdf
(Appointment and Remuneration of Managerial
Personnel) Rules, 2014, your Company had
The Policy intends to ensure that proper reporting,
appointed Mr. K.V.S. Subramanyam, Company
approval and disclosure processes are in place for all
Secretary in Practice (“Secretarial Auditor”) to
transactions between the Company and its Related
conduct the Secretarial Audit of your Company
Parties. All Related Party Transactions are placed
for the Financial Year 2024-25.
before the Audit Committee for review and approval.
Prior omnibus approval is obtained for Related Party
The Secretarial Audit Report for the Financial
Transactions which are of repetitive nature and/ or
Year ended March 31, 2025 is annexed herewith
entered in the Ordinary Course of Business and are at
as Annexure-3 and forms an integral part of this
Arm’s Length basis.
Annual Report. The Secretarial Audit Report
does not contain any qualification, reservation or

All related party transaction entered during the
adverse remark, etc.
year were in Ordinary Course of the Business and
on Arm’s Length basis. No Material Related Party
The Secretarial Auditors of the Company have not
Transactions were entered during the year by your
reported any fraud as specified under the second
Company. Accordingly, the disclosure of Related
proviso of Section 143(12) of the Companies
Party Transactions as required under Section 134(3)
Act, 2013 (including any statutory modification(s)
(h) of the Companies Act, 2013 in Form AOC-2 is
or re-enactment(s) for the time being in force).
not applicable.

Further, pursuant to the provisions of Regulation

23. LOANS AND INVESTMENTS
24A and other applicable provisions, if any, of
the SEBI Listing Regulations, read with Section Details of Loans, Guarantees given and Investments
204 of the Companies Act, 2013 and the made by the Company during Financial Year 2024-25
Companies (Appointment and Remuneration of within the meaning of Section 186 of the Companies
Managerial Personnel) Rules, 2014, and based Act, 2013 read with the Companies (Meetings of
on the recommendation of the Audit Committee, Board and its Powers) Rules, 2014 and Schedule V
the Board of Directors, at their meeting held on of the SEBI Listing Regulations, are set out in Note No.
May 24, 2025, approved the appointment of 2.2 and in Note No. 2.10 to the Standalone Financial
Mr. K.V.S. Subramanyam, Company Secretary Statements of the Company.
in Practice (CP No. 4815), a peer-reviewed
Company Secretary in Practice, as the Secretarial 24. RISK MANAGEMENT
Auditor of the Company for a term of five Your Company has a Risk Management Committee
consecutive years commencing from the Financial which monitors and reviews the risk management plan/
Year 2025-26 to Financial Year 2029-30, process of your Company. The Company has adequate
subject to the approval of the shareholders at risk management procedures in place. The major risks
the ensuing AGM. are assessed through a systematic procedure of risk
identification and classification. Risks are prioritised

A detailed proposal for appointment of according to significance and likelihood.
Secretarial Auditor forms part of the Notice
convening this AGM. The Risk Management Committee oversees the risk
management processes with respect to all probable

99
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

risks that the organization could face such as 27. MANAGEMENT DISCUSSION AND ANALYSIS
strategic, financial, liquidity, security including cyber REPORT
security, regulatory, legal, reputational and other The Management Discussion and Analysis Report
risks. The Committee ensures that there is a sound of financial performance and results of operations
Risk Management Policy to address such risks which of the Company, as required under the SEBI Listing
includes the process for identification of elements of Regulations is provided in a separate section and
risk, if any, which may threaten the existence of the forms an integral part of this report. It inter-alia gives
Company. Further, there are no elements of risk which details of the overall industry structure, economic
in the opinion of the Board may threaten the existence developments, performance and state of affairs of your
of the Company. Company’s business, risks and concerns and material
developments during the financial year under review.
The details of the Risk Management Committee are
given in the Corporate Governance Report which 28. BUSINESS RESPONSIBILITY AND
forms integral part of this Annual Report. SUSTAINABILITY REPORT
The Business Responsibility and Sustainability Report,
25. WHISTLE BLOWER POLICY AND VIGIL
as required under the SEBI Listing Regulations,
MECHANISM
describing the initiatives taken by the Company from
In Compliance with the provisions of section 177 environment, social and governance perspective is
of the Companies Act, 2013 and Regulation 22 of provided in a separate section and forms an integral
SEBI Listing Regulations, the Company has in place part of this Report.
the Whistle Blower Policy and Vigil Mechanism for
Directors, employees and other stakeholders which 29. CORPORATE GOVERNANCE REPORT
provides a platform to them for raising their voice about
Your Company is committed to maintain the highest
any breach of code of conduct, financial irregularities,
standards of Corporate Governance and adhere to the
illegal or unethical practices, unethical behaviour,
Corporate Governance requirements set out by SEBI.
actual or suspected fraud. Adequate safeguards are
Separate report on Corporate Governance, forms an
provided against victimization to those who use such
integral part of this Annual Report.
mechanism and direct access to the Chairman of the
Audit Committee in appropriate cases is provided.
A certificate from M/s. KVSS & Co LLP, Practicing
Company Secretaries, confirming compliance with the
The policy ensures that strict confidentiality is

conditions of corporate governance is also attached to
maintained whilst dealing with concerns and also
the Corporate Governance Report.
that no discrimination is made against any person.
The Whistle Blower Policy and Vigil Mechanism may
30. DISCLOSURE UNDER THE SEXUAL
be accessed on the Company’s website at https://
HARASSMENT OF WOMEN AT WORKPLACE
d31scedd5hpubp.cloudfront.net/investor_files/
(PREVENTION, PROHIBITION AND REDRESSAL)
Whistle%20Blower%20Policy.pdf
ACT, 2013
26. CORPORATE SOCIAL RESPONSIBILITY The Company has in place an Anti-Sexual Harassment
Policy in compliance with the requirements of

The prime objective of our Corporate Social
the Sexual Harassment of Women at Workplace
Responsibility policy is to hasten social, economic
(Prevention, Prohibition and Redressal) Act, 2013.
and environmental progress. We remain focused on
generating systematic and sustainable improvement
The Company has complied with the provisions relating
for local communities surrounding our Hospitals.
to the constitution of Internal Complaints Committee
(“ICC”) as specified under the Sexual Harassment of
The Board of Directors of your Company has

Women at Workplace (Prevention, Prohibition and
formulated and adopted a policy on Corporate
Redressal) Act, 2013.
Social Responsibility which can be accessed at:
https://d31scedd5hpubp.cloudfront.net/investor_
The Company conducts sessions for employees to
files/CSR_Policy.pdf
build awareness amongst employees about the Policy
and the provisions of Prevention of Sexual Harassment
The annual report on corporate social responsibility
of Women at Workplace Act.
activities containing composition of CSR & ESG
Committee and disclosure as per Section 134
During the period under review, no complaint was
and Rule 8 of the Companies (Corporate Social
received by the ICC.
Responsibility Policy) Rules, 2014 is attached and
marked as Annexure – 4 and forms part of this report.

100
 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
PG 02-74 PG 76-172 PG 173-316

31. CONSERVATION OF ENERGY, TECHNOLOGY 2)

 enefits derived as a result of the
B
ABSORPTION AND FOREIGN EXCHANGE above efforts:
EARNINGS AND OUTGO Protection of sensitive data, regulatory
The information on conservation of energy, technology compliance to various standards,
absorption and foreign exchange earnings and outgo and preventing financial losses from
as stipulated under Section 134 of the Companies breaches or ransomware attacks.
Act, 2013 read with the Companies (Accounts) Rules, A strong cybersecurity framework will
2014, is given below: enable a secure digital transformation
and long-term operational stability for
A. Energy Conservation: the organization.
The Company has continued its efforts to reduce
3) I n case of imported technology
its energy consumption year on year.
(imported during the last three years
reckoned from the beginning of the FY
Some of the key measures taken by the Company
2024-25): None
are as below:

4)
 xpenditure incurred on Research and
E
I. 
Energy conservation measures taken/
Development:
Utilizing alternate sources of energy:

No expenditure was incurred on
• Commissioning of rooftop solar power
Research and Development by the
systems.
Company during the period under
• Installation of Variable Frequency Drives review.
(VFDs) to optimize energy consumption
C. Foreign exchange earnings and outgo
in operations.
S. Amount
Particulars
• Upgradation to energy-efficient LED No. (` in Million)
lighting across various facilities. 1 Foreign Exchange Earnings 47.89
2 Foreign Exchange Outgo 71.04
• Procurement of green energy through
open access arrangements. 32. INTERNAL FINANCIAL CONTROLS SYSTEMS
AND THEIR ADEQUACY
• Sourcing of renewable energy through
Your Company has in place an adequate internal
third-party providers.
financial control framework with reference to financial
and operating controls thereby ensuring orderly and
II. Impact of Measures:
efficient conduct of its business, including adherence
 The energy conservation measures taken
to the Company’s policies, safeguarding of its assets,
from time to time by your Company have
prevention and detection of frauds and errors,
resulted in considerable reduction of energy
accuracy and completeness of accounting records,
and thereby reducing the cost.
and timely preparation of reliable financial information
III. 
Capital Investment on Energy conservation and such controls are operating effectively.
Equipment:
During the Financial Year 2024-25, such controls
During the year under review, the Company
were tested and no reportable material weakness in
has spent about ` 47.76 Million as capital
the design or operation was observed.
investments on various energy conservation
initiatives like Solar roof tops, VFD Installation
The Directors have in the Directors Responsibility
and LED Light Installations etc.
Statement confirmed the same to this effect.
B. Technology Absorption:
33. DISCLOSURE RELATED TO INSOLVENCY AND
I. 
Technology Absorption, Adaptation &
BANKRUPTCY:
Innovation:
1) Efforts made towards technology No application has been made under the Insolvency and
absorption: Bankruptcy Code; hence the requirement to disclose
 Implementation of a robust the details of application made or any proceeding
cybersecurity framework with 24/7 pending under the Insolvency and Bankruptcy Code,
SOC Monitoring Services, Penetration 2016 during the year along with their status as at the
Testing/Breach and Attack Simulation/ end of the financial year is not applicable.
Ransomware Resiliency Testing.

101
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

34. NO DIFFERENCE IN VALUATION: 37. ACKNOWLEDGEMENT & APPRECIATION

The requirement to disclose the details of difference 
Your Directors express their sincere appreciation
between amount of the valuation done at the time for the assistance and co-operation received from
of onetime settlement and the valuation done while the Government authorities, financial institutions,
taking loan from the Banks or Financial Institutions banks, customers, vendors and members during the
along with the reasons thereof, is not applicable. year under review. Your Directors also wish to place
on record their deep sense of appreciation for the
35. SIGNIFICANT/ MATERIAL ORDERS PASSED BY committed services by the employees.
THE REGULATORS
There are no significant/ material orders passed
by the Regulators or Courts or Tribunals impacting For and on behalf of Board of Directors
the going concern status of your Company and its
operations in future. Dr. Ramesh Kancharla
Chairman and Managing Director
36. COMPLIANCE OF SECRETARIAL STANDARDS DIN: 00212270
The Company has duly complied with Secretarial
Standards issued by the Institute of Company Place: Hyderabad
Secretaries of India on Meetings of the Board of Date: May 24, 2025
Directors (SS-1) and shareholders (SS-2).

102
 ANNEXURE – 1 FORM AOC-1
(Pursuant to first proviso to sub-section (3) of Section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries/ associate companies/ joint ventures
PART “A”: SUBSIDIARIES
(` in million)
Date since Closing exchange Profit/ Profit/ Prop
Name Reserves Provision
S. when Country of Reporting rate against % of Share Total Total (loss) (loss) osed
of and Investments Turnover for
No. subsidiary Incorporation Currency Indian Rupee as Holding Capital Assets Liabilities before after divi
Subsidiary Surplus taxation
was acquired on Mar 31, 2025 taxation taxation dend
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16)
1 Rainbow Children’s Hospital Private 29/11/2010 India INR 1 100% 0.10 -0.04 0.12 0.05 0 0 0 0 0 -
Limited
2 Rainbow Speciality Hospitals Private 30/11/2010 India INR 1 78.81% 180.00 137.91 493.19 175.28 212.27 377.53 48.93 11.05 37.88 -
Limited
3 Rainbow Women & Children’s 13/12/2010 India INR 1 100% 0.10 -0.10 0.05 0.05 0 0 0.01 0.01 0.00 -
Hospital Private Limited
4 Rosewalk Healthcare Private Limited 18/12/2018 India INR 1 100% 360.47 -407.63 193.75 240.91 0 321.20 23.63 0 23.63 -
5 Rainbow Fertility Private Limited 05/08/2019 India INR 1 100% 45.00 10.54 56.50 0.96 0 0 3.79 0.95 2.84 -
6 Rainbow C R O Private Limited 14/11/2019 India INR 1 100% 0.10 3.81 4.82 0.91 0 4.05 2.81 0.74 2.07 -

The reporting period for all the subsidiaries is March 31, 2025.
PG 02-74

PART “B”: ASSOCIATES AND JOINT VENTURES:

CORPORATE OVERVIEW

As on March 31, 2025 the Company has no Associates and Joint Ventures.

For and on behalf of the Board of Directors of

Rainbow Children’s Medicare Limited
PG 76-172

Dr. Ramesh Kancharla Dr. Dinesh Kumar Chirla

Chairman and Managing Director Whole-Time Director
STATUTORY REPORTS

DIN: 00212270 DIN: 01395841

Vikas Maheshwari Shreya Mitra

Chief Financial Officer Company Secretary & Compliance Officer

Place: Hyderabad
PG 173-316

Date: May 24, 2025

103
FINANCIAL STATEMENTS
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

ANNEXURE – 2
Disclosures pertaining to remuneration under Section 197(12) of the Act read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 for the year ended March 31, 2025.
A. 
The ratio of the remuneration paid to each director during the year to the median remuneration of the employees of
the Company for the Financial Year:

S. Ratio of Remuneration to the median

Name of the Director Category
No. remuneration of the employees
1. Dr. Ramesh Kancharla Chairman & Managing Director 129
2. Dr. Dinesh Kumar Chirla Whole-time Director 79
3. Dr. Adarsh Kancharla Non – Executive Director 1
4. Mr. Aluri Srinivasa Rao Independent Director 5
5. Dr. Anil Dhawan Independent Director 5
6. Mr. Santanu Mukherjee Independent Director 6
7. Ms. Sundari R. Pisupati Independent Director 5

The percentage increase in remuneration of each Director, Chief Financial Officer, Chief Executive Officer and
B. 
Company Secretary, in the Financial Year:
S. % Increase in Remuneration in the
Name Designation
No. Financial Year
1. Dr. Ramesh Kancharla Chairman & Managing Director (32.70)
2. Dr. Dinesh Kumar Chirla Whole-time Director (19.82)
3. Dr. Adarsh Kancharla Non – Executive Director Nil
4. Mr. Aluri Srinivasa Rao Independent Director Nil
5. Dr. Anil Dhawan Independent Director Nil
6. Mr. Santanu Mukherjee Independent Director Nil
7. Ms. Sundari R. Pisupati Independent Director Nil
8. Mr. Sanjeev Sukumaran1 Chief Operating Officer Not Applicable*
9. Mr. Vikas Maheshwari Chief Financial Officer 6.5
10. Mr. Ashish Kapil 2
Company Secretary & Compliance Officer Not Applicable*
11. Ms. Shreya Mitra 3
Company Secretary & Compliance Officer Not Applicable*

* Associated for part of year. Hence, % increase in remuneration is not applicable.

1
Mr. Sanjeev Sukumaran resigned from the post of Chief Operating Officer of the Company w.e.f. October 30, 2024.
2
Mr. Ashish Kapil resigned from the post of Company Secretary & Compliance Officer of the Company w.e.f. December 14, 2024.
Ms. Shreya Mitra was appointed as Compliance Officer of the Company w.e.f. December 15, 2024 and as Company Secretary
3

w.e.f. February 9, 2025.

C. Percentage increase in the median remuneration of employees in the Financial Year:

The average percentage increase in the median remuneration of employees in the Financial Year is 8.2%

D. Number of permanent employees on the rolls of the Company:

The number of permanent employees on the rolls of the Company as of March 31, 2025 is 3,972.

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 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
PG 02-74 PG 76-172 PG 173-316

E. 
Average percentile increase already made in the salaries of employees other than the managerial personnel in the
last Financial Year and its comparison with the percentile increase in the managerial remuneration and justification
thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:
The average increase in the salaries of employees other than Managerial Personnel was 7.4%. The above table contain
the details of remuneration paid to the managerial personnel. The remuneration paid to managerial personnel is basis
prevailing market trends, Company Performance and overall responsibility matrix and the same is in line with the
resolutions approved by the Board of Directors and/or Shareholders.

F. Affirmation that the remuneration is as per the Remuneration Policy of the Company:
It is hereby confirmed that the remuneration is as per the Nomination and Remuneration Policy of the Company.

For and on behalf of Board of Directors

Dr. Ramesh Kancharla

Chairman and Managing Director
DIN: 00212270

Place: Hyderabad
Date: May 24, 2025

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Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

ANNEXURE – 3
Form No. MR-3
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]

SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED MARCH 31, 2025

To (iv) F
 oreign Exchange Management Act, 1999 and the
The Members, rules and regulations made there under to the extent of
RAINBOW CHILDREN’S MEDICARE LIMITED Foreign Direct Investment, Overseas Direct Investment
Hyderabad and External Commercial borrowings;

I have conducted the Secretarial audit of the compliance (v) The following Regulations and Guidelines prescribed
under the Securities and Exchange Board of India Act,
of applicable statutory provisions and the adherence to
1992 (‘SEBI Act’):-
good corporate practices by RAINBOW CHILDREN’S
MEDICARE LIMITED (hereinafter called the “Company”). (a) 
The Securities and Exchange Board of India
Secretarial Audit was conducted in a manner that provided (Substantial Acquisition of Shares and Takeovers)
me with a reasonable basis for evaluating the corporate Regulations, 2011;
conducts/ statutory compliances and expressing my
opinion thereon. (b) 
The Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulations, 2015;
Based on my verification of the Company’s books, papers,
minute books, forms and returns filed and other records (c) 
The Securities and Exchange Board of India
maintained by the Company and also the information (Issue of Capital and Disclosure Requirements)
Regulations, 2018;
provided by the Company, its officers, agents and
authorized representatives during the conduct of secretarial
(d) Securities and Exchange Board of India (Share
audit, I hereby report that in my opinion, the Company has, Based Employee Benefits and Sweat Equity)
during the audit period covering the financial year ended on Regulations, 2021;
March 31, 2025, complied with the statutory provisions
listed hereunder and also that the Company has proper (e) The Securities and Exchange Board of India SEBI
Board-processes and compliance mechanism in place (Issue and Listing of Non-Convertible Securities)
to the extent, in the manner and subject to the reporting Regulations, 2021; Not applicable to the
made hereinafter: Company during the audit period

I have examined the books, papers, minute books, forms and (f) 
The Securities and Exchange Board of India
returns filed and other records maintained by the Company (Registrars to an Issue and Share Transfer Agents)
Regulations, 1993 regarding the Companies Act
for the financial year ended March 31, 2025, according to
and dealing with client;
the provisions of:
(g) 
The Securities and Exchange Board of India
(i) The Companies Act, 2013 (the Act) and the rules (Delisting of Equity Shares) Regulations, 2021;
made there under; Not applicable to the Company during the
audit period and
(ii) The Securities Contracts (Regulation) Act, 1956
(‘SCRA’) and the rules made there under; (h) 
The Securities and Exchange Board of India
(Buyback of Securities) Regulations, 2018;
(iii) T
 he Depositories Act, 1996 and the Regulations and Not applicable to the Company during
Bye-laws framed thereunder; the audit period

106
 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
PG 02-74 PG 76-172 PG 173-316

I have also examined compliance with the applicable During the period under review, resolutions were carried out
clauses of the following: through majority. As confirmed by the Management, there
were no dissenting views expressed by any of the members
(i) 
Secretarial Standards issued by The Institute of on any business transacted at the meetings held during the
Company Secretaries of India. period under review.

(ii) The Securities and Exchange Board of India (Listing I further report that there are adequate systems and
Obligations and Disclosure Requirements) Regulations, processes in place in the company commensurate with
2015 as amended from time to time; the size and operations of the Company to monitor and
ensure compliance with applicable laws, rules, regulations
During the period under review, the Company has complied and guidelines.
with the provisions of the Act, Rules, Regulations, Guidelines,
Standards, etc. mentioned above. I further report that after the closure of the financial year
and before the date of this report the Company has approved
I further report that
the ‘Rainbow Children’s Medicare Limited - Employee Stock
The Board of Directors of the Company is duly constituted Option Scheme 2025’ through Postal Ballot.
with a proper balance of Executive Directors, Non-Executive
Directors and Independent Directors. There were no K.V.S. Subramanyam
changes in the composition of the Board of Directors during Practicing Company Secretary
the period under review. FCS No.: 5400
C P No.: 4815
Adequate notice is given to all directors to schedule the Date: May 24, 2025PR. No: I2002AP30800 (5725/2025)
Board meetings, agenda and detailed notes on the agenda Place: Hyderabad UDIN: F005400G000428394
were sent in advance, and a system exists for seeking
and obtaining further information and clarifications on Note: This report is to be read with my letter of even date
the agenda items before the meeting and for meaningful which is annexed as ‘Annexure’ and forms an integral part
participation at the meeting. of this report.

107
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Annexure

To
The Members,
RAINBOW CHILDREN’S MEDICARE LIMITED
Hyderabad

My report of even date is to be read along with this letter.

1. Maintenance of Secretarial records is the responsibility of the Management of the Company. My responsibility is to
express an opinion on these secretarial records based on my audit.

2. I have followed the audit practices and process as were appropriate to obtain reasonable assurance about the
correctness of the contents of the Secretarial records. The verification was done on a test basis to ensure that correct
facts are reflected in secretarial records. I believe that the processes and practices I follow provided a reasonable basis
for my opinion.

3. I have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.

4. Wherever required, I have obtained the Management representation about the compliance of laws, rules and regulations
and happening of events etc.

5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
responsibility of the management. My examination was limited to the verification of procedures on a test basis.

6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the Management has conducted the affairs of the Company.

7. I further report that, based on the information provided by the Company, its officers, authorized representatives during
the conduct of the audit, in my opinion adequate systems and process and control mechanism exists in the Company
to monitor compliance with applicable laws.

8. I further report that the compliance by the Company of applicable fiscal laws like Direct & Indirect tax laws, Labour
Laws, General and other specific Laws as may be applicable to the Company, have not been reviewed in this audit
since the same has been subject to review by the statutory financial audit and other designated professionals.

K.V.S. Subramanyam
Practicing Company Secretary
FCS No.: 5400
C P No.: 4815
Date: May 24, 2025 PR. No: I2002AP30800 (5725/2025)
Place: Hyderabad UDIN: F005400G000428394

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 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
PG 02-74 PG 76-172 PG 173-316

ANNEXURE – 4
ANNUAL REPORT ON CSR ACTIVITIES

1. Brief outline on CSR Policy of the Company: resources towards improving the quality of life and
The Company approach towards Corporate Social building capacities of the local communities, society at
Responsibility (“CSR”) is based upon its core values, large and various Stakeholders.
which include fostering inclusive growth by sharing
some of the wealth we create with the society at In accordance with the Companies Act, 2013, your
large. CSR has always been and shall always be an Company has committed 2% (Average Net Profit)
integral and strategic part of our business process. It is annually towards CSR initiatives. The CSR Policy of your
a vital constituent of our Company’s commitment to Company outlines the approach and direction given by
sustainability. True to the spirit of our vision, we strive the Board, taking into account the recommendations
to utilize the potential of human and natural capital of its CSR & ESG Committee, and includes guiding
around us in a manner that facilitates social, economic principles for selection, implementation and
and environmental progress. The Company aims monitoring of CSR activities as well as formulation of
to be a good corporate citizen by subscribing to the the CSR annual action plan. Our CSR Activities focus
principles of integrating its economic, environmental on promoting Health care, Education, Sports and Rural
and social objectives, and effectively utilizing its own & Skill Development programmes.

2. Composition of CSR & ESG Committee:

The CSR & ESG Committee comprises of following members as on March 31, 2025:
Number of meetings Number of meetings
Sl. Designation/ of CSR & ESG of CSR & ESG
Name of Director
No Nature of Directorship Committee held Committee attended
during the year during the year
1. Dr. Anil Dhawan Chairman (Independent Director) 2 2
2. Dr. Ramesh Kancharla Member (Chairman & Managing 2 2
Director)
3. Dr. Dinesh Kumar Chirla Member (Whole-time Director) 2 2
4. Dr. Adarsh Kancharla Member (Non – Executive Director) 2 2
5. Mr. Santanu Mukherjee Member (Independent Director) 2 2
6. Ms. Sundari R. Pisupati Member (Independent Director) 2 1

3. The web-link(s) where Composition of CSR & ESG Committee, CSR policy and CSR projects approved by the board
are disclosed on the website of the company are provided below:
Composition of the CSR & https://www.rainbowhospitals.in/investors-relations/board-&-board-committees
ESG Committee:
CSR Policy: https://d31scedd5hpubp.cloudfront.net/investor_files/CSR_Policy.pdf
CSR Projects as approved by https://d31scedd5hpubp.cloudfront.net/investor_files/CSR_Projects_approved_by_
the Board: the_Board.pdf

4. Executive summary along with the web-link(s) of Impact assessment of CSR projects carried out in pursuance of
sub-rule (3) of rule 8 of the companies (Corporate Social Responsibility Policy) Rules, 2014, if applicable: Not
Applicable.

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Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

5. (a) Average net profits of the Company as per sub-section (5) of section 135: ` 2,50,59,83,333/-

(b) Two percent of average net profit of the Company as per sub-section (5) of section 135: ` 5,01,19,667/-

(c) Surplus arising out of the CSR projects or programmes or activities of the previous financial years – Nil

(d) Amount required to be set off for the financial year, if any – Nil

(e) Total CSR obligation for the financial year [(b)+(c)-(d)]. – ` 5,01,19,667/-

6. (a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project): ` 38,67,640/-

(b) Amount spent in Administrative Overheads: ` 19,94,441/-

(c) Amount spent on Impact Assessment, if applicable: Nil

(d) Total amount spent for the Financial Year [(a)+(b)+(c)]: ` 58,62,081/-

(e) CSR amount spent or unspent for the Financial Year:

Amount Unspent (In `)

Total Amount Spent Amount transferred to any fund specified under
Total Amount transferred to Unspent
for the Financial Schedule VII as per second proviso to sub-
CSR Account as per section 135(6).
Year section (5) of section 135.
(In `) Name of the Date of
Amount Date of Transfer Amount
Fund Transfer
` 58,62,081/- ` 4,42,57,586/- April 15, 2025 Not Applicable Nil Not Applicable

(f) Excess amount for set-off, if any:

Sl. Amount
Particular
No (In `)
(i) Two percent of average net profit of the company as per sub-section (5) of section 135 5,01,19,667
(ii) Total amount spent for the Financial Year 58,62,081
(iii) Excess amount spent for the financial year [(ii)-(i)] Nil
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial Nil
years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] Nil

7. Details of Unspent Corporate Social Responsibility amount for the preceding three financial years:
1 2 3 4 5 6 7 8
Amount transferred
Amount Balance
Amount to a Fund as specified Amount
transferred to Amount
spent under Schedule VII as remaining to
Preceding Unspent CSR in Unspent CSR
Sl. in the per second proviso be spent in Deficiency,
Financial Account under Account under
No Financial to sub-section (5) of succeeding if any
Year(s) sub-section sub- section (6)
Year section 135, if any Financial Years
(6) of section of section 135
(in `) Date of (in `)
135 (in `) (in `) Amount
transfer.
1. 2023-24 2,18,00,000 2,18,00,000 - NA NA 2,18,00,000 -

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 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
PG 02-74 PG 76-172 PG 173-316

8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent in
the Financial Year:
☐ Yes ☑ No

If Yes, enter the number of Capital assets created/ acquired: Not Applicable.

Furnish the details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount
spent in the Financial Year:
Short particulars of the Pincode
Amount of Details of Company/ Authority/
Sl. property or asset(s) [including of the Date of
CSR Amount beneficiary of
No complete address and property or creation
spent the registered owner
location of the property] asset(s)
(1) (2) (3) (4) (5) (6)
CSR
Registration Registered
Name
Number, if address
applicable
Not Applicable

(All the fields should be captured as appearing in the revenue record, flat no, house no, Municipal Office/Municipal
Corporation/ Gram panchayat are to be specified and also the area of the immovable property as well as boundaries).

9. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per sub-section (5)
of section 135. Not Applicable

For Rainbow Children’s Medicare Limited

Dr. Ramesh Kancharla Dr. Anil Dhawan

Chairman and Managing Director Chairman of CSR & ESG Committee
DIN: 00212270 DIN: 08191702

Place: Hyderabad Place: London, UK

Date: May 24, 2025 Date: May 24, 2025

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Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Report on Corporate Governance

I. COMPANY’S PHILOSOPHY ON CORPORATE GOVERNANCE
Corporate Governance is creation and enhancing long term sustainable value for the stakeholders through ethically
driven business process. It implies governances with the highest standards of professionalism, integrity, accountability,
fairness, transparency, social responsiveness and business ethics for efficient and ethical conduct of business.
Effective corporate governance practices constitute the strong foundation on which successful commercial enterprises
are built to last.

The Company’s philosophy on Corporate Governance is founded upon a rich legacy of fair, ethical and transparent
governance practice. The Company also places great emphasis on values such as empowerment and integrity of its
employees, safety of the employees and communities surrounding its Hospitals, transparency in decision making
process, fair and ethical dealings with all and accountability to all the stakeholders. The Company doesn’t practice
Corporate Governance as an act of compliance but with the spirit of governance.

We believe that our Company has gone beyond adherence to regulatory framework. Our corporate structure,
business, operations, disclosure practices and systems have been strictly aligned to our corporate governance
principles. We believe our system driven performance and performance-oriented systems protect the interests of all
our stakeholders.

II. GOVERNANCE STRUCTURE

Board of Directors
1 Provides strategic direction, formulates and ensures long-term business strategy,
enhances shareholder value, and safeguards stakeholder interests.

Board Committees
2 Leverage specialized expertise to provide insightful recommendations, ensure
effective oversight, and guide strategic direction across key operational areas.

Management
3
Implements policies, procedures, and oversees day-to-day operations, driving
effective execution.

III. BOARD OF DIRECTORS

Our Board composition comprises of experts in various domains such as Corporate Governance, Healthcare Industry,
Legal & Compliances, Information Technology, Finance & Accounts, Risk Management, ESG & Sustainability and HR
Management. Our Board has an appropriate mix of Executive, Non – Executive and Independent Director(s) to maintain
its independence, and separate its functions of governance and management.

As on March 31, 2025, the Board of Directors of your Company comprised of 7 Directors out of which 2 are Executive,
1 is Non-Executive Non-Independent and 4 are Independent Directors.

The names and categories of Directors on the Board during the Financial Year 2024-25, their attendance at Board
Meetings held during the Financial Year 2024-25 and at the last Annual General Meeting and the number of Directorships
and Committees Chairmanships/ Memberships held by them as on March 31, 2025 are given hereunder:
No. of other Directorships and Committee Name of the Listed
Attendance Particulars
Memberships/ Chairmanships Companies where
Company’s Director is also a
Name of Director Category# Board Meetings Last AGM
Other Committee Committee Director
held on
Directorships* Memberships** Chairmanships** Name of Listed Category of
Entitled Attended 30.07.2024
Company Directorship
Dr. Ramesh Kancharla Chairman 5 5 Yes 6 1 - - -
(DIN: 00212270) & PED
Dr. Dinesh Kumar PED 5 5 Yes 6 - - - -
Chirla
(DIN: 01395841)
Dr. Adarsh Kancharla PNED 5 5 Yes 1 - - - -
(DIN: 08302615)

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No. of other Directorships and Committee Name of the Listed

Attendance Particulars
Memberships/ Chairmanships Companies where
Company’s Director is also a
Name of Director Category# Board Meetings Last AGM
Other Committee Committee Director
held on
Directorships* Memberships** Chairmanships** Name of Listed Category of
Entitled Attended 30.07.2024
Company Directorship
Mr. Aluri Srinivasa Rao IDNE 5 4 Yes 4 - - - -
(DIN: 00147058)
Dr. Anil Dhawan IDNE 5 5 Yes - - - - -
(DIN: 08191702)
Mr. Santanu IDNE 5 5 Yes 7 8 4 1. S
 uven Life IDNE
Mukherjee Sciences
(DIN: 07716452) Limited
2. B
 andhan IDNE
Bank Limited
3. S umedha IDNE
Fiscal
Services
Limited
4. A  urobindo IDNE
Pharma Ltd
5. N  ACL IDNE
industries
Ltd
Ms. Sundari R. IDNE 5 4 Yes 2 2 - - -
Pisupati
(DIN: 01908852)
# PED - Promoter Executive Director, PNED – Promoter Non-Executive Director, IDNE - Independent Non-Executive Director,
Notes:
* Excludes Foreign Companies and Companies under Section 8 of the Companies Act, 2013.
** For the purpose of considering the limit of Committee Memberships and Chairmanships of a Director, Audit Committee and
Stakeholders Relationship Committee of other Indian Public Companies have only been considered.

None of our Directors are related to each other, except

Composition of Board Dr. Ramesh Kancharla and Dr. Adarsh Kancharla.
Dr. Ramesh Kancharla is father of Dr. Adarsh Kancharla.
43%
Non-Independent The number of directorships, Committee
Directors Chairmanships and memberships of each director
(Executive and is in compliance with the relevant provisions of the
Non=Executive)
Companies Act, 2013 (“Act”) and Securities and
Exchange Board of India (Listing Obligations and
57%
Independent
Disclosure Requirements) Regulations, 2015 (“SEBI
Directors Listing Regulations”).

Shareholding of Non-Executive Directors of the

Company as on March 31, 2025
The shareholding of Non-Executive Directors as on
March 31, 2025 is as follows:
Number of Board Meetings
S. Name of the No. of Equity
During the Financial Year 2024-25, Five (5) meetings Category#
No Director Shares held
of the Board of Directors were held and the maximum 1 Dr. Adarsh PNED 61,10,432
time gap between two consecutive meetings did not Kancharla
exceed one hundred and twenty (120) days. 2 Mr. Aluri Srinivasa IDNE Nil
Rao
S. No Date(s) on which meeting(s) were held 3 Dr. Anil Dhawan IDNE Nil
1 May 19, 2024 4 Mr. Santanu IDNE Nil
Mukherjee
2 August 13, 2024
5 Ms. Sundari R. IDNE Nil
3 October 27, 2024 Pisupati
4 February 9, 2025
# PNED – Promoter Non-Executive Director, IDNE -
5 March 22, 2025 Independent Non-Executive Director.

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Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

As on March 31, 2025, none of the Non-Executive Directors documents required and sought by them for enabling them
of the Company were holding any convertible instruments to have a good understanding of the Company, its various
in the Company. operations and the industry of which it is a part.

Familiarisation Programme for the Independent Directors The details of familiarisation programmes imparted to the
The Company conducts Familiarization Programme for Independent Directors of the Company has been disclosed
Independent Directors to provide them an opportunity on the website of the Company and can be accessed
to familiarize with the Company, its management and its through the following link at:
operations so as to gain a clear understanding of their roles
and responsibilities. They have full opportunity to interact https://www.rainbowhospitals.in/investors-relations/
with Senior Management Personnel and are provided all policies-and-programs

Core skills/ expertise/ competencies of Board of Directors

In context of your Company's business and sector, the Board of Directors have identified the following:
i. Core skills/ expertise/ competencies for it to function effectively
ii. Directors who possess such core skills/ expertise/ competencies
S. Skills/ Expertise/
Brief Descriptions
No Competencies
1 Leadership Strong management and leadership experience in leading well-governed large
Experience organization in the areas of business development, strategic planning and mergers &
acquisitions and have visionary with strategic goal for the Company to identify possible
road maps, inspire and motivate the strategy, approach, processes and other such
key deliverables and mentor the leadership team to channelize its energy/ efforts in
appropriate direction and thought to be a leader and a role model in good governance
and ethical conduct of business, while encouraging the organisation to maximise
stakeholders value having hands on experience of leading an entity at the highest level.
2 Industry knowledge Indepth knowledge in the Healthcare Industry.
and experience
3 Information Information Technology expertise with knowledge of current and emerging
Technology technologies.
4 Governance Experience in developing and implementing good corporate governance practices,
including legal maintaining accountability of Board and its management, managing stakeholders
compliance interest and responsibility towards customers, employees, suppliers, regulatory bodies
etc. to support the Company’s legal compliance systems and governance policies/
practices.
5 Expertise/ Knowledge and skills in accounting and finance, business judgment, general
Experience in management practices and processes, crisis response and management, industry
Finance/ Risk knowledge, macro- economic perspectives, human resources, labour laws,
Management areas international markets, sales and marketing, and risk management.
6 ESG & Experienced in overseeing ESG & Sustainability matters, including Corporate Social
Sustainability Responsibility, while possessing understanding of diverse and global sustainability and
ESG practices, enabling effective alignment with the Company growth strategy.
7 Human Resource Experience in the Human Resource Management with understanding of employment
management laws.

Given below is a list of core skills, expertise and competencies of the individual Directors
Skills/ Expertise/ Competencies
Expertise/
Industry Governance
Name of Director(s) Experience in Human
Leadership knowledge Information including ESG &
Finance / Risk Resource
Experience and Technology legal Sustainability
Management Management
experience compliance
areas
Dr. Ramesh Kancharla √ √ √ √ √ √ √
Dr. Dinesh Kumar Chirla √ √ √ √ √ √ √
Dr. Adarsh Kancharla - √ √ √ √ √ -

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Skills/ Expertise/ Competencies

Expertise/
Industry Governance
Name of Director(s) Experience in Human
Leadership knowledge Information including ESG &
Finance / Risk Resource
Experience and Technology legal Sustainability
Management Management
experience compliance
areas
Mr. Aluri Srinivasa Rao √ √ √ √ √ √ √
Dr. Anil Dhawan √ √ √ √ √ √ √
Ms. Sundari R. Pisupati √ - √ √ √ √ √
Mr. Santanu Mukherjee √ - √ √ √ √ √

Confirmation of Independence
All the Independent Directors of the Company have given declaration/ disclosures under section 149(7) of the Act
and Regulation 25(8) of the SEBI Listing Regulations and have confirmed that they fulfil the independence criteria as
specified under section 149(6) of the Act and Regulation 16 of the SEBI Listing Regulations and have also confirmed
that they are not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could
impair or impact their ability to discharge their duties with an objective independent judgement and without any
external influence.

Further, the Board after taking these declaration/ disclosures on record and acknowledging the veracity of the same,
concluded that the Independent Directors are persons of integrity and possess the relevant expertise, skills and
experience to qualify as Independent Directors of the Company and are Independent of the Company’s Management.

IV. BOARD COMMITTEES:

The Company has Six (6) Committees of the Board as on March 31, 2025, namely, Audit Committee, Nomination
and Remuneration Committee, Stakeholders Relationship Committee, CSR & ESG Committee, Risk Management
Committee and Treasury Management Committee.
Risk Nomination & Stakeholders Treasury
Audit CSR & ESG
Name Designation Management Remuneration Relationship Management
Committee Committee
Committee Committee Committee Committee
Mr. Aluri Srinivasa Independent Director - -
Rao
Dr. Anil Dhawan Independent Director - -

Mr. Santanu Independent Director -

Mukherjee
Ms. Sundari R. Independent Director - -
Pisupati
Dr. Ramesh Chairman & - -
Kancharla Managing Director
Dr. Dinesh Kumar Whole-Time Director - - - - -
Chirla
Dr. Adarsh Non-Executive - - - -
Kancharla Director
Mr. Vikas Group Chief Financial - - - -
Maheshwari Officer (KMP)

Chairperson Member
Committees of the board

Audit 100%
Nomination & Remuneration 100%
Stakeholders Relationship 75% % Independent Directors
CSR & ESG 50%
Risk Management 40%
Treasury Management 33%

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Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

A. AUDIT COMMITTEE:
Your Company has duly constituted Audit Committee and its composition meets the requirements of Section 177 of
the Act and Regulation 18 of the SEBI Listing Regulations.

All members of the Committee are financially literate and have accounting or related financial management expertise.

During the Financial Year 2024-25, the Audit Committee met 4 (Four) times on May 19, 2024, August 13, 2024,
October 27, 2024 and February 9, 2025.

The composition of the Audit Committee and the attendance details of the members as on March 31, 2025
are given below:-

Names of Members Category* Position No. of meetings attended

Mr. Santanu Mukherjee IDNE Chairman 4
Mr. Aluri Srinivasa Rao IDNE Member 3
Dr. Anil Dhawan IDNE Member 4
Ms. Sundari R. Pisupati IDNE Member 3
*IDNE – Independent Non-Executive Director.

Ms. Shreya Mitra, Company Secretary & information to ensure that the financial
Compliance Officer of the Company is the Secretary statement is correct, sufficient and credible;
of the Committee.
(b) Recommendation for appointment,
re-appointment and replacement,
In addition to the members of Audit Committee, these
remuneration and terms of appointment
meetings are also attended by Chairman & Managing of auditors, including the internal auditor,
Director, Whole-Time Director, Non-Executive cost auditor and statutory auditor, of the
Director, Chief Operating Officer, Chief Financial Company and the fixation of audit fee;
Officer, Internal Auditors, Statutory Auditors and other
(c) Approval of payments to statutory auditors
executives considered necessary for providing inputs
for any other services rendered by the
to the Committee.
statutory auditors of the Company;
Terms of reference (d) Reviewing with the management, the annual
The terms of reference, inter-alia, includes the following: financial statements and auditor’s report
thereon before submission to the Board for
(i) The Audit Committee shall have powers, which
approval, with particular reference to:
should include the following:
(i) Matters required to be included in the
(a) 
To investigate any activity within its
Director’s Responsibility Statement to
terms of reference; be included in the Board’s report in terms
(b) 
To seek information from any employee of clause (c) of sub-section 3 of section
of the Company; 134 of the Companies Act, 2013;

(c) 
To obtain outside legal or other (ii) Changes, if any, in accounting policies
professional advice; and practices and reasons for the same;

(d) 
To secure attendance of outsiders (iii) 
Major accounting entries involving
estimates based on the exercise
with relevant expertise if it
of judgment by the management
considers necessary; and
of the Company;
(e) Such powers as may be prescribed under the
(iv) 
Significant adjustments made in the
Companies Act and SEBI Listing Regulations.
financial statements arising out of
(ii) 
The role of the Audit Committee shall audit findings;
include the following: (v) 
Compliance with listing and other
(a) Oversight of the Company’s financial legal requirements relating to
reporting process, examination of the financial statements;
financial statement and the auditors’ report (vi) 
Disclosure of any related party
thereon and the disclosure of its financial transactions; and

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(vii) Q
 ualifications / modified opinion(s) in (q) 
Reviewing the findings of any internal
the draft audit report. investigations by the internal auditors into
matters where there is suspected fraud or
(e) Reviewing, with the management, the
irregularity or a failure of internal control
quarterly, half yearly and annual financial
systems of a material nature and reporting
statements before submission to the
the matter to the Board;
board for approval;
(r) 
Discussion with statutory auditors before
(f)  eviewing, with the management, the
R
the audit commences, about the nature
statement of uses/application of funds raised
and scope of audit as well as post-audit
through an issue (public issue, rights issue,
discussion to ascertain any area of concern;
preferential issue, etc.), the statement of
funds utilised for purposes other than those (s) 
Looking into the reasons for substantial
stated in the issue document/prospectus/ defaults in the payment to the depositors,
notice and the report submitted by the debenture holders, shareholders (in
monitoring agency monitoring the utilisation case of non-payment of declared
of proceeds of a public or rights issue, and dividends) and creditors;
making appropriate recommendations to the
(t) Recommending to the board of directors the
Board to take up steps in this matter;
appointment and removal of the external
(g) Reviewing and monitoring the auditor’s auditor, fixation of audit fees and approval
independence and performance, and for payment for any other services;
effectiveness of audit process;
(u) 
Reviewing the functioning of the whistle
(h) 
Formulating a policy on related party blower mechanism;
transactions, which shall include materiality
of related party transactions; (v) Approval of the appointment of the Chief
Financial Officer of the Company (“CFO”)
(i) Approval or any subsequent modification of (i.e., the whole-time finance director or any
transactions of the Company with related other person heading the finance function or
parties and omnibus approval for related discharging that function) after assessing the
party transactions proposed to be entered qualifications, experience and background,
into by the Company subject to such etc., of the candidate;
conditions as may be prescribed;
(w) Carrying out any other functions as provided
(j)  eview, at least on a quarterly basis, the
R under the provisions of the Companies Act,
details of related party transactions entered 2013 the SEBI Listing Regulations and other
into by the Company pursuant to each of the applicable laws;
omnibus approvals given;
(x) To formulate, review and make
(k) Scrutiny of inter-corporate loans recommendations to the Board to amend
and investments; the Terms of Reference of Audit Committee
(l) Undertaking or supervising valuation of
 from time to time;
undertakings or assets of the company, (y) Establishing a vigil mechanism for directors
wherever it is necessary; and employees to report their genuine
(m) Evaluation of internal financial controls and concerns or grievances;
risk management systems; (z) 
Carrying out any other function as is
(n) Reviewing, with the management, mentioned in the terms of reference of the
performance of statutory and internal Audit Committee;
auditors, adequacy of the internal
(aa) Reviewing the utilization of loans and/or
control systems;
advances from/investment by the Company
(o) R
 eviewing the adequacy of internal audit in the subsidiaries exceeding rupees 100
function, if any, including the structure crore or 10% of the asset size of the
of the internal audit department, staffing subsidiary, whichever is lower including
and seniority of the official heading the existing loans / advances / investments
department, reporting structure coverage existing as on the date of coming into force
and frequency of internal audit; of this provision;
(p) 
Discussion with internal auditors of any (bb) T
 o consider and comment on rationale, cost-
significant findings and follow up thereon; benefits and impact of schemes involving

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Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

merger, demerger, amalgamation etc. on the (f) Statement of deviations:

Company and its shareholders and;
i. 
quarterly statement of deviation(s)
(cc) 
Carrying out any other functions as may including report of monitoring agency,
be required / mandated and/or delegated if applicable, submitted to stock
by the Board as per the provisions of exchange(s) in terms of Regulation 32(1)
the Companies Act, 2013, SEBI Listing of the SEBI Listing Regulations; and
Regulations, uniform listing agreements
ii. annual statement of funds utilised for
and/or any other applicable laws or by
purposes other than those stated in the
any regulatory authority and performing
issue document/prospectus/notice in
such other functions as may be necessary
terms of Regulation 32(7) of the SEBI
or appropriate for the performance
Listing Regulations;
of its duties.”
(g) To review the financial statements, in
(iii) 
The Audit Committee shall mandatorily review
particular, the investments made by any
the following information:
unlisted subsidiary; and
(a) Management’s discussion and analysis of
(h) 
Such information as may be prescribed
financial condition and results of operations;
under the Companies Act and SEBI
(b) 
Statement of significant related party Listing Regulations.
transactions (as defined by the Audit
Committee), submitted by the management B. NOMINATION & REMUNERATION COMMITTEE
of the Company; Your Company has a duly constituted Nomination &
Remuneration Committee and its composition meets
(c) 
Management letters/letters of internal
the requirements of Section 178 of the Act and
control weaknesses issued by the statutory
Regulation 19 of the SEBI Listing Regulations.
auditors of the Company;
(d) 
Internal audit reports relating to internal During the Financial Year 2024-25, the
control weaknesses; Committee met 5 (Five) times on May 16, 2024,
May 19, 2024, August 13, 2024, October 27, 2024
(e) T
 he appointment, removal and terms of
and February 9, 2025.
remuneration of the chief internal auditor;

The composition of the Nomination & Remuneration Committee and the attendance details of the members as on
March 31, 2025 are given below:-
Names of Members Category* Position No. of meetings attended
Mr. Aluri Srinivasa Rao IDNE Chairman 4
Dr. Anil Dhawan IDNE Member 5
Mr. Santanu Mukherjee IDNE Member 5
Ms. Sundari R. Pisupati IDNE Member 5
*IDNE - Independent Non-Executive Director.

 Ms. Shreya Mitra, Company Secretary &  

The Nomination and Remuneration
Compliance Officer of the Company is the Secretary Committee, while formulating the above policy,
of the Committee. should ensure that:
(i) the level and composition of remuneration
Terms of Reference
be reasonable and sufficient to attract,

The terms of reference of the Nomination &
retain and motivate directors of the quality
Remuneration Committee, inter alia, includes
required to run our Company successfully;
the following:
(ii) relationship of remuneration to performance
(a) 
Formulation of the criteria for determining
is clear and meets appropriate performance
qualifications, positive attributes and
benchmarks; and
independence of a director and recommend to
the Board a policy, relating to the remuneration (iii) r emuneration to directors, key managerial
of the directors, key managerial personnel and personnel and senior management involves
other employees; a balance between fixed and incentive
pay, reflecting the short and long term

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performance objectives appropriate to the v. 

The conditions under which option may
working of the Company and its goals. vest in employee and may lapse in case of
termination of employment for misconduct;
(b) F
ormulation of criteria for evaluation of
performance of independent directors vi. 
The exercise period within which the
and the Board; employee should exercise the option and
that option would lapse on failure to exercise
(c) Devising a policy on Board diversity; the option within the exercise period;
(d) 
Identifying persons who are qualified to vii. The specified time period within which the
become directors of the Company and who employee shall exercise the vested option
may be appointed in senior management in in the event of termination or resignation
accordance with the criteria laid down, and of an employee;
recommend to the Board their appointment
viii. The right of an employee to exercise all the
and removal. The Company shall disclose the
options vested in him at one time or at various
remuneration policy and the evaluation criteria in
points of time within the exercise period;
its annual report;
ix. Re-pricing of the options which are not
(e) Analysing, monitoring and reviewing various
exercised, whether or not they have
human resource and compensation matters, been vested if stock option rendered
including the compensation strategy; unattractive due to fall in the market price of
(f) Determining the Company’s policy on the equity shares;
specific remuneration packages for executive x. The grant, vest and exercise of option in case
directors including pension rights and any of employees who are on long leave;
compensation payment.
xi. Allow exercise of unvested options on such
(g) Recommending the remuneration, in whatever terms and conditions as it may deem fit;
form, payable to non-executive directors and the
xii. 
The procedure for cashless exercise
senior management personnel and other staff (as
of options;
deemed necessary);
xiii. Forfeiture/ cancellation of options granted;
(h) Reviewing and approving compensation strategy
from time to time in the context of the then current xiv. Formulating and implementing the procedure
Indian market in accordance with applicable laws; for making a fair and reasonable adjustment
to the number of options and to the exercise
(i) Determining whether to extend or continue the price in case of corporate actions such as
term of appointment of the independent director, rights issues, bonus issues, merger, sale of
on the basis of the report of performance division and others. In this regard following
evaluation of independent directors; shall be taken into consideration:
(j) 
Perform such functions as are required to be • 
the number and the price of stock
performed by the compensation committee option shall be adjusted in a manner
under the Securities and Exchange Board of such that total value of the option to
India (Share Based Employee Benefits and Sweat the employee remains the same after
Equity) Regulations, 2021; the corporate action;

(k) 
Administering the employee stock option • for this purpose, global best practices
scheme/plan approved by the Board and in this area including the procedures
shareholders of the Company in accordance with followed by the derivative markets in
the terms of such scheme/plan (“ESOP Scheme”) India and abroad may be considered;
including the following: and the vesting period and the life of
the options shall be left unaltered as far
i. Determining the eligibility of employees to as possible to protect the rights of the
participate under the ESOP Scheme; employee who is granted such option.
ii. 
Determining the quantum of option to (l) C
 onstruing and interpreting the employee
be granted under the ESOP Scheme per stock option scheme/plan approved by the
employee and in aggregate; Board and shareholders of the Company in
accordance with the terms of such scheme/
iii. Date of grant;
plan (“ESOP Scheme”) and any agreements
iv. Determining the exercise price of the option defining the rights and obligations of the
under the ESOP Scheme; Company and eligible employees under

119
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

the ESOP Scheme, and prescribing, A structured questionnaire, after taking

amending and/or rescinding rules and into consideration the inputs received from
regulations relating to the administration of Nomination and Remuneration Committee, was
the ESOP Scheme; prepared and circulated to all the Directors for
taking their responses, these questionnaires
(m) Framing suitable policies, procedures and
covered various aspects of the Board’s functioning
systems to ensure that there is no violation
such as adequacy of the composition of the Board
of securities laws, as amended from time to
and its Committees, Board culture, execution
time, including:
and performance of specific duties, obligations
a. the Securities and Exchange Board of and governance. A separate exercise was carried
India (Prohibition of Insider Trading) out to evaluate the performance of individual
Regulations, 2015, as amended; and Directors, who were evaluated on parameters
such as level of engagement and contribution,
b. the Securities and Exchange Board of
independence of judgment, safeguarding
India (Prohibition of Fraudulent and
the interest of the Company and its minority
Unfair Trade Practices Relating to the
shareholders etc. The performance evaluation
Securities Market) Regulations, 2003,
of the Independent Directors was carried out
as amended, by the Company and its
by the entire Board excluding the Director being
employees, as applicable;
evaluated. The performance evaluation of
(n) Performing such other activities as may be Non-Independent Directors, Board as a whole
delegated by the Board of Directors and/ and the Chairman of the Company was evaluated
or are statutorily prescribed under any in a separate meeting of Independent Directors
law to be attended by the Nomination and after considering the views of executive Directors
Remuneration Committee; and and non-executive Directors.
(o) 
Such terms of reference as may be
The feedback and results of the questionnaire
prescribed under the Companies Act, SEBI
were collated and consolidated report generated
Listing Regulations or other applicable laws
was shared with the Board for improvements.
or by any other regulatory authority.
The Directors expressed their satisfaction with
Performance evaluation the evaluation process.
Pursuant to the provisions of the Companies
Further, the evaluation process confirms that the
Act, 2013 and SEBI Listing Regulations the
Board and its Committees continue to operate
Board has carried out the annual evaluation of
effectively and the performance of the Directors
(i) its own performance; (ii) Individual Directors
and Chairman is highly satisfactory.
Performance (Including Independent Directors)
and (iii) Performance of all committees of the
Board, for the Financial Year 2024-25.

C. STAKEHOLDERS RELATIONSHIP COMMITTEE

Your Company has a duly constituted Stakeholders Relationship Committee and its composition meets the requirements
of Section 178 of the Act and Regulation 20 of the SEBI Listing Regulations.

During the Financial Year 2024-25, the Committee met 1 (one) time on October 27, 2024.

The composition of the Stakeholders Relationship Committee and the attendance details of the members as on
March 31, 2025 are given below:-
Names of Members Category* Position No. of meetings attended
Ms. Sundari R. Pisupati IDNE Chairperson 1
Dr. Ramesh Kancharla Chairman & PED Member 1
Mr. Aluri Srinivasa Rao IDNE Member -
Dr. Anil Dhawan IDNE Member 1
*IDNE - Independent Non-Executive Director; PED – Promoter Executive Director.

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Ms. Shreya Mitra, Company Secretary & to be conferred to the Committee by the Board of
Compliance Officer of the Company is the Secretary Directors from time to time;
of the Committee.
(i) To approve requests for transfer, transposition,
deletion, consolidation, sub-division, change of
Terms of Reference
name, dematerialization, rematerialisation etc.
The terms of reference of the Stakeholders Relationship
of shares, debentures and other securities;
Committee, inter alia, includes the following:
(j) To monitor and expedite the status and process
(a) Redressal of all security holders’ and investors’
of dematerialization and rematerialisation of
grievances such as complaints related to
shares, debentures and other securities of
transfer of shares, including non-receipt of share
the Company; and
certificates and review of cases for refusal of
transfer/transmission of shares and debentures, (k) Such terms of reference as may be prescribed
dematerialisation and re-materialisation of under the Companies Act and SEBI
shares, non-receipt of balance sheet, non-receipt Listing Regulations.
of declared dividends, non-receipt of annual
reports, etc., assisting with quarterly reporting Compliance Officer
of such complaints and formulating procedures Ms. Shreya Mitra, Company Secretary, is the
in line with statutory guidelines to ensure Compliance Officer of the Company. Her contact
speedy disposal of various requests received details are as follows:
from shareholders;
Rainbow Children’s Medicare Limited
(b) R
 eviewing of measures taken for effective exercise 8-2-19/1/A, Daulet Arcade,
of voting rights by shareholders; Road No.11, Banjara Hills,
(c) Investigating complaints relating to allotment of Hyderabad - 500034, Telangana.
Telephone No: +91 40 49692244
shares, approval of transfer or transmission of
E-mail: [email protected]
shares, debentures or any other securities;
(d) Giving effect to all transfer/transmission of shares The details of shareholders’ complaints received and
and debentures, dematerialisation of shares resolved during the Financial Year ended March 31,
and re-materialisation of shares, split and issue 2025 are given in the table below:
of duplicate/consolidated share certificates,
compliance with all the requirements related No of Investor
Particulars
to shares, debentures and other securities Complaints
from time to time; Number of Shareholders’ complaints 0
outstanding as at April 1, 2024
(e) 
Reviewing the measures and initiatives taken
Number of shareholders’ complaints 12
by the Company for reducing the quantum of
received during the Financial Year
unclaimed dividends and ensuring timely receipt
Number of shareholders’ complaints 12
of dividend warrants/annual reports/statutory
resolved to the satisfaction of
notices by the shareholders of the Company;
shareholders during the Financial
(f) Reviewing the adherence to the service standards Year
by the Company with respect to various services Number of pending shareholders’ 0
rendered by the registrar and transfer agent of our complaints as at March 31, 2025
Company and to recommend measures for overall
improvement in the quality of investor services; D. RISK MANAGEMENT COMMITTEE

Your Company has duly constituted a Risk
(g) 
Carrying out such other functions as may be
Management Committee and its composition meets
specified by the Board from time to time or
the requirements of Regulation 21 of the SEBI
specified/provided under the Companies Act
Listing Regulations.
or SEBI Listing Regulations, or by any other
regulatory authority;
During the Financial Year 2024-25, the Committee
(h) To approve allotment of shares, debentures or any has met 2 (Two) times on September 28, 2024 and
other securities as per the authority conferred / March 22, 2025.

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The composition of the Risk Management Committee and the attendance details of the Members as on March 31,
2025 are given below:
Names of Members Category* Position No. of meetings attended
Mr. Santanu Mukherjee IDNE Chairman 2
Dr. Ramesh Kancharla Chairman & PED Member 2
Dr. Adarsh Kancharla PNED Member 1
Mr. Aluri Srinivasa Rao IDNE Member 2
Mr. Sanjeev Sukumaran1 COO Member 1
Mr. Vikas Maheshwari CFO Member 2
*IDNE - Independent Non-Executive Director; PED – Promoter Executive Director; PNED – Promoter Non-Executive Director; COO –
Chief Operating Officer; CFO- Chief Financial Officer;
1
Ceased to be Member of the Committee w.e.f October 30, 2024.

Ms. Shreya Mitra, Company Secretary & (h) To ensure that appropriate methodology,
Compliance Officer of the Company is the Secretary processes and systems are in place to monitor
of the Committee. and evaluate risks associated with the business
of the Company;
Terms of Reference:- (i) 
To approve major decisions affecting the risk
The terms of reference of the Risk Management profile or exposure and give appropriate directions;
Committee, includes the following:
(j) To consider the effectiveness of decision making
(a) 
To periodically review the risk management process in crisis and emergency situations;
policy at least once in two years, including by
(k) To balance risks and opportunities;
considering the changing industry dynamics and
evolving complexity; (l) To generally, assist the Board in the execution of
its responsibility for the governance of risk;
(b) T
 o formulate a detailed risk management policy
covering risk across functions and plan integration (m) To keep the board of directors informed about
through training and awareness programmes; the nature and content of its discussions,
recommendations and actions to be taken;
(c) The policy shall include:
(n) To consider the appointment, removal and
1. 
A framework for identification of internal terms of remuneration of the chief risk officer
and external risks specifically faced by (if any) shall be subject to review by the Risk
the listed entity, in particular including Management Committee;
financial, operational, sectoral, sustainability
(o) 
The Risk Management Committee shall have
(particularly, environment, social and
powers to seek information from any employee,
governance related risks), information, cyber
obtain outside legal or other professional advice
security risks or any other risk as may be
and secure attendance of outsiders with relevant
determined by the committee; expertise, if it considers necessary;
2. Measures for risk mitigation including
 (p) 
The Risk Management Committee shall
systems and processes for internal control coordinate its activities with other committees,
of identified risks; in instances where there is any overlap with
3. Business continuity plan. activities of such committees, as per the
framework laid down by the board of directors;
(d) 
To approve the process for risk identification
(q) To attend to such other matters and functions
and mitigation;
as may be prescribed by the Board from
(e) To decide on risk tolerance and appetite levels, time to time; and
recognizing contingent risks, inherent and residual
(r) Such terms of reference as may be prescribed
risks including for cyber security;
under the Companies Act and SEBI
(f) To monitor the Company’s compliance with the Listing Regulations.
risk structure. Assess whether current exposure
to the risks it faces is acceptable and that there E. CSR & ESG COMMITTEE
is an effective remediation of non-compliance on 
Your Company has a duly constituted CSR &
an on-going basis; ESG Committee and its composition meets the
requirements of Section 135 of the Act.
(g) T
 o monitor and oversee implementation of the
risk management policy, including evaluating the During the Financial Year 2024-25, the Committee met
adequacy of risk management systems; 2 (Two) times on May 18, 2024 and March 22, 2025.

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The composition of the CSR & ESG Committee and the attendance details of the members as on March 31, 2025
are given below:-
Names of Members Category* Position No. of meetings attended
Dr. Anil Dhawan IDNE Chairman 2
Dr. Ramesh Kancharla Chairman & PED Member 2
Dr. Dinesh Kumar Chirla PED Member 2
Dr. Adarsh Kancharla PNED Member 2
Mr. Santanu Mukherjee IDNE Member 2
Ms. Sundari R. Pisupati IDNE Member 1
*IDNE - Independent Non-Executive Director; PED – Promoter Executive Director; PNED – Promoter Non-Executive Director.

Ms. Shreya Mitra, Company Secretary & (c) To identify corporate social responsibility policy
Compliance Officer of the Company is the Secretary partners and corporate social responsibility
of the Committee. policy programmes;
(d) 
To review and recommend the amount of
Terms of Reference:-
expenditure to be incurred for the corporate social
As the name of Corporate Social Responsibility

responsibility activities and the distribution of the
Committee was changed to CSR & ESG Committee,
same to various corporate social responsibility
the revised terms of reference of the CSR & ESG
Committee, inter alia, includes the following: programmes undertaken by the Company;
(e) 
To delegate responsibilities to the corporate
CSR: social responsibility team and supervise proper
(a) To formulate and recommend to the Board, a execution of all delegated responsibilities;
corporate social responsibility policy stipulating,
amongst others, the guiding principles for (f) T
o review and monitor the implementation of
selection, implementation and monitoring the corporate social responsibility programmes
activities as well as formulation of the annual and issuing necessary directions as required for
action plan which shall indicate the activities to proper implementation and timely completion of
be undertaken by the Company as specified in corporate social responsibility programmes;
Schedule VII of the Companies Act and the rules (g) To perform such other duties and functions as the
made thereunder and make any revisions therein Board may require the CSR & ESG Committee
as and when decided by the Board, The annual to undertake to promote the corporate social
action plan shall include following: responsibility activities of the Company and
(i) the list of corporate social responsibility exercise such other powers as may be conferred
projects or programmes that are approved to upon the CSR & ESG Committee in terms of the
be undertaken in areas or subjects specified provisions of Section 135 of the Companies Act;
in Schedule VII of the Companies Act; (h) To take note of the progress made by implementing
(ii) the manner of execution of such projects or agency (if any) appointed for the corporate social
programmes as specified in the rules notified responsibility of the Company; and
under the Companies Act; (i) Such terms of reference as may be prescribed
(iii) the modalities of utilisation of funds under the Companies Act and SEBI
and implementation schedules for the Listing Regulations.
projects or programmes;
ESG:
(iv) monitoring and reporting mechanism for the
(a) Review and assess the company’s current ESG
projects or programmes; and
performance and identify areas of improvements.
(v) details of need and impact assessment, if any,
(b) Develop, update and recommend the ESG
for the projects undertaken by the Company.
policies, strategies, and initiatives in alignment
(b) 
Recommending the amount of expenditure to with the company’s overall business objectives.
be incurred, which should be at least 2% of the
(c) Evaluate and recommend ESG related targets
average net profit of the Company in the three
and key performance indicators (KPIs) for the
immediately preceding financial years or where
company’s operational units.
the Company has not completed the period of
three financial years since its incorporation, during (d) Ensure that the ESG strategy is properly reflected
such immediately preceding financial years; in the business planning and budgeting process

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Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

and that business leaders are clear about their (k) U

ndertake periodic audits and assessments
accountability for embedding ESG activities in of the company’s ESG performance to ensure
their respective scorecard goals; continuous improvement and adherence to
established standards.
(e) Identify potential ESG related risks and
develop mitigation strategies to address (l) 
Monitor and respond to emerging regulatory
these risks proactively, together with the Risk changes related to ESG, ensuring the company
Management Committee. remains compliant and proactive in adjusting
policies and practices accordingly.
(f) 
Develop and implement a stakeholder
engagement strategy to understand and address (m) Do all acts, deeds & things incidental and deemed
the ESG concerns of investors, employees, necessary for achievement of ESG goals, targets
communities, and other relevant stakeholders. and strategy of the Company.
(g) Review and noting of the Business Responsibility (n) S
 uch terms of reference as may be prescribed by
and Sustainability Report or any other the Board from time to time.
similar report.
F. TREASURY MANAGEMENT COMMITTEE
(h) Develop and implement the green & sustainable
initiatives to minimize the company’s The Board has constituted a Treasury Management
environmental footprint, including energy Committee to direct and provide comprehensive
efficiency, waste reduction, and sustainable oversight to the Company’s treasury operations.
sourcing. The committee is responsible for ensuring the effective
management of these operations, which includes
(i) Monitor the implementation of ESG monitoring cash positions and investment portfolios,
initiatives, ensuring compliance with relevant assessing and managing financial risks etc.
regulations & standards.
(j) Oversee the company’s ESG reporting and During the Financial Year 2024-25, the Committee
disclosure, ensuring clear, transparent, and has met 2 (Two) times on August 12, 2024 and
accurate communication of ESG performance February 8, 2025.
to stakeholders.
The composition of the Treasury Management Committee and the attendance details of the Members as on March 31,
2025 are given below:
Names of Members Category* Position No. of meetings attended
Dr. Ramesh Kancharla Chairman & PED Chairman 2
Mr. Santanu Mukherjee IDNE Member 2
Mr. Vikas Maheshwari CFO Member 2
* PED – Promoter Executive Director, IDNE - Independent Non-Executive Director; CFO- Chief Financial Officer.

Ms. Shreya Mitra, Company Secretary & Compliance e) Assess and manage the company’s financial risks,
Officer of the Company is the Secretary of the including interest rate risk, foreign exchange risk,
Committee. and credit risk.
Terms of Reference:- f) Review the company’s debt position, including
The terms of reference of the Treasury Management the amount and type of debt, maturity dates, and
Committee, includes the following: interest rates.
a) To ensure that the company’s treasury g) 
Develop and implement strategies to manage
operations are conducted in a safe, efficient, and the company’s liquidity, including cash
cost-effective manner. management, working capital management, and
short-term funding.
b) Review and approve the company’s annual
treasury plan, including cash flow h) Develop and implement strategies to manage the
projections, investment strategies, and company’s capital structure, including maintaining
borrowing requirements. an appropriate debt-to-equity ratio.
c) 
Review and approve all significant treasury i) 
Review and recommend changes to the
transactions, including investments, borrowings, company’s banking relationships, including
and foreign exchange transactions. negotiating banking terms and conditions.
d) Monitor the company’s cash position and j) Such terms of reference as may be prescribed by
investment portfolio, ensuring compliance with the Board from time to time.
investment guidelines and maximizing returns
on investments.

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V. SENIOR MANAGEMENT:
Particulars of Senior Management as on March 31, 2025:
Change
S. No Name of Senior Management Designation*
(Appointment/ Resignation) during FY 2024-25
1 Mr. Vikas Maheshwari CFO (KMP) -
2 Dr. Prashanth K GMD -
3 Ms. Shreya Mitra CS & CO (KMP) Appointed as CO w.e.f December 15, 2024 & as
CS w.e.f February 9, 2025
4 Mr. Ashish Kapil CS & CO (KMP) Resigned w.e.f December 14, 2024 (Closing of
business hours)
5 Mr. Sanjeev Sukumaran COO (KMP) Resigned w.e.f October 30, 2024 (Closing of
business hours)
* KMP – Key Managerial Personnel; CFO – Chief Financial Officer; GMD – Group Medical Director; CS & CO – Company Secretary
& Compliance Officer; COO – Chief Operating Officer.

VI. REMUNERATION OF DIRECTORS:

The table below gives details of Remuneration of Directors for the Financial Year ended March 31, 2025.
(Amount in `)
Contribution
Remuneration/ Performance
Name of towards Sitting Severance Service
Allowance Linked Commission* Notice Period Total
Director Provident Fees Fee Contract
& Perquisites Incentive
Fund
Dr. Ramesh 4,58,01,750** - - - - - - None, unless 4,58,01,750
Kancharla otherwise
agreed by
Board of
Directors
Dr. Dinesh 2,82,52,103*** - - - - - - None, unless 2,82,52,103
Kumar Chirla otherwise
agreed by
Board of
Directors
Dr. Adarsh - - - - 4,00,000 - - - 4,00,000
Kancharla
Mr. Aluri - - 10,00,000 - 7,00,000 - - - 17,00,000
Srinivasa Rao
Dr. Anil Dhawan - - 10,00,000 - 9,00,000 - - - 19,00,000
Mr. Santanu - - 10,00,000 - 10,50,000 - - - 20,50,000
Mukherjee
Ms. Sundari R. - - 10,00,000 - 7,50,000 - - - 17,50,000
Pisupati
* Commission relates to the Financial Year ended March 31, 2025, which was approved by the Board on May 24, 2025 and will be
paid during Financial Year 2025-26.
** Includes Leave Travel allowance of ` 8,01,746/-.
*** Remuneration by way of professional fee ` 2,82,52,103/-.

There has been no pecuniary relationship or transactions of the Non-Executive Directors vis-à-vis the Company during
the year except the Sitting Fees and Commission paid to them as detailed above.

Criteria for making payments to Non-Executive Directors

Non-Executive Directors and Independent Directors of the Company are paid sitting fees for attending Board/
Committee Meetings and Independent Directors are also paid Commission within the limits prescribed under
Companies Act, 2013.

The Nomination and Remuneration Policy of the Company, inter alia, disclosing detailed criteria of making payments to
Non-Executive Directors of the Company is placed on Company’s website and can be accessed at:
https://d31scedd5hpubp.cloudfront.net/investor_files/Nomination_and_Remuneration_PolicyFEB2025.pdf

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Integrated Annual Report 2024-25

VII. GENERAL BODY MEETINGS

Details of Annual General Meetings held during the last three years, are as under:
Financial
Date and Time Venue No. of Special Resolutions set out at the AGM
Year
2023-24 July 30, 2024 Meeting convened 1. To approve the remuneration payable to Dr. Ramesh
at 11:30 A.M through Video Kancharla, Chairman and Managing Director of the
Conferencing/ Other Company.
Audio Visual Means
2. To approve the remuneration payable to Dr. Dinesh Kumar
Chirla, Whole-Time Director of the Company.
2022-23 June 29, 2023 Meeting convened Re-appointment of Dr. Anil Dhawan (DIN: 08191702), as an
at 11:30 A.M through Video Independent Director of the Company for a term of 5 (Five)
Conferencing/ Other years commencing from August 30, 2023.
Audio Visual Means.
2021-22 September 15, Meeting convened Cancellation of unissued shares of one class (Preference
2022 through Video Shares) and increase in shares of other class (Equity Shares)
at 11:30 A.M Conferencing/ Other in the Authorized Capital of the Company and consequent
Audio Visual Means. amendment of Memorandum of Association of the Company.

VIII. POSTAL BALLOT

During the year under review, no business has been transacted through postal ballot as well as on the date of this report
no business is proposed to be transacted through postal ballot.

Subsequent to the year under review, pursuant to the provisions of Section 110 and other applicable provisions, if any,
of the Act, read together with Rule 20 & 22 of the Companies (Management and Administration) Rules, 2014 (“Rules”)
and SEBI Listing Regulations, the Members of the Company have passed the following Resolutions through postal ballot
via remote e-voting facility:

Special Resolutions passed on April 2, 2025, approving the following resolutions:-

a. Approval of ‘Rainbow Children’s Medicare Limited - Employee Stock Option Scheme 2025’.
b. Approval for grant of Options to the employees of the subsidiary Company(ies) of the Company under ‘Rainbow
Children’s Medicare Limited - Employee Stock Option Scheme 2025’.
c. Approval for secondary acquisition of shares through Trust route for the implementation of ‘Rainbow Children’s
Medicare Limited - Employee Stock Option Scheme 2025’.
d. Approval for provision of money by the Company for purchase of its own Shares by the Trust under the ‘Rainbow
Children’s Medicare Limited - Employee Stock Option Scheme 2025’.

S. No Particulars Response
1 Date of Postal Ballot February 9, 2025
2 Cut-off Date of register of members for dispatch of notice February 28, 2025
3 Dispatch of Postal Ballot March 3, 2025
4 Voting Period March 4, 2025 at 9:00 AM to April
2, 2025 at 5:00 PM
5 Date of Passing resolution April 2, 2025
6 Date of declaration of result April 3, 2025

The Board had appointed Mr. K.V.S. Subramanyam (CP No. 4815) failing him Ms. Soumya Dafthatdar (CP No.
13199), Practicing Company Secretaries and Partners of M/s. KVSS & CO. LLP (Formerly BS and Co LLP), a
Company Secretary Firm, as Scrutinizer to scrutinise the remote e-voting process in a fair and transparent manner.

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The details of voting pattern in respect of the Special Resolutions passed through postal Ballot is as under:
Resolution No: 1
Approval of ‘Rainbow Children’s Medicare Limited - Employee Stock Option Scheme 2025’.
Resolution required: (Ordinary/ Special) Special
Whether promoter/ promoter group are No
interested in the agenda/ resolution?
% of Votes
% of Votes % of votes
No. of shares No. of Votes Polled on No. of Votes No. of votes
in favour on against on
Mode of held polled outstanding in favour in against
Category votes polled votes polled
voting shares
(3)=[(2)/ (6)=[(4)/ (7)=[(5)/
(1) (2) (4) (5)
(1)] *100 (2)]*100 (2)]*100
Promoter E-Voting 5,06,26,873 5,06,26,873 100 5,06,26,873 0 100 0
and Poll 0 0 0 0 0 0
Promoter Postal Ballot (if 0 0 0 0 0 0
Group applicable)
Total 5,06,26,873 5,06,26,873 100 5,06,26,873 0 100 0
Public E-Voting 3,96,06,995 3,31,23,725 83.6310 2,07,84,570 1,23,39,155 62.7483 37.2517
Institutions Poll 0 0 0 0 0 0
Postal Ballot (if 0 0 0 0 0 0
applicable)
Total 3,96,06,995 3,31,23,725 83.6310 2,07,84,570 1,23,39,155 62.7483 37.2517
Public- E-Voting 1,13,17,805 50,48,168 44.6038 50,44,956 3,212 99.9364 0.0636
Non Poll 0 0 0 0 0 0
Institutions Postal Ballot (if 0 0 0 0 0 0
applicable)
Total 1,13,17,805 50,48,168 44.6038 50,44,956 3,212 99.9364 0.0636
Total 10,15,51,673 8,87,98,766 87.4420 7,64,56,399 1,23,42,367 86.1007 13.8993

Resolution No: 2
Approval for grant of Options to the employees of the subsidiary Company(ies) of the Company under ‘Rainbow Children’s Medicare
Limited – Employee Stock Option Scheme 2025’
Resolution required: (Ordinary/ Special) Special
Whether promoter/ promoter group are No
interested in the agenda/ resolution?
% of Votes
% of Votes % of votes
No. of shares No. of Votes Polled on No. of Votes No. of votes
in favour on against on
held polled outstanding in favour in against
Mode of votes polled votes polled
Category shares
voting
(3)=[(2)/ (6)=[(4)/ (7)=[(5)/
(1) (2) (4) (5)
(1)] *100 (2)]*100 (2)]*100

Promoter E-Voting 5,06,26,873 5,06,26,873 100 5,06,26,873 0 100 0

and Poll 0 0 0 0 0 0
Promoter Postal Ballot (if 0 0 0 0 0 0
Group applicable)
Total 5,06,26,873 5,06,26,873 100 5,06,26,873 0 100 0
Public E-Voting 3,96,06,995 3,31,23,725 83.6310 2,08,09,342 1,23,14,383 62.8231 37.1769
Institutions Poll 0 0 0 0 0 0
Postal Ballot (if 0 0 0 0 0 0
applicable)
Total 3,96,06,995 3,31,23,725 83.6310 2,08,09,342 1,23,14,383 62.8231 37.1769
Public- E-Voting 1,13,17,805 50,48,161 44.6037 50,44,822 3,339 99.9339 0.0661
Non Poll 0 0 0 0 0 0
Institutions Postal Ballot (if 0 0 0 0 0 0
applicable)
Total 1,13,17,805 50,48,161 44.6037 50,44,822 3,339 99.9339 0.0661
Total 10,15,51,673 8,87,98,759 87.4419 7,64,81,037 1,23,17,722 86.1285 13.8715

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Resolution No: 3
Approval for secondary acquisition of shares through Trust route for the implementation of ‘Rainbow Children’s Medicare Limited
Employee Stock Option Scheme 2025’.
Resolution required: (Ordinary/ Special) Special
Whether promoter/ promoter group are No
interested in the agenda/ resolution?
% of Votes
% of Votes % of votes
No. of shares No. of Votes Polled on No. of Votes No. of votes
in favour on against on
held polled outstanding in favour in against
Mode of votes polled votes polled
Category shares
voting
(3)=[(2)/ (6)=[(4)/ (7)=[(5)/
(1) (2) (4) (5)
(1)] *100 (2)]*100 (2)]*100

Promoter E-Voting 5,06,26,873 5,06,26,873 100 5,06,26,873 0 100 0

and Poll 0 0 0 0 0 0
Promoter Postal Ballot (if 0 0 0 0 0 0
Group applicable)
Total 5,06,26,873 5,06,26,873 100 5,06,26,873 0 100 0
Public E-Voting 3,96,06,995 3,31,23,725 83.6310 2,08,90,570 1,22,33,155 63.0683 36.9317
Institutions Poll 0 0 0 0 0 0
Postal Ballot (if 0 0 0 0 0 0
applicable)
Total 3,96,06,995 3,31,23,725 83.6310 2,08,90,570 1,22,33,155 63.0683 36.9317
Public- E-Voting 1,13,17,805 50,48,129 44.6034 50,44,707 3,422 99.9322 0.0678
Non Poll 0 0 0 0 0 0
Institutions Postal Ballot (if 0 0 0 0 0 0
applicable)
Total 1,13,17,805 50,48,129 44.6034 50,44,707 3,422 99.9322 0.0678
Total 10,15,51,673 8,87,98,727 87.4419 7,65,62,150 1,22,36,577 86.2199 13.7801

Resolution No: 4
Approval for provision of money by the Company for purchase of its own Shares by the Trust under the ‘Rainbow Children’s Medicare
Limited Employee Stock Option Scheme 2025’.
Resolution required: (Ordinary/ Special) Special
Whether promoter/ promoter group are No
interested in the agenda/ resolution?
% of Votes
% of Votes % of votes
No. of shares No. of Votes Polled on No. of Votes No. of votes
in favour on against on
held polled outstanding in favour in against
Mode of votes polled votes polled
Category shares
voting
(3)=[(2)/ (6)=[(4)/ (7)=[(5)/
(1) (2) (4) (5)
(1)] *100 (2)]*100 (2)]*100

Promoter E-Voting 5,06,26,873 5,06,26,873 100 5,06,26,873 0 100 0

and Poll 0 0 0 0 0 0
Promoter
Postal Ballot (if 0 0 0 0 0 0
Group
applicable)
Total 5,06,26,873 5,06,26,873 100 5,06,26,873 0 100 0
Public E-Voting 3,96,06,995 3,31,23,725 83.6310 2,09,15,342 1,22,08,383 63.1431 36.8569
Institutions Poll 0 0 0 0 0 0
Postal Ballot (if 0 0 0 0 0 0
applicable)
Total 3,96,06,995 3,31,23,725 83.6310 2,09,15,342 1,22,08,383 63.1431 36.8569
Public- E-Voting 1,13,17,805 50,48,129 44.6034 50,44,572 3,557 99.9295 0.0705
Non Poll 0 0 0 0 0 0
Institutions
Postal Ballot (if 0 0 0 0 0 0
applicable)
Total 1,13,17,805 50,48,129 44.6034 50,44,572 3,557 99.9295 0.0705
Total 10,15,51,673 8,87,98,727 87.4419 7,65,86,787 1,22,11,940 86.2476 13.7524

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Procedure for Postal Ballot: The Company’s website also displays all official news
Pursuant to the provisions of Section 110 and releases. The results of the Company are also published
other applicable provisions, if any, of the Act read in English and Telugu language newspapers normally in
together with Rules and SEBI Listing Regulations, Business Standard/ Surya.
the Company provided e-voting facility to its
shareholders to cast their votes electronically The Company organizes investor conference calls
through e-voting platform by NSDL. to discuss its financial results every quarter, where
investor queries were answered by the Executive
The Company completed dispatch of Postal Management of the Company. The audio recording
Ballot Notices one day before the start of e-voting and transcripts of the conference calls were posted on
to all the members whose names appeared in the our website and on website of the Stock Exchanges.
Register of Members/ List of Beneficial Owners
maintained by the Company/ Depositories 
All price sensitive information and matters that
respectively as at close of business hours on are material to shareholders were disclosed to
Cut-off date and whose e-mail addresses were the Stock Exchanges, where the securities of the
registered with the Company/ Depositories. Company are listed.
The Company also published a notice in
newspaper regarding completion of dispatch of X. GENERAL SHAREHOLDER INFORMATION
postal ballot notices. (a) Corporate Identification Number:
L85110TG1998PLC029914
The scrutinizers submitted their reports after
completion of the scrutiny and the results of (b) Annual General Meeting:
voting by postal ballot were then announced.
The 27th Annual General Meeting of the Company
The voting results were communicated to the
is scheduled to be held as under:-
Stock Exchanges besides being displayed
on the website of the Company, i.e. Date and Time: July 5, 2025 at 11:30 A.M.
www.rainbowhospitals.in and on the website of (IST)
NSDL at www.evoting.nsdl.com. Venue: The Company is conducting
meeting through VC/ OAVM.
IX. MEANS OF COMMUNICATION For details please refer to the
The quarterly/ half-yearly/ annual financial results of Notice of this AGM.
the Company are intimated to the Stock Exchanges
immediately after the Board Meeting at which they (c) Financial Year:
are approved. The results along with press releases/ The Company follows Financial Year from April 1
presentations made by the Company to Analysts/ to March 31. The Current Financial Year of the
Investors are also posted on the website of the Company is April 1, 2024 to March 31, 2025.
Company viz. https://www.rainbowhospitals.in/
investors-relations/quarterly-results.

(d) Details of dividend declared and paid by the Company for the Last 5 years:
Financial Dividend Total amount of
% of face value
Year Declared per Share (in `) Dividend (in Crores)
2020-21 2 20% 9.24
2021-22 2 20% 20.3
2022-23 3 30% 30.45
2023-24 3 30% 30.47
2024-25 3* 30% 30.47
*Subject to shareholders’ approval at the ensuing AGM.

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Dividend Declared
3.00 3.00 3.00
3.00

2.50
2.00 2.00
2.00

1.50

1.00

0.50

0.00
2020-21 2021-22 2022-23 2023-24 2024-25

Final Dividend payment for FY 2024-25: On or before August 3, 2025.

(e) Listing on Stock Exchanges:

Name of Stock Exchange Address
BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400001.
National Stock Exchange of Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E),
India Limited Mumbai - 400 051.

Annual Listing fees for the Financial Year 2024-25 & 2025-26 have been paid to both the Stock Exchanges.

(f) Suspension of Trading:

During the year under review, no order related to suspension of trading was passed.

(g) Registrar and Share Transfer Kfin Technologies Limited

Agent: Selenium Tower-B, Plot 31 & 32, Gachibowli, Financial District, Nanakramguda,
Serilingampally, Hyderabad - 500032, Telangana.
Contact Number: +91 4067162222
Email-id: [email protected]
Website: www.kfintech.com

(h) Share Transfer System:

As mandated by SEBI, securities of Listed Companies can only be transferred in dematerialized form and also
the entire share capital of the Company is in dematerialised form. The shares can be transferred by shareholders
through their Depository Participants.

(i) Distribution of shareholding as on March 31, 2025:

i. Distribution of Equity Shareholding
Shareholders No. of Shares
Slab
Number % to total Shares % to total
1 - 5000 78,761 99.58 44,86,537 4.42
5001 – 10,000 82 0.10 6,12,770 0.60
10,001 – 20,000 73 0.09 10,73,276 1.06
20,001 – 30,000 43 0.05 10,85,746 1.07
30,001 - 40,000 16 0.02 5,62,426 0.55
40,001 - 50,000 12 0.02 5,38,034 0.53
50,001 - 1,00,000 27 0.03 19,50,907 1.92
1,00,001 - above 78 0.10 9,12,41,977 89.85
Total 79,092 100.00 1,015,51,673 100.00

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ii. Categories of Equity Shareholders as on March 31, 2025

No of % of Share
S. No. Category
Shares held holding
1 Promoter and Promoter Group 5,06,26,873 49.85
2 Foreign Portfolio Investors 24,061,622 23.69
3 Mutual Fund and Alternate Investment Funds 1,38,17,840 13.6
4 Resident Individuals (including Trusts & HUF) 1,06,16,914 10.47
5 Insurance Companies and NBFC 17,33,401 1.71
6 Bodies Corporate 4,56,410 0.45
7 Non - Resident Indians 2,37,318 0.23
8 Clearing Members 1,295 0.00
Total 10,15,51,673 100

Shareholding (%) as on March 31, 2025

Bodies Corporate
0.45
IC and NBFC NRIs
1.71 0.23
Resident Individuals
(including Trusts & HUF)
10.47

MF & AIFs Promoter and

13.6 Promoter Group
49.85

FPI
23.69

* FPIs- Foreign Portfolio Investors, MFs - Mutual Funds, AIFs - Alternative Investment Funds, IC- Insurance Companies,
NBFC- Non-Banking Financial Companies, NRIs - Non- Resident Indians.

iii. Institutional Investors holding more than 1% shareholding as on March 31, 2025:
Shareholding
S. No Name of Shareholders
(%)
1 DSP Mutual Fund 4.27
2 Franklin Templeton Mutual Fund 2.24
3 Abu Dhabi Investment Authority 2.08
4 Axis Mutual Fund 2.02
5 HDFC Life Insurance Company Limited 1.48
6 SBI Mutual Fund 1.32
7 Ashoka Whiteoak Mutual Fund 1.31
8 Nippon Life India Trustee Limited 1.08

(j) Dematerialisation of Shares and Liquidity

As on March 31, 2025, the entire equity share capital of your Company is held in dematerialised form with NSDL
and CDSL under International Securities Identification Number (ISIN) – INE961O01016. The equity shares of the
Company are actively traded at BSE & NSE.

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(k) Outstanding GDRs/ ADRs/ Warrants or Convertible Instruments

No GDRs/ ADRs/Warrants has been issued by the Company or Convertible Instruments has been issued
by the Company.

(l) Commodity price risk or foreign risk and hedging activities

The Company does not have commodity price risk nor does the Company engage in hedging activities.

(m) Plant Locations

The Company does not have any manufacturing or processing plants.

(n) Address for Correspondence

Registered Office Corporate Office
Rainbow Children’s Medicare Limited Rainbow Children’s Medicare Limited
8-2-120/103/1, Survey No. 403, Road No. 2, 8-2-19/1/A, Daulet Arcade, Road No. 11, Banjara Hills,
Banjara Hills, Hyderabad- 500034, Telangana. Hyderabad – 500034, Telangana.
Ph: 040-22334455 Ph: 040- 49692244
E-mail: [email protected] E-mail: [email protected]


Your Company has also designated (b) Non-Compliances by the Company
[email protected] During the last three years and during the
as an exclusive email ID for Analysts and Financial Year 2024-25, there were no strictures
Institutional Investors and companysecretary@ or penalties imposed on the Company either
rainbowhospitals.in an exclusive email ID for by the Stock Exchanges or SEBI, or any other
the Investors for the purpose of registering their statutory authority for non-compliance of any
complaints and the same has been displayed on matter related to capital markets.
Company’s website also.
(c) Vigil Mechanism and Whistle Blower Policy

(o) List of Credit Ratings: In Compliance with the provisions of section
177 of the Act and Regulation 22 of SEBI Listing
During the period under review, the Company
Regulations, the Company has in place the Whistle
was assigned a Corporate credit rating of [ICRA] Blower Policy and Vigil Mechanism for Directors,
AA (Stable) by ICRA Limited vide its letter dated employees and other stakeholders which provides
January 7, 2025. a platform to them for raising their voice about any
breach of code of conduct, financial irregularities,
XI. OTHER DISCLOSURES illegal or unethical practices, unethical behaviour,
(a) Related Party Transactions (RPTs) actual or suspected fraud. Adequate safeguards
are provided against victimization to those who
The Company has not entered into any materially
use such mechanism and direct access to the
significant transactions with the related parties
Chairman of the Audit Committee in appropriate
that may have potential conflict with the interests cases is provided. During the year under
of the Company at large. Transactions with review, no employee was denied access to the
related parties are being disclosed in Note 2.31 Audit Committee.
to the Standalone Financial Statements of the
Company forming part of the Annual Report The policy on Vigil Mechanism and Whistle
and are transacted after obtaining applicable Blower Policy has been posted on the website
approval(s), wherever required. of the Company and can be accessed through
the following link: https://d31scedd5hpubp.
The Audit Committee and the Board of Directors cloudfront .net /investor_files / Whistle%20
Blower%20Policy.pdf
of the Company have formulated the Policy on
dealing with RPTs and a Policy on materiality of
(d) Details of compliance with mandatory
RPTs which is disclosed on website of the Company requirements on Corporate Governance under
and can be accessed through the following the SEBI Listing Regulations
link: https://d31scedd5hpubp.cloudfront.net/ The Company has complied with the mandatory
investor_files/Policy_on_Materiality_and_Dealing_ requirements on Corporate Governance under
with_Related_Party_TransactionsFEB2025.pdf the SEBI Listing Regulations.

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(e) Subsidiary Companies (k) Loans and Advances in the nature of Loans
Your Company does not have any material to Firms/ Companies in which Directors are
interested by name and amount.
subsidiary company in terms of Regulation 16(c)
of the SEBI Listing Regulations. The Board of The details of loans and advances in the nature
Directors of the Company formulated a policy of loans to firms/ companies in which Directors
for determining “material” subsidiaries. The said are interested, being disclosed in Note 2.10
Policy has been placed on the website of the to the Standalone and Consolidated Financial
Company and can be accessed through the Statements of the Company forming part of
the Annual Report.
following link:
h ttps://d31scedd5hpubp.cloudfront .net / (l) The Company has complied with the requirements
investor_files/Policy_for_determining_Material_ of Schedule V Corporate Governance Report sub-
Subsidiary-2025.pdf paras (2) to (10) of the SEBI Listing Regulations.

(f) Details of utilisation of funds raised through (m) Detail of compliance with the corporate
preferential allotment or qualified institutions governance requirements specified in
placement as specified under Regulation 32 Regulations 17 to 27 and clause (b) to (i) of sub
(7A) - regulation (2) of Regulation 46 of SEBI Listing
Regulations.
During the Financial Year 2024-25, the Company
has not raised funds through preferential 
The Company is in compliance with the
allotment and qualified institutions placement. applicable corporate governance requirements
specified in Regulations 17 to 27 and clause
(g) Practicing CS Certification (b) to (i) of Regulation 46(2) of the SEBI Listing
Regulations as well as the disclosure requirements
A certificate from a Company Secretary in
as enumerated under Schedule V of the SEBI
Practice that as on March 31, 2025, none of the
Listing Regulations.
directors on the board of the company have been
debarred or disqualified from being appointed (n) Disclosures with respect to demat suspense
or continuing as directors of Company by the account/ unclaimed suspense account.
Securities and Exchange Board of India/ Ministry
There are no shares which are lying in demat
of Corporate Affairs or any such statutory authority
suspense account/ unclaimed suspense account
is annexed to this Report as Annexure - 1.
as on March 31, 2025.

(h) Recommendation of Committee(s) of the Board (o) Disclosure of agreements impacting

of Directors management or control
During the year, all recommendations of In terms of Regulation 30A of the SEBI Listing
Committees of Board of Directors, were Regulations, there are no such agreements
accepted by the Board. entered which will impact the management or
control of the Company.
(i) Statutory Auditor Fee
The total fee paid by the Company and its (p) Insider Trading
subsidiaries, on a consolidated basis, to the In terms of the SEBI (Prohibition of Insider
statutory auditor for all the services during the Trading) Regulations 2015 (“PIT Regulations”),
Financial Year 2024-25 is ` 8.89 Million. the Company has a comprehensive Code of
Conduct for regulating, monitoring and reporting
(j) Disclosure under the sexual harassment of of trading by Insiders. The said Code lays down
women at Workplace (prevention, prohibition guidelines which provide for the procedure to
and redressal) Act, 2013 be followed and disclosures whilst dealing with
In compliance of the sexual harassment of shares of the Company. Further, in terms of the
women at Workplace (prevention, prohibition and PIT Regulations, the Company has in place a Code
redressal) Act, 2013 and rules made thereunder, of Practices and Procedures of Fair Disclosures of
the Company has in place a policy to prevent and Unpublished Price Sensitive Information.
deal with sexual harassment at workplace.
(q) Board Procedures
During the period under review, no Complaints The Board meets at least once in a quarter to
were received under the sexual harassment of review financial results and operations of the
women at Workplace (prevention, prohibition and Company. In addition to the above, the Board
redressal) Act, 2013. also meets as and when necessary to address

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Integrated Annual Report 2024-25

specific issues concerning the businesses directly reports to the Audit Committee
of your Company. of the Company.

The Board Meetings are governed by a structured XII. CODE OF CONDUCT

Agenda. The Agenda along with detailed The Board of Directors has laid down a Code of
explanatory notes and supporting material are Conduct, which is applicable to all Directors and Senior
circulated in advance before each meeting to all Management Personnel of the Company. The Code
the Directors for facilitating effective discussion has also been posted on the website of the Company.
and decision making. The Board has access to any
information within your Company which includes All Board Members and Senior Management Personnel
the information as specified in Schedule II of the have affirmed with the compliance of Code of Conduct
SEBI Listing Regulations. for the Financial Year 2024-25.

(r) Independent Directors’ Meeting 

An annual declaration signed by the Chairman
In accordance with the provisions of Schedule & Managing Director of the Company affirming
IV (Code for Independent Directors) of the compliance to the Code by the Board of Directors
Companies Act, 2013 and Regulation 25 and the Senior Management is annexed to this Report
of the SEBI Listing Regulations, a meeting of as Annexure - 2. The Code of Conduct is available
the Independent Directors of the Company on website of the Company and can be accessed
was held on March 22, 2025 without the through the following link: https://d31scedd5hpubp.
presence of Non-Independent Directors and cloudfront.net/investor_files/Code_of_conduct_for_
Company’s Management. Directors_and_Senior_ManagementFEB2025.pdf

The Company Secretary was an invitee to the XIII. CEO/ CFO CERTIFICATION
said meeting and acted as a facilitator to the In compliance with Regulation 17(8) of the SEBI Listing
Independent Directors. Regulations, a certificate from Managing Director and
Chief Financial Officer of the Company to the Board of
(s) Mandatory requirements
Directors as specified in Part B of Schedule II of the said
To the extent applicable, during the year regulations is annexed to this Report as Annexure - 3.
under review the Company has complied
all the mandatory requirements of the SEBI XIV. COMPLIANCE CERTIFICATE ON CORPORATE
Listing Regulations. GOVERNANCE
In compliance with SEBI Listing Regulations, a
(t) Non- mandatory requirements:
certificate on Corporate Governance issued by

The Company has adopted the following Company Secretary in Practice is annexed to this
non-mandatory requirements on Report as Annexure - 4.
Corporate Governance:-

i. Audit qualifications For and on behalf of Board of Directors

 There was no audit qualification on your
Company’s financial statements, during the Dr. Ramesh Kancharla
year under review. Chairman and Managing Director
DIN: 00212270
ii. Reporting of Internal Auditor
The Internal Auditors of the Company i.e. Place: Hyderabad
M/s. Deloitte Touche Tohmatsu India LLP Date: May 24, 2025

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Annexure - 1

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015)

To
The Members of
Rainbow Children’s Medicare Limited
Hyderabad

We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Rainbow
Children’s Medicare Limited (hereinafter referred to as ‘the Company’) having CIN: L85110TG1998PLC029914 and
having registered office at 8-2-120/103/1, Survey No. 403, Road No. 2, Banjara Hills, Hyderabad - 500034, Telangana,
produced before us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read
with Schedule V Para-C Sub clause 10(i) of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015.

In our opinion and to the best of our information and according to the verifications (including Directors Identification Number
(DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its
officers, we hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year
ending on March 31, 2025 have been debarred or disqualified from being appointed or continuing as Directors of companies
by the Securities and Exchange Board of India, Ministry of Corporate Affairs, or any such other Statutory Authority.
S. No. Name of Directors* DIN Date of Appointment in the Company
1 Dr. Ramesh Kancharla 00212270 August 7, 1998
2 Dr. Dinesh Kumar Chirla 01395841 December 14, 2005
3 Dr. Adarsh Kancharla 08302615 January 24, 2024
4 Dr. Anil Dhawan 08191702 August 30, 2018
5 Mr. Aluri Srinivasa Rao 00147058 March 15, 2019
6 Ms. Sundari R. Pisupati 01908852 September 16, 2021
7 Mr. Santanu Mukherjee 07716452 October 22, 2021
*The above-mentioned directors are as on March 31, 2025

Ensuring the eligibility of for the appointment / continuity of every Director on the Board is the responsibility of the management
of the Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an
assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has
conducted the affairs of the Company.

For KVSS & CO LLP, Company Secretaries

(Formerly known as BS AND CO LLP)

K.V.S. Subramanyam
Designated Partner
DIN: 01364578
FCS No.: 5400
C P No.: 4815
Date: May 24, 2025  PR. No: 6593/2025
Place: Hyderabad  UDIN: F005400G000428341

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Annexure - 2

DECLARATION – COMPLIANCE WITH THE CODE OF CONDUCT

In accordance with the SEBI (Listing Obligations and Disclosure Requirements) regulations, 2015, I, Dr. Ramesh Kancharla,
Chairman and Managing Director of the Company, hereby declare that the Board Members and the Senior Management
Personnel have affirmed compliance with the Code of conduct of the Company during the financial year ended on
March 31, 2025.

Dr. Ramesh Kancharla

Place: Hyderabad  Chairman and Managing Director
Date: May 24, 2025  DIN: 00212270

Annexure - 3

MD AND CFO CERTIFICATE

The Board of Directors,
Rainbow Children’s Medicare Limited.

We, the undersigned to the best of our knowledge and belief, certify that:

A. We have reviewed financial statements and the cash flow statement for the Financial Year 2024-25 and that to the
best of our knowledge and belief:

(1) these statements do not contain any materially untrue statement or omit any material fact or contain statements
that might be misleading.

(2) these statements together present a true and fair view of the Company’s affairs and are in compliance with existing
accounting standards, applicable laws and regulations.

B.  here are, to the best of our knowledge and belief, no transactions entered into by the Company during the year which
T
are fraudulent, illegal or violative of the Company’s Code of Conduct.

C. We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have
evaluated the effectiveness of the internal control systems of the Company pertaining to financial reporting and we have
disclosed to the Auditors and the Audit Committee, deficiencies in the design or operation of such internal controls, if
any, of which we are aware and the steps we have taken or propose to take to rectify these deficiencies.

D. We have indicated to the Auditors and the Audit committee:

(1) Significant changes in the internal control over financial reporting during this year;

(2) Significant changes in the accounting policies during the year and that the same have been disclosed in the notes
to the financial statements; and

(3) Instances of significant fraud of which we have become aware and the involvement therein, if any, of the
management or an employee having a significant role in the Company’s internal control systems over financial
reporting.

Dr. Ramesh Kancharla Vikas Maheshwari

Chairman and Managing Director Chief Financial Officer
DIN: 00212270

Place: Hyderabad
Date: May 24, 2025

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Annexure - 4

CORPORATE GOVERNANCE CERTIFICATE

To
The Members
Rainbow Children’s Medicare Limited
Hyderabad

We have examined all compliance of the conditions of Corporate Governance by Rainbow Children’s Medicare Limited
(‘the Company’) for the year ended March 31, 2025, as stipulated under Regulations 17 to 27, clauses (b) to (i) and (t) of
sub regulation (2) of Regulation 46 and para C, D and E of Schedule V of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”).

MANAGEMENT’S RESPONSIBILITY
The Compliance with the requirements of conditions of Corporate Governance is the responsibility of the Management of
the Company. This responsibility includes the design, implementation and maintenance of internal control relevant to the
compliance with the requirements in the Corporate Governance and applying an appropriate basis of preparation; and
making estimates that are reasonable in the circumstances.

OUR RESPONSIBILITY
Pursuant to the requirement under SEBI Listing Regulations it is our responsibility to express limited assurance that the
Company has complied with the requirements of the conditions of Corporate Governance.

OPINION
Based on our examination of the relevant records and according to the information and explanations provided to us and the
representations provided by the Management, we certify that the Company has complied with the conditions of Corporate
Governance as stipulated in regulations 17 to 27 and clauses (b) to (i) and (t) of sub- regulation (2) of Regulation 46 and para
C, D and E of Schedule V of the SEBI Listing Regulations during the year ended March 31, 2025.

This certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with
which the management has conducted the affairs of the Company.

For KVSS & CO LLP, Company Secretaries

(Formerly known as BS AND CO LLP)

K.V.S. Subramanyam
Designated Partner
DIN: 01364578
FCS No.: 5400
C P No.: 4815
Date: May 24, 2025  PR. No: 6593/2025
Place: Hyderabad  UDIN: F005400G000428350

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Integrated Annual Report 2024-25

Business Responsibility
& Sustainability Report
SECTION A: GENERAL DISCLOSURES
I. Details of the listed entity
1. Corporate Identity Number (CIN) of the Listed Entity L85110TG1998PLC02991
2. Name of the Listed Entity Rainbow Children’s Medicare Limited (“the
Company/Rainbow/Rainbow Hospitals/ Rainbow
Children’s Hospital/ RCML”)
3. Year of incorporation 1998
4. Registered office address 8-2-120/103/1, Survey No. 403, Road No. 2,
Banjara Hills, Hyderabad – 500034, Telangana
5. Corporate address 8-2-19/1/A, Daulet Arcade, Road No.11,
Banjara Hills, Hyderabad - 500034, Telangana.
6. E-mail [email protected]
7. Telephone +91 40 49692244
8. Website www.rainbowhospitals.in
9. Financial year for which reporting is being done FY 2024-25
10. Name of the Stock Exchange(s) where shares are listed 1. National Stock Exchange of India Limited
2. BSE Limited
11. Paid-up Capital 101.55 Cr
12. Name and contact details (telephone, email address) of Name: Ms. Shreya Mitra
the person who may be contacted in case of any queries Designation: Company Secretary & Compliance
on the BRSR report Officer
Tel No. +91 40 49692244
Email ID: [email protected]
13. Reporting boundary - Are the disclosures under this Consolidated basis unless otherwise specified
report made on a standalone basis (i.e. only for the
entity) or on a consolidated basis (i.e. for the entity and
all the entities which form a part of its consolidated
financial statements, taken together).
14. Name of assurance provider Not Applicable
15. Type of assurance obtained Not Applicable

II. Product/Services
16. Details of business activities (accounting for 90% of the turnover):
Sr.
Description of Main Activity Description of Business Activity % of Turnover of the entity
No.
1 Human Health Activities Medical services 100

17. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):
Sr.
Product/Service NIC Code % of total Turnover contributed
No.
1 Human Health Activities 86100 100

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III. Operations
18. Number of locations where plants and/or operations/offices of the entity are situated:
Location Number of Plants Number of Offices Total
National No. of hospitals: 19 No; of clinics: 5 1 25
International - - -

19. Markets served by the entity

a. Number of locations
Location Number
National (No. of States) 5
International (No. of Countries) None

b. What is the contribution of exports as a percentage of the total turnover of the entity?
The Company operates across five states within India. It does not engage in export activities and hence
exports do not contribute to the turnover of the Company. However, the Company provides healthcare
services to both Indian and foreign nationals, with international patients visiting its hospitals in India for
medical treatment.

c. A brief on types of customers.

Rainbow Children’s Hospital provides medical assistance and healthcare services to patients with a specific
focus on comprehensive pediatric, perinatal and women care.

IV. Employees
20. Details as of the end of the financial year:
a. Employees and workers (including differently abled):
Sr. Male Female
Particulars Total (A)
No. No.(B) %(B/A) No.(C) %(C/A)
EMPLOYEES
1. Permanent(D) 3,972 1,706 43% 2,266 57%
2. Other than Permanent (E) 1,551 390 25% 1,161 75%
3. Total employees (D+E) 5,523 2,096 38% 3,427 62%
WORKERS
4. Permanent(F)
5. Other than Permanent (G) Not applicable
6. Total workers (F+G)

b. Differently abled Employees and workers:

Sr. Male Female
Particulars Total (A)
No. No.(B) %(B/A) No.(C) %(C/A)
DIFFERENTLY ABLED EMPLOYEES
1. Permanent(D) 2 0 0 2 100%
2. Other than Permanent (E) 0 0 0 0 0
3. Total differently-abled employees (D+E) 2 0 0 2 0
DIFFERENTLY ABLED WORKERS
4. Permanent(F)
5. Other than Permanent (G) Not applicable
6. Total differently-abled workers (F+G)

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Integrated Annual Report 2024-25

21. Participation/Inclusion/Representation of Women:

Number and percentage of Females
Total (A)
No.(B) %(B/A)
Board of Directors 7 1 14.29%
Key Managerial Personnel* 2 1 50.00%
*The KMP's of the Company are Chairman & Managing Director, Whole-Time Director,Chief Financial Officer and Company
Secretary & Compliance Officer. Since Chairman & Managing Director and Whole-time Director, Chief Financial Officer are
already included under the heading Board of Directors, the same has not been included again under the heading KMP.

22. Turnover rate for permanent employees and workers:

(Disclose trends for the past 3 years)

FY 2025 FY 2024 FY 2023

Male Female Total Male Female Total Male Female Total
Permanent Employees 33% 35% 35% 27% 37% 33% 33% 40% 37%
Permanent Workers Not applicable

V. Holding, Subsidiary, and Associate companies (including joint ventures)

23. a. Names of holding/ subsidiary/ associate companies/ joint ventures
Name of the holding/ Indicate whether Does the entity indicated at
% of shares
S. subsidiary / associate holding/ Subsidiary/ column A, participate in the
held by
No. companies / joint Associate/ Joint Business Responsibility initiatives
listed entity
ventures (A) Venture of the listed entity? (Yes/No)
1 Rainbow Children’s Subsidiary 100% No
Hospital Private Limited
2 Rainbow Speciality Subsidiary 78.81% No
Hospitals Private Limited
3 Rainbow Women & Subsidiary 100% No
Children’s Hospital
Private Limited
4 Rosewalk Healthcare Subsidiary 100% No
Private Limited
5 Rainbow Fertility Private Subsidiary 100% No
Limited
6 Rainbow C R O Private Subsidiary 100% No
Limited

VI. CSR Details

24. (i) Whether CSR is applicable as per section 135 of the Companies Act, 2013: (Yes/No): Yes
(ii) Turnover (in `) - 14,545.07 Million (Standalone)
(iii) Net worth (in `) - 14,885.44 Million (Standalone)

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PG 02-74 PG 76-172 PG 173-316

VII. Transparency and Disclosure Compliances

25. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible
Business Conduct:
Grievance FY 2025 FY 2024
Stakeholder Redressal Number of Number of
group from Mechanism in Place Number of complaints Number of complaints
whom the (Yes/No) (If Yes, complaints pending complaints pending
Remarks Remarks
complaint is then provide web- filed during resolution filed during resolution
received link for grievance the year at close of the year at close of
redress policy) the year the year
Investors Yes Nil Nil - Nil Nil -
(other than https://www.
shareholders) rainbowhospitals.in/
investors-relations/
investor-contact
Shareholders Yes 12 Nil - 11 Nil -
https://www.
rainbowhospitals.in/
investors-relations/
investor-contact
Customers Yes 21* 7 - 2629 9 -
https://www.
rainbowhospitals.in/
investors-relations/
investor-contact
Value Chain Yes Nil Nil - Nil Nil -
Partners https://www.
rainbowhospitals.in/
investors-relations/
investor-contact
Employees & Yes Nil Nil - 2 Nil -
Workers https://www.
rainbowhospitals.in/
investors-relations/
investor-contact
Communities Yes Nil Nil - Nil Nil -
https://www.
rainbowhospitals.in/
investors-relations/
investor-contact
*In the current reporting year, the cases which were converted into a form of legal notices are considered.

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26. O
 verview of the entity’s material responsible business conduct issues. Please indicate material responsible
business conduct and sustainability issues pertaining to environmental and social matters that present a risk or
an opportunity to your business, rationale for identifying the same, and approach to adapt or mitigate the risk
along with its financial implications, as per the following format:
Financial
Indicate implications
Material whether of the risk or
S. Rationale for identifying the In case of risk, approach
issue risk or opportunity
No. risk/opportunity to adapt or mitigate
identified opportunity (Indicate positive
(R/O) or negative
implications)
1 Energy O Improving energy efficiency Positive
efficiency & and implementing effective
Reduction energy management are
of Carbon essential strategies for
Emissions reducing carbon dioxide (CO2)
/ GHG and other greenhouse gas
Emissions (GHG) emissions, which are
as response key contributors to climate
to Climate change. By using less energy to
Change achieve the same outcomes,
organizations can significantly
cut fossil fuel use—the primary
source of emissions. Strategic
energy management, including
monitoring usage, optimizing
processes, upgrading to
efficient technologies, and
adopting renewable energy
sources like solar and wind, not
only reduces environmental
impact but also lowers
operational costs. These
actions are vital for climate
change mitigation, fostering
sustainable development, and
accelerating the transition to a
low-carbon future.
2 Water and R Ineffective waste and water Domestic wastewater Negative
Waste management can pose undergoes treatment
Management significant environmental, and is reused for non-
(Hazardous health, legal, and operational contact applications,
and Non- risks. Improper waste disposal including toilet flushing,
Hazardous) may lead to contamination, gardening, and washing
public health hazards, hospital vehicles.
and non-compliance with Rainwater harvesting
hazardous and biomedical practices are also in
waste regulations, which may place at major facilities to
result into legal penalties support sustainable water
and potential loss of licenses management.
etc. Likewise, poor water
Our waste management
management can disrupt
approach is guided by the
operations, elevate costs,
3R principle—Reduce,
and compromise hygiene
Reuse, Recycle—which
standards, increasing the risk
helps lower environmental
of waterborne infections and
pollution, conservevaluable
endangering patient safety.
resources, and improve
cost-efficiency. We ensure
that all biomedical waste

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Financial
Indicate implications
Material whether of the risk or
S. Rationale for identifying the In case of risk, approach
issue risk or opportunity
No. risk/opportunity to adapt or mitigate
identified opportunity (Indicate positive
(R/O) or negative
implications)
generated in our facilities
is properly segregated,
labeled, and managed
in accordance with the
guidelines of the State
Pollution Control Boards.
3 Occupational R Healthcare professionals We have put in place Negative
Health and faces heightened exposure strong safety measures
Safety risks to infectious diseases to protect both our staff
and occupational hazards. and patients. These
We recognize that fostering include a dedicated
a strong safety culture is Infection Prevention and
essential to minimize errors Control Program tailored
and prevent adverse events in for child and mother
our child & mother -focused healthcare, regular safety
healthcare environment. training sessions, and
an Automated Incident
Reporting System (AIRS)
that allows staff to report
concerns anonymously.
We assess all incidents
to ensure timely and
appropriate responses, and
we conduct Root Cause
Analyses to prevent future
issues. Extra precautions
are also taken in neonatal
and pediatric intensive
care units to ensure the
highest level of protection.
4 Privacy and R Disclosure of sensitive We are dedicated to Negative
Cybersecurity patient information can safeguarding sensitive
/ Data incur substantial fines, information through a
Security legal liabilities, and erode comprehensive privacy
stakeholder trust. Such and security architecture.
breaches often disrupt Our robust Information and
operations—causing Cyber Security programme
downtime and expensive is supported by detailed
recovery efforts—and inflict policies and standards, all
reputational damage that may aligned with industry best
deter prospective patients practices.
and partners, ultimately
undermining revenue and
growth.

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Financial
Indicate implications
Material whether of the risk or
S. Rationale for identifying the In case of risk, approach
issue risk or opportunity
No. risk/opportunity to adapt or mitigate
identified opportunity (Indicate positive
(R/O) or negative
implications)
5 Service O By delivering exceptional, Positive
Quality and high-quality services, we
Patient Safety ensure patients receive
effective, timely, and
compassionate care that
exceeds expectations. Our
unwavering commitment
to patient safety not only
minimizes risk but also builds
lasting trust and confidence.
By placing patient satisfaction
at the core of our approach,
we create meaningful, positive
experiences that drive loyalty,
enhance our reputation, and
position us as a trusted leader
in healthcare excellence.
6 Investments O By leveraging digital marketing Positive
in technology and technology, the Company
and digital is strategically positioned
marketing to enhance patient services
and expand its market reach.
This digital-first approach
strengthens brand presence
and improves accessibility for
a broader audience. Through a
commitment to technological
advancement, the Company
drives innovation, consistently
delivering products and
services that exceed customer
expectations.
7 Risk R A lack of robust controls The Company actively Negative
Management within a risk management collaborates with key
system can expose businesses stakeholders throughout
to adverse effects across the risk management
various operational areas. process, ensuring
However, when integrated their awareness and
into the overall strategy, engagement in mitigating
risk management presents potential risks. This
significant opportunities. It not inclusive approach fosters
only protects against potential a culture of risk awareness
disruptions but also enhances and accountability,
adaptability in a dynamic leading to more effective
business environment. This and sustainable risk
strategic approach fosters management outcomes.
resilience and supports long-
term success, even in the face
of challenges.

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Financial
Indicate implications
Material whether of the risk or
S. Rationale for identifying the In case of risk, approach
issue risk or opportunity
No. risk/opportunity to adapt or mitigate
identified opportunity (Indicate positive
(R/O) or negative
implications)
8 Diversity, O A diverse and inclusive Positive
Equity & workforce is a powerful driver
Inclusion of innovation, creativity,
and smarter solutions. By
championing equity, we
unlock the full potential of
every individual, boosting
engagement, performance,
and impact. Our inclusive
culture fosters belonging
and empowers our people
to thrive. This commitment
is clearly reflected in the
significant growth of female
representation across our
organization—showcasing
progress and reinforcing
our promise to build a more
dynamic, forward-thinking
workplace.

SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards adopting
the NGRBC Principles and Core Elements.

Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Policy and management processes
1. a. Whether your entity’s policy/policies cover each Yes Yes Yes Yes Yes Yes Yes Yes Yes
principle and its core elements of the NGRBCs.
(Yes/No)
b. Has the policy been approved by the Board? Yes Yes Yes Yes Yes Yes Yes Yes Yes
(Yes/No)
c. Web Link of the Policies, if available. https://www.rainbowhospitals.in/investor-relations/reports/
policy/Business%20Responsibility%20Policy.pdf
2. Whether the entity has translated the policy into Yes Yes Yes Yes Yes Yes Yes Yes Yes
procedures. (Yes / No)
3. Do the enlisted policies extend to your value chain Yes Yes Yes Yes Yes Yes Yes Yes Yes
partners?
4. Name of the national and international codes/ 1. Environment Guidelines as per ISO 14001
certifications/labels/ standards (e.g. Forest 2. Environment and Social Guidelines issued by IFC
Stewardship Council, Fairtrade, Rainforest Alliance, 3. National Accreditation Board for Hospitals and Healthcare
Trustea) standards (e.g. SA 8000, OHSAS, ISO, BIS) Providers (NABH)
adopted by your entity and mapped to each principle. 4. NVG Guidelines issued by the Ministry of Corporate Affairs,
GOI
5. Section 135 of the Companies Act, 2013 and SEBI (Listing
Obligations and Disclosure Requirements) 2015
5. Specific commitments, goals, and targets set by the The Company is committed to follow the impact guidelines for
entity with defined timelines, if any. each of the 9 principles.
6. Performance of the entity against the specific The Company continuously monitors its performance against
commitments, goals, and targets along with reasons the said indicators periodically, take corrective action as
in case the same are not met. needed and institutionalize preventive steps to strengthen its
performance on the said parameter.

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Governance, leadership and oversight

7. Statement by director responsible for the business responsibility report, highlighting ESG-related challenges,
targets, and achievements (listed entity has flexibility regarding the placement of this disclosure).
At Rainbow Children’s Hospital, sustainability is a core commitment, not a compliance checkbox. We recognize that ESG
issues are deeply interconnected and vital to the health of our organization, community, and environment. We continue
to enhance our ESG practices by strengthening data management, standardizing environmental data collection, and
leveraging technology to improve transparency and accountability.
Efforts to reduce our environmental impact include optimizing energy use, exploring renewable sources, and adopting
eco-friendly innovations. Waste management, resource conservation, and digital solutions further support our
sustainability goals. At the same time, we uphold the highest standards of patient care and safety, reinforcing trust
across all touchpoints.
As we grow, we remain focused on operational excellence, continuous improvement, and long-term environmental
stewardship building a resilient and responsible future for all stakeholders.
8. Details of the highest authority responsible for Dr. Ramesh Kancharla
implementation and oversight of the Business DIN:00212270
Responsibility policy (ies). Chairman & Managing Director
9. Does the entity have a specified Committee of the The CSR & ESG Committee is responsible for overseeing and
Board/ Director responsible for decision-making guiding the company’s sustainability efforts, ensuring informed
on sustainability-related issues? (Yes / No). If yes, decision-making on key environmental, social, and governance
provide details. matters.

10. Details of review of NGRBCs by the Company:

Indicate whether review was undertaken
Frequency (Annually/ Half yearly/
by Director/ Committee of the Board/
Subject for review Quarterly/ Any other-please specify
Any other Committee
P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance against Committee of the Board Annually
above policies and follow
up action
Compliance with statutory Yes, the Committee of the Board ensures Quarterly
requirements of relevance that the Company complies with all
to the principles, and, applicable laws and statutory requirements
rectification of any non- of the land it operates in.
compliances

11. Has the entity carried out an independent assessment/ evaluation of the working of its policies by an external
agency? (Yes/No) If yes provide the name of the agency.
P1 P2 P3 P4 P5 P6 P7 P8 P9
No

12. If the answer to question (1) above is “No” i.e., not all Principles are covered by a policy, reasons to be stated:
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
The entity does not consider the
principles material to its business
(Yes/No)
The entity is not at a stage where
it is in a position to formulate
and implement the policies on
specified principles (Yes/No)
Not Applicable
The entity does not have the
financial or/human and technical
resources available for the task
(Yes/No)
It is planned to be done in the next
financial year (Yes/No)
Any other reason (please specify)

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SECTION C: PRINCIPLE-WISE PERFORMANCE DISCLOSURE

PRINCIPLE 1:
Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical, Transparent, and
Accountable.
Essential Indicators
1. Percentage coverage by training and awareness programmes on any of the principles during the financial year.
Total number %age of persons in
of training and Topics/principles covered under the respective category
Segment
awareness training and its impact covered by the
programmes held awareness programmes
Board of Directors 5 Familiarization programs covering business 100%
Key Managerial strategy, operations, risks, regulatory matters,
Personnel ESG topics and ESG awareness session.
Regular updates on SEBI regulations, company
developments, and compliance matters.
Employees other than 123 Code of Conduct, whistle Blower, Conflict 100%
BoD and KMPs Management, POSH, Equal Opportunity
Policy, prevention of fraud policy
Workers Not Applicable

2.  etails of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings (by the
D
entity or by directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the financial year,
in the following format (Note: the entity shall make disclosures on the basis of materiality as specified in Regulation
30 of SEBI (Listing Obligations and Disclosure Obligations) Regulations, 2015 and as disclosed on the entity’s
website):
Monetary
Name of the
Has an
regulatory/
NGRBC Amount appeal been
enforcement Brief of the Case
Principle (In INR) preferred?
agencies/ judicial
(Yes/No)
institutions
Penalty/ Fine 1 Directorate of 50,000 The Department has imposed a penalty Yes
Medical & Rural of ` 50,000/- along with temporary
Health Services, suspension of the TN Clinical
Chennai, Tamil Establishment Certificate of the
Nadu. hospital unit situated at Sholinganallur,
Chennai, for a period of 10 days.
Further effective from 24.10.2024, all
new treatments except those related
to continuing pregnant women has
to be suspended at the said unit for
the next 10 days and all in-patients
are required to be relocated to other
facilities within 7 days.
Settlement - - - - -
Compounding fee - - - - -
Non-Monetary
NGRBC Name of the Brief of Has an appeal been preferred? (Yes/No)
Principle regulatory/ the Case
enforcement
agencies/ judicial
institutions
Imprisonment
None
Punishment

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3.  f the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in case where monetary or
O
non-monetary action has been appealed.
Case Details Name of the regulatory/ enforcement agencies/ judicial institutions
NA

4.Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide
a web-link to the policy.
The Company is committed to transparent and ethical business practices, adhering strictly to laws and regulations
against bribery and corruption. Its Whistleblower and Code of Conduct Policies apply across the Rainbow Group,
including joint ventures and associated entities. The same can be accessed at https://www.rainbowhospitals.in/
investors-relations/policies-and-programs.

5.  umber of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law enforcement
N
agency for the charges of bribery/ corruption:
FY 2025 FY 2024
Directors NIL NIL
KMPs NIL NIL
Employees NIL NIL
Workers NIL NIL

6. Details of complaints with regard to conflict of interest:

FY 2025 FY 2024
Number Remarks Number Remarks
Number of complaints received in relation to issues of Conflict of Nil - Nil -
Interest of the Directors
Number of complaints received in relation to issues of Conflict of Nil - Nil -
Interest of the KMPs

7.  rovide details of any corrective action taken or underway on issues related to fines/penalties/action taken by
P
regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflicts of interest.
Not Applicable as there were zero instances of conflict of interest reported.

8.  umber of days of accounts payables ((Accounts payable *365) / Cost of goods/services procured) in the following
N
format:
FY 2025 FY 2024
Number of days of accounts payables 185 183

9. Open-ness of business
Provide details of the concentration of purchases and sales with trading houses, dealers, and related parties along with
loans and advances & investments, with related parties, in the following format:

Parameter Metrics FY 2025 FY 2024

Concentration a. Purchases from trading houses as % of total Not Applicable Not Applicable
of Purchases purchases owing to the owing to the
b. Number of trading houses where purchases are nature of business, nature of business,
made from Rainbow does Rainbow does
c. Purchases from top 10 trading houses as % of total not procure from not procure from
purchases from trading houses trading houses. trading houses.
Concentration a. Sales to dealers/ distributors as % of total sales Not Applicable Not Applicable
of Sales b. Number of dealers distributors to whom sales are owing to the owing to the
made nature of business nature of business
c. Sales to top 10 dealers/ distributors as % of total (providing (providing
sales to dealers/ distributors healthcare) healthcare)
Rainbow does Rainbow does
not have any not have any
sales to dealers/ sales to dealers/
distributors. distributors.

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Parameter Metrics FY 2025 FY 2024

Share of RPTs in a. Purchases (Purchases with related parties/ Total 2.07% 0.29%
Purchases)
b. Sales (Sales to related parties/ Total Sales) 0.32% 0.20%
c. Loans & advances (Loans & advances given to 0.97% 0.97%
related parties / Total loans & advances)
d. Investments (Investments in related parties/ Total 6.71% 8.98%
Investments made)

Leadership Indicators
1. Awareness programmes conducted for value chain partners on any of the principles during the financial year:
Total number of %age of value chain partners covered (by
Topics / principles covered under the
awareness programmes value of business done with such partners)
training
held under the awareness programmes
1 Digital Personal Data Protection Act, 25%
2023 (DPDP Act)

2. Does the entity have processes in place to avoid/ manage conflict of interests involving members of the Board?
(Yes/No). If yes, provide details of the same.
. The Company has established a dedicated Code of Conduct for Senior Management and Board Members, clearly
outlining conflict-of-interest scenarios and providing guidance to avoid them. This Code reflects the Company’s
core values of integrity and ethical behavior, serving as a foundation for responsible leadership. By adhering to these
standards, the Company aims to prevent misconduct and foster a strong culture of ethics across the organization.

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PRINCIPLE 2:
Business should provide goods and services in a manner that is sustainable and safe
Essential Indicators
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental
and social impacts of product and processes to total R&D and capex investments made by the entity, respectively.
Details of improvements in
FY 2025 FY 2024
environmental and social impacts
R&D - - -
Capex 0.89% 2.63% Solar Rooftops, VFD & LED
Installation

2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No)
Yes

b. If yes, what percentage of inputs were sourced sustainably?

1. Laboratory procurement- 14% approx.

2. Power procurement- 45% approx.

3. escribe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end of life,
D
for
Rainbow ensures the safe collection, treatment, and disposal of all waste and end-of-life materials in full compliance
with local and state regulatory norms.

(a) Plastics (including packaging): The Company follows responsible waste management practices by regularly selling
its plastic waste to authorised plastic recyclers. Given the nature of its operations in the healthcare services
sector, plastic waste generation remains minimal. To further minimise plastic use, all units are equipped with water
dispensers and disposable paper cups, thereby eliminating the need for plastic PET bottles. Additionally, the
Company has discontinued the use of plastic bags for general hospital operations, including carry bags, medicine
packaging, and food distribution, promoting eco-friendly alternatives across all units.

(b) E-waste: E-waste is collected and stored in designated bins at each unit and is disposed of in accordance with
the Company’s ESG guidelines and E-Waste Management Policy. Rainbow has partnered with third party for the
collection and responsible disposal of segregated e-waste. Disposal is carried out periodically, once sufficient
volume has accumulated.

(c) Hazardous waste: As a healthcare service provider, the Company ensures the safe and compliant disposal of
biomedical waste (BMW) through authorised hazardous waste handlers, strictly adhering to the Biomedical Waste
Management Rules, 2016.

(d) Other waste: The Company ensures responsible disposal of various waste streams in line with regulatory
requirements. General waste is managed through authorised municipal partners, while waste oil is disposed
of exclusively via certified vendors to prevent unauthorised handling. General scrap is sold on demand to local
authorised recyclers, with detailed records maintained for traceability. Wastewater and other contaminated
liquids are treated through in-house Sewage and Effluent Treatment Plants (STP and ETP) before being safely
discharged into municipal sewage systems, as per hospital policy.

4.  hether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes, whether the
W
waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution Control
Boards? If not, provide steps taken to address the same.
Not Applicable

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Leadership Indicators
1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing
industry) or for its services (for service industry)? If yes, provide details in the following format?
Boundary for which the Whether conducted Results communicated
Name of % of total
NIC Life Cycle Perspective by independent in public domain (Yes/
Product / Turnover
Code / Assessment was external agency No) If yes, provide the
Service contributed
conducted (Yes/No) web-link.
Not applicable as the Company is in healthcare services

2. If there are any significant social or environmental concerns and/or risks arising from production or disposal of your
products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any other means,
briefly describe the same along-with action taken to mitigate the same.
Name of Product/Service Description of the risk/concern Action Taken
Not Applicable

3.  ercentage of recycled or reused input material to total material (by value) used in production (for manufacturing
P
industry) or providing services (for service industry).
Recycled or re-used input material to total material
Indicate input material
FY 2025 FY 2024
Not applicable

4.  f the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled, and
O
safely disposed, as per the following format:
FY 2025 FY 2024
Re-Used Recycled Safely Disposed Re-Used Recycled Safely Disposed
Plastics (including packaging)
E-waste
Hazardous waste NA NA*
Other waste General Waste
(Dry & Wet)

* FY 2024 data has been restated, as the previously reported figures reflected general waste data, which is not applicable to this
specific disclosure.

5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category.
Reclaimed products and their packaging materials as %
Indicate product category
of total products sold in respective category
Not Applicable

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PRINCIPLE 3:

Business should respect and promote the well-being of all employees, including those in their value chains
Essential Indicators
1. a. Details of measures for the well-being of employees:
% of employees covered by
Health Accident Maternity Paternity Day Care
Category Total insurance insurance benefits Benefits facilities
(A) Number % Number % Number % Number % Number %
(B) (B/A) (C) (C/A) (D (D/A) (E) (E/A) (F) (F/A)
Permanent employees
Male 1,706 1,706 100% 1,706 100% NA NA 1,706 100% 1,706 100%
Female 2,266 2,266 100% 2,266 100% 2,266 100% NA NA 2,266 100%
Total 3,972 3,972 100% 3,972 100% 2,266 57% 1,706 43% 3,972 100%
Other than Permanent employees
Male 390 211 54% 194 50% NA NA NA NA NA NA
Female 1,161 748 64% 654 56% NA NA NA NA NA NA
Total 1,551 959 62% 848 55% NA NA NA NA NA NA

b. Details of measures for the well-being of workers:

% of workers covered by
Health Accident Maternity Paternity Day Care
Category Total insurance insurance benefits Benefits facilities
(A) Number % Number % Number % Number % Number %
(B) (B/A) (C) (C/A) (D (D/A (E) (E/A) (F) (F/A)
Permanent workers
Male
Female Not applicable
Total
Other than Permanent workers
Male
Female Not applicable
Total

c. Spending on measures towards well-being of employees and workers (including permanent and other than
permanent) in the following format-
FY 2025 FY 2024
Cost incurred on well-being measures as a % of total revenue of the 0.20% 1.07%
company

2. Details of retirement benefits, for Current FY and Previous Financial Year

FY 2025 FY 2024
Deducted Deducted
No. of No. of No. of No. of
and and
employees workers employees workers
Benefits deposited deposited
covered as covered as covered as covered as
with the with the
a % of total a % of total a % of total a % of total
authority authority
employees workers employees workers
(Y/N/N.A.) (Y/N/N.A.)
PF 100% NA Yes 100% NA Yes
Gratuity 100% NA NA 100% NA NA
ESI 14% NA Yes 24% NA Yes
Others – please specify NA NA NA - - -

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3. Accessibility of workplaces
 re the premises / offices of the entity accessible to differently abled employees and workers, as per the requirements
A
of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this
regard.
All Rainbow Group hospitals in India comply with the Rights of Persons with Disabilities Act 2016, ensuring accessible
and inclusive facilities. Features like wheelchair ramps and on-site assistance reflect the Company’s commitment to
providing barrier-free healthcare access for individuals with disabilities

4.  oes the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so,
D
provide a web-link to the policy.
Yes, the Company is firmly committed to a policy of non-discrimination and maintains a strong stance against any
conduct that violates its ethical standards or Code of Conduct. These principles are clearly outlined in the Business
Responsibility Policy, reflecting the Company’s dedication to fostering a culture of fairness, respect, and accountability
across the organization.
The same can be accessed at https://d31scedd5hpubp.cloudfront.net/investor_files/Business%20Responsibility%20
Policy.pdf

5. Return to work and Retention rates of permanent employees and workers that took parental leave.
Permanent employees Permanent workers
Gender
Return to work rate Retention rate Return to work rate Retention rate
Male 100% 82%
Female 99% 72% Not applicable
Total 99% 77%

6. I s there a mechanism available to receive and redress grievances for the following categories of employees and
worker? If yes, give details of the mechanism in brief.
Yes/No (If Yes, then give details of the mechanism in brief)
Permanent Workers
Not applicable
Other than Permanent Workers
Permanent Employees The Company provides a robust reporting system for employees to raise concerns
Other than Permanent through multiple channels, including the HRMS portal, unit-level contacts, a
Employees whistleblower hotline, an anti-sexual harassment helpline, and a corporate grievance
and well-being channel. These operate under key policies such as the Whistleblower
Policy, Anti-Sexual Harassment Policy, Anti-Discrimination Policy, and Code of
Conduct, ensuring a safe, inclusive, and ethical workplace.

7. Membership of employees and worker in association(s) or Unions recognised by the listed entity:
FY 2025 FY 2024
Total No. of employees/ Total No. of employees/
employees/ workers in respective employees/ workers in respective
Category % %
workers in category, who are workers in category, who are
(B/A) (D/C)
respective part of association(s) respective part of association(s)
category (A) or Union (B) category (C) or Union (D)
Total Permanent 3,972 0 0 3,940 0 0
Employees
Male 1,706 0 0 1,663 0 0
Female 2,266 0 0 2,277 0 0
Total Permanent
Workers
Not applicable
Male
Female

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8. Details of training given to employees and workers:

FY 2025 FY 2024
On Health and On Skill On Health and On Skill
Category Total Total
safety measures upgradation safety measures upgradation
(A) (D)
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)
Employees
Male 2,267 1,630 72% 1,914 84% 2,085 1,973 95% 1,762 84%
Female 3,087 2,525 82% 2,730 88% 3,390 2,702 80% 2,576 76%
Total 5,354 4,155 78% 4,644 87% 5,475 4,675 85% 4,338 79%
Workers
Male
Female Not applicable
Total

9. Details of performance and career development reviews of employees and worker:

FY 2025 FY 2024
Category
Total (A) No. (B) % (B/A) Total (C) No. (D) % (D/C)
Employees
Male 1,706 1,538 90% 1,663 1,149 69%
Female 2,266 2,032 90% 2,277 1,459 64%
Total 3,972 3,570 90% 3,940 2,608 66%
Workers
Male
Female Not applicable
Total

10. Health and safety management system:

a. Whether an occupational health and safety management system has been implemented by the entity? (Yes/No).
If yes, the coverage such system?
Yes the occupational health and safety management system is in place which starts with analyzing the risks that
are associated with the workplace. With the use of existing control measures, how can they be reduced and further
with additional control measures how can they be minimized. The coverage of the system is hospital wide and
covers all employees and healthcare workers.

b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine
basis by the entity?
The company is dedicated to cultivating a culture of safety excellence, supported by a comprehensive occupational
health and safety management system. This system establishes rigorous protocols for identifying hazards,
implementing risk mitigation measures, and ensuring ongoing compliance. Regular internal audits reinforce
adherence to industry-leading safety practices. Additionally, the company enhances its safety framework through
a Process Safety Management system, demonstrating its steadfast commitment to protecting the well-being of
employees and stakeholders.

c. Whether you have processes for workers to report the work-related hazards and to remove themselves from
such risks. (Y/N)
The company has a standard protocol for reporting work-related hazards, ensuring a transparent and structured
approach to workplace safety. A blame-free environment is actively promoted, allowing staff to report concerns
without fear of humiliation or repercussions. Additionally, an annual safety culture survey, conducted using the
AHRQ tool, provides valuable insights into employees’ attitudes and behaviors regarding event reporting, helping
to continuously enhance the organization’s safety culture.

d. Do the employees/workers of the entity have access to non-occupational medical and healthcare services?
(Yes/No)
The organization has a staff well being policy that takes care of group medical insurance and other related programs.

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11. Details of safety related incidents, in the following format:

Safety Incident/Number Category FY 2025 FY 2024
Lost Time Injury Frequency Rate (LTIFR) (per one Employees 0 0
million-person hours worked) Workers NA NA
Total recordable work-related injuries Employees 0 0
Workers NA NA
No. of fatalities Employees 0 0
Workers NA NA
High consequence work-related injury or ill-health Employees 0 0
(excluding fatalities) Workers NA NA
*Including in the contract workforce

12. Describe the measures taken by the entity to ensure a safe and healthy work place.
The Company prioritizes employee well-being by maintaining a safe and healthy workplace through regular training
programs and the provision of safety kits, including PPE and essential protective equipment. To prevent contamination
and ensure compliance, the Company adheres to all local safety regulations, with most hospitals being NABH-approved.
This commitment to safety and quality reinforces high operational standards, fostering a secure environment for both
staff and patients.

13. Number of Complaints on the following made by employees and workers:

FY 2025 FY 2024
Filed Pending Filed Pending
during the resolution at Remarks during the resolution at Remarks
year the end of year year the end of year
Working Conditions 0 0 - 0 0 -
Health & Safety 0 0 - 0 0 -

14. Assessment for the year:

% of your plants and offices that were assessed (by entity or statutory
authorities or third parties)
Health and safety practices
100%
Working Conditions

15. P
 rovide details of any corrective action taken or underway to address safety-related incidents (if any) and on
significant risks/ concerns arising from assessments of health & safety practices and working conditions.
Not Applicable

Leadership Indicators
1. Does the entity extend any life insurance or any compensatory package in the event of death of (A) Employees (Y/N)
(B) Workers(Y/N).
Yes, the Company offers a comprehensive benefits package that includes Accidental Death Insurance and Workers’
Compensation coverage. These provisions ensure financial support for employees and their families in the event of a
work-related fatality.

2.Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited by
the value chain partners.
Rainbow Hospitals maintains a robust internal control framework through regular audits that verify the timely remittance
of all statutory dues. These audits ensure the company’s adherence to labour laws and regulations. Furthermore, the
company leverages the expertise of a dedicated Labour Law Consultant to assess the compliance posture of outsourced
manpower vendors. This comprehensive approach allows the company to demonstrate its unwavering commitment to
upholding the highest standards of labour law compliance. By prioritizing these initiatives, the company fosters a culture
of transparency, accountability, and rigorous adherence to legal requirements across all its operations.

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3.  rovide the number of employees/workers having suffered high consequence work-related injury / ill-health /
P
fatalities (as reported in Q11 of Essential Indicators above), who have been rehabilitated and placed in suitable
employment or whose family members have been placed in suitable employment:
No. of employees/workers that are
Total no. of affected rehabilitated and placed in suitable
employees/ workers employment or whose family members
have been placed in suitable employment
FY 2025 FY 2024 FY 2025 FY 2024
Employees - - - -
Workers - - - -

4. Does the entity provide transition assistance programs to facilitate continued employability and the management of
career endings resulting from retirement or termination of employment? (Yes/ No)
Currently, the Company does not offer any formal transition assistance program

5. Details on assessment of value chain partners:

% of value chain partners (by value of business done
with such partners) that were assessed
Health and safety practices NIL
Working Conditions NIL

6.  rovide details of any corrective actions taken or underway to address significant risks/concerns arising from
P
assessments of health and safety practices and working conditions of value chain partners.
Not Applicable

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PRINCIPLE 4:
Business should respect the interests of and be responsive to all its stakeholders
Essential Indicators
1. Describe the processes for identifying key stakeholder groups of the entity.
The Company identifies key stakeholders as individuals, groups, or entities both internal and external that have a
significant impact on its operations, add value, or are part of its business value chain. Stakeholders are evaluated based
on their interest, influence, and involvement in the Company’s activities. The Company is committed to addressing
their needs and expectations by maintaining open communication through various channels, platforms, and tools.
Key stakeholders include employees, investors, suppliers, partners, customers, government bodies, healthcare
professionals, patients, and the broader community. Understanding their roles and concerns helps the Company define
how often and how deeply it engages with each stakeholder group.

2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group.
Frequency of
Whether
Channels of communication engagement
identified as a Purpose and scope of
(Email, SMS, Newspaper, (Annually/
Stakeholder Vulnerable & engagement including key
Pamphlets, Advertisement, Half yearly/
Group Marginalized topics and concerns raised
Community Meetings, Notice Quarterly/
Group (Yes/ during such engagement
Board, Website), Other others – please
No)
specify)
Investors No • Integrated Annual Report Quarterly/ To ensure transparent and
• Company‘s Investor Relations ongoing effective communication of
section of website business performance
• Annual general meeting • To address investor / analyst
• Quarterly and annual queries and concerns
presentations and earning • To ensure sound corporate
calls governance mechanisms
• Announcements to stock • To provide insights into
exchanges Company’s strategy and
• Investor meets sustainability initiatives
Government No Emails / Community meetings/ In Need-based Representations / Perspective
person meeting on change in regulations/
upcoming laws
Society Yes Social media Need-based Analysis of the health needs of
• CSR the society
• Community building sessions • Identifying the gap between
• Awareness campaigns demand and supply
• Health surveys • Prevention of illnesses
• Discussions on medical issues
• Press conferences
• Health talks and camps
Healthcare No • Trainings, Continuous To develop State of the art
Professionals • One-to-One Physician and infrastructure
HOD interactions, Employee • To provide best in class
Experience Surveys medical facilities trainings
specific to their domain
Employees No • Emails Continuous • Training and development
• Periodic townhalls meetings • Regular company updates
to enable bottom-to-top • Psychological safety
communication
• Website
• Cultural events
• Structured employee surveys
• HRMS Portal
• Notice board

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Frequency of
Whether
Channels of communication engagement
identified as a Purpose and scope of
(Email, SMS, Newspaper, (Annually/
Stakeholder Vulnerable & engagement including key
Pamphlets, Advertisement, Half yearly/
Group Marginalized topics and concerns raised
Community Meetings, Notice Quarterly/
Group (Yes/ during such engagement
Board, Website), Other others – please
No)
specify)
Supplier / No Digital meetings / In person Need Based • Performance feedback
Partners meetings. • Recognition/Feedback for
• Supplier forums, partner performance
events, calls, e-mail • To finalize rate contracts
and request for Quotation
rate negotiation/ strategic
meetings
Patients/ Yes • Customer relationship Continuous • Timely availability of services
Customers management • Quality/efficiency of service
• Website and social media • Cost-effectiveness
• Customer support desk • Innovation in services/
• Patient feedback system products
• Patient satisfaction survey • Hygiene in environment.
• SMS and helpline desk • Patient data privacy (restrict
• Daily/weekly/monthly or personal data use/shred
continuous monitoring documents)
based on feedback system
depending on the nature of
stakeholder engagement

Leadership Indicators
1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and social
topics or if consultation is delegated, how is feedback from such consultations provided to the Board.
During Board meetings, Management regularly briefs Board members on stakeholder feedback related to Environmental,
Social, and Governance (ESG) matters, ensuring they remain well-informed and equipped to make informed decisions.
The responsibility for stakeholder consultation and engagement on ESG topics is assigned to relevant departments,
enabling continuous dialogue and collaboration. This structured and inclusive approach enhances transparency,
encourages participation in ESG initiatives, and strengthens the Company’s commitment to addressing stakeholder
concerns while advancing its sustainability agenda.

2.Whether stakeholder consultation is used to support the identification and management of environmental, and
social topics (Yes / No). If so, provide details of instances as to how the inputs received from stakeholders on these
topics were incorporated into the policies and activities of the entity.
Yes, stakeholder feedback is regularly reviewed with management and used to implement necessary actions. This helps
align stakeholder needs with business goals. The Company uses tools like surveys, reports, grievance mechanisms,
and ongoing communication to understand and respond to stakeholder concerns. These efforts support continuous
improvement, better decision-making, and stronger stakeholder relationships.

3.Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/
marginalized stakeholder groups.
The company is committed to addressing the needs of vulnerable and marginalized groups through inclusive and targeted
community initiatives. Efforts focus on improving access to essential services, ensuring equitable opportunities, and
engaging these groups through culturally sensitive outreach and grievance mechanisms. Inclusivity remains central to
all initiatives, aiming to create meaningful impact for underserved communities.

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PRINCIPLE 5:
Businesses should respect and promote human rights
Essential Indicators
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, in the
following format:
FY 2025 FY 2024
Category No. of employees / % No. of employees / %
Total (A) Total (C)
workers covered (B) (B / A) workers covered (D) (D / C)
Employees
Permanent 3,972 3,237 81% 3,940 1,518 39%
Other than permanent 1,551 1,105 71% 1,535 916 60%
Total Employees 5,523 4,342 79% 5,475 2,434 44%
Workers
Permanent
Other than permanent Not applicable
Total Workers

2. Details of minimum wages paid to employees and workers, in the following format:
FY 2025 FY 2024
Equal to More than Equal to More than
Category Total Minimum Wage Minimum Wage Total Minimum Wage Minimum Wage
(A) % % (D) % %
No. (B) No. (C) No. (E) No. (F)
(B/A) (C/A) (E/D) (F/D)
Employees
Permanent 3,972 339 9% 3,633 91% 3,193 223 7% 2,970 93%
Male 1,706 160 9% 1,546 91% 1,226 78 6% 1,148 94%
Female 2,266 179 8% 2,087 92% 1,967 145 7% 1,822 93%
Other than Permanent 1,551 - - - - 1,544 - - - -
Male 390 - - - - 424 - - - -
Female 1,161 - - - - 1,120 - - - -
Workers
Permanent
Male
Female
Not applicable
Other than Permanent
Male
Female
**Total has been taken as per the employees eligible for Minimum Wages as per statutory requirements.

3. Details of remuneration/ salary/ wages, in the following format:

a. Median remuneration/wages:
Male Female
Median remuneration/ Median remuneration/
Number salary/ wages of Number salary/ wages of
respective category respective category
Board of Directors (BoD) 6 19,75,000 1 17,50,000
Key Managerial Personnel* 1** 2,55,70,000** 1 6,80,000***
Employees other than BoD and KMP 1,705 3,72,762 2265 3,42,324
Workers N.A. N.A. N.A. N.A.
*Since the Chairman & Managing Director and the Whole-Time Director are already included under the heading Board of
Directors, they have not been included under the heading KMP.
**The median remuneration for male KMPs has been calculated taking the actual amount paid to all the KMPs including the
ones who resigned during the year and the number of KMPs is mentioned as on March 31, 2025.
***One female KMP was considered who joined during the year while calculating the median remuneration and the amount
considered in the calculation is the actual amount paid from the month of her joining.

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b. Gross wages paid to females as % of total wages paid by the entity, in the following format:
FY 2025 FY 2024
Gross wages paid to females as % of total wages 50.1% 47.7%

4.Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues caused
or contributed to by the business? (Yes/No)
The Company is committed to honesty, fairness, and transparency, and strives to uphold the highest standards of
ethical behaviour and practice. It actively promotes professionalism and ethical conduct among its employees and
has implemented strong measures to foster and sustain this culture. To ensure a safe and ethical working environment
for all, the management promptly investigates and addresses concerns in accordance with the Company’s policies.
The Internal Complaints Committee (ICC) at each unit is responsible for Overseeing these matters.

5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
Rainbow Hospitals is steadfastly dedicated to upholding internationally recognized human rights principles and
standards. To ensure this commitment is effectively implemented, the company has established robust procedures and
processes across its operations to safeguard against any human rights violations. For concerns or grievances, individuals
may contact: [email protected].

6. Number of Complaints on the following made by employees and workers:

FY 2025 FY 2024
Filed Pending Filed Pending
during resolution at Remarks during resolution at Remarks
the year the end of year the year the end of year
Sexual Harassment Nil Nil - Nil Nil -
Discrimination at workplace Nil Nil - Nil Nil -
Child Labour Nil Nil - Nil Nil -
Forced Labour/Involuntary Labour Nil Nil - Nil Nil -
Wages Nil Nil - Nil Nil -
Other human rights related issues Nil Nil - Nil Nil -

7. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013, in the following format:
FY 2025 FY 2024
Total Complaints reported under Sexual Harassment of Women at Nil Nil
Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH)
Complaints on POSH as a % of female employees/workers Nil Nil
Complaints on POSH upheld Nil Nil

8. Mechanisms to prevent adverse consequences to the complaint in discrimination and harassment cases.
The company is committed to a safe, ethical, and inclusive workplace through its Code of Conduct, gender-neutral
anti-harassment policy, and strong Business Risk and Responsibility (BRR) policies. These frameworks empower
employees to report human rights concerns without fear. Management ensures all issues are thoroughly investigated
and addressed in line with company policies. Anti-retaliation measures further reinforce a respectful and supportive
work environment for all.

9. Do human rights requirements form part of your business agreements and contracts? (Yes/No)
Yes

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10. Assessment for the year:

% of your plants and offices that were assessed (by
entity or statutory authorities or third parties)
Child labour 100%
Forced/involuntary labor 100%
Sexual harassment 100%
Discrimination at workplace 100%
Wages 100%
Others- labour laws compliance inspection 100%

11. P
 rovide details of any corrective actions taken or underway to address significant risks/ concerning arising from the
assessments at Question 10 above.
Not Applicable

Leadership Indicators
1. Details of a business process being modified/introduced as a result of addressing human rights grievances/
complaints.
No changes to existing processes were required, as strong human rights compliance and proactive measures have
resulted in no grievances.

2. Details of the scope and coverage of any Human rights due diligence conducted.
The company fosters a culture of compliance by providing continuous education on the Code of Conduct through a
range of targeted training programs. This approach ensures that all employees are well-informed, act ethically, and
adhere to company policies.

Scope: All employees

Coverage: Code of Conduct and Whistleblower trainings during induction, ESAT surveys to gauge employee sentiment
and practices, regular weekly meetings with unit HRs to address cluster-level concerns, daily morning meetings
with HODs and unit HRs to identify employee-related challenges, and a dedicated grievance committee to resolve
employee issues.

3.I s the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights of
Persons with Disabilities Act, 2016?
The Company is dedicated to fostering an inclusive and accessible environment for all employees. In line with the
Rights of Persons with Disabilities Act, 2016, all our hospitals in India are designed to accommodate the needs of
differently-abled individuals. This includes the provision of wheelchairs, ramps, accessible restrooms, and support staff
as required ensuring a barrier-free experience for everyone.

4. Details on assessment of value chain partners:

% of value chain partners (by value of business done with
such partners) that were assessed
Child labour -
Forced/involuntary labor -
Sexual harassment -
Discrimination at workplace -
Wages -
Others-please specify -

5.  rovide details of any corrective actions taken or underway to address significant risks/ concerns arising from the
P
assessments in Question 4 above.
Not Applicable

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PRINCIPLE 6:
Businesses should respect and make efforts to protect and restore the environment
Essential Indicators
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:
Parameter Unit FY 2025 FY 2024
From renewable sources
Total electricity consumption (A) - Solar Rooftop GJ 2,118.83 1549.00*
(in house)
Total fuel consumption (B) GJ - -
Energy consumption through other sources (C) - Open GJ 28,639.27 10,211.95*
access
Total energy consumed from renewable sources GJ 30,758.10 11,760.95
(A+B+C)
From non-renewable sources
Total electricity consumption (D) GJ 68,018.53 75,099.04
Total fuel consumption (E) GJ 15,091.50 21,369.56*
Energy consumption through other sources (F) GJ - -
Total energy consumed from non-renewable sources GJ 83,110.03 96,468.60*
(D+E+F)
Total energy consumed (A+B+C+D+E+F) GJ 1,13,868.13 1,08,229.55*
Energy intensity per rupee of turnover (Total energy GJ/Million INR 7.82 8.75*
consumption/ turnover in rupees)
Energy intensity per rupee of turnover adjusted GJ/Million INR 161.74 196.05*
for Purchasing Power Parity (PPP) (Total energy adjusted to PPP
consumed/ Revenue from operations adjusted for PPP)
Energy intensity in terms of physical output GJ/beds 55.14 52.92*
Energy intensity (optional)- the relevant metric may be - - -
selected by the entity
Note: Fuel Consumption for the given year comprises of LPG, PNG, Petrol & Diesel
*Figures of FY 2024 are restated to streamline the approach of fuel and energy bifurcation.
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name
of the external agency. No

2. Does the entity have any sites/facilities identified as designated consumers (DCs) under the Performance, Achieve,
and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT scheme
have been achieved. In case targets have not been achieved, provide the remedial action taken, if any.
No

3. Provide details of the following disclosures related to water, in the following format:
Parameter FY 2025 FY 2024
Water withdrawal by source (in kilolitres)
(i) Surface Water - -
(ii) Ground Water 1,40,421.00 1,15,394.10
(iii) Third Party Water (Tanker) 32,974.90 24,288
(iv) Seawater / desalinated water - -
(v) Others (Municipal Corporation) 78,408.70 70,414.25
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 2,51,804.60 2,10,096.35
Total volume of water consumption (in kilolitres) 2,51,804.60 2,10,096.35
Water intensity per rupee of turnover (Total Water consumption / 17.32 16.19
Revenue from operations) in kL/Million INR
Water intensity per rupee of turnover adjusted for Purchasing Power 357.67 370.65
Parity (PPP) (Total water consumption/ Revenue from operations
adjusted for PPP) in kL/ Million INR adjusted to PPP
Water intensity in terms of physical output (in terms of number of beds) 121.94 102.73
Water intensity (optional) – the relevant metric may be selected by the entity - -
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name
of the external agency.:No

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4. Provide the following details related to water discharged:

Parameter FY 2025 FY 2024
Water discharge by destination and level of treatment (in kilolitres)
i) To surface water
- No treatment - -
- With treatment-please specify level of treatment 99,042.47 1,43,387.50
ii) To Groundwater - -
- No treatment - -
- With treatment-please specify level of treatment - -
iii) To Seawater - -
- No treatment - -
- With treatment-please specify level of treatment - -
iv) Sent to third-parties - -
- No treatment - -
- With treatment-please specify level of treatment - -
v) Others - -
- No treatment - -
- With treatment-please specify level of treatment - -
Total water discharge (in kilolitres) 99,042.47 1,43,387.50
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name
of the external agency: No

5.  as the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and
H
implementation.
No

6. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:
Please specify
Parameter FY 2025 FY 2024
unit
NOx MT 2.331 1.067*
Sox MT 1.037 0.856*
Particulate matter (PM) MT 0.907 0.579*
Persistent organic compounds (POP) _ _ -
Volatile organic compounds (VOC) _ _ -
Hazardous air pollutants (HAP) _ _ -
Others-please specify _ _ -
Note: Calculation approach for FY 2025 is in line with GRI standards and CAFR requirements.
*Numbers for FY 2024 are restated to maintain the uniformity and consistency in reporting.
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name
of the external agency.: No

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7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following format:

Parameter Unit FY 2025 FY 2024

Total Scope 1 emissions (Break-up of the GHG into Metric tonnes of 2,055.61 1,712.35
CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available) CO2 equivalent
Total Scope 2 emissions (Break-up of the GHG into Metric tonnes of 13,735.96 12,677.14
CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available) CO2 equivalent
Total Scope 1 and Scope 2 emission intensity per emission intensity 1.09 1.16
rupee of turnover (Total Scope 1 and Scope 2 GHG per million rupees
emissions / Revenue from operations) of turnover
Total Scope 1 and Scope 2 emission intensity per emission intensity 22.43 26.63
rupee of turnover adjusted for Purchasing Power per million rupee of
Parity (PPP) (Total Scope 1 and Scope 2 GHG turnover adjusted
emissions / Revenue from operations adjusted for for Purchasing
PPP) Power Parity (PPP)
Total Scope 1 and Scope 2 emission intensity in emission intensity 7.65 7.04
terms of physical output per number of beds
 ote: The revised approach has been taken considering Annexure I (Carbon Accounting Proxy Methodology) under Industry
N
Standards Note on Business Responsibility and Sustainability Report (BRSR) Core for calculating scope 2 emissions.
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name
of the external agency.: No

8. Does the entity have any project related to reducing Green House Gas emission? If Yes, then provide details.
Rainbow Hospital has undertaken solar rooftop installations at its Hydernagar and Himayatnagar units as part of
its sustainability efforts. These initiatives have led to a combined reduction of 113.16 TCO2e in carbon emissions,
50.79 TCO2e at Hydernagar and 62.37 TCO2e at Himayatnagar. The move reflects the hospital’s continued focus on
adopting clean energy solutions and lowering its environmental footprint.

9. Provide details related to waste management by the entity, in the following format:
Parameter FY 2025 FY 2024
Total Waste generated (in metric tonnes)
Plastic waste (A) 4.06 5.86
E-waste (B) 1.73 3.03
Biomedical Waste (C) 339.17 325.72
Construction and demolition waste (D) 0 25.42
Battery waste (E) 3.55 0.09
Radioactive waste (F) 0 0
Other Hazardous waste. Please specify, if any. (G) (Waste Oil) 0.35 0.11
Other Non-hazardous waste generated (H). Please specify, if any. 935.12 838.04
(Break-up by composition i.e. by materials relevant to the sector)
(Dry+wet+carton+iron+paper)
Total (A+B + C + D + E + F + G + H) 1,283.97 1,198.27
Waste intensity per rupee of turnover (Total waste generated / Revenue 0.089 0.096
from operations)
Waste intensity per rupee of turnover adjusted for Purchasing Power 1.82 2.209
Parity (PPP) (Total waste generated / Revenue from operations adjusted
for PPP)
Waste intensity in terms of physical output (in terms of number of beds) 0.62 0.58
For each category of waste generated, total waste recovered through recycling, re-using or other recovery
operations (in metric tonnes)
Category of waste
i) Recycled - -
ii) Re-used - -
iii) Other recovery operations (Co-processing) - -
Total -

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Parameter FY 2025 FY 2024

For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)
Category of waste
i) Incineration - -
ii) Landfilling - -
iii) Other disposal operations (Sent to third party vendors) 1,283.97 1,135.18
Total 1,283.97 1,135.18
Note: With improved alignment to our internal waste tracking system, we have started disposing the generated waste on daily basis
which is resulting into 100% waste disposal from FY 2025
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name
of the external agency.: No

10. B
 riefly describe the waste management practices adopted in your establishments. Describe the strategy adopted by
your company to reduce usage of hazardous and toxic chemicals in your products and processes and the practices
adopted to manage such wastes.
Categories of Waste:
1. Solid Waste
• General Waste: Includes dry waste (wrappers, tissues) and wet waste (organic kitchen waste).
• Biomedical Waste (BMW): Comprises human anatomical waste and contaminated medical materials,
handled per the hospital’s BMW policy.
• Scrap: Recyclable materials such as iron, plastic, and cardboard, sold to authorised vendors.
• E-Waste: Discarded electrical and electronic equipment, managed as per ESG guidelines in partnership with
M/s Tritech Systems.

2. Liquid Waste
• Infected Liquids: Generated from surgical procedures and laboratory processes.
• Waste Oils: Includes used oil from kitchens and diesel generators, disposed of via authorised CPCB-approved
vendors.
• Wastewater: Treated through in-house STP and ETP systems before safe discharge into municipal drains.

Waste Disposal Practices

• General Waste: Routed through municipal channels.
• BMW: Disposed of via authorised regulatory partners.
• E-Waste: Collected, stored, and periodically disposed of per ESG policy.
• Scrap and Oils: Managed through approved vendors; disposal data is recorded and tracked.
• Wastewater: Treated in compliance with environmental norms to prevent contamination.

FY25 Key Initiatives

1. Shift to sustainable, low-carbon materials.
2. Promotion of recyclable and eco-friendly bags.
3. Use of eco-friendly toys in pediatric care.
4. Phase-out of plastic bags across operations.
5. Strict segregation and authorized disposal of all waste streams.
6. Reinforcement of the “Reduce, Reuse, Recycle” approach in operations.

11. I f the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries,
biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where environmental
approvals / clearances are required, please specify details in the following format:
Whether the conditions of environmental approval/
Sr. Location of
Type of operations clearance are being complied with? (Y/N)
no. operations/offices
If no, the reasons thereof and corrective action taken, if any.
Not applicable

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12. D
 etails of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the
current financial year:
EIA Whether conducted by Results communicated
Name and brief Relevant Web
Notification Date independent external in public domain
details of project link
No. agency (Yes/No) (Yes/No)
Not applicable

13. I s the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the Water
(Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment protection act
and rules thereunder (Y/N). If not, provide details of all such non-compliances, in the following format:
Yes, the Company is in compliance with all the relevant statutory regulations and guidelines. There were no cases of
non-compliances recorded during the financial year.

Leadership Indicators
1. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres):
For each facility/ plant located in areas of water stress, provide the following information:
i) Name of the area
ii) Nature of operations
iii) Water withdrawal, consumption and discharge in the following format:

Parameter FY 2025 FY 2024

Water withdrawal by source (in kilolitres)
i) Surface Water - -
ii) Ground Water - -
iii) Third Party Water - -
iv) Seawater / desalinated water - -
v) Others - -
Total volume of water withdrawal (in kilolitres) - -
Total volume of water consumption (in kilolitres) - -
Water intensity per rupee of turnover (Total Water consumption / - -
Revenue from operations)
Water intensity (optional) – the relevant metric may be selected by - -
the entity
Water discharge by destination and level of treatment (in kilolitres)
i) Into Surface water - -
- No treatment - -
- With treatment – please specify level of treatment - -
ii) Into Groundwater - -
- No treatment - -
- With treatment – please specify level of treatment - -
iii) Into Seawater - -
- No treatment - -
- With treatment – please specify level of treatment - -
iv) Sent to third-parties - -
- No treatment - -
- With treatment – please specify level of treatment - -
v) Others - -
- No treatment - -
- With treatment – please specify level of treatment - -
Total water discharged (in kilolitres) - -
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes,
name of the external agency.:No

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2. Please provide details of total Scope 3 emissions & its intensity, in the following format:
Parameter Unit FY 2025 FY 2024
Total Scope 3 emissions (Break-up of the GHG into Metric tonnes of - -
CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available) CO2 equivalent
Total Scope 3 emissions per rupee of turnover emissions per - -
rupee of turnover
Total Scope 3 emission intensity (optional) – the - -
relevant metric may be selected by the entity
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name
of the external agency.: No

3.  ith respect to the ecologically sensitive areas reported at Question 11 of Essential Indicators above, provide
W
details of significant direct & indirect impact of the entity on biodiversity in such areas along with prevention and
remediation activities.
There has been no significant direct or indirect impact on biodiversity.

4. I f the entity has undertaken any specific initiatives or used innovative technology or solutions to improve resource
efficiency or reduce impact due to emissions/effluent discharge/waste generated, please provide details of the
same as well as outcome of such initiatives, as per the following format:
Sr. Initiative Details of the initiative (Web-link, if any, may be
Outcome of the initiative
No undertaken provided along-with summary)
Solar Roof Renewable Energy Commissioning ( Solar Roof top) Green Energy Generated - 127146 KWH
top at Hydernagar, Himayat Nagar Co2 avoided - 113 Metric Tons
VFD Energy conservation, it was useful for Energy Power Savings - 271,764.12 KWH
Installation Conservation, consume less Energy in its Operation. Energy Savings - 303490 units of energy

5. Does the entity have a business continuity and disaster management plan? Give details in 100 words/ web link.
We prioritize comprehensive disaster management and business continuity to safeguard lives, protect assets, and
ensure uninterrupted delivery of critical healthcare services during both natural and man-made emergencies. Through a
National Network of Emergency Services and 24-hour trauma care capabilities, our hospitals are equipped to respond
effectively to diverse threats such as earthquakes, floods, fires, chemical spills, cyberattacks, and pandemics.
Annual site-specific risk assessments inform regularly updated disaster response plans, which include standardized
evacuation protocols, communication strategies, and medical triage procedures. Each facility develops unit-specific
evacuation plans based on a centralized SOP and conducts quarterly mock drills alongside safety training programs
covering various emergency scenarios. Strategic partnerships with nearby hospitals further strengthen our capacity to
manage patient transfers during crises.

Our robust Enterprise Risk Management framework, operating at Corporate, Regional, and Unit levels, systematically
identifies and mitigates risks that could impact sustainable growth and operational stability. Critical risks are reviewed
by the Audit, Risk & Compliance Committee and the Executive Leadership Team, ensuring policies remain aligned
with an evolving risk landscape. The organization-wide Business Continuity and Disaster Management Plan aims to
minimize downtime, financial losses, and service disruptions while enabling rapid recovery and coordinated responses.
Policies are accessible to all employees to foster preparedness and reinforce a culture of safety, resilience, and trust
positioning us to maintain excellence in patient care and organizational performance under any circumstances.

6. isclose any significant adverse impact to the environment, arising from the value chain of the entity. What mitigation
D
or adaptation measures have been taken by the entity in this regard.
The Company has not conducted any impact assessment of value chain partners w.r.t. direct or indirect impacts on
the environment.

7. Percentage of value chain partners (by value of business done with such partners) that were assessed for
environmental impacts.
The Company has not undertaken any assessments of its value chain partners

8. How many Green Credits have been generated or procured:

a. By the listed entity - Nil
b. By the top ten (in terms of value of purchases and sales, respectively) value chain partners - Nil

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PRINCIPLE 7:
Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and
transparent
Essential Indicators
1. a. Number of affiliations with trade and industry chambers/associations.
10

b.  ist the top 10 trade and industry chambers/associations (determined based on the total members of such
L
body) the entity is a member of/ affiliated to.
Reach of trade and industry
S.
Name of the trade and industry chambers/ associations chambers/ associations
No.
(State/National)
1 Associated Chambers of Commerce and Industry of India (ASSOCHAM) National
2 Directorate of Medical Education National
3 Telangana Super Specialty Hospitals Association State
4 Consortium of Accredited Healthcare Organizations (CAHO) National
5 Association of Healthcare Providers India (AHPI) National
6 Confederation of Indian Industry (CII) - Healthcare Council National
7 Healthcare Federation of India (NATHEALTH) National
8 Indian Medical Association (IMA) National
9 National Accreditation Board for Hospitals & Healthcare Providers (NABH) National
10 Federation of Telangana Chambers of Commerce and Industry (FTCCI) State

2.  rovide details of corrective action taken or underway on any issues related to anti-competitive conduct by the
P
entity, based on adverse orders from regulatory authorities.
Name of authority Brief of the case Corrective action taken
Not applicable

Leadership Indicators
1. Details of public policy positions advocated by the entity:
Method Whether information Frequency of Review by Board
S. Public policy Web Link, if
resorted for available in public (Annually/ Half yearly/ Quarterly
No. advocated available
such advocacy domain? (Yes/No) / Others – please specify)
- - - - - -

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PRINCIPLE 8:

Businesses should promote inclusive growth and equitable development

Essential Indicators
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the
current financial year
SIA Whether conducted by Results communicated
Name and brief Date of Relevant Web
Notification independent external in public domain
details of project notification link
No. agency (Yes / No) (Yes / No)
Not applicable

2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken by
your entity, in the following format:
No. of Project Amounts paid to
S. Name of Project for % of PAFs
State District Affected Families PAFs in the FY (In
No which R&R is ongoing covered by R&R
(PAFs) INR)
Not applicable

3. Describe the mechanisms to receive and redress grievances of the community.

Rainbow has established a comprehensive grievance redressal mechanism to ensure that concerns raised by local
communities are addressed promptly and effectively. The key channels include:

1. Multi-Channel Communication Access:

Rainbow provides a dedicated email ID, toll-free number, and official social media handles through which
community members can raise concerns. Any query or complaint received via these channels is promptly directed
to the respective operational unit for resolution.

2. On-Ground Public Relations Support:

Each operational unit is supported by a dedicated Public Relations Officer (PRO). When a concern is raised, the
PRO ensures it is communicated to the relevant department or functionary and follows through to facilitate a
timely resolution.

3. Engagement with Local Authorities:

Community members also have the option to report concerns directly to relevant local government authorities
such as the Police Department, Health Department, or Municipal Corporation. Rainbow fully cooperates with
these authorities to resolve issues.

In all cases, Rainbow treats community concerns with utmost seriousness and ensures that a clear and timely
resolution is communicated back to the concerned community members.

4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:
FY 2025 FY 2024
Directly sourced from MSMEs/ small producers 62% 83%
Directly from within India 100% 100%

5. Job creation in smaller towns – Disclose wages paid to persons employed (including employees or workers
employed on a permanent or non-permanent / on contract basis) in the following locations, as % of total wage
cost
Location FY 2025 FY 2024
Rural - -
Semi-urban - -
Urban - -
Metropolitan 100% 100%
(Place to be categorized as per RBI Classification System - rural / semi-urban / urban / metropolitan)

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Leadership Indicators
1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact Assessments
(Reference: Question 1 of Essential Indicators above):
Details of negative social impact identified Corrective action taken
Not applicable

2.  rovide the following information on CSR projects undertaken by your entity in designated aspirational districts as
P
identified by government bodies:
Sr. No. State Aspirational District Amount spent (In INR)
Not applicable

3.a. Do you have a preferential procurement policy where you give preference to purchase from suppliers comprising
marginalized/ vulnerable group? (Yes/ No)
No

b. From which marginalized /vulnerable groups do you procure?

Not Applicable

c. What percentage of total procurement (by value) does it constitute?

Not Applicable

4.  etails of the benefits derived and shared from the intellectual properties owned or acquired by your entity (in the
D
current financial year), based on traditional knowledge:
S. Intellectual Property based on traditional Owned/ Acquired Benefit shared Basis of calculating
No. knowledge (Yes/No) (Yes / No benefit share
- NIL NIL NIL NIL

5.  etails of corrective actions taken or underway, based on any adverse order in intellectual property-related disputes
D
wherein usage of traditional knowledge is involved.
Name of authority Brief of the Case Corrective action taken
N.A N.A N.A

6. Details of beneficiaries of CSR Projects:

No. of persons % of beneficiaries
S.
CSR Project benefitted from from vulnerable and
No
CSR Projects marginalized groups
1 Installation of RO Plant for Clean Drinking Water in Chiramana 2,000 15%
Village, Nellore Dist, AP
2 Awareness and Drive for Blood Stem Cell Preservation, 56 20%
Gangadhar Dist, Rajasthan
3 Support to Emerging Sports Talent – Sanjana Sirimalla from 1 N.A
Telangana, India

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PRINCIPLE 9:
Businesses should engage with and provide value to their consumers in a responsible manner
Essential indicators
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
The Company has a multi-channel feedback system for collecting customer input. Outpatient (OP) feedback is
gathered via SMS, while inpatient (IP) feedback is collected through the in-house app before discharge. Customers can
also share feedback via the website, call center, or email at [email protected]. All feedback is shared with
relevant teams for action, and the process is being upgraded with new, centralized touchpoints.

2.  urnover of products and/ services as a percentage of turnover from all products/services that carry information
T
about:
As a percentage to total turnover
Environmental and social parameters relevant to the product
Safe and responsible usage Not applicable
Recycling and/or safe disposal

3. Number of consumer complaints in respect of the following:

FY 2025 FY 2024
Received Pending Received Pending
Remarks Remarks
during the resolution at during the resolution at
year end of year year end of year
Data privacy Nil Nil - Nil Nil -
Advertising Nil Nil - Nil Nil -
Cyber-security Nil Nil – Nil Nil -
Delivery of essential services 21* 7 - 2,629 9 -
Restrictive Trade Practices Nil Nil - Nil Nil -
Unfair Trade Practices Nil Nil - Nil Nil -
Others (Products defects Nil Nil - Nil Nil -
reported)
*In the current reporting year, the cases which were converted into a form of legal notices are considered.

4. Details of instances of product recalls on account of safety issues:

Number Reasons for recall
Voluntary recalls 0 -
Forced recalls 0 -

5. oes the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If available,
D
provide a web-link of the policy.
Rainbow Hospitals is committed to protecting personal privacy through a strong cybersecurity framework and data
privacy policy. It follows industry standards with continuous monitoring, risk assessments, and staff training. The privacy
policy, available at https://www.rainbowhospitals.in/terms-and-conditions,outlines how personal information is
collected, used, and secured.

6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of essential
services; cyber security and data privacy of customers; re-occurrence of instances of product recalls; penalty/
action taken by regulatory authorities on safety of products/services.
None

7.Provide the following information relating to data breaches:

a. Number of instances of data breaches
NIL

b. Percentage of data breaches involving personally identifiable information of customers

NIL

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c. Impact, if any, of the data breaches

NIL

Leadership Indicators
1. Channels/platforms where information on products and services of the entity can be accessed (provide web link, if
available).
The website features details regarding the company’s healthcare services. The link for the website is https://
www.rainbowhospitals.in/
Linkedin: https://in.linkedin.com/company/rainbow-hospital
Instagram: https://www.instagram.com/rainbowchildrenshospitals/?hl=en
Twitter: https://twitter.com/rch_india?lang=en
Facebook: https://www.facebook.com/rainbowchildrenshospitals

2. Steps taken to inform and educate consumers about safe and responsible usage of products and/ or services.
Not Applicable owing to the nature of business

3. Mechanisms in place to inform consumers of any risk of disruption/ discontinuation of essential services.
The company had hired a prominent consulting firm to conduct a Risk Assessment study to pinpoint potential
vulnerabilities. Upon identification, necessary measures were promptly taken to resolve the issues. Furthermore, to
safeguard the availability of its website, the Company chose AWS as its hosting platform, benefiting from default Business
Continuity Planning (BCP) strategies

4. A. Does the entity display product information on the product over and above what is mandated as per local laws?
(Yes/No/Not Applicable)
Not Applicable

B. If yes, provide details in brief. Did your entity carry out any survey with regard to consumer satisfaction relating
to the major products / services of the entity, significant locations of operation of the entity or the entity as a
whole? (Yes/No)
Rainbow Children’s Medicare Limited actively conducts regular surveys to evaluate customer satisfaction across
key services and major operational locations. Patient feedback is primarily collected through SMS for Outpatient
Department (OPD) and call center services. Additionally, the Company captures Net Promoter Scores (NPS)
through both outpatient and inpatient feedback forms and closely monitors its Google My Business (GMB) ratings.

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Independent auditor’s report

To the Members of Rainbow Children’s Medicare Limited
Report on the Audit of the Standalone Financial Statements

OPINION that are relevant to our audit of the financial statements

We have audited the standalone financial statements of under the provisions of the Act and the Rules thereunder,
Rainbow Children’s Medicare Limited (“the Company”), and we have fulfilled our other ethical responsibilities in
which comprise the Balance sheet as at March 31, 2025, accordance with these requirements and the Code of
the Statement of Profit and Loss, including the statement Ethics. We believe that the audit evidence we have obtained
of Other Comprehensive Income, the Cash Flow Statement is sufficient and appropriate to provide a basis for our audit
and the Statement of Changes in Equity for the year then opinion on the standalone financial statements.
ended, and notes to the standalone financial statements,
including a summary of material accounting policies and KEY AUDIT MATTERS
other explanatory information. Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
In our opinion and to the best of our information and
standalone financial statements for the financial year ended
according to the explanations given to us, the aforesaid
March 31, 2025. These matters were addressed in the
standalone financial statements give the information
context of our audit of the standalone financial statements
required by the Companies Act, 2013, as amended (“the
as a whole, and in forming our opinion thereon, and we do
Act”) in the manner so required and give a true and fair
not provide a separate opinion on these matters. For each
view in conformity with the accounting principles generally
accepted in India, of the state of affairs of the Company as matter below, our description of how our audit addressed
at March 31, 2025, its profit including other comprehensive the matter is provided in that context.
income, its cash flows and the changes in equity for the year
ended on that date. We have determined the matters described below to be
the key audit matters to be communicated in our report.
BASIS FOR OPINION We have fulfilled the responsibilities described in the
We conducted our audit of the standalone financial Auditor’s responsibilities for the audit of the standalone
statements in accordance with the Standards on Auditing financial statements section of our report, including in
(SAs), as specified under section 143(10) of the Act. relation to these matters. Accordingly, our audit included
Our responsibilities under those Standards are further the performance of procedures designed to respond to
described in the ‘Auditor’s Responsibilities for the Audit of our assessment of the risks of material misstatement of the
the Standalone Financial Statements’ section of our report. standalone financial statements. The results of our audit
We are independent of the Company in accordance with procedures, including the procedures performed to address
the ‘Code of Ethics’ issued by the Institute of Chartered the matters below, provide the basis for our audit opinion
Accountants of India together with the ethical requirements on the accompanying standalone financial statements.

Key audit matters How our audit addressed the key audit matter
Impairment of loan receivable (as described in Note 2.10 of the standalone financial statements)
In the earlier years, the Company has given an unsecured In view of the significance of the matter, we performed the
loan to an external party (Madhukar Rainbow Children’s following procedures:
Hospital). As at March 31, 2025 the loan outstanding
1. Evaluated the design and implementation and tested
balance is ` 327.72 million (including Interest accrued of
operating effectiveness of key internal controls over the
` 124.25 million).
Company’s impairment assessment process of the loan
Due to the insufficient cash profits in the aforementioned receivable.
party for the repayment of the loan, the Company is exposed
2. Traced interest paid during the year to bank statements
to risk in respect of the recoverability of the loan.
and assessed the compliance with the stipulated terms
The Company carries out assessment of recoverability of the loan agreement.
of these loans and impairment at every period end. This
3. Obtained independent confirmation of balances as at
assessment uses several key assumptions including estimates
March 31, 2025 from the external party.
of future cash flows, discount rate and growth rate.

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Key audit matters How our audit addressed the key audit matter
We have identified impairment of loan as a key audit matter 4. Assessed the net worth of the external party on the basis
due to: of latest available financial statements.
• the significance of the carrying value of the loan; 5. Obtained the business projections of the external
party from Management and performed the following
• assessment of impairment involves Company’s significant
procedures:
judgement and estimates.
Compared the actual revenues and cash flows
• 
generated by the external party during the year with
the budgets and estimates of the previous year.
• 
Evaluated the reasonability of future cash flow
projections prepared by the Management with
respect to the key assumptions which include
discount rate and growth rate.
Involved our internal experts to assess the
• 
methodology and key assumptions used for
impairment assessment by management.
6. Verified the classification and disclosures of the loans in
accordance with Schedule III of the Act and Ind-AS.
Impairment of investment (as described in Note 2.2 of the standalone financial statements)
The Company has a total gross investment of ` 324.11 million In view of the significance of the matter, we performed the
in one of the wholly owned subsidiary companies (Rosewalk following procedures:
Healthcare Private Limited) as at March 31, 2025.
1. Evaluated the design and implementation and tested
Due to continued losses incurred by the subsidiary until operating effectiveness of key internal controls over
previous year, the Company is exposed to risk in respect of the Company’s impairment assessment process of the
the recoverability of its aforesaid investment. investment including the completeness and accuracy
of the input data considered, reasonableness of
The Company carries out assessment of the impairment at
assumptions considered in determining the present
every reporting period end. This assessment uses several
value of future cash flows.
key assumptions including estimates of future cash flows,
discount rate and growth rate. 2. Obtained the business projections of the subsidiary and
performed the following procedures:
We have identified impairment of investment as a key audit
matter due to: • Compared the actual revenues and cash flows
generated by the subsidiary during the year with the
• the significance of the carrying value of the investment;
budgets. Agreeing current forecast with the approval
• assessment of impairment involves Company’s significant of board of directors as well as our own assessment
judgement and estimates. based on our knowledge of the entity.
Evaluated the management’s future cash flow
• 
projections with regard to the appropriateness of
key assumptions considered, including discount
rate, growth rate, sensitivity analysis of the key
assumptions etc, and duly considering the historical
accuracy of the Company’s estimate in the prior
periods and comparison of the assumptions with
observable market data wherever available.
• 
Involved our internal experts to assess the
methodology and key assumptions used for
impairment assessment by management.
3. Assessed the adequacy of the disclosures in the
standalone financial statements.

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OTHER INFORMATION Those Board of Directors are also responsible for overseeing
The Company’s Board of Directors is responsible for the the Company’s financial reporting process.
other information. The other information comprises the
Board’s report to be included in the Annual report, but does AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF
not include the standalone financial statements and our THE STANDALONE FINANCIAL STATEMENTS
auditor’s report thereon. The Company’s Annual report is Our objectives are to obtain reasonable assurance about
expected to be made available to us after the date of this whether the standalone financial statements as a whole
auditor’s report. are free from material misstatement, whether due to fraud
or error, and to issue an auditor’s report that includes our
Our opinion on the standalone financial statements does opinion. Reasonable assurance is a high level of assurance,
not cover the other information and we do not express any but is not a guarantee that an audit conducted in accordance
form of assurance conclusion thereon. with SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are
In connection with our audit of the standalone financial considered material if, individually or in the aggregate, they
statements, our responsibility is to read the other information could reasonably be expected to influence the economic
and, in doing so, consider whether such other information decisions of users taken on the basis of these standalone
is materially inconsistent with the financial statements financial statements.
or our knowledge obtained in the audit or otherwise
appears to be materially misstated. If, based on the work As part of an audit in accordance with SAs, we exercise
we have performed, we conclude that there is a material professional judgment and maintain professional skepticism
misstatement of this other information, we are required to throughout the audit. We also:
report that fact. We have nothing to report in this regard.
• Identify and assess the risks of material misstatement
RESPONSIBILITIES OF MANAGEMENT FOR THE of the standalone financial statements, whether due
STANDALONE FINANCIAL STATEMENTS to fraud or error, design and perform audit procedures
The Company’s Board of Directors is responsible for the responsive to those risks, and obtain audit evidence
matters stated in section 134(5) of the Act with respect to that is sufficient and appropriate to provide a basis
the preparation of these standalone financial statements for our opinion. The risk of not detecting a material
that give a true and fair view of the financial position, financial misstatement resulting from fraud is higher than for
performance including other comprehensive income, cash one resulting from error, as fraud may involve collusion,
flows and changes in equity of the Company in accordance forgery, intentional omissions, misrepresentations, or
with the accounting principles generally accepted in India, the override of internal control.
including the Indian Accounting Standards (Ind AS) specified
under section 133 of the Act read with the Companies • Obtain an understanding of internal control relevant
(Indian Accounting Standards) Rules, 2015, as amended. to the audit in order to design audit procedures that
This responsibility also includes maintenance of adequate are appropriate in the circumstances. Under section
accounting records in accordance with the provisions of 143(3)(i) of the Act, we are also responsible for
the Act for safeguarding of the assets of the Company and expressing our opinion on whether the Company has
for preventing and detecting frauds and other irregularities; adequate internal financial controls with reference
selection and application of appropriate accounting policies; to financial statements in place and the operating
making judgments and estimates that are reasonable and effectiveness of such controls.
prudent; and the design, implementation and maintenance
• Evaluate the appropriateness of accounting policies
of adequate internal financial controls, that were operating
used and the reasonableness of accounting estimates
effectively for ensuring the accuracy and completeness
and related disclosures made by management.
of the accounting records, relevant to the preparation
and presentation of the standalone financial statements
• Conclude on the appropriateness of management’s
that give a true and fair view and are free from material
use of the going concern basis of accounting and,
misstatement, whether due to fraud or error.
based on the audit evidence obtained, whether
a material uncertainty exists related to events or
In preparing the standalone financial statements,
conditions that may cast significant doubt on the
management is responsible for assessing the Company’s
Company’s ability to continue as a going concern.
ability to continue as a going concern, disclosing, as
If we conclude that a material uncertainty exists, we
applicable, matters related to going concern and using the
are required to draw attention in our auditor’s report to
going concern basis of accounting unless management
the related disclosures in the financial statements or, if
either intends to liquidate the Company or to cease
such disclosures are inadequate, to modify our opinion.
operations, or has no realistic alternative but to do so.
Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report.

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However, future events or conditions may cause the (c) The Balance Sheet, the Statement of Profit
Company to cease to continue as a going concern. and Loss including the Statement of Other
Comprehensive Income, the Cash Flow
• Evaluate the overall presentation, structure and content Statement and Statement of Changes in Equity
of the standalone financial statements, including the dealt with by this Report are in agreement with
disclosures, and whether the standalone financial the books of account;
statements represent the underlying transactions and
events in a manner that achieves fair presentation. (d) In our opinion, the aforesaid standalone financial
statements comply with the Accounting Standards
We communicate with those charged with governance specified under Section 133 of the Act, read with
regarding, among other matters, the planned scope and Companies (Indian Accounting Standards) Rules,
timing of the audit and significant audit findings, including 2015, as amended;
any significant deficiencies in internal control that we
identify during our audit. (e) 
On the basis of the written representations
received from the directors as on March 31, 2025
We also provide those charged with governance with a taken on record by the Board of Directors, none of
statement that we have complied with relevant ethical the directors is disqualified as on March 31, 2025
requirements regarding independence, and to communicate from being appointed as a director in terms of
with them all relationships and other matters that may Section 164 (2) of the Act;
reasonably be thought to bear on our independence, and
where applicable, related safeguards. (f) The modification relating to the maintenance of
accounts and other matters connected therewith
From the matters communicated with those charged with are as stated in the paragraph 2(b) above;
governance, we determine those matters that were of
most significance in the audit of the standalone financial (g) 
With respect to the adequacy of the internal
statements for the financial year ended March 31, 2025 financial controls with reference to these
and are therefore the key audit matters. We describe these standalone financial statements and the
matters in our auditor’s report unless law or regulation operating effectiveness of such controls, refer to
precludes public disclosure about the matter or when, in our separate Report in “Annexure 2” to this report;
extremely rare circumstances, we determine that a matter
should not be communicated in our report because the (h) In our opinion, the managerial remuneration for
adverse consequences of doing so would reasonably the year ended March 31, 2025 has been paid
be expected to outweigh the public interest benefits of / provided by the Company to its directors in
such communication. accordance with the provisions of section 197
read with Schedule V to the Act;
REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS (i) With respect to the other matters to be included
1. As required by the Companies (Auditor’s Report) in the Auditor’s Report in accordance with
Order, 2020 (“the Order”), issued by the Central Rule 11 of the Companies (Audit and Auditors)
Government of India in terms of sub-section (11) of Rules, 2014, as amended in our opinion and to
section 143 of the Act, we give in the “Annexure 1” a the best of our information and according to the
statement on the matters specified in paragraphs 3 explanations given to us:
and 4 of the Order.
i. The Company has disclosed the impact of
2. As required by Section 143(3) of the Act, we report, to pending litigations on its financial position
the extent applicable, that: in its standalone financial statements
– Refer Note 2.28 to the standalone
(a) We have sought and obtained all the information financial statements;
and explanations which to the best of our
knowledge and belief were necessary for the ii. The Company did not have any long-term
purposes of our audit; contracts including derivative contracts
for which there were any material
(b) 
In our opinion, proper books of account as foreseeable losses;
required by law have been kept by the Company
so far as it appears from our examination of iii. There were no amounts which were required
those books except for the matters stated in to be transferred to the Investor Education
the paragraph 2(i)(vi) below on reporting under and Protection Fund by the Company.
Rule 11(g);

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iv. a) The management has represented As stated in note 2.13 to the standalone
that, to the best of its knowledge and financial statements, the Board of Directors
belief, no funds have been advanced of the Company have proposed final
or loaned or invested (either from dividend for the year which is subject to
borrowed funds or share premium or the approval of the members at the ensuing
any other sources or kind of funds) Annual General Meeting. The dividend
by the Company to or in any other declared is in accordance with section
person(s) or entity(ies), including 123 of the Act to the extent it applies to
foreign entities (“Intermediaries”), declaration of dividend.
with the understanding, whether
recorded in writing or otherwise, vi. Based on our examination which included test
that the Intermediary shall, whether, checks, the Company has used accounting
directly or indirectly lend or invest in software for maintaining its books of account
other persons or entities identified (SAP) and software for maintenance of
in any manner whatsoever by or on hospital related revenue and consumption
behalf of the Company (“Ultimate records (Arcus Air) which has a feature of
Beneficiaries”) or provide any recording audit trail (edit log) facility and
guarantee, security or the like on behalf the same has operated throughout the year
of the Ultimate Beneficiaries; for all relevant transactions recorded in the
software’s except that, audit trail feature is
b) The management has represented not enabled for direct changes to data when
that, to the best of its knowledge and using certain access rights, as described
belief, no funds have been received in note 2.49 to the standalone financial
by the Company from any person(s) statements. Further, during the course of our
or entity(ies), including foreign audit we did not come across any instance
entities (“Funding Parties”), with the of audit trail feature being tampered with, in
understanding, whether recorded in respect of the software’s where the audit trail
writing or otherwise, that the Company has been enabled. Additionally, the audit trail
shall, whether, directly or indirectly, lend in respect of Arcus Air has been preserved
or invest in other persons or entities for a period of 3 months by the Company
identified in any manner whatsoever which is integrated to SAP on daily basis for
by or on behalf of the Funding Party all financial data and for SAP the audit trail
(“Ultimate Beneficiaries”) or provide any of prior year has been preserved as per the
guarantee, security or the like on behalf statutory requirements for record retention
of the Ultimate Beneficiaries; and to the extent it was enabled and recorded in
the respective year.
Based on such audit procedures
c) 
performed that have been considered For S.R. Batliboi & Associates LLP
reasonable and appropriate in the Chartered Accountants
circumstances, nothing has come ICAI Firm Registration Number: 101049W/E300004
to our notice that has caused us to
believe that the representations under
sub-clause (a) and (b) contain any ______________________________
material misstatement. per Atin Bhargava
Partner
v. The final dividend paid by the Company Membership Number: 504777
during the year in respect of the same UDIN: 25504777BMOCMR4950
declared for the previous year is in
accordance with section 123 of the Act to Place of Signature: Hyderabad
the extent it applies to payment of dividend. Date: May 24, 2025

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Annexure ‘1’ referred to in paragraph 1 under the heading “Report on

other legal and regulatory requirements” of our report of even date
Re: Rainbow Children’s Medicare Limited (“the Company”)

In terms of the information and explanations sought by us stocks and the book records that were more than
and given by the Company and the books of account and 10% in the aggregate of each class of inventory.
records examined by us in the normal course of audit and to
the best of our knowledge and belief, we state that: (b) The Company has not been sanctioned working
capital limits in excess of five crores in aggregate
(i) (a) (A) The Company has maintained proper from banks or financial institutions during any
records showing full particulars, including point of time of the year on the basis of security
quantitative details and situation of Property, of current assets. Accordingly, the requirement
Plant and Equipment. to report on clause 3(ii)(b) of the Order is not
applicable to the Company.
(a) (B) The Company has maintained proper records
showing full particulars of intangible assets. (iii) (a) 
During the year the Company has provided
advances in the nature of loans to other
(b) The Company has a regular program of physical parties as follows:
verification of its Property, Plant and Equipment
Advances
by which all property, plant and equipment are Loans
in nature of
verified in a phased manner over a period of three (` in
loans (` in
years. In accordance with this program, certain million)
million)
property, plant and equipment were verified
Aggregate amount
during the year. In our opinion, this periodicity of
granted/ provided
physical verification is reasonable having regard
during the year
to the size of the Company and the nature of its
- Subsidiaries Nil Nil
assets. No material discrepancies were noticed
- Others Nil 49.31
on such verification.
Balance outstanding as
at balance sheet date in
(c) The title deeds of all the immovable properties
respect of above cases
(other than properties where the Company is
- Subsidiaries 2.00 Nil
the lessee and the lease agreements are duly
- Others 203.47 35.27
executed in favour of the lessee) are held in the
name of the Company. (b) The terms and conditions of the grant of advances
in the nature of loans to other parties are not
(d) The Company has not revalued its Property, prejudicial to the Company’s interest.
Plant and Equipment (including Right of use
assets) or intangible assets during the year ended (c) The Company has granted loans and advance in
March 31, 2025. the nature of loans during the year to companies
and other parties where the schedule of
(e) There are no proceedings initiated or are pending repayment of principal and payment of interest
against the Company for holding any benami has been stipulated and the repayment or
property under the Prohibition of Benami receipts are regular.
Property Transactions Act, 1988 and rules
made thereunder. (d) There are no amounts of loans and advances
in the nature of loans granted to companies
(ii) (a) The management has conducted physical and other parties which are overdue for more
verification of inventory at reasonable intervals than ninety days.
during the year. In our opinion the coverage
and the procedure of such verification by the (e) 
During the year, the Company has extended
management is appropriate. No discrepancies the loan to these parties which had fallen due
were noticed on verification between the physical during the year.

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The aggregate amount of such dues extended (v) The Company has neither accepted any deposits
and the percentage of the aggregate to the total from the public nor accepted any amounts which are
loans granted during the year are as follows: deemed to be deposits within the meaning of sections
73 to 76 of the Companies Act and the rules made
Percentage of
Aggregate amount thereunder, to the extent applicable. Accordingly, the
the aggregate
of overdues of requirement to report on clause 3(v) of the Order is not
to the total
existing loans applicable to the Company.
Name of loans or
renewed or
Parties advances in
extended or We have broadly reviewed the books of account
(vi) 
the nature of
settled by fresh maintained by the Company pursuant to the rules made
loans granted
loans by the Central Government for the maintenance of cost
during the year
records under section 148(1) of the Companies Act,
Madhukar ` 203.47 million 80% 2013, related to healthcare services, and are of the
Rainbow opinion that prima facie, the specified accounts and
Children’s records have been made and maintained. We have not,
hospital
however, made a detailed examination of the same.

(f) The Company has not granted any advances in (vii) (a) The Company is regular in depositing with
the nature of loans, either repayable on demand appropriate authorities undisputed statutory dues
or without specifying any terms or period of including goods and services tax, provident fund,
repayment to other parties. Accordingly, the employees’ state insurance, income-tax, cess and
requirement to report on clause 3(iii)(f) of the other statutory dues applicable to it. According to
Order is not applicable to the Company. the information and explanations given to us and
based on audit procedures performed by us, no
(iv) The Company has not advanced loans to directors / undisputed amounts payable in respect of these
to a Company in which the director is interested to statutory dues were outstanding, at the year end,
which provisions of section 185 of the Companies for a period of more than six months from the
Act 2013 apply and hence not commented upon. date they became payable.
Loans, investments, guarantees and security in
respect of which provisions of 186 of the Companies The provisions relating to sales-tax, service tax,
Act, 2013 are applicable have been complied with duty of customs, duty of excise, value added tax
by the Company. are not applicable to the Company.

(b) The dues of luxury tax and income tax which have not been deposited on accounted of any dispute are as follows:
Amount Amount paid
Name of the Nature of Period to which Forum where the dispute
(` in under protest
statute the dues the amount relates is pending
millions) (` in millions)
Andhra Pradesh Luxury tax 18.55 8.30 Financial year High court of Telangana
Tax on Luxuries 2010-11 to
Act, 1987 2013-14
Income Tax Act, Tax and 6.40 Nil Financial year Joint Commissioner
1961 interest 2022-23 (Appeals) or the
thereon Commissioner of
Income-tax (Appeals)

(viii) The Company has not surrendered or disclosed any (b) The Company has not been declared wilful
transaction, previously unrecorded in the books of defaulter by any bank or financial institution or
account, in the tax assessments under the Income Tax government or any government authority.
Act, 1961 as income during the year. Accordingly, the
(c) The Company did not have any term loans
requirement to report on clause 3(viii) of the Order is
outstanding during the year hence, the
not applicable to the Company.
requirement to report on clause (ix)(c) of the
Order is not applicable to the Company.
(ix) (a) The Company did not have any outstanding
loans or borrowings or interest thereon due (d) The Company did not raise any funds during
to any lender during the year. Accordingly, the the year hence, the requirement to report on
requirement to report on clause ix(a) of the Order clause (ix)(d) of the Order is not applicable
is not applicable to the Company. to the Company.

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Integrated Annual Report 2024-25

(e) 
On an overall examination of the standalone (b) The internal audit reports of the Company issued
financial statements of the Company, the till the date of the audit report, for the period
Company has not taken any funds from any entity under audit have been considered by us.
or person on account of or to meet the obligations
of its subsidiaries. (xv) The Company has not entered into any non-cash
transactions with its directors or persons connected with its
(f) The Company has not raised loans during the year directors and hence requirement to report on clause 3(xv)
on the pledge of securities held in its subsidiaries. of the Order is not applicable to the Company.
Hence, the requirement to report on clause (ix)(f)
of the Order is not applicable to the Company. (xvi) (a) The provisions of section 45-IA of the Reserve
Bank of India Act, 1934 (2 of 1934) are not
(x) (a) The Company has not raised any money during applicable to the Company. Accordingly, the
the year by way of initial public offer / further requirement to report on clause (xvi)(a) of the
public offer (including debt instruments) hence, Order is not applicable to the Company.
the requirement to report on clause 3(x)(a) of the
Order is not applicable to the Company (refer (b) The Company is not engaged in any non-banking
financial or housing finance activities.
note 2.48 for details on utilisation of money raised
Accordingly, the requirement to report on
by way of initial public offer in the previous year).
clause (xvi)(b) of the Order is not applicable
to the Company.
(b) The Company has not made any preferential
allotment or private placement of shares /fully
(c) The Company is not a Core Investment Company
or partially or optionally convertible debentures
as defined in the regulations made by Reserve
during the year under audit and hence, the
Bank of India. Accordingly, the requirement to
requirement to report on clause 3(x)(b) of the
report on clause 3(xvi)(c) of the Order is not
Order is not applicable to the Company.
applicable to the Company.

No fraud by the Company or no fraud on

(xi) (a) 
(d) There is no Core Investment Company as a part
the Company has been noticed or reported
of the Group, hence, the requirement to report
during the year.
on clause 3(xvi)(d) of the Order is not applicable
to the Company.
(b) During the year, no report under sub-section (12)
of section 143 of the Companies Act, 2013 has (xvii) The Company has not incurred cash losses in the
been filed by cost auditor/ secretarial auditor or current financial year. The Company has not incurred
by us in Form ADT – 4 as prescribed under Rule cash losses in the immediately preceding financial year.
13 of Companies (Audit and Auditors) Rules,
2014 with the Central Government. (xviii) There has been no resignation of the statutory auditors
during the year and accordingly requirement to report
(c) As represented to us by the management, there on Clause 3(xviii) of the Order is not applicable
are no whistle blower complaints received by the to the Company.
Company during the year.
(xix) 
On the basis of the financial ratios disclosed in
(xii) The Company is not a nidhi Company as per the note 2.44 to the standalone financial statements,
provisions of the Companies Act, 2013. Therefore, the ageing and expected dates of realization of financial
requirement to report on clause 3(xii)(a), (b) and (c) of assets and payment of financial liabilities, other
the Order is not applicable to the Company. information accompanying the financial statements,
our knowledge of the Board of Directors and
(xiii) Transactions with the related parties are in compliance management plans and based on our examination
with sections 177 and 188 of Companies Act, 2013 of the evidence supporting the assumptions, nothing
where applicable and the details have been disclosed has come to our attention, which causes us to believe
in the notes to the standalone financial statements, as that any material uncertainty exists as on the date
required by the applicable accounting standards. of the audit report that Company is not capable of
meeting its liabilities existing at the date of balance
(xiv) (a) The Company has an internal audit system sheet as and when they fall due within a period of one
commensurate with the size and nature year from the balance sheet date. We, however, state
of its business. that this is not an assurance as to the future viability

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of the Company. We further state that our reporting is special account in compliance of with provisions
based on the facts up to the date of the audit report of sub section (6) of section 135 of the said Act.
and we neither give any guarantee nor any assurance This matter has been disclosed in note 2.37 to
that all liabilities falling due within a period of one year the standalone financial statements.
from the balance sheet date, will get discharged by
the Company as and when they fall due. For S.R. Batliboi & Associates LLP
Chartered Accountants
(xx) (a) In respect of other than ongoing projects, there ICAI Firm Registration Number: 101049W/E300004
are no unspent amounts that are required to be
transferred to a fund specified in Schedule VII of
the Companies Act (the Act), in compliance with ______________________________
second proviso to sub section 5 of section 135 per Atin Bhargava
of the Act. This matter has been disclosed in note Partner
2.37 to the standalone financial statements. Membership Number: 504777
UDIN: 25504777BMOCMR4950
(b) All amounts that are unspent under section (5)
of section 135 of Companies Act, pursuant to Place of Signature: Hyderabad
any ongoing project, has been transferred to Date: May 24, 2025

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Integrated Annual Report 2024-25

Annexure ‘2’ to the independent auditor’s report of even date on the

standalone financial statements of Rainbow Children’s Medicare Limited
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act,
2013 (“the Act”)

We have audited the internal financial controls with financial statements included obtaining an understanding
reference to standalone financial statements of Rainbow of internal financial controls with reference to these
Children’s Medicare Limited (“the Company”) as of standalone financial statements, assessing the risk that a
March 31, 2025 in conjunction with our audit of the material weakness exists, and testing and evaluating the
standalone financial statements of the Company for the design and operating effectiveness of internal control based
year ended on that date. on the assessed risk. The procedures selected depend on
the auditor’s judgement, including the assessment of the
MANAGEMENT’S RESPONSIBILITY FOR INTERNAL risks of material misstatement of the financial statements,
FINANCIAL CONTROLS whether due to fraud or error.
The Company’s Management is responsible for establishing
and maintaining internal financial controls based on the We believe that the audit evidence we have obtained is
internal control over financial reporting criteria established sufficient and appropriate to provide a basis for our audit
by the Company considering the essential components of opinion on the Company’s internal financial controls with
internal control stated in the Guidance Note on Audit of reference to these standalone financial statements.
Internal Financial Controls Over Financial Reporting issued
by the Institute of Chartered Accountants of India (“ICAI”). MEANING OF INTERNAL FINANCIAL CONTROLS
These responsibilities include the design, implementation WITH REFERENCE TO THESE STANDALONE
and maintenance of adequate internal financial controls FINANCIAL STATEMENTS
that were operating effectively for ensuring the orderly and A company’s internal financial controls with reference to
efficient conduct of its business, including adherence to standalone financial statements is a process designed
the Company’s policies, the safeguarding of its assets, the to provide reasonable assurance regarding the reliability
prevention and detection of frauds and errors, the accuracy of financial reporting and the preparation of financial
and completeness of the accounting records, and the timely statements for external purposes in accordance with
preparation of reliable financial information, as required generally accepted accounting principles. A company’s
under the Companies Act, 2013. internal financial controls with reference to standalone
financial statements includes those policies and
AUDITOR’S RESPONSIBILITY procedures that (1) pertain to the maintenance of records
Our responsibility is to express an opinion on the Company’s that, in reasonable detail, accurately and fairly reflect the
internal financial controls with reference to these standalone transactions and dispositions of the assets of the company;
financial statements based on our audit. We conducted (2) provide reasonable assurance that transactions are
our audit in accordance with the Guidance Note on Audit recorded as necessary to permit preparation of financial
of Internal Financial Controls Over Financial Reporting statements in accordance with generally accepted
(the “Guidance Note”) and the Standards on Auditing, as accounting principles, and that receipts and expenditures
specified under section 143(10) of the Act, to the extent of the company are being made only in accordance
applicable to an audit of internal financial controls, both with authorisations of management and directors of the
issued by ICAI. Those Standards and the Guidance Note company; and (3) provide reasonable assurance regarding
require that we comply with ethical requirements and plan prevention or timely detection of unauthorised acquisition,
and perform the audit to obtain reasonable assurance about use, or disposition of the company’s assets that could have
whether adequate internal financial controls with reference a material effect on the financial statements.
to these standalone financial statements was established
and maintained and if such controls operated effectively in INHERENT LIMITATIONS OF INTERNAL FINANCIAL
all material respects. CONTROLS WITH REFERENCE TO STANDALONE
FINANCIAL STATEMENTS
Our audit involves performing procedures to obtain audit Because of the inherent limitations of internal financial
evidence about the adequacy of the internal financial controls with reference to standalone financial statements,
controls with reference to these standalone financial including the possibility of collusion or improper
statements and their operating effectiveness. Our audit management override of controls, material misstatements
of internal financial controls with reference to standalone due to error or fraud may occur and not be detected.

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Also, projections of any evaluation of the internal financial established by the Company considering the essential
controls with reference to standalone financial statements components of internal control stated in the Guidance Note
to future periods are subject to the risk that the internal issued by the ICAI.
financial control with reference to standalone financial
statements may become inadequate because of changes For S.R. Batliboi & Associates LLP
in conditions, or that the degree of compliance with the Chartered Accountants
policies or procedures may deteriorate. ICAI Firm Registration Number: 101049W/E300004

OPINION
______________________________
In our opinion, the Company has, in all material respects, per Atin Bhargava
adequate internal financial controls with reference to Partner
standalone financial statements and such internal financial Membership Number: 504777
controls with reference to standalone financial statements UDIN: 25504777BMOCMR4950
were operating effectively as at March 31, 2025, based
on the internal control over financial reporting criteria Place of Signature: Hyderabad
Date: May 24, 2025

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Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Standalone Balance Sheet

as at 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

As at As at
Particulars Notes
31 March 2025 31 March 2024
ASSETS
Non-current assets
a. Property, plant and equipment 2.1(a) 7,995.63 6,230.82
b. Capital work-in-progress 2.1(a) 276.69 138.24
c. Right-of-use of assets 2.32 5,579.54 5,915.44
d. Intangible assets 2.1(b) 102.42 40.70
e. Intangible assets under development 2.1(b) 6.93 60.92
f. Financial assets
(i) Investments 2.2 465.45 465.45
(ii) Loans 2.10 (a) 299.54 332.51
(iii) Other financial assets 2.3 (a) 310.42 252.41
g. Deferred tax assets (net) 2.27 (d) 285.94 253.68
h. Non-current tax assets (net) 2.4 (a) 99.86 136.00
i. Other non-current assets 2.5 264.76 1,735.22
Total non-current assets 15,687.18 15,561.39
Current assets
a. Inventories 2.6 227.42 225.86
b. Financial assets
(i) Investments 2.7 5,495.01 2,996.16
(ii) Trade receivables 2.8 784.62 715.59
(iii) Cash and cash equivalents 2.9 (a) 168.90 74.85
(iv) Bank balances other than (iii) above 2.9 (b) 0.20 0.07
(v) Loans 2.10 (b) 30.45 -
(vi) Other financial assets 2.3 (b) 981.96 1,792.84
c. Other current assets 2.11 166.46 137.60
Total current assets 7,855.02 5,942.97
TOTAL ASSETS 23,542.20 21,504.36
EQUITY AND LIABILITIES
EQUITY
a. Equity share capital 2.12 1,015.52 1,015.02
b. Other equity 2.13 13,869.92 11,837.49
TOTAL EQUITY 14,885.44 12,852.51
LIABILITIES
Non-current liabilities
a. Financial liabilities
(i) Lease liabilities 2.32 7,147.05 7,193.80
b. Provisions 2.14 94.25 72.94
Total non-current liabilities 7,241.30 7,266.74
Current liabilities
a. Financial liabilities
(i) Lease liabilities 2.32 196.50 153.20
(ii) Trade payables 2.15
a) Total outstanding dues to micro enterprises and small enterprises 91.16 86.09
b) Total outstanding dues to creditors other than micro enterprises and 767.62 677.31
small enterprises
(iii) Other financial liabilities 2.16 169.66 324.49
b. Other current liabilities 2.19 125.26 114.35
c. Provisions 2.17 65.26 29.66
d. Current tax liabilities (net) 2.18 - 0.01
Total current liabilities 1,415.46 1,385.11
TOTAL EQUITY AND LIABILITIES 23,542.20 21,504.36
Summary of material accounting policies 1
The accompanying notes referred to above form an integral part of the standalone financial statements.
As per our report of even date attached.
for S.R. Batliboi & Associates LLP for and on behalf of the Board of Directors of
Chartered Accountants Rainbow Children’s Medicare Limited
ICAI Firm Registration Number: 101049W/E300004 CIN: L85110TG1998PLC029914

per Atin Bhargava Dr. Ramesh Kancharla Dr. Dinesh Kumar Chirla
Partner Chairman and Managing Director Director
Membership Number.: 504777 DIN: 00212270 DIN: 01395841

Vikas Maheshwari Shreya Mitra

Chief Financial Officer Company Secretary
Membership Number: A54901

Place: Hyderabad Place: Hyderabad Place: Hyderabad

Date: 24 May 2025 Date: 24 May 2025 Date: 24 May 2025

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Standalone Statement of Profit and Loss

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

For the year ended For the year ended

Particulars Notes
31 March 2025 31 March 2024
INCOME
Revenue from operations 2.20 14,545.07 12,365.62
Other income 2.21 489.49 369.48
Total income 15,034.56 12,735.10
EXPENSES
Cost of materials consumed 2.22 1,898.69 1,571.27
Employee benefits expense 2.23 1,976.08 1,687.09
Finance costs 2.24 695.94 560.66
Depreciation and amortisation expense 2.25 1,317.48 1,051.51
Professional fees to doctors 2.26 (i) 3,484.90 2,877.30
Other expenses 2.26 (ii) 2,440.64 2,095.10
Total expenses 11,813.73 9,842.93
Profit before tax 3,220.83 2,892.17
Tax expenses: 2.27
(a) Current tax 856.68 745.43
(b) Deferred tax (31.54) (2.17)
(c) Adjustment of tax related to earlier periods 19.84 -
Total tax expense 844.98 743.26
Profit for the year 2,375.85 2,148.91
Other comprehensive income
Items that will not be reclassified subsequently to the Statement of
Profit or Loss
Re-measurement (loss) / gain on defined benefit obligation 2.30 (2.88) 17.21
Income tax effect 2.27 0.72 (4.33)
Other comprehensive income for the year, net of tax (2.16) 12.88
Total comprehensive income for the year 2,373.69 2,161.79
Earning per share (face value of share `10 each, fully paid) 2.35
- Basic (`) 23.40 21.17
- Diluted (`) 23.27 21.17
Summary of material accounting policies 1
The accompanying notes referred to above form an integral part of the standalone financial statements.
As per our report of even date attached.

for S.R. Batliboi & Associates LLP for and on behalf of the Board of Directors of
Chartered Accountants Rainbow Children’s Medicare Limited
ICAI Firm Registration Number: 101049W/E300004 CIN: L85110TG1998PLC029914

per Atin Bhargava Dr. Ramesh Kancharla Dr. Dinesh Kumar Chirla
Partner Chairman and Managing Director Director
Membership Number.: 504777 DIN: 00212270 DIN: 01395841

Vikas Maheshwari Shreya Mitra

Chief Financial Officer Company Secretary
Membership Number: A54901

Place: Hyderabad Place: Hyderabad Place: Hyderabad

Date: 24 May 2025 Date: 24 May 2025 Date: 24 May 2025

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Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Standalone Statement of Cash Flows

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

For the year ended For the year ended

Particulars
31 March 2025 31 March 2024
Cash flows from operating activities
Profit before tax 3,220.83 2,892.17
Adjustments:
Depreciation and amortisation expense 1,317.48 1,051.51
Dividend income from subsidiary - (14.19)
Gain on redemption of mutual funds (78.13) (73.55)
Net gain on financial assets measured at fair value through profit or loss (269.80) (58.85)
Unrealised foreign exchange loss, net 0.12 0.21
Interest income on financial assets carries at amortised cost (140.01) (192.51)
Employee share based payment expense (12.71) 54.30
Finance cost 695.94 560.66
Advances written off - 3.46
Bad debts written off 1.70 0.15
Allowance / (reversal) for expected credit loss 7.31 (28.42)
Net gain on sale of property, plant and equipment (0.80) (1.27)
Liabilities no longer required written back (0.75) (0.69)
4,741.18 4,192.98
Adjustments for working capital:
(Increase) in inventories (1.56) (49.12)
(Increase) in trade receivables (78.04) (177.91)
(Increase) in financial and other assets (102.73) (52.47)
Increase in trade payables 95.40 13.67
(Decrease) in financial and current liabilities (17.42) (35.84)
Increase in provisions 54.03 33.61
Cash generated from operations 4,690.86 3,924.92
Income tax paid, net (840.39) (860.74)
Net cash from operating activities (A) 3,850.47 3,064.18
Cash flows from investing activities
Purchase of property, plant and equipment, intangibles, intangible assets (1,433.04) (3,520.90)
under development including capital advances, capital creditors and capital
work-in-progress
Proceeds from sale of property, plant and equipment 0.80 1.27
Bank deposits redeemed with maturity of more than three months 2,343.71 4,943.92
Bank deposits invested with maturity of more than three months (1,598.50) (1,651.20)
Interest received 211.01 225.39
Dividend received - 14.19
Gain on redemption of mutual funds, net 78.13 73.55
Investment in mutual funds (8,254.59) (8,530.96)
Redemption of mutual funds 6,025.54 6,174.98
Loans given - (2.00)
Loans realised - 134.50
Net cash used in investing activities (B) (2,626.94) (2,137.26)
Cash flows from financing activities
Payment of lease liabilities (825.34) (680.24)
Proceeds from issue of share capital 0.50 -
Refund of share issue expenses - 14.70
Dividend paid (304.64) (304.44)
Net cash used in financing activities (C) (1,129.48) (969.98)
Net increase / (decrease) in cash and cash equivalents (A+B+C) 94.05 (43.06)
Cash and cash equivalents at the beginning of the year 74.85 117.91
Cash and cash equivalents at the end of the year (note b) 168.90 74.85

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Standalone Statement of Cash Flows (Contd..)

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

Notes:
a) The above Standalone Statement of Cash Flows has been prepared under the “Indirect Method” as set out in the Indian
Accounting Standard (Ind AS-7) - “Statement of Cash Flows”.
b) Components of cash and cash equivalents as at [Refer note 2.9 (a)]

As at As at
31 March 2025 31 March 2024
Cash on hand 10.90 7.42
Balance with banks:
- Current accounts 158.00 67.43
168.90 74.85

c) Reconciliation between opening and closing balances in the Balance sheet for liabilities and financial assets arising
from financing activities for movement in Standalone Statement of Cash Flows are given below.

As at As at
31 March 2025 31 March 2024
Opening balance:
Lease liabilities 7,347.00 5,382.90
Movement:
Lease liabilities:
Finance cost on lease liabilities (including capitalisation) 696.84 592.12
Addition to lease liabilities (net) 125.55 2,011.42
Lease modification (0.50) 40.80
Payment of lease liabilities (825.34) (680.24)
Closing balance:
Lease liabilities 7,343.55 7,347.00

The accompanying notes referred to above form an integral part of the standalone financial statements.
As per our report of even date attached.

for S.R. Batliboi & Associates LLP for and on behalf of the Board of Directors of
Chartered Accountants Rainbow Children’s Medicare Limited
ICAI Firm Registration Number: 101049W/E300004 CIN: L85110TG1998PLC029914

per Atin Bhargava Dr. Ramesh Kancharla Dr. Dinesh Kumar Chirla
Partner Chairman and Managing Director Director
Membership Number.: 504777 DIN: 00212270 DIN: 01395841

Vikas Maheshwari Shreya Mitra

Chief Financial Officer Company Secretary
Membership Number: A54901

Place: Hyderabad Place: Hyderabad Place: Hyderabad

Date: 24 May 2025 Date: 24 May 2025 Date: 24 May 2025

187
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Standalone Statement of Changes in Equity

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

(A) EQUITY SHARE CAPITAL

Particulars Number of shares Amount
Equity shares of ` 10 each issued, subscribed and fully paid-up
As at 01 April 2023 101,501,687 1,015.02
Add: Shares issued during the year - -
As at 01 April 2024 101,501,687 1,015.02
Add: Shares issued during the year 49,986 0.50
As at 31 March 2025 101,551,673 1,015.52

(B) OTHER EQUITY

Share Options
Securities General Retained Total other
Particulars outstanding
premium reserve earning equity
account
Balance as at 01 April 2023 3,972.28 44.43 - 5,852.15 9,868.86
Profit for the year - - - 2,148.91 2,148.91
Refund of share issue expenses * 14.70 - - - 14.70
Employee share based payment expenses - - 96.58 - 96.58
(refer note 2.45)
Appropriations:
Final dividend on equity shares for the year - - - (304.44) (304.44)
ended 31 March 2023. i.e. ` 3 per share
Remeasurement of defined benefit liability - - - 12.88 12.88
(net of tax effect)
Balance as at 31 March 2024 3,986.98 44.43 96.58 7,709.50 11,837.49
Balance as at 01 April 2024 3,986.98 44.43 96.58 7,709.50 11,837.49
Profit for the year - - - 2,375.85 2,375.85
Employee share based payment expenses 43.11 - (79.73) - (36.62)
(refer note 2.45)
Appropriations: -
Final dividend on equity shares for the year - - - (304.64) (304.64)
ended 31 March 2024. i.e. ` 3 per share
Remeasurement of defined benefit liability - - - (2.16) (2.16)
(net of tax effect)
Balance as at 31 March 2025 4,030.09 44.43 16.85 9,778.55 13,869.92
* During the Previous year, the Company has received an amount of ` 14.70 million towards the Company's share of unspent share
issue expenses. The same has been adjusted with securities premium as per Companies Act, 2013.

The accompanying notes referred to above form an integral part of the standalone financial statements.
As per our report of even date attached.

for S.R. Batliboi & Associates LLP for and on behalf of the Board of Directors of
Chartered Accountants Rainbow Children’s Medicare Limited
ICAI Firm Registration Number: 101049W/E300004 CIN: L85110TG1998PLC029914

per Atin Bhargava Dr. Ramesh Kancharla Dr. Dinesh Kumar Chirla
Partner Chairman and Managing Director Director
Membership Number.: 504777 DIN: 00212270 DIN: 01395841

Vikas Maheshwari Shreya Mitra

Chief Financial Officer Company Secretary
Membership Number: A54901

Place: Hyderabad Place: Hyderabad Place: Hyderabad

Date: 24 May 2025 Date: 24 May 2025 Date: 24 May 2025

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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

1. MATERIAL ACCOUNTING POLICIES have been rounded-off to two decimal places to

1.1 Corporate information the nearest million, unless otherwise indicated.
The comparatives are presented for the year
Rainbow Children's Medicare Limited (formerly known
ended and as on 31 March 2024.
as Rainbow Children's Medicare Private Limited)
(‘the Company’) (CIN L85110TG1998PLC029914)
(iv) Use of estimates and judgements:
was incorporated on 07 August 1998 as a Private
 In preparing these Standalone Financial
Limited Company under the Companies Act, 2013
Statements, management has made judgements,
having registered office at 8-2-120/103/1, Survey
estimates and assumptions that affect the
No. 403, Road No.2, Banjara Hills, Hyderabad,
application of accounting policies and the
Telangana-500034. The Company is primarily
reported amounts of assets, liabilities, income
engaged in the business of rendering medical and
and expenses. Actual results may differ from
healthcare services.
these estimates.
The Company’s shares are listed on the BSE Limited

Estimates and underlying assumptions are
and National Stock Exchange of India Limited.
reviewed on an periodic basis. Revisions to
The standalone financial statements were approved
accounting estimates are recognised
by the Board of Directors for issue on 24 May 2025.
prospectively
1.2 Basis of preparation
Judgments
(i) Statement of compliance Information about judgments made in applying
The standalone financial statements of the accounting policies that have the most significant
Company have been prepared in accordance with effects on the amounts recognised in the
the Indian Accounting Standards (“Ind AS”) as per Standalone Financial Statements is included in
the Companies (Indian Accounting Standards) the following notes:
Rules, 2015 (as amended from time to time)
and presentation requirements of Division II of Lease term: Whether the Company is reasonably
Schedule III to the Companies Act, 2013, (Ind certain to exercise extension options (Note 1.3(j))
AS compliant Schedule III), as applicable to the
standalone financial statements notified under Assumptions and estimation uncertainties
section 133 of Companies Act, 2013, (“the Act”) Information about assumptions and estimation
and other relevant provisions of the Act. uncertainties at the reporting date that have a
significant risk of resulting in a material adjustment
(ii) Basis of measurement to the carrying amount of assets and liabilities
The standalone financial statements have been within the next financial year is included in the
prepared on a historical cost convention and following notes:
on accrual basis, except for certain financial
assets and liabilities measured at fair value - C
 ontingent liabilities: Contingent
(refer accounting policy regarding financial liabilities are not recognised in the financial
instruments), defined benefit and other long-term statements but are disclosed in the notes.
employee benefits where present value of defined They are assessed continually to determine
benefit obligations (“DBO”) is measured at fair whether an outflow of resources embodying
value and share based payment is measured at economic benefits has become probable.
fair value. The accounting policies are applied If it becomes probable that an outflow of
consistently to all the years presented in the future economic benefits will be required for
standalone financial statements except where an item previously dealt with as a contingent
a newly issued accounting standard is initially liability, a provision is recognised in the
adopted or a revision to an existing accounting financial statements of the period in which
standard requires change in accounting policy the change in probability occurs (except in
hitherto in use. the extremely rare circumstances where no
reliable estimate can be made). (Note 1.3(n))
(iii) Functional and Presentation Currency
These Standalone Financial Statements are Income taxes: Significant judgements are
- 
presented in Indian Rupees (INR or `), which is also involved in determining the provision for
the Company’s functional currency. All amounts

189
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

income taxes, including the amount expected ii. it is held primarily for the purpose of being
to be paid or recovered in connection with traded;
uncertain tax positions. (Note 1.3(k))
iii. it is expected to be realised within 12 months
- 
M easurement of defined benefit after the reporting date; or
obligations: Key actuarial assumptions used
for actuarial valuation. (Note 1.3(h)) iv. 
it is cash or cash equivalent unless it is
restricted from being exchanged or used to
- Impairment of financial assets: settle a liability for at least 12 months after
The Company assesses on a forward-looking the reporting date.
basis the expected credit losses associated
with its assets carried at amortised Current assets include the current portion of
cost. (Note 1.3(d)) non-current financial assets. All other assets are
classified as non-current.
- Impairment of non-financial assets: Key
assumptions underlying recoverable amount Liabilities
including forecasted projections. A liability is classified as current when it satisfies
any of the following criteria:
Property, plant and equipment: Useful life
- 
of asset. (Note 1.3(b)) i. it is expected to be settled in the Company’s
normal operating cycle;
Lease
-  liabilities: measurement of
incremental borrowing costs. (Note 1.3(j)) ii. 
it is held primarily for the purpose
of being traded;
Other estimates: The preparation of
- 
financial statements involves estimates iii. it is due to be settled within 12 months after
and assumptions that affect the reported the reporting date; or
amount of assets, liabilities, disclosure of
contingent liabilities at the date of financial iv. 
the Company does not have an
statements and the reported amount of unconditional right to defer settlement of
revenues and expenses for the reporting the liability for at least 12 months after
period. Specifically, the Company estimates the reporting date. Terms of a liability that
the probability of collection of accounts could, at the option of the counterparty,
receivable by analyzing historical payment result in its settlement by the issue of fresh
patterns, customer concentrations, instruments do not affect its classification.
customer credit- worthiness and current
economic trends. If the financial condition Current liabilities include current portion of
of a customer deteriorates, additional non-current financial liabilities. All other liabilities
allowances may be required. are classified as non-current.

(v) Current versus Non-current classification Operating cycle

All assets and liabilities are classified into current Operating cycle is the time between the acquisition
and non-current as per the Company’s normal of assets for processing and their realisation in
operating cycle and other criteria set out in the cash or cash equivalents. The Company normal
Schedule III to the Companies Act, 2013. operating cycle is twelve months.

Assets (vi) Measurement of fair values

An asset is classified as current when it satisfies Accounting policies and disclosures require the
any of the following criteria: measurement of fair values, for both financial and
non-financial assets and liabilities. Fair value is
i. it is expected to be realised in, or is intended the price that would be received to sell an asset or
for sale or consumption in, the Company’s paid to transfer a liability in an orderly transaction
normal operating cycle; between market participants at the measurement

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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

date. The fair value measurement is based on the 1.3 Material accounting policies:
presumption that the transaction to sell the asset a. Financial Instruments
or transfer the liability takes place either:
i. Recognition and initial measurement
- 
In the principal market for the asset Trade receivables and debt securities issued
or liability or are initially recognised when they are originated.
All other financial assets and financial liabilities
- In the absence of a principal market, in are initially recognised when the Company
the most advantageous market for the becomes a party to the contractual provisions
asset or liability of the instrument. A financial asset (unless
it is a trade receivable without a significant
The principal or the most advantageous market financing component) or financial liability is
must be accessible by the Company. The fair initially measured at fair value plus or minus, for
value of an asset or a liability is measured using an item not at FVTPL, transaction costs that
the assumptions that market participants
are directly attributable to its acquisition or
would use when pricing the asset or liability,
issue. A trade receivable without a significant
assuming that market participants act in their
financing component is initially measured at the
economic best interest.
transaction price.
The Company uses valuation techniques that are
ii. Classification and subsequent measurement
appropriate in the circumstances and for which
sufficient data is available to measure fair value, Financial assets:
maximizing the use of relevant observable inputs On initial recognition, a financial asset is classified
and minimizing the use of unobservable inputs. as measured at:

Fair values are categorised into different levels in - amortised cost;

a fair value hierarchy based on the inputs used in
the valuation techniques as follows: - FVOCI – debt investment;

- Level 1: quoted prices (unadjusted) in active - FVOCI – equity investment; or

markets for identical assets or liabilities.
- FVTPL
- Level 2: inputs other than quoted prices
included in Level 1 that are observable for the Financial assets are not reclassified subsequent
asset or liability, either directly (i.e. as prices) to their initial recognition unless the Company
or indirectly (i.e. derived from prices). changes its business model for managing financial
assets, in which case all affected financial
- Level 3: inputs for the asset or liability that assets are reclassified on the first day of the
are not based on observable market data first reporting period following the change in the
(unobservable inputs).
business model.

When measuring the fair value of an asset or a

A financial asset is measured at amortised cost
liability, the Company uses observable market
if it meets both of the following conditions and is
data as far as possible. If the inputs used to
not designated as at FVTPL:
measure the fair value of an asset or a liability fall
into a different level of the fair value hierarchy,
- it is held within a business model whose
then the fair value measurement is categorised
in its entirety in the same level of the fair value objective is to hold assets to collect
hierarchy as the lowest level input that is contractual cash flows; and
significant to the entire measurement.
- its contractual terms give rise on specified
Further information about the assumptions made dates to cash flows that are solely payments
in measuring fair values is included in the following of principal and interest on the principal
notes in financial instruments [Refer note 2.41] amount outstanding.

191
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

A debt investment is measured at FVOCI if it Financial liabilities – Classification, subsequent

meets both of the following conditions and is not measurement and gains and losses
designated as at FVTPL: Financial liabilities are classified as measured at
amortised cost or FVTPL. A financial liability is
- 
it is held within a business model whose classified as at FVTPL if it is classified as held-for-
objective is achieved by both collecting trading, it is a derivative or it is designated as such
contractual cash flows and selling financial on initial recognition. Financial liabilities at FVTPL
assets; and - its contractual terms give rise are measured at fair value and net gains and losses,
on specified dates to cash flows that are including any interest expense, are recognised
solely payments of principal and interest on in profit or loss. Other financial liabilities are
the principal amount outstanding. subsequently measured at amortised cost using
the effective interest method. Interest expense
On initial recognition of an equity investment and foreign exchange gains and losses are
that is not held for trading, the Company may recognised in profit or loss. Any gain or loss on
irrevocably elect to present subsequent changes derecognition is also recognised in profit or loss.
in the investment’s fair value in OCI. This election
is made on an investment-by-investment basis. iii. Derecognition
Financial assets:
All financial assets not classified as measured at The Company derecognises a financial asset
amortised cost or FVOCI as described above are when:
measured at FVTPL. On initial recognition, the
Company may irrevocably designate a financial - the contractual rights to the cash flows from
asset that otherwise meets the requirements to the financial asset expire; or
be measured at amortised cost or at FVOCI as
at FVTPL if doing so eliminates or significantly - 
it transfers the rights to receive the
reduces an accounting mismatch that would contractual cash flows in a transaction
otherwise arise. in which either:

Financial assets – Subsequent measurement and • substantially all of the risks and rewards
gains and losses of ownership of the financial asset are
Financial assets at FVTPL -These assets are transferred; or
subsequently measured at fair value.Net gains
and losses, including any interest or dividend • 
the Company neither transfers nor
income, are recognised in profit or loss. retains substantially all of the risks
and rewards of ownership and it does
Financial assets at amortised cost -These not retain control of the financial
assets are subsequently measured at amortised asset. The Company derecognises a
cost using the effective interest method. financial asset when:
The amortised cost is reduced by impairment
losses. Interest income, foreign exchange gains - the contractual rights to the cash flows from
and losses and impairment are recognised in the financial asset expire; or
profit or loss. Any gain or loss on derecognition is
recognised in profit or loss. it transfers the rights to receive the
- 
contractual cash flows in a transaction
Equity investments at FVOCI -These assets in which either:
are subsequently measured at fair value.
Impairment losses (and reversal of impairment • substantially all of the risks and rewards
losses) on equity investments measured at FVOCI of ownership of the financial asset
are not reported separately from other changes in are transferred;or
fair value. Dividends are recognised as income in
profit or loss unless the dividend clearly represents • 
the Company neither transfers nor
a recovery of part of the cost of the investment. retains substantially all of the risks and
Other net gains and losses are recognised in OCI rewards of ownership and it does not
and are not reclassified to profit or loss. retain control of the financial asset.

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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

Financial liabilities: b. Property, plant and equipment

The Company derecognises a financial liability i. Recognition and measurement:
when its contractual obligations are discharged  Items of property, plant and equipment are
or cancelled or expire. The Company also measured at cost (which includes capitalised
derecognises a financial liability when its terms borrowing costs, if any) less accumulated
are modified and the cash flows of the modified depreciation and accumulated impairment
liability are substantially different, in which case losses, if any. The cost on item of property, plant
a new financial liability based on the modified and equipment comprises its purchase price,
terms is recognised at fair value. On derecognition taxes, duties, freight and any other directly
of a financial liability, the difference between attributable costs of bringing the assets to their
the carrying amount extinguished and the working condition for their intended use and
consideration paid (including any non-cash assets estimated cost of dismantling and removing the
transferred or liabilities assumed) is recognised in item and restoring the site on which it is located.
profit or loss.
The cost of a self-constructed item of property,
Interest rate benchmark reform plant and equipment comprises the cost of
When the basis for determining the contractual materials, direct labour and any other costs
cash flows of a financial asset or financial liability directly attributable to bringing the item to its
measured at amortised cost changed as a result intended working condition and estimated costs
of interest rate benchmark reform, the Company of dismantling, removing and restoring the site on
updated the effective interest rate of the financial which it is located, wherever applicable.
asset or financial liability to reflect the change
that is required by the reform. A change in the When significant parts of an item of property,
basis for determining the contractual cash flows plant and equipment have different useful lives,
is required by interest rate benchmark reform if they are accounted for as separate items (major
the following conditions are met: components) of property, plant and equipment.

• 
the change is necessary as a direct Gains and losses on disposal of an item of
consequence of the reform; and property, plant and equipment are determined
by comparing the proceeds from disposal
• the new basis for determining the contractual with the carrying amount of property, plant
cash flows is economically equivalent to the and equipment, and are recognised net in the
previous basis – i.e., the basis immediately standalone statement of profit and loss.
before the change.
ii. Transition to IND-AS
When changes were made to a financial asset The cost of property, plant and equipment as at
or financial liability in addition to changes to the 1 April 2016, the Company date of transition
basis for determining the contractual cash flows to Ind AS, was determined with reference
required by interest rate benchmark reform, the to its carrying value recognised as per the
Company first updated the effective interest previous GAAP (deemed cost), as at the date of
rate of the financial asset or financial liability to transition to Ind AS.
reflect the change that is required by interest rate
benchmark reform. After that, the Group applied iii. Subsequent costs:
the policies on accounting for modifications to The cost of replacing a part of an item of property,
the additional changes. plant and equipment is recognised in the carrying
amount of the item if it is probable that the future
Offsetting economic benefits embodied within the part
Financial assets and financial liabilities are offset will flow to the Company, and its cost can be
and the net amount presented in the balance measured reliably.
sheet when, and only when, the Company
currently has a legally enforceable right to set off iv. Depreciation:
the amounts and it intends either to settle them Depreciation on Property, plant and equipment
on a net basis or to realise the asset and settle the (other than for that class of assets specifically
liability simultaneously. mentioned below) is calculated on a straight-line

193
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

basis as per the useful life prescribed and in Capital work-in-progress includes cost of

the manner laid down under Schedule II to property, plant and equipment under installation/
the Companies Act 2013 and additions and under development as at the balance sheet date.
deletions are restricted to the period of use.
Depreciation is charged to standalone statement Advances paid towards acquisition of tangible
of profit and loss. and intangible assets outstanding at each balance
sheet date are shown under other non-current
If the Management’s estimate of the useful assets as capital advances.
life of a property, plant and equipment is
different than that envisaged in the aforesaid c. Intangible assets and amortisation:
Schedule, depreciation is provided based on Computer software acquired by the Company, the
the Management’s estimate of the useful life. value of which is not expected to diminish in the
Pursuant to this policy, depreciation on the foreseeable future, is capitalised and recorded in
following class of property, plant and equipment the Balance sheet as computer software at cost
has been provided at the rates based on the of acquisition less accumulated amortisation and
following useful lives of property, plant and accumulated impairment losses.
equipment as estimated by Management which
is different from the useful life prescribed under Computer software is amortised on straight line basis
Schedule II of the Companies Act, 2013. over a period of five years.

Useful life (in Amortisation method and useful lives are reviewed
Useful life at the end of each financial year and adjusted
years) under
Description (in years) by if appropriate.
Schedule II of
Management
the Act
Buildings 60 years 60 years The Company capitalizes costs related to specific
upgrades and enhancements of software when it is
Medical 7 years 13 years
probable the expenditures will result in additional
equipments*
features, functionality and significant customer
Plant and 15 years 15 years
experience. The Company also capitalizes all
equipments
direct and incremental costs incurred during the
Office 5 years 5 years development phase, until such time when the software
equipments is substantially complete and ready for use.
Vehicles* 5 years 8 years
Computers 3 years 3 years Intangible asset is de-recognised upon disposal or when
Furniture and 10 years 10 years no future economic benefits are expected from its use
Fixtures or disposal. Any gain or loss arising on de-recognition
of the asset (calculated as the difference between the
*For these classes of assets, based on technical net disposal proceeds and the carrying amount of the
evaluation, the Management believes that the useful asset) is recognized in the standalone statement of
lives as given above best represents the period over
profit and loss, when the asset is derecognised.
which Management expects to use these assets.
Hence, the useful lives of these assets are different from
the useful lives as prescribed under Part C of Schedule d. Impairment of assets
II of the Companies Act 2013. Impairment of financial assets
The Company recognises loss allowances for ECLs on:
Leasehold Improvements are amortised over
the period of lease or the estimated useful life, • financial assets measured at amortised cost;
whichever is lower.
• debt investments measured at FVOCI; and
The residual values, useful lives and methods of
depreciation of property, plant and equipment • contract assets.
are reviewed at each financial year-end and
adjusted prospectively. The Company also recognises loss allowances for
ECLs on finance lease receivables, which are disclosed
as financial assets.

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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

The Company measures loss allowances at an amount asset is ‘credit-impaired’ when one or more events
equal to lifetime ECLs, except for the following, which that have a detrimental impact on the estimated future
are measured at 12-month ECLs: cash flows of the financial asset have occurred.

• debt securities that are determined to have low Evidence that a financial asset is credit-impaired
credit risk at the reporting date; and includes the following observable data:

• other debt securities and bank balances for which • significant financial difficulty of the debtor;
credit risk (i.e., the risk of default occurring over
the expected life of the financial instrument) has • 
the restructuring of a loan or advance by the
not increased significantly since initial recognition. Company on terms that the Company would not
consider otherwise.
Loss allowances for trade and finance lease receivables,
loans and contract assets are always measured at an • it is probable that the debtor will enter bankruptcy
amount equal to lifetime ECLs. or other financial reorganisation; or

Lifetime expected credit losses are the expected credit the disappearance of an active market for a
• 
losses that result from all possible default events over security because of financial difficulties.
the expected life of a financial instrument.
Presentation of allowance for expected credit losses
12-month expected credit losses are the portion of in the balance sheet
expected credit losses that result from default events Loss allowances for financial assets measured at
that are possible within 12 months after the reporting amortised cost are deducted from the gross carrying
date (or a shorter period if the expected life of the amount of the assets.
instrument is less than 12 months).
Write-off
In all cases, the maximum period considered when The gross carrying amount of a financial asset is written
estimating expected credit losses is the maximum off when the Company has no reasonable expectations
contractual period over which the Company is exposed of recovering a financial asset in its entirety or a portion
to credit risk. thereof. For corporate customers, the Company
individually makes an assessment with respect to the

When determining whether the credit risk of a timing and amount of write-off based on whether there
financial asset has increased significantly since initial is a reasonable expectation of recovery. The Company
recognition and when estimating ECLs, the Company expects no significant recovery from the amount
considers reasonable and supportable information written off. However, financial assets that are written
that is relevant and available without undue cost or off could still be subject to enforcement activities in
effort. This includes both quantitative and qualitative order to comply with the Company procedures for
information and analysis, based on the Company recovery of amounts due.
historical experience and informed credit assessment,
that includes forward-looking information. e. Investments
Equity investments which are in scope of Ind AS
Measurement of expected credit losses 109 are measured at fair value. For all other equity
ECLs are a probability-weighted estimate of credit instruments in scope of Ind AS 109, the Company
losses. Credit losses are measured as the present value may make an irrevocable election to present in other
of all cash shortfalls (i.e. the difference between the comprehensive income subsequent changes in the
cash flows due to the entity in accordance with the fair value. The Company makes such election on an
contract and the cash flows that the Company expects instrument-by-instrument basis. The classification is
to receive). ECLs are discounted at the effective made on initial recognition and is irrevocable.
interest rate of the financial asset.

If the Company decides to classify an equity
Credit-impaired financial assets instrument as at FVOCI, then all fair value changes on
At each reporting date, the Company assesses whether the instrument, excluding dividends, are recognised in
financial assets carried at amortised cost and debt the OCI. There is no recycling of the amounts from OCI
securities at FVOCI are credit impaired. A financial to the Statement of Profit and Loss, even on sale of

195
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

investment. However, the Company may transfer the as an employee expense, with a corresponding
cumulative gain or loss to retained earnings. increase in equity, over the period that the employees
unconditionally become entitled to the awards.
Equity instruments included within the FVTPL category The amount recognised as expense is based on the
are measured at fair value with all changes recognised estimate of the number of awards for which the
in the Statement of Profit and Loss. related service and non-market vesting conditions are
expected to be met, such that the amount ultimately
f. Investments in subsidiaries recognised as an expense is based on the number
Investment in equity instruments issued by
 of awards that do meet the related service and
subsidiary is measured at cost less impairment. non-market vesting conditions at the vesting date.
Investments in subsidiary is evaluated for recoverability
whenever events or changes in circumstances indicate Post-employment benefit
that their carrying amounts may not be recoverable. Defined contribution plans
For the purpose of impairment testing, the recoverable A defined contribution plan is a post-employment
amount (i.e., the higher of the fair value less cost to sell benefit plan under which an entity pays fixed
and the value-in-use) is determined on an individual contributions into a separate entity and will have no
asset basis. If such investment is considered to be legal or constructive obligation to pay further amounts.
impaired, the impairment to be recognised in the The Company makes specified monthly contributions
Statement of Profit and Loss is measured by the amount towards Government administered provident fund
by which the carrying value of the investment exceeds scheme. Obligations for contributions to defined
the estimated recoverable amount of the investment. contribution plans are recognised as an employee
benefit expense in statement of profit or loss in the
g. Inventories periods during which the related services are rendered
Inventories are measured at the lower of cost and net by employees. Prepaid contributions are recognised as
realisable value. an asset to the extent that a cash refund or a reduction
in future payment is available.
Cost includes all costs of purchase and other costs
incurred in bringing the inventories to their present Defined benefit plans
location and condition inclusive of non-refundable 
A defined benefit plan is a post-employment
(adjustable) taxes wherever applicable. The Company benefit plan other than a defined contribution plan.
follows the first in first out (FIFO) method for The Company’s net obligation in respect of defined
determining the cost of such inventories. benefit plans is calculated separately for each plan
by estimating the amount of future benefit that
Net realisable value is the estimated selling price in employees have earned in the current and prior
the ordinary course of business, less estimated costs periods, discounting that amount and deducting the
of completion and the estimated costs necessary fair value of any plan assets.
to make the sale. The comparison of cost and net
realisable value is made on an item-by-item basis. The calculation of defined benefit obligation is
performed annually by a qualified actuary using the
h. Employee benefits projected unit credit method.
Short-term employee benefits
Short-term employee benefit obligations are measured Re-measurements of the net defined benefit liability,
on an undiscounted basis and are expensed as the which comprise actuarial gains and losses, the return
related service is provided. A liability is recognised on plan assets (excluding interest) and the effect of the
for the amount expected to be paid if the Company asset ceiling (if any, excluding interest), are recognised
has a present legal or constructive obligation to pay in Other comprehensive income (OCI). The Company
this amount as a result of past service provided by determines the net interest expense on the net defined
the employee, and the amount of obligation can be benefit liability for the period by applying the discount
estimated reliably. rate used to measure the defined benefit obligation
at the beginning of the annual period to the then-net
Share based payment transactions defined benefit liability considering any changes in the
The grant date fair value of equity settled share based net defined benefit liability during the period as a result
payment awards granted to employees is recognised of contributions and benefit payments. Net interest

196
 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

expense and other expenses related to defined benefit to the customer (if any). Revenue is recognised at the
plans are recognised in statement of profit and loss. point in time for the inpatient / outpatient hospital
services when the related services are rendered at the
When the benefits of a plan are changed or when a plan transaction price.
is curtailed, the resulting change in benefit that relates
to past service (‘past service cost’ or ‘past service ‘Unbilled revenue’ represents value to the extent of
gain’) or the gain or loss on curtailment is recognised medical and healthcare services rendered to the
immediately in profit or loss. The Company recognises patients who are undergoing treatment/ observation
gains and losses on the settlement of a defined benefit on the balance sheet date and is not billed as at the
plan when the settlement occurs. balance sheet date.

The obligations are presented as current liabilities Revenue from sale of pharmacy is recognised when it
in the balance sheet if the entity does not have an transfers control over a good or service to the customer,
unconditional right to defer settlement for at least generally on delivery of product to the customer.
twelve months after the reporting period, regardless of
when the actual settlement is expected to occur. Medical service fee is recognised when the related
services are rendered unless significant future
Compensated absences uncertainties exist.
Accumulated leave, which is expected to be utilised
within the next 12 months, is treated as short-term Interest income or expense is recognised using the
employee benefit and the accumulated leave effective interest method. The ‘effective interest rate’
expected to be carried forward beyond twelve months, is the rate that exactly discounts estimated future cash
as long-term employee benefit for measurement payments or receipts through the expected life of the
purposes. The Company records an obligation for financial instrument to:
such compensated absences in the period in which
the employee renders the services that increase this - the gross carrying amount of the financial asset; or
entitlement. The obligation is measured on the basis
of independent actuarial valuation using the projected - the amortised cost of the financial liability.
unit credit method.
In calculating interest income and expense, the effective
i. Revenue recognition interest rate is applied to the gross carrying amount
The Company’s revenue from medical and healthcare of the asset (when the asset is not credit-impaired)
services comprises of income from hospital services or to the amortised cost of the liability. However, for
and sale of pharmacy items. financial assets that have become credit-impaired
subsequent to initial recognition, interest income is
Income from hospital services is recognised as when calculated by applying the effective interest rate to the
the related services are rendered. The performance amortised cost of the financial asset. If the asset is no
obligations for this stream of revenue include longer credit-impaired, then the calculation of interest
accommodation, surgery, medical/clinical professional income reverts to the gross basis.
services, food and beverages, investigation and supply
of pharmaceutical and related products. Dividend income is recognised in profit or loss on the
date on which the Company’s right to receive payment
Revenue is measured based on the transaction
 is established.
price, which is the fixed consideration adjusted
for components of variable consideration which Contract balances:
constitutes discounts, estimated disallowances A contract liability is recognised if a payment is
and any other rights and obligations as specified in received or a payment is due (whichever is earlier) from
the contract with the customer. In determining the a customer before the Company transfers the related
transaction price for the hospital services, the Company goods or services. Contract liabilities are recognised
considers the effects of variable consideration, as revenue when the Company performs under the
the existence of significant financing components, contract (i.e., transfers control of the related goods or
non-cash consideration, and consideration payable services to the customer).

197
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

j. Leases - 
fixed payments, including in-substance
At inception of a contract, the Company assesses fixed payments;
whether a contract is, or contains, a lease. A contract
- variable lease payments that depend on an index
is, or contains, a lease if the contract conveys the right
or a rate, initially measured using the index or rate
to control the use of an identified asset for a period of
as at the commencement date;
time in exchange for consideration.
- amounts expected to be payable under a residual
As a lessee
value guarantee; and
At commencement or on modification of a contract
that contains a lease component, the Company - the exercise price under a purchase option that
allocates the consideration in the contract to each the Company is reasonably certain to exercise,
lease component on the basis of their relative lease payments in an optional renewal period if
stand-alone prices. However, for the leases of property the Company is reasonably certain to exercise
the Company has elected not to separate non-lease an extension option, and penalties for early
components and account for the lease and non-lease termination of a lease unless the Company is
components as a single lease component. reasonably certain not to terminate early.

The Company recognises a right-of-use asset and The lease liability is measured at amortised cost using
a lease liability at the lease commencement date. the effective interest method. It is remeasured when
The right-of-use asset is initially measured at cost, there is a change in future lease payments arising
which comprises the initial amount of the lease liability from a change in an index or rate, if there is a change
adjusted for any lease payments made at or before in the Company’s estimate of the amount expected
the commencement date, plus any initial direct costs to be payable under a residual value guarantee, or if
incurred and remove the underlying asset or to restore the Company changes its assessment of whether it will
the underlying asset or the site on which it is located, exercise a purchase, extension or termination option or
less any lease incentives received. if there is a revised in-substance fixed lease payments.

The right-of-use asset is subsequently depreciated When the lease liability is remeasured in this way, a
using the straight-line method from the commencement corresponding adjustment is made to the carrying
date to the earlier of the end of the useful life of the amount of the right-of-use asset or is recorded in profit
or loss if the carrying amount of the right-of-use asset
right-of-use asset or the end of the lease term, unless
has been reduced to zero.
the lease transfers ownership of the underlying asset to
the Company by the end of the lease term or the cost
The Company presents right-of-use assets that do not
of the right-of-use asset reflects that the Company will
meet the definition of investment property in ‘Property,
exercise a purchase option. In that case the right-of-
plant and equipment’ and lease liabilities separately in
use asset will be depreciated over the useful life of the
the balance sheet within ‘Financial Liabilities’.
underlying asset, which is determined on the same
basis as those of property and equipment. In addition, Short-term leases and leases of low-value assets:
the right-of-use asset is periodically reduced by The Company has elected not to recognise right-of-
impairment losses, if any, and adjusted for certain use assets and lease liabilities for short-term leases
remeasurements of the lease liability. of machinery and buildings that have a lease term
of 12 months or less and leases of low-value assets.
 The lease liability is initially measured at the present The Company recognizes the lease payments
value of the lease payments that are not paid at the associated with these leases as an expense in profit or
commencement date, discounted using the interest loss on a straight-line basis over the lease term.
rate implicit in the lease or, if that rate cannot be readily
determined, the Company’s incremental borrowing k. Income-tax
rate. Generally, the Company uses its incremental Income tax comprises current and deferred tax.
borrowing rate as the discount rate. It is recognised in profit or loss except to the extent
that it relates to a business combination or to
Lease payments included in the measurement of the an item recognised directly in equity or in other
lease liability comprise the following: comprehensive income.

198
 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
PG 02-74 PG 76-172 PG 173-316

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

Current tax: the same tax authority on the same taxable entity,
Current tax comprises the expected tax payable or or on different tax entities, but they intend to settle
receivable on the taxable income or loss for the year current tax liabilities and assets on a net basis or their
and any adjustment to the tax payable or receivable in tax assets and liabilities will be realised simultaneously.
respect of previous years. The amount of current tax
reflects the best estimate of the tax amount expected l. Earnings per share
to be paid or received after considering the uncertainty, Basic Earnings Per Share ('EPS') is computed by dividing
if any, related to income taxes. It is measured using the net profit attributable to the equity shareholders
tax rates (and tax laws) enacted or substantively by the weighted average number of equity shares
enacted by the reporting date. Current tax assets and outstanding during the year. Diluted earnings per share
current tax liabilities are offset only if there is a legally is computed by dividing the net profit by the weighted
enforceable right to set off the recognised amounts, average number of equity shares considered for deriving
and it is intended to realise the asset and settle the basic earnings per share and also the weighted average
liability on a net basis or simultaneously. number of equity shares that could have been issued
upon conversion of all dilutive potential equity shares.
Deferred tax: Dilutive potential equity shares are deemed converted
Deferred tax is recognised in respect of temporary as of the beginning of the year, unless issued at a later
differences between the carrying amounts of assets date. In computing diluted earnings per share, only
and liabilities for financial reporting purposes and the potential equity shares that are dilutive and that either
corresponding amounts used for taxation purposes. reduces earnings per share or increases loss per share
are included. The number of shares and potentially
Deferred tax assets are recognised to the extent that it
dilutive equity shares are adjusted retrospectively for
is probable that future taxable profits will be available
all periods presented for the share splits.
against which they can be used. The existence of
unused tax losses is strong evidence that future m. Provisions
taxable profit may not be available. Therefore, in case
A provision is recognised if, as a result of a past event,
of a history of recent losses, the Company recognises
the Company has a present legal or constructive
a deferred tax asset only to the extent that it has
obligation that can be estimated reliably, and it is
sufficient taxable temporary differences or there is
probable that an outflow of economic benefits will be
convincing other evidence that sufficient taxable profit
required to settle the obligation. When the Company
will be available against which such deferred tax asset
expects some or all of a provision to be reimbursed,
can be realised.
the expense relating to a provision is presented in
Deferred tax assets recognised or unrecognised, are statement of profit and loss, net of any reimbursement.
reviewed at each reporting date and are recognised/
If the effect of the time value of money is material,
reduced to the extent that it is probable/ no longer
probable respectively that the related tax benefit provisions are discounted using a current pre-tax rate
will be realised. that reflects, when appropriate, the risks specific to
the liability. When discounting is used, the increase in
Deferred tax is measured at the tax rates that are the provision due to the passage of time is recognised
expected to apply to the period when the asset is as a finance cost.
realised or the liability is settled, based on the laws
n. Contingent liabilities and contingent assets
that have been enacted or substantively enacted by
the reporting date. A contingent liability exists when there is a possible
but not probable obligation, or a present obligation
The measurement of deferred tax reflects the tax that may, but probably will not, require an outflow
consequences that would follow from the manner in of resources, or a present obligation whose amount
which the Company expects, at the reporting date, cannot be estimated reliably. Contingent liabilities do
to recover or settle the carrying amount of its assets not warrant provisions but are disclosed unless the
and liabilities. possibility of outflow of resources is remote.

Deferred tax assets and liabilities are offset if there is a 

Contingent assets are neither recognised nor
legally enforceable right to offset current tax liabilities disclosed in the Standalone Financial Statements.
and assets, and they relate to income taxes levied by However, contingent assets are assessed continually

199
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

and if it is virtually certain that an inflow of economic r. Share capital

benefits will arise, the asset and related income are Equity shares incremental costs directly attributable to
recognised in the period in which the change occurs. the issue of equity shares are recognised as a deduction
from equity. Income tax relating to transaction costs of
o. Statement of cash flows
an equity transaction is accounted for in accordance
Cash flows are reported using the indirect method,
with Ind AS 12.
whereby net profit/ (loss) before tax is adjusted for the
effects of transactions of a non-cash nature and any s. Share issue expenses
deferrals or accruals of past or future cash receipts or
payments and item of income or expenses associated Share issue expenses are adjusted against the

with investing or financing cash flows. The cash flows securities premium account as permissible under
from regular revenue generating (operating activities), Section 52 of the Companies Act, 2013, to the extent
investing activities and financing activities of the any balance is available for utilisation in the securities
Company are segregated. premium account.Any refund of share issue expenses
will be adjusted against securities premium.
p. Cash and cash equivalents
For the purpose of presentation in the statement t. Segment reporting
of cash flows, cash and cash equivalents includes As defined in Ind AS 108, Operating Segments,
cash on hand, deposits held at call with banks, other the Chief Operating Decision Maker i.e. Board of
short-term, highly liquid investments with original Directors of the Company evaluates the Company’s
maturities of three months or less that are readily performance and allocates resources based on an
convertible to known amounts of cash and which analysis of various performance indicators by business
are subject to an insignificant risk of changes in segment. Medical and Healthcare services has been
value. Where bank overdrafts/ cash credits which
considered as the only reportable segment. Hence, no
are repayable on demand form an integral part
separate final disclosure have been provided for the
of an entity's cash management, bank overdrafts
segment reporting.
are included as a component of cash and cash
equivalents. Bank overdrafts are shown within short
u. Climate - related matters
term-borrowings in the balance sheet.
The Company considers climate-related matters
q. Events after reporting date in estimates and assumptions, where appropriate.
Where events occurring after the balance sheet This assessment includes a wide range of possible
date provide evidence of conditions that existed at impacts on the Company due to both physical and
the end of the reporting period, the impact of such transition risks. Even though climate-related risks
events is adjusted within the financial statements. might not currently have a significant impact on
Otherwise, events after the balance sheet date of measurement, the Company is closely monitoring
material size or nature are only disclosed. relevant changes and developments.

200
 Notes to the Standalone Financial Statements
for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)
2.1 (a) PROPERTY, PLANT AND EQUIPMENT AND CAPITAL WORK-IN-PROGRESS
Leasehold Medical
Furniture Capital
Freehold improvements equipments Plant and Office
Particulars Buildings and Vehicles Computers Total work-in-
land (refer note (i) (refer note (i) equipments equipments
fixtures progress
below) below)
Cost or deemed cost
As at 01 April 2023 33.06 399.11 3,169.15 1,640.39 885.38 492.28 239.86 176.05 138.02 7,173.30 208.98
Additions 5.41 1.54 1,073.22 482.78 305.64 142.12 115.83 25.09 85.42 2,237.05 2,166.31
Disposals* - - - - - - - (3.34) - (3.34) (2,237.05)
As at 31 March 2024 (A) 38.47 400.65 4,242.37 2,123.17 1,191.02 634.40 355.69 197.80 223.44 9,407.01 138.24
As at 01 April 2024 38.47 400.65 4,242.37 2,123.17 1,191.02 634.40 355.69 197.80 223.44 9,407.01 138.24
Additions 1,766.52 1.71 298.04 241.30 123.80 57.85 58.61 3.56 32.45 2,583.84 2,722.29
Disposals* - - - (1.20) - - (0.21) (3.79) - (5.20) (2,583.84)
As at 31 March 2025 (B) 1,804.99 402.36 4,540.41 2,363.27 1,314.82 692.25 414.09 197.57 255.89 11,985.65 276.69
Accumulated depreciation:
As at 01 April 2023 - 15.13 758.16 910.72 256.05 231.22 164.90 91.10 95.51 2,522.79 -
Depreciation - 6.64 198.96 214.21 66.35 59.59 47.17 29.96 33.86 656.74 -
Disposals - - - - - - - (3.34) - (3.34) -
PG 02-74

As at 31 March 2024 (C) - 21.77 957.12 1,124.93 322.40 290.81 212.07 117.72 129.37 3,176.19 -
As at 01 April 2024 - 21.77 957.12 1,124.93 322.40 290.81 212.07 117.72 129.37 3,176.19 -
CORPORATE OVERVIEW

Depreciation - 6.66 264.03 256.49 86.48 67.37 56.70 30.04 51.26 819.03 -
Disposals - - - (1.20) - - (0.21) (3.79) - (5.20) -
As at 31 March 2025 (D) - 28.43 1,221.15 1,380.22 408.88 358.18 268.56 143.97 180.63 3,990.02 -
As at 31 March 2025 (B-D) 1,804.99 373.93 3,319.26 983.05 905.94 334.07 145.53 53.60 75.26 7,995.63 276.69
As at 31 March 2024 (A-C) 38.47 378.88 3,285.25 998.24 868.62 343.59 143.62 80.08 94.07 6,230.82 138.24
* Disposals with respect to capital-work-in progress represents property, plant and equipment capitalisations.
PG 76-172

Note:
STATUTORY REPORTS

(i) Delhi Development authority (DDA) has granted 5,500 square meters of land on perpetual lease to Madhukar Multispecialty Hospital Research Centre (MMHRC) in
Malviyanagar (Delhi) via lease deed dated 16 September 2005. MMHRC has constructed a hospital building on this land with all infrastructure and services and 50%
of the space was sublet to the Company to operate and render healthcare services. DDA vide its letter dated 28 January 2019 to MMHRC has restricted subletting
to 25% instead of earlier 50% and accordingly the Company and MMHRC had executed the amended sub lease agreement dated 27 March 2019 which is effective
from 01 April 2019. As at 31 March 2025, leasehold improvements and medical equipments include `92.60 million and ` 26.91 million (31 March 2024: `98.74
million and ` 36.83 million) respectively in respect of this hospital. The Management is utilising the assets for the purpose of providing medical services at MMHRC.
PG 173-316

(ii) Refer note 2.38 for details of incidental expenditure capitalised during the construction period.
(iii) The title deeds of immovable properties (other than properties where the Company is the lessee and the lease arrangements are duly executed in favour of the lessee)

201
FINANCIAL STATEMENTS

are held in the name of the Company and the Company does not have any investment property.
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.1 (a) PROPERTY, PLANT AND EQUIPMENT AND CAPITAL WORK-IN-PROGRESS (continued)
Capital work-in-progress (CWIP) ageing schedule:
As at 31 March 2025
Amount in CWIP for a period of
CWIP Total
Less than 1 Year 1-2 Years 2-3 Years More than 3 Years
Projects in progress 245.05 28.91 2.38 0.35 276.69
Projects temporarily suspended - - - - -

As at 31 March 2024
Amount in CWIP for a period of
CWIP Total
Less than 1 Year 1-2 Years 2-3 Years More than 3 Years
Projects in progress 131.89 6.00 0.35 - 138.24
Projects temporarily suspended - - - - -

There are no capital work in progress projects, whose completion is overdue or has exceeded its cost compared
to its original plan as at 31 March 2025 and 31 March 2024.

2.1 (b) Intangible assets and Intangible assets under development

Intangible Intangible
Particulars assets assets under
Software development
Cost or deemed cost
As at 01 April 2023 127.76 19.08
Additions 20.59 62.43
Disposals* - (20.59)
As at 31 March 2024 (A) 148.35 60.92
As at 01 April 2024 148.35 60.92
Additions 85.55 31.56
Disposals* - (85.55)
As at 31 March 2025 (B) 233.90 6.93
Accumulated amortisation
As at 01 April 2023 94.67 -
Amortisation 12.98 -
Disposals - -
As at 31 March 2024 (C) 107.65 -
As at 01 April 2024 107.65 -
Amortisation 23.84 -
Disposals - -
As at 31 March 2025 (D) 131.49 -
Net carrying amount
As at 31 March 2025 (B-D) 102.42 6.93
As at 31 March 2024 (A-C) 40.70 60.92
* Disposals with respect to intangible assets under development represents intangible asset capitalisations.

202
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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.1 (b) Intangible assets and Intangible assets under development (continued)
Intangible assets under development ageing schedule:
As at 31 March 2025
Intangible assets under Amount in Intangible assets under development for a period of
Total
development Less than 1 Year 1-2 Years 2-3 Years More than 3 Years
Projects in progress 0.65 - 6.28 - 6.93
Projects temporarily - - - - -
suspended

As at 31 March 2024
Intangible assets under Amount in Intangible assets under development for a period of
Total
development Less than 1 Year 1-2 Years 2-3 Years More than 3 Years
Projects in progress 47.47 13.45 - - 60.92
Projects temporarily - - - - -
suspended

The Company does not have any Intangible assets under development which is overdue or has exceeded its cost
compared to its original plan as at 31 March 2025 and 31 March 2024.

2.2 NON-CURRENT INVESTMENTS

(Valued at cost unless stated otherwise)

As at As at
31 March 2025 31 March 2024
A. Investments at fair value through other comprehensive income
Investments in unquoted equity instruments
- Vamana Solar Private Limited* 0.03 0.03
2,600 shares of `10 each, fully paid up
(31 March 2024: 2,600 shares)

B. Investments at cost
Investments in unquoted equity instruments - In subsidiaries
(a) Rainbow Children's Hospital Private Limited 0.10 0.10
9,999 shares of `10 each, fully paid up (31 March 2024: 9,999
shares of `10 each)
Less: Impairment loss (0.10) (0.10)
- -
(b) Rainbow Women & Children's Hospitals Private Limited 0.10 0.10
9,999 shares of `10 each, fully paid up
(31 March 2024: 9,999 shares of `10 each)
Less: Impairment loss (0.10) (0.10)
- -
(c) Rainbow Speciality Hospitals Private Limited 142.51 142.51
14,185,247 shares of `10 each, fully paid up
(31 March 2024: 14,185,247 shares of `10 each)
(d) Rosewalk Healthcare Private Limited 324.11 324.11
36,046,585 shares of `10 each, fully paid up (31 March 2024:
36,046,585 shares of `10 each)
Less: Impairment loss ** (46.30) (46.30)
277.81 277.81

203
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Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.2 NON-CURRENT INVESTMENTS (continued)

As at As at
31 March 2025 31 March 2024
(e) Rainbow Fertility Private Limited 45.00 45.00
4,499,999 shares of `10 each, fully paid up
(31 March 2024: 4,499,999 shares of `10 each)
(f) Rainbow CRO Private Limited 0.10 0.10
99,999 shares of `10 each, fully paid up
(31 March 2024: 99,999 shares of `10 each)
465.45 465.45
Aggregate book value of unquoted investments 465.45 465.45
Aggregate amount of impairment in value of investments 46.50 46.50
*The Company has designated the investments in Vamana Solar Private Limited as equity shares at FVOCI. The fair value of this
investment as at 31 March 2025 is ` 0.03 million (31 March 2024: ` 0.03 million).
** The Company has carried out an impairment assessment for investment made by the Company. Based on the detailed impairment
evaluation carried out by the Company duly considering the discounted future cashflows of the subsidiary, the Company has
assessed that impairment is ` Nil for the year ended 31 March 2025 (31 March 2024: ` Nil ) as an impairment loss on investment.

The Company's exposure to credit risk and market risk related to investments has been disclosed in Note 2.39.

2.3 (a) Other financial assets (non-current) (at amortised cost)

As at As at
Particulars
31 March 2025 31 March 2024
Bank deposits with remaining maturity more than 12 months 20.26 25.11
Interest accrued on deposits 4.19 2.28
Security deposits 285.97 225.02
310.42 252.41

The Company's exposure to credit and market risk are disclosed in Note 2.39.

2.3 (b) Other financial assets (current) (at amortised cost)

As at As at
Particulars
31 March 2025 31 March 2024
Bank deposits with remaining maturity less than 12 months # 957.95 1,698.44
Interest accrued on deposits 24.01 94.40
981.96 1,792.84
# Includes an amount of ` 21.80 million (31 March 2024: Nil) deposited towards on-going CSR projects and an amount of ` 3.00
million (31 March 2024: Nil) towards margin money deposits against bank guarantees.

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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.4 NON-CURRENT TAX ASSETS (NET)

As at As at
Particulars
31 March 2025 31 March 2024
Advance tax (net of provision for taxation) (refer note 2.27 (b)) 99.86 136.00
99.86 136.00
2.5 OTHER NON-CURRENT ASSETS
As at As at
Particulars
31 March 2025 31 March 2024
(Unsecured, considered good)
Capital advances
- to other than related parties 232.04 1,700.22
Prepaid expenses 19.56 25.01
Amounts paid under protest 13.16 9.99
264.76 1,735.22
(Unsecured, considered doubtful)
Capital advances (credit impaired) - 0.15
Less: Allowance for doubtful advances - (0.15)
- -
264.76 1,735.22

2.6 INVENTORIES
(valued at the lower of cost or net realisable value)

As at As at
Particulars
31 March 2025 31 March 2024
Medical consumables and pharmacy items 227.42 225.86
227.42 225.86

2.7 CURRENT INVESTMENTS

As at As at
Particulars
31 March 2025 31 March 2024
Investments at fair value through profit or loss
Quoted:
Investments in Mutual funds - quoted
Aditya Birla Sunlife Banking & PSU Debt Fund - Growth - Direct Plan 414.40 305.59
1,113,485.77 Units (31 March 2024: 891,229.77 Units)
HDFC Liquid Fund - Growth - Direct Plan 30.06 150.36
5,901.57 Units (31 March 2024: 31,696.61 Units)
HDFC Large & Midcap Fund - Growth - Direct Plan 140.19 21.91
431,099.53 Units (31 March 2024: 73,194.97 Units)
HDFC Corporate Bond Fund - Growth - Direct Plan 446.56 -
13,722,798.35 Units (31 March 2024: Nil Units)
HDFC Arbitrage Fund - Growth - Direct Plan 167.33 -
84,39,290.35 Units (31 March 2024: Nil Units)
DSP Liquid Fund - Growth - Direct Plan 45.09 -
12,160.62 Units (31 March 2024: Nil Units)
Bandhan Liquid Fund - Growth Direct Plan - 96.81
Nil Units (31 March 2024: 33,185.09 Units)

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Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.7 CURRENT INVESTMENTS (continued)

As at As at
Particulars
31 March 2025 31 March 2024
UTI Money Market Fund - Growth - Direct Plan 131.76 371.16
43,049.97 Units (31 March 2024: 130,817.03 Units)
ICICI Prudential Large & Midcap Fund - Growth - Direct Plan 145.65 22.22
141,192.74 Units (31 March 2024: 24,252.04 Units)
ICICI Prudential Banking & PSU Debt Fund - Growth - Direct Plan 352.11 305.70
10,550,288.35 Units (31 March 2024: 9,932,127.10 Units)
ICICI Prudential All Seasons Bond Fund - Growth - Direct Plan 325.26 50.22
8,328,117.37 Units (31 March 2024: 1,407,864.73 Units)
ICICI Prudential Equity Arbitrage Fund - Growth - Direct Plan 386.53 358.04
10,692,747.42 Units (31 March 2024: 10,692,747.42 Units)
Sundaram Liquid Fund - Growth - Direct Plan 20.81 -
9,082.04 Units (31 March 2024: Nil Units)
Tata Money Market Fund - Growth - Direct Plan 104.35 96.64
22,126.01 Units (31 March 2024: 22,126.04 Units)
TATA Arbitrage Fund - Growth - Direct Plan 284.83 -
19,192,942.67 Units (31 March 2024: Nil Units)
Parag Parikh Flexi Cap Fund - Growth - Direct Plan 145.12 19.41
1,691,383.96 Units (31 March 2024: 259,223.76 Units)
SBI Arbitrage Opportunities Fund - Growth - Direct Plan 311.41 288.67
8,818,633.98 Units (31 March 2024: 8,818,633.98 Units)
SBI Corporate Bond Fund 486.91 -
31,198,932.32 Units (31 March 2024: Nil Units)
Kotak Banking & PSU Debt Fund - Growth - Direct Plan 352.88 306.14
5,299,050.66 Units (31 March 2024: 4,989,380.42 Units)
Kotak Corporate Bond Fund - Growth - Direct Plan 408.91 305.86
106,266.49 Units (31 March 2024: 86,518.92 Units)
Kotak Money Market Fund - Growth - Direct Plan 179.87 166.80
40,461.73 Units (31 March 2024: 40,461.73 Units)
Kotak Equity Arbitrage Fund - Growth - Direct Plan 42.88 -
1,089,697.49 Units (31 March 2024: Nil Units)
Kotak Dynamic Bond Fund - Growth - Direct 268.07 -
6,677,570.61 Units (31 March 2024: Nil Units)
Nippon India - Arbitrage Fund - Growth - Direct Plan 107.63 -
3,817,291.94 Units (31 March 2024: Nil Units)
Invesco India - Arbitrage Fund - Growth - Direct Plan 50.83 -
1,498,997.32 Units (31 March 2024: Nil Units)
Axis Liquid Fund - Growth - Direct Plan 65.37 130.63
22,668.58 Units (31 March 2024: 48,676.37 Units)
HSBC Liquid Fund - Growth - Direct Plan 80.20 -
31,032.77 Units (31 March 2024: Nil Units)
5,495.01 2,996.16
Aggregate amount of quoted investments and market value thereof 5,495.01 2,996.16

The company's exposure to credit risk and market risk related to investments has been disclosed in note 2.39

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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.8 TRADE RECEIVABLES AND CONTRACT ASSETS

As at As at
Particulars
31 March 2025 31 March 2024
Trade receivables - unsecured, considered good
- to related parties (refer note 2.31 (c)) 37.11 33.90
- to other than related parties 770.16 736.66
Contract assets (Unbilled revenue) - unsecured, considered good (refer 66.68 84.62
note 2.42)
Total 873.95 855.18
Less: Allowance for expected credit loss (89.33) (139.59)
Net total trade receivables 784.62 715.59

Trade receivables are unsecured and are derived from revenue earned from providing medical, healthcare and other
ancillary services. No interest is charged on the outstanding balance, regardless of the age of the balance. The Company
applies Expected Credit Loss (ECL) model under simplified approach for measurement and recognition of impairment
loss towards expected risk of delays and default in collection.

The Company has used a practical expedient by computing the expected credit loss allowance based on a provision
matrix. Management makes specific provision in cases where there are known specific risks of customer default in
making the repayments. The provision matrix takes into account historical credit loss experience and adjusted for
forward- looking information. The expected credit loss allowance is based on the ageing of the days the receivables
are due and the rates as per the provision matrix.

The Company is subject to concentration of credit risk in its trade receivables for one customer comprising of 39% (31
March 2024: 42%) of total trade receivables. Although the Company is directly affected by the financial condition of
its customer, management does not believe significant credit risks exist at the balance sheet date. The Company does
not require collateral or other securities to support its accounts receivable.

(a) The Company's exposure to credit risk and loss allowances related to trade receivables are disclosed in note 2.39.

(b) Trade receivables are non-interest bearing and are generally on terms of 30-45 days

Trade receivables and Contract assets ageing schedule:

As at 31 March 2025
Outstanding for following periods from due date of
Contract
Current payment
assets
Particulars but not Less 6 More
(Unbilled 1-2 2-3
due than 6 months than 3 Total
revenue) years years
months - 1 year years
(i) Contract assets (Unbilled Revenue), 66.68 - - - - - - 66.68
Undisputed - considered good
(ii) Undisputed Trade receivables – - 449.11 223.01 52.34 35.06 42.10 5.65 807.27
considered good
(iii) Undisputed Trade Receivables – which - - - - - - - -
have significant increase in credit risk
(iv) Undisputed Trade Receivables – credit - - - - - - - -
impaired
(v) Disputed Trade Receivables– - - - - - - - -
considered good
(vi) Disputed Trade Receivables – which - - - - - - - -
have significant increase in credit risk

207
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.8 TRADE RECEIVABLES AND CONTRACT ASSETS (continued)

Outstanding for following periods from due date of

Contract
Current payment
assets
Particulars but not Less 6 More
(Unbilled 1-2 2-3
due than 6 months than 3 Total
revenue) years years
months - 1 year years
(vii) Disputed Trade Receivables – credit - - - - - - - -
impaired
Total 66.68 449.11 223.01 52.34 35.06 42.10 5.65 873.95
Less: Allowance for expected credit loss (89.33)
Net total trade receivables 784.62

As at 31 March 2024
Outstanding for following periods from due date of
Contract
Current payment
assets
Particulars but not Less 6 More
(Unbilled 1-2 2-3
due than 6 months than 3 Total
revenue) years years
months - 1 year years
(i) Contract assets (Unbilled Revenue), 84.62 - - - - - - 84.62
Undisputed - considered good
(ii) Undisputed Trade receivables – - 424.62 230.62 21.60 64.20 23.28 6.24 770.56
considered good
(iii) Undisputed Trade Receivables – which - - - - - - - -
have significant increase in credit risk
(iv) Undisputed Trade Receivables – credit - - - - - - - -
impaired
(v) Disputed Trade Receivables– - - - - - - - -
considered good
(vi) Disputed Trade Receivables – which - - - - - - - -
have significant increase in credit risk
(vii) Disputed Trade Receivables – credit - - - - - - - -
impaired
Total 84.62 424.62 230.62 21.60 64.20 23.28 6.24 855.18
Less: Allowance for expected credit loss (139.59)
Net total trade receivables 715.59

2.9 (a) Cash and cash equivalents

As at As at
Particulars
31 March 2025 31 March 2024
Cash on hand 10.90 7.42
Balance with banks
- On current accounts 158.00 67.43
168.90 74.85

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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.9 (b) Bank balances other than cash and cash equivalents
As at As at
Particulars
31 March 2025 31 March 2024
Unpaid dividend 0.20 0.07
0.20 0.07

(a) The Company's exposure to credit risk and market risk are disclosed in note 2.39.

(b) Details of bank balances / deposits

As at As at
Particulars
31 March 2025 31 March 2024
Bank balances available on demand/deposits with original maturity - -
of 3 months or less included under Cash and cash equivalents
Bank deposits with original maturity more than 3 months but less - -
than 12 months included under 'Bank balances other than cash and
cash equivalents'
Bank deposits with original maturity more than 12 months and 957.95 1,698.44
remaining maturity less than 12 months included under Other
financial assets (current) (refer note : 2.3(b))
Bank deposits with original maturity more than 12 months and 20.26 25.11
remaining maturity more than 12 months included under Other
financial assets (non-current) (refer note : 2.3(a))

2.10 (a) Loans (non-current)

(Unsecured, considered good)

As at As at
Particulars
31 March 2025 31 March 2024
Loans receivable ^ 205.08 205.48
205.08 205.48
Interest accrued on - Loans receivable ^ 94.46 127.03
Total loan carried at amortised cost 299.54 332.51

2.10 (b) Loans (current)

(Unsecured, considered good)

As at As at
Particulars
31 March 2025 31 March 2024
Loans receivable ^ 0.40 -
0.40 -
Interest accrued on - Loans receivable ^ 30.05 -
Total loan carried at amortised cost 30.45 -

209
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.10 (b) Loans (continued)

Disclosure under Section 186(4) of the Companies Act, 2013
Loans:
As at As at
Particulars
31 March 2025 31 March 2024
Opening balance 205.48 337.98
Given during the year - 2.00
Written off during the year - -
Repaid during the year - (134.50)
Closing balance 205.48 205.48

Details of unsecured outstanding loans as at 31 March 2025:

Purpose of As at Given Written off Repaid As at

Name of the Nature of Rate of
deposits 1 April during the during the during 31 March
borrower relationship interest
given 2024 year year the year 2025
Madhukar Rainbow Others Working 8.50% 203.48 - - - 203.48
Children's Hospital capital
(refer note below)
Rosewalk Healthcare Related Working 9.50% 2.00 - - - 2.00
Private Limited party capital
205.48 - - - 205.48
Note: During the year, there has been a change in the terms of repayment of loan (principal) for one of the borrower by
providing a moratorium period of 2 years from 01 April 2024 to 01 April 2026 and reduced the rate of interest from
9.50% p.a. to 8.50% p.a.

Details of unsecured outstanding loans as at 31 March 2024:

Purpose of As at Given Written off Repaid As at
Name of the Nature of Rate of
deposits 1 April during the during the during 31 March
borrower relationship interest
given 2023 year year the year 2024
Madhukar Rainbow Others Working 9.50% 337.98 - - (134.50) 203.48
Children's Hospital capital
Rosewalk Healthcare Related Working 9.50% - 2.00 - - 2.00
Private Limited party capital
337.98 2.00 - (134.50) 205.48
^ Refer note 2.31 (c) for related party balances.

2.11 OTHER CURRENT ASSETS

As at As at
Particulars
31 March 2025 31 March 2024
(Unsecured, considered good)
Advances to suppliers 107.85 92.78
Prepaid expenses 48.26 39.47
Advance to employees * 10.35 5.35
166.46 137.60
(Unsecured, considered doubtful)
Advances to suppliers (credit impaired) - 3.31
Less: Allowance for doubtful advances - (3.31)
- -
166.46 137.60
* Refer note 2.31(c) for advance to Key managerial personnel

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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.12 EQUITY SHARE CAPITAL

As at As at
Particulars
31 March 2025 31 March 2024
Authorised
150,000,000 (31 March 2024: 150,000,000) equity shares of ` 10 1,500.00 1,500.00
each
1,500.00 1,500.00
Issued, subscribed and paid-up
101,551,673 (31 March 2024: 101,501,687) equity shares of ` 10 1,015.52 1,015.02
each, fully paid-up
1,015.52 1,015.02

a) Reconciliation of equity shares outstanding at the beginning and at the end of the year :

As at 31 March 2025 As at 31 March 2024

Particulars Number of Number of
Amount Amount
shares shares
Equity shares of ` 10 each, Issued,
subscribed and fully paid-up
At the commencement of the year 101,501,687 1,015.02 101,501,687 1,015.02
Add: Shares issued during the year 49,986 0.50 - -
At the end of the year 101,551,673 1,015.52 101,501,687 1,015.02

b) Terms/Rights attached to Equity shares :

The Company has a single class of equity shares of face value ` 10 each, fully paid up. Accordingly, all equity
shares rank equally with regard to dividends and share in the Company’s residual assets. The equity shares
are entitled to receive dividend as declared from time to time subject to payment of dividend to preference
shareholders. Each holder of equity shares is entitled to one vote per share. The Company declares and pays
dividends in Indian Rupees.

On liquidation of the Company, the holders of equity shares will be entitled to receive the residual assets of the
Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.

c) Particulars of shareholders holding more than 5% shares in the company:

As at 31 March 2025 As at 31 March 2024

Name of shareholder Number of Number of
% %
shares shares
Equity shares of ` 10 each, fully paid-up
held by:
- Dr. Ramesh Kancharla 31,517,431 31.04% 31,494,654 31.03%
- Dr. Dinesh Kumar Chirla 6,633,310 6.53% 6,633,310 6.54%
- Dr. Adarsh Kancharla 6,110,432 6.02% 6,110,432 6.02%
- Kancharla Family Trust 5,205,700 5.13% 5,179,200 5.10%

As per records of the Company, including its register of shareholder/members and other declarations received
from shareholder regarding beneficial interest, the above shareholding represents both legal and beneficial
ownership of shares.

211
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.12 EQUITY SHARE CAPITAL (continued)

d) During the five years immediately preceding the reporting date, no shares have been bought back, issued for
consideration other than cash other than disclosed below.

During the year ended 31 March 2022, 48,167,004 equity shares of ` 10 each, fully paid up have been allotted
as bonus shares by capitalisation of securities premium.

e) Shareholding of promoters
As at 31 March 2025
Number of Number of
Change % change
shares at the shares at the % of total
Promoter Name during the during the
beginning of end of the shares
year year
the year year
Equity shares:
Dr Ramesh Kancharla 31,494,654 22,777 31,517,431 31.04% 0.01%
Dr Dinesh Kumar Chirla 6,633,310 - 6,633,310 6.53% -
Dr Adarsh Kancharla 6,110,432 - 6,110,432 6.02% -
Kancharla Family Trust 5,179,200 26,500 5,205,700 5.13% 0.03%
Total 49,417,596 49,277 49,466,873 48.72% 0.04%

As at 31 March 2024
Number of Number of
Change % change
shares at the shares at the % of total
Promoter Name during the during the
beginning of end of the shares
year year
the year year
Equity shares:
Dr Ramesh Kancharla 31,494,654 - 31,494,654 31.03% -
Dr Dinesh Kumar Chirla 6,633,310 - 6,633,310 6.54% -
Dr Adarsh Kancharla 6,110,432 - 6,110,432 6.02% -
Kancharla Family Trust 5,179,200 - 5,179,200 5.10% -
Total 49,417,596 - 49,417,596 48.69% -

2.13 OTHER EQUITY

Share
Securities General Options Retained Total other
Particulars
premium reserve outstanding earning equity
account
Balance as at 01 April 2023 3,972.28 44.43 - 5,852.15 9,868.86
Profit for the year - - - 2,148.91 2,148.91
Refund of share issue expenses * 14.70 - - - 14.70
Employee share based payment - - 96.58 - 96.58
expenses (refer note 2.45)
Appropriations:
Final dividend on equity shares for - - - (304.44) (304.44)
the year ended 31 March 2023. i.e.
` 3 per share
Remeasurement of defined benefit - - - 12.88 12.88
liability (net of tax effect)
Balance as at 31 March 2024 3,986.98 44.43 96.58 7,709.50 11,837.49

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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.13 OTHER EQUITY (continued)

Share
Securities General Options Retained Total other
Particulars
premium reserve outstanding earning equity
account
Balance as at 01 April 2024 3,986.98 44.43 96.58 7,709.50 11,837.49
Profit for the year - - - 2,375.85 2,375.85
Employee share based payment 43.11 - (79.73) - (36.62)
expenses (refer note 2.45)
Appropriations:
Final dividend on equity shares for - - - (304.64) (304.64)
the year ended 31 March 2024. i.e.
` 3 per share
Remeasurement of defined benefit - - - (2.16) (2.16)
liability (net of tax effect)
Balance as at 31 March 2025 4,030.09 44.43 16.85 9,778.55 13,869.92
* During the Previous year, the Company has received an amount of ` 14.70 million towards the Company's share of unspent share
issue expenses. The same has been adjusted with securities premium as per Companies Act, 2013.

Nature and purpose

Securities premium
Securities premium is used to record the premium received on issue of shares. It is utilised in accordance with the
provisions of the Companies Act, 2013.

General reserve
The general reserve is a free reserve which is used from time to time to transfer profits from retained earnings. As the
general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive
income, items included in the general reserve will not be reclassified subsequently to statement of profit and loss.

Other comprehensive income

Remeasurements of defined benefit plans comprises of actuarial gains and losses.

Retained earning
The amount that can be distributed by the Company as dividends to its equity and preference shareholders.

Share options outstanding account

The share options outstanding account is used to recognise the value of equity settled share based payments provided
to employees under Employee Stock Unit Plan 2023 (refer note 2.45).

2.13 (a) DIVIDEND

Distribution made and proposed
Particulars 31 March 2025 31 March 2024
Dividends on equity shares declared and paid:
Final dividend for the year ended 31 March 2024: ` 3 per share 304.64 304.51
(31 March 2023: ` 3 per share)
304.64 304.51
Proposed dividend on Equity shares:
Proposed dividend for the year ended 31 March 2025 : ` 3 per share 304.66 304.51
(31 March 2024: ` 3 per share)
304.66 304.51

The Board of Directors of the Company, at its meeting held on 24 May 2025, have proposed a final dividend of
` 3 per Equity Share having face value of `10 each aggregating to ` 304.66 million for the financial year ended 31
March 2025. The proposal is subject to the approval of the shareholders at the forthcoming Annual General Meeting.
Final dividend is accounted in the year in which it is approved by the shareholders.

213
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.14 PROVISIONS (NON-CURRENT)

As at As at
Particulars
31 March 2025 31 March 2024
Provision for employee benefits
- Gratuity (refer note 2.30(a)) 74.04 55.93
- Compensated absences 20.21 17.01
94.25 72.94

2.15 TRADE PAYABLES

As at As at
Particulars
31 March 2025 31 March 2024
Trade payables
- total outstanding dues to micro enterprises and small enterprises 91.16 86.09
(MSME) (refer note 2.36)
- total outstanding dues to creditors other than micro enterprises and 767.62 677.31
small enterprises
858.78 763.40

The Company's exposure to liquidity and currency risk and loss allowances related to trade payables are
disclosed in note 2.39.
Trade payables are non-interest bearing and are normally settled on 30 to 45 days terms.
Refer note 2.31(c) for related party balances.

Trade payables ageing schedule

As at 31 March 2025
Outstanding for following periods from
due date of payment
Particulars Current Total
Less than 1-2 2-3 More than
but not due
- 1 year years years 3 years
i) Total outstanding dues of micro enterprises - 89.07 1.53 0.09 0.47 91.16
and small enterprises (refer note 2.36)
ii) Total outstanding dues of creditors other 223.82 534.36 4.26 3.44 1.74 767.62
than micro enterprises and small enterprises
iii) Disputed dues of micro enterprises and - - - - - -
small enterprises
iv) Disputed dues of creditors other than micro - - - - - -
enterprises and small enterprises
Total 223.82 623.43 5.79 3.53 2.21 858.78

As at 31 March 2024
Outstanding for following periods from
Current due date of payment
Particulars Total
but not due Less than 1-2 2-3 More than
- 1 year years years 3 years
i) Total outstanding dues of micro enterprises - 84.46 1.42 0.19 0.02 86.09
and small enterprises (refer note 2.36)
ii) Total outstanding dues of creditors other 163.31 503.02 6.57 3.49 0.92 677.31
than micro enterprises and small enterprises
iii) Disputed dues of micro enterprises and - - - - - -
small enterprises
iv) Disputed dues of creditors other than micro - - - - - -
enterprises and small enterprises
Total 163.31 587.48 7.99 3.68 0.94 763.40

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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.16 OTHER FINANCIAL LIABILITIES (CURRENT) (AT AMORTISED COST)

As at As at
Particulars
31 March 2025 31 March 2024
Employee benefit payables ^ 81.26 91.39
Creditor for capital goods 85.05 211.57
Other payables 3.22 21.53
Unpaid dividend 0.13 -
169.66 324.49
^ Refer note 2.31(c) for related party balances.

The Company's exposure to liquidity risk related to other financial liabilities are disclosed in note 2.39.

2.17 PROVISIONS (CURRENT)

As at As at
Particulars
31 March 2025 31 March 2024
Provision for employee benefits
Gratuity (refer note 2.30 (a)) 35.25 17.02
Compensated absences 28.07 10.70
63.32 27.72
Provision for claims, other than taxes arise in future* 1.94 1.94
65.26 29.66
*Movement in provision for claims, other than taxes arise in future:
Opening balance 1.94 1.94
Add: Addition during the year - -
Less: Utilisation/ reversal during the year - -
Closing balance 1.94 1.94

2.18 CURRENT TAX LIABILITY (NET)

As at As at
Particulars
31 March 2025 31 March 2024
Provision for taxation (net of advance tax) - 0.01
- 0.01

2.19 OTHER CURRENT LIABILITIES

As at As at
Particulars
31 March 2025 31 March 2024
Contract liabilities (advance from patients) (refer note. 2.42) 38.23 33.72
Statutory liabilities 87.03 80.63
125.26 114.35

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Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.20 REVENUE FROM OPERATIONS

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Income from medical and healthcare services
- Revenue from hospital services (refer note 2.42) 12,554.04 10,710.49
- Revenue from pharmacy sales (refer note 2.42) 1,585.83 1,299.05
- Revenue from medical service fee (refer note 2.42) 264.93 253.05
14,404.80 12,262.59
Other operating income
- Cord blood extraction 29.11 28.60
- Canteen income 33.34 32.79
- Sale of baby products 37.50 1.86
- Others 40.32 39.78
140.27 103.03
Total revenue from operations 14,545.07 12,365.62

2.21 OTHER INCOME

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Interest income on financial assets carried at amortised cost
- Bank deposits 102.06 151.75
- Loans 17.49 27.48
- Income Tax refund 3.49 -
- Other financial assets carried at amortised cost 16.97 13.28
Dividend income from subsidiary - 14.19
Gain on redemption of mutual funds, net 78.13 73.55
Net gain on financial assets measured at fair value through profit or loss 269.80 58.85
Reversal of expected credit loss, net - 28.42
Liabilities no longer required written back 0.75 0.69
Gain on sale of property, plant and equipment, net 0.80 1.27
489.49 369.48

2.22 COST OF MATERIALS CONSUMED

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Inventory at the beginning of the year 225.86 176.74
Add: Purchases during the year 1,900.25 1,620.39
Less: Closing inventory (227.42) (225.86)
1,898.69 1,571.27

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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.23 EMPLOYEE BENEFITS EXPENSE *

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Salaries, wages and bonus 1,808.69 1,480.46
Contribution to provident and other funds (refer note 2.30(a)) 84.17 63.35
Gratuity expense (refer note 2.30(C)(i)) 44.70 28.88
Employee share based payment expenses (refer note 2.45) # (12.71) 54.30
Staff welfare expenses 51.23 60.10
1,976.08 1,687.09
* Net of amount capitalised (refer note 2.38)
# During the year, the Company has reversed Employee share based payment expense towards unvested options of ` 52.05 million
accounted in previous year pursuant to resignation of Chief Operating Officer.

2.24 FINANCE COSTS *

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Interest expense on lease liabilities (refer note 2.32) 695.94 560.66
695.94 560.66
* Net of amount capitalised (refer note 2.38)

2.25 DEPRECIATION AND AMORTISATION EXPENSE

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Depreciation on property, plant and equipment (refer note 2.1(a)) 819.03 656.74
Amortisation of intangible assets (refer note 2.1(b)) 23.84 12.98
Depreciation of right-of-use assets (refer note 2.32) * 474.61 381.79
1,317.48 1,051.51
* Net of amount capitalised (refer note 2.38)

2.26 (i) PROFESSIONAL FEES TO DOCTORS *

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Professional fees to doctors * 3,484.90 2,877.30
3,484.90 2,877.30
* Net of amount capitalised (refer note 2.38)

2.26 (ii) OTHER EXPENSES *

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Hospital maintenance 69.30 62.83
Canteen expenses 257.68 223.07
Contract wages 378.77 308.24
Housekeeping expenses 78.65 72.86
Power and fuel 260.76 248.09
Lab and investigations 171.09 164.11
Repairs and maintenance
- Plant and equipment 97.57 74.21
- Others 210.11 155.09

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Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.26 (II) OTHER EXPENSE (continued)

For the year ended For the year ended

Particulars
31 March 2025 31 March 2024
Rent (refer note 2.32) 24.70 15.62
Rates and taxes 159.58 133.39
Business promotion and advertisement 292.83 272.85
Travelling and conveyance 50.12 56.31
Printing and stationary 84.51 80.49
Bad debts written off 1.70 0.15
Allowance for expected credit loss 7.31 -
Advances written off - 3.46
Communication expenses 118.78 64.63
Insurance 15.88 15.73
Professional and consultancy 44.11 56.98
Audit fees (refer note 2.34) 9.97 6.33
Directors sitting fees 4.48 5.43
Corporate social responsibility (refer note 2.37) 50.12 35.23
Bank charges 40.82 32.64
Foreign exchange loss, net 0.12 0.21
Miscellaneous expenses 11.68 7.16
2,440.64 2,095.10
* Net of amount capitalised (refer note 2.38)

2.27 TAX EXPENSE, NET

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Amounts recognised in the Statement of Profit and Loss
Current tax 856.68 745.43
Deferred tax (31.54) (2.17)
825.14 743.26
Amounts recognised in other comprehensive income
Deferred tax 0.72 (4.33)
0.72 (4.33)
824.42 747.59
Amounts recognised in the Statement of Profit and Loss
Adjustment of tax related to earlier periods 19.84 -
844.26 747.59

a. Reconciliation of effective tax rate

For the year ended For the year ended

Particulars
31 March 2025 31 March 2024
Profit before tax 3,220.83 2,892.17
Enacted tax rate 25.17% 25.17%
Tax expense at enacted rates 810.62 727.90
80JJAA deduction (7.88) (8.81)
Expenses not deductible for tax 14.96 12.06
Others 6.72 16.44
824.42 747.59

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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.27 TAX EXPENSE, NET (continued)

b. The following table provides the details of non-current tax assets and current tax liabilities:

As at As at
Particulars
31 March 2025 31 March 2024
Non-current tax assets (net) 99.86 136.00
Current tax liabilities (net) - (0.01)
Net non-current tax assets at the end of the year 99.86 135.99

c. The gross movement in the net non-current tax assets is as follows:

As at As at
Particulars
31 March 2025 31 March 2024
Net non-current tax assets at the beginning of the year 135.99 20.68
Income tax paid 840.39 860.74
Income tax expense for the year (856.68) (745.43)
Income tax pertaining to earlier periods (19.84) -
Net non-current tax assets at the end of the year 99.86 135.99

d. Recognition of deferred tax assets and liabilities

(i) Deferred tax assets and liabilities are attributable to the following
As at As at
Particulars
31 March 2025 31 March 2024
Deferred tax liability
Property, plant and equipment 240.13 254.76
Fair value gain on mutual funds 83.09 14.81
Total deferred tax liability 323.22 269.57
Deferred tax asset
Loss allowance on receivables 37.11 35.13
Provision for employee benefits 39.66 30.92
Provision for bonus 5.71 11.19
Lease liabilities (net of right-of-use of assets) 526.68 446.01
Total deferred tax asset 609.16 523.25
Net deferred tax assets 285.94 253.68

(ii) Movement in temporary differences

Recognised in
Balance as at standalone statement Recognised in OCI Balance as at
Particulars
01 April 2024 of profit or loss during during the year 31 March 2025
the year
Loss allowance on receivables 35.13 1.98 - 37.11
Provision for employee benefits 30.92 8.02 0.72 39.66
Provision for bonus 11.19 (5.48) - 5.71
Lease liabilities (net of right-of- 446.01 80.67 - 526.68
use of assets)
Property, plant and equipment (254.76) 14.63 - (240.13)
Fair value gain on mutual funds (14.81) (68.28) - (83.09)
253.68 31.54 0.72 285.94

219
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.27 TAX EXPENSE, NET (continued)

Recognised in
Balance as at standalone statement Recognised in OCI Balance as at
Particulars
01 April 2023 of profit or loss during during the year 31 March 2024
the year
Loss allowance on receivables 59.72 (24.59) - 35.13
Provision for employee benefits 22.42 12.83 (4.33) 30.92
Provision for bonus 32.88 (21.69) - 11.19
Lease liabilities (net of right-of- 399.66 46.35 - 446.01
use of assets)
Property, plant and equipment (257.47) 2.71 - (254.76)
Fair value gain on mutual funds (1.37) (13.44) - (14.81)
255.84 2.17 (4.33) 253.68

2.28 CONTINGENT LIABILITIES

As at As at
Particulars
31 March 2025 31 March 2024
(i) Demands under dispute
- Income-tax matters - 4.14
- Goods and services tax 100.56 79.06
- Luxury tax demand under dispute 18.55 18.55
(ii) Claims against the Company not acknowledged as debt 145.82 112.04
(Medico-legal) *
264.93 213.79

* The Company is involved in the disputes, law suites, claims from patients/patient relatives that arise from time to time in ordinary
course of business. Based on external legal advise, management believes none of the matters, either in individual or in aggregate
will have any material effect on its standalone financial statements, as the management believes it has a reasonable case in its
defence of proceedings and hence, no provision is recognised in the standalone financial statements.

The Company is subject to legal proceedings and claims, which have arisen in the ordinary course of business
including litigation before tax authorities and including matters mentioned above. The uncertainties and possible
reimbursements are dependent on the outcome of the different legal processes which have been invoked by the
claimants or the Company, as the case may be, and therefore cannot be predicted accurately. The Company engages
reputed professional advisors to protect its interests and has been advised that it has strong legal positions against such
disputes. The Management believes that it has a reasonable case in its defence of the proceedings and accordingly no
further provision is required.

2.29 CAPITAL COMMITMENTS

As at As at
Particulars
31 March 2025 31 March 2024
- Estimated amount of contracts remaining to be executed on capital 558.90 315.69
account and not provided for (net of advances)

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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.30 EMPLOYEE BENEFIT PLANS

The employee benefit schemes are as under:
(a) Defined contribution benefit plans
The Company makes contributions, determined as a specified percentage of employee salaries, in respect of
qualifying employees towards Provident fund and Employee state insurance (ESI), which is a defined contribution
plan. The contribution is charged to the Statement of standalone profit and loss as they accrue. The amount
recognised as an expense towards contribution to Provident fund and ESI for the year ended 31 March 2025
amounts to ` 79.21 million and ` 4.96 million respectively (31 March 2024: ` 55.28 million and ` 8.07 million
respectively) (refer note 2.23).

(b) Defined benefit plans

The Company provides its employees with benefits under a defined benefit plan, referred to as the “Gratuity Plan”.
The Gratuity Plan entitles an employee, who has rendered at least five years of continuous service, to receive
15 days' salary for each year of completed service (service of six months and above is rounded off as one year)
at the time of retirement/exit, restricted to a sum of ` 2.00 million. The Company contributes all ascertained
liabilities towards gratuity to the Fund. The plan assets have been primarily invested in insurer managed funds.
The Company’s obligation in respect of gratuity plan, which is a defined benefit plan is provided for based on
actuarial valuation carried out by an independent actuary using the projected unit credit method.

The following table sets out the status of the funded gratuity plan as required under Ind AS 19 " Employee Benefits" :

A. Based on the actuarial valuation obtained in this respect, the following table sets out the status of the gratuity plan
and the amounts recognised in the Company's standalone financial statements as at the balance sheet date :

As at As at
Particulars
31 March 2025 31 March 2024
Defined benefit obligation 114.58 77.95
Fair value of plan assets (5.29) (5.00)
Net defined benefit obligation 109.29 72.95
Provisions (current) (Refer note 2.17) 35.25 17.02
Provisions (non-current) (Refer note 2.14) 74.04 55.93

B. Reconciliation of net defined benefit obligation:

The following table shows a reconciliation from the opening balances to the closing balances for the net defined
benefit obligation, plan assets and its components:
i. Reconciliation of present value of defined benefit obligation:
As at As at
Particulars
31 March 2025 31 March 2024
Defined benefit obligation as at beginning of the year 77.95 71.45
Current service cost 15.88 23.65
Past service cost 24.32 -
Interest cost 4.79 5.23
Actuarial gains recognised in other comprehensive income 2.88 (17.21)
Benefits paid (11.24) (5.17)
Defined benefit obligation at the end of the year 114.58 77.95

221
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Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.30 EMPLOYEE BENEFIT PLANS (continued)

ii. Reconciliation of fair value of plan assets
As at As at
Particulars
31 March 2025 31 March 2024
Plan assets as at the beginning of the year 5.00 -
Contributions paid in to the plan 11.24 10.18
Return on plan assets less interest on plan assets 0.29 (0.00)
Benefits paid (11.24) (5.18)
Plan assets as at the end of the year 5.29 5.00

C. (i) Gratuity expense recognised in the statement of profit and loss:

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Current service cost 15.88 23.65
Past service cost 24.32 -
Interest on defined benefit liability / (asset) 4.50 5.23
Gratuity expenses, included in employee benefit expenses 44.70 28.88

C. (ii) Re-measurements recognised in other comprehensive income

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Actuarial loss/(gain) on defined benefit obligation
- Actuarial loss arising from change in financial assumptions 0.77 0.95
- Actuarial (gain) arising from change in demographic assumptions (1.66) (17.59)
- Actuarial loss/(gain) arising on account of experience changes 3.52 (0.57)
- Actual return on plan assets less interest on plan assets 0.25 0.00
Actuarial gain recognised in other comprehensive income 2.88 (17.21)

D. Plan assets
Plan assets comprises of the following :
As at As at
Particulars
31 March 2025 31 March 2024
Fund managed by insurer 5.29 5.00

E. Defined benefit obligation

Actuarial assumptions at balance sheet date:
For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Discount rate 6.90% p.a 7.15% p.a
Salary escalation rate 8% p.a 8% p.a
Attrition rate
Nursing staff 46.11% p.a -
Paramedical staff 27.92% p.a -
Patient care services staff 44.80% p.a -
Administration staff 36.12% p.a -
Support staff 33.65% p.a -
Age 21 to 30 - 49% p.a
Age 31 to 40 - 34% p.a
Age 41 to 50 - 24% p.a
51 and above - 18% p.a
Retirement Age 58 years 58 years

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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.30 EMPLOYEE BENEFIT PLANS (continued)

E. Defined benefit obligation (continued)
Maturity profile of defined benefit obligation
As at As at
Particulars
31 March 2025 31 March 2024
1st following year 40.29 22.02
Year 2 to 5 77.48 49.73
Year 6 to 9 17.98 21.17
For 10 years and above 4.75 11.18

Discount rate: The discount rate is based on the prevailing market yields of Indian government securities as at the
balance sheet date for the estimated term of the obligations.

Salary escalation rate: The estimates of future salary increases considered takes into account the inflation, seniority,
promotion and other relevant factors.

Sensitivity analysis: Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions,
holding other assumptions constant would have affected the defined benefit obligation by the amounts shown below:
As at 31 March 2025 As at 31 March 2024
Increase Decrease Increase Decrease
Discount rate (50 bps movement) 112.80 115.90 76.60 79.36
Salary escalation rate (50 bps movement) 115.90 112.87 79.28 76.66

Expected contributions to the plan for the next annual reporting year
Expected contribution to post-employment benefit plans for the financial year ending 31 March 2026 is ` 40.29 millions.
The weighted average duration of the defined benefit obligation is 2.71 years (31 March 2024: 3.54 years)

2.31 RELATED PARTIES

a) Names of the related parties and description of relationship:
Entities in which control exists Rainbow Children’s Hospital Private Limited
(Subsidiaries) Rainbow Women & Children’s Hospital Private Limited
Rainbow Speciality Hospitals Private Limited
Rosewalk Healthcare Private Limited
Rainbow Fertility Private Limited
Rainbow C R O Private Limited
Entities in which control exists Rainbow Children’s Hospital Foundation (w.e.f. 12 September 2023)
(others)
Key managerial personnel Dr. Ramesh Kancharla, Chairman and Managing Director
(KMP) Dr. Dinesh Kumar Chirla, Whole-Time Director
Mr. Anil Dhawan, Independent Director
Mr. Santanu Mukherjee, Independent Director
Ms. Sundari Raviprasad Pisupati, Independent Director
Mr. Aluri Srinivasa Rao, Independent Director
Mr. Ashish Kapil, Company Secretary (resigned w.e.f. 14 December 2024)
Mrs. Shreya Mitra, Company Secretary (appointed w.e.f. 09 February 2025)
Mr. R. Gowrisankar, Chief Financial Officer (resigned w.e.f. 31 May 2023)
Mr. Vikas Maheshwari, Chief Financial Officer (appointed w.e.f. 01 June 2023)
Mr. Sanjeev Sukumaran, Chief Operating Officer (resigned w.e.f. 30 October 2024)
Dr. Adarsh Kancharla, Non-Executive Director (appointed w.e.f. 24 January 2024)

223
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Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.31 RELATED PARTIES (continued)

Relative of key managerial Mrs. Padma Kancharla, wife of Dr. Ramesh Kancharla
personnel Mr. Ramadhara Naidu Kancharla, brother of Dr. Ramesh Kancharla
Enterprises where key Ravindranath GE Medical Associates Private Limited
managerial personnel along Rainbow Children’s Foundation
with their relatives exercise
significant influence
Enterprises where relative of Unimed Healthcare Private Limited
key managerial personnel is a
member

(b) Following is the summary of significant related party transactions during the year:

For the year ended For the year ended

31 March 2025 31 March 2024
Revenue from medical/ professional services rendered
- Rainbow Children’s Foundation 7.44 7.34
-       Rainbow C R O Private Limited 0.07 -
Revenue from pharmacy sales
-      Rainbow Speciality Hospitals Private Limited 7.47 7.90
-      Rosewalk Healthcare Private Limited 11.37 9.41
Revenue from sale of baby products
-      Rosewalk Healthcare Private Limited 25.30 -
Other expense
-      Rainbow Speciality Hospitals Private Limited - 0.21
Professional services received
- Ravindranath GE Medical Associates Private Limited 1.56 7.28
- Unimed Healthcare Private Limited 40.77 13.52
Professional services provided
- Unimed Healthcare Private Limited 1.31 -
Medical service fee paid
-      Rainbow Speciality Hospitals Private Limited 3.07 3.15
- Ravindranath GE Medical Associates Private Limited 0.00 0.25
Medical consumables and pharmacy items
-      Rainbow Speciality Hospitals Private Limited 0.72 0.30
-      Rosewalk Healthcare Private Limited 38.57 4.41
Dividend Received
-      Rainbow Speciality Hospitals Private Limited - 14.19
Reimbursement of expenditure
-      Rainbow Speciality Hospitals Private Limited 0.50 -
- Unimed Healthcare Private Limited 18.14 -
Rental expenditure
- Unimed Healthcare Private Limited 50.80 48.46
-      Rainbow Speciality Hospitals Private Limited 1.75 -
CSR expenditure
- Rainbow Children’s Hospital Foundation 5.86 10.00
Rental income
-      Rosewalk Healthcare Private Limited 1.24 0.10

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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.31(B) RELATED PARTIES (continued)

For the year ended For the year ended

31 March 2025 31 March 2024
Interest income on inter-corporate deposit
-      Rosewalk Healthcare Private Limited 0.19 0.07
Inter-corporate deposits placed
-      Rosewalk Healthcare Private Limited - 2.00
Travel advance to KMP
-    Dr. Ramesh Kancharla 2.32 0.33
Professional charges to KMP
-   Dr. Dinesh Kumar Chirla 28.25 34.04
- Dr. Adarsh Kancharla - 0.96
Remuneration to KMP*
-    Dr. Ramesh Kancharla 45.00 65.00
-     Mr. R.Gowrisankar - 1.72
-     Mr. Vikas Maheshwari (including perquisites) 25.57 12.36
-     Mr. Sanjeev Sukumaran (including perquisites) 69.15 23.19
-     Mr. Ashish Kapil 3.10 2.77
-     Mrs. Shreya Mitra 0.68 -
Project management consultancy fee to relative of KMP
- Mr. Ramadhara Naidu Kancharla 6.04 6.05
Commission to Independent Directors
- Mr. Aluri Srinivasa Rao 1.00 1.00
- Mr. Anil Dhawan 1.00 1.00
- Mrs. Sundari Raviprasad Pisupati 1.00 1.00
- Mr. Santanu Mukherjee 1.00 1.00
Sitting fees paid to Directors
- Mr. Anil Dhawan 0.90 1.15
- Mr. Aluri Srinivasa Rao 0.70 0.80
- Mrs. Sundari Raviprasad Pisupati 0.75 1.15
- Mr. Santanu Mukherjee 1.05 1.40
-    Dr. Adarsh Kancharla 0.40 0.10
Leave travel allowance paid to KMP
-    Dr. Ramesh Kancharla 0.80 3.05
-     Dr. Dinesh Kumar Chirla - 1.20
Expenditure incurred on behalf of KMP
-   Dr. Dinesh Kumar Chirla - 0.07
Dividend paid during the year to KMP and relative of KMP
-    Dr. Ramesh Kancharla 94.48 94.48
-     Dr. Dinesh Kumar Chirla 19.90 19.90
-    Dr. Adarsh Kancharla 18.33 18.33
- Mr. Ramadhara Naidu Kancharla 0.18 0.18
-     Mr. R.Gowrisankar - 0.01
-     Mr. Ashish Kapil 0.00 0.00
*The KMP are covered by the Company’s gratuity policy and are eligible for compensated absences along with other employees of
the Company. The proportionate amount of gratuity and compensated absences cost pertaining to the KMP has not been included
in the aforementioned disclosures as these are not determined on an individual basis.

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Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.31 RELATED PARTIES (continued)

c) The Company has the following amounts due from/ to the related parties
As at As at
31 March 2025 31 March 2024
Trade payables
-     Ravindranath GE Medical Associates Private Limited - 1.29
-      Rosewalk Healthcare Private Limited 1.73 0.01
- Unimed Healthcare Private Limited 2.21 -
Trade receivables
-      Rosewalk Healthcare Private Limited 34.35 32.70
-      Rainbow C R O Private Limited 0.04 -
- Rainbow Children’s Foundation 2.00 1.19
- Unimed Healthcare Private Limited 0.72 -
Travel advance to KMP
-    Dr. Ramesh Kancharla 2.65 0.33
Project management consultancy fee payable to relative of KMP
- Mr. Ramadhara Naidu Kancharla 0.50 0.50
Commission payable to Independent Directors
- Mr. Aluri Srinivasa Rao 1.00 1.00
- Mr. Anil Dhawan 1.00 1.00
- Mrs. Sundari Raviprasad Pisupati 1.00 1.00
- Mr. Santanu Mukherjee 1.00 1.00
Professional fee payable to KMP
-     Dr. Dinesh Kumar Chirla 2.81 2.80
Non-current investments in equity shares (gross)
-      Rainbow Women & Children’s Hospital Private Limited 0.10 0.10
-      Rainbow Speciality Hospitals Private Limited 142.51 142.51
-      Rainbow Children’s Hospital Private Limited 0.10 0.10
-      Rosewalk Healthcare Private Limited 324.11 324.11
-      Rainbow Fertility Private Limited 45.00 45.00
-      Rainbow C R O Private Limited 0.10 0.10
Inter corporate deposits
-      Rosewalk Healthcare Private Limited 2.00 2.00
Interest accrued on inter corporate deposits
-      Rosewalk Healthcare Private Limited 0.26 0.07
Rent Payable
- Unimed Healthcare Private Limited 4.90 4.37
Rent Receivable
-      Rosewalk Healthcare Private Limited 0.19 -
Rental Security Deposit paid
- Unimed Healthcare Private Limited 30.00 30.00
Rental Security Deposit received
-      Rosewalk Healthcare Private Limited 0.07 0.07

d) Refer note 2.2 for details of investment made in subsidiaries.

e) All transactions with these related parties are at arm's length basis and resulting outstanding receivables and payables
including financial assets and financial liabilities balances are settled in cash. None of the balances are secured. (All the
amounts of transactions and balances disclosed in this note are gross (net of GST) and undiscounted.)

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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.32 LEASES
A The Company as a lessee entered into various lease agreements majorly for buildings and used the following practical
expedients on first time adoption of Ind AS 116:

(a) Applied the exemption not to recognize right-of-use assets and liabilities for leases with less than 12
months of lease term.

(b) Used hindsight when determining the lease term if the contract contains options to extend or terminate the lease.

Right-of-use of assets
Category of
Particulars ROU Assets
Buildings
Cost as at 01 April 2023 5,289.79
Additions 2,049.20
Disposals (4.86)
Modification 40.80
Cost as at 31 March 2024 (A) 7,374.93
Cost as at 01 April 2024 7,374.93
Additions 146.96
Disposals (5.80)
Modification (0.28)
Cost as at 31 March 2025 (B) 7,515.81
Accumulated depreciation
Accumulated depreciation as at 01 April 2023 1,058.62
Depreciation charge for the year 381.79
Disposals -
Depreciation capitalised (refer note 2.38) 19.08
Accumulated depreciation as at 31 March 2024 (C) 1,459.49
Accumulated depreciation as at 01 April 2024 1,459.49
Depreciation charge for the year 474.61
Disposals -
Depreciation capitalised (refer note 2.38) 2.17
Accumulated depreciation as at 31 March 2025 (D) 1,936.27
Net carrying amounts
As at 31 March 2025 (B-D) 5,579.54
As at 31 March 2024 (A-C) 5,915.44

B The following are the amounts recognised in the Statement of Profit and Loss :
For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Depreciation expense on right-of-use of assets 474.61 381.79
Finance cost on lease liabilities 695.94 560.66
Expense relating to short term leases (included in other expenses) 24.70 15.62
Total 1,195.26 958.07

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Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.32 LEASES (continued)

C Following is the movement in lease liabilities :
For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Opening Balance 7,347.00 5,382.90
Additions 131.76 2,016.73
Finance cost charge for the year 695.94 560.66
Finance cost capitalised (refer note 2.38) 0.90 31.46
Disposals (6.21) (5.31)
Payment of lease liabilities (825.34) (680.24)
Modification (0.50) 40.80
Lease liability at the end of the year 7,343.55 7,347.00
Non-current lease liabilities 7,147.05 7,193.80
Current lease liabilities 196.50 153.20

D The following is the cash outflow on leases during the year:

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Payment of lease liabilities 825.34 680.24
Short-term lease expense 1,195.26 958.07
Total cash outflow on leases 2,020.60 1,638.31

E The table below provides details regarding the contractual maturities of lease liabilities as at year end on an
undiscounted basis:
For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Less than 1 year 862.05 816.47
1 to 5 years 3,712.90 3,498.33
Over 5 years 9,399.35 10,315.78

The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are
sufficient to meet the obligations related to lease liabilities as and when they fall due.

2.33 SEGMENT REPORTING

The Company is engaged in the business of rendering medical and healthcare services.

Ind AS 108 “Operating Segment” establishes standards for the way that public business enterprises report
information about operating segments and related disclosures about products and services, geographic areas, and
major customers. As defined in Ind AS 108, Operating segments are to be reported in a manner consistent with the
internal reporting provided to the Chief Operating Decision Maker (CODM) i.e the Chairman and Managing Director.
The CODM evaluates the Company’s performance and allocates resources on overall basis. The Company’s sole
operating segment is therefore ‘Medical and Healthcare Services’. Accordingly, there are no additional disclosures to
be provided under Ind AS 108 other than those already provided in the standalone financial statements.

Further the business operation of the Company are concentrated in India, and hence, the Company is considered
to operate only in one geographical segment. There are no individual customer contributing more than 10% of
Company's total revenue.

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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.34 PROFESSIONAL AND CONSULTANCY EXPENSES INCLUDES AUDITORS REMUNERATION

(EXCLUDING GST)
For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
As an auditor
- Statutory audit fees 5.30 3.10
- Limited review 2.70 2.40
- Reimbursement of expenses 0.45 0.83
Total 8.45 6.33

2.35 EARNINGS PER EQUITY SHARE :

The earnings per share has been computed as under:

For the year ended For the year ended

Particulars
31 March 2025 31 March 2024
Profit for the year (A) 2,375.85 2,148.91
Less: Employee share based payment expenses (net of tax) (9.51) 40.63
Profit attributable to equity shareholders (B) 2,366.34 2,189.54
Shares:
Number of equity shares at the beginning of the year 101,501,687 101,501,687
Add: Fresh issue 49,986 -
Total number of equity shares outstanding at the end of the year 101,551,673 101,501,687
Weighted average number of equity shares outstanding during the year 101,536,429 101,501,687
– Basic
Number of equity shares at the end of year (C) 101,536,429 101,501,687
Effect of potential equity shares on employee stock options outstanding 175,050 254,641
(D)
Weighted average number of equity shares outstanding during the year 101,711,479 101,756,328
– Diluted (E = C+D)
Earnings per share
Earnings per share of par value ` 10 - Basic (`) (A/C) 23.40 21.17
Earnings per share of par value ` 10 - Diluted (`) (B/E) 23.27 21.17

Note: During the previous year, employee stock options were not included in the calculation of diluted earnings per
share because they are antidilutive for the year.

2.36 DETAILS OF DUES TO MICRO AND SMALL ENTERPRISES AS DEFINED UNDER MICRO, SMALL AND MEDIUM
ENTERPRISES DEVELOPMENT ACT, 2006 ('MSMED ACT')
The Ministry of Micro, Small and Medium Enterprises has issued an Office Memorandum dated 26 August 2008
which recommends that the Micro and Small Enterprises should mention in their correspondence with its customers
the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum. Accordingly, the disclosure in
respect of the amounts payable to such enterprises as at 31 March 2025 has been made in the Standalone Financial
statements based on information received and available with the Company. The Company has not received any claim
for interest from any supplier under the said MSMED Act.

229
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Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.36 DETAILS OF DUES TO MICRO AND SMALL ENTERPRISES AS DEFINED UNDER MICRO, SMALL AND MEDIUM
ENTERPRISES DEVELOPMENT ACT, 2006 ('MSMED ACT') (continued)
As at As at
Particulars
31 March 2025 31 March 2024
(a) the principal amount and the interest due thereon remaining unpaid
to any supplier at the end of each accounting year;
- Principal amount due to Micro and Small Enterprises 91.16 86.09
- Interest due on above - -
(b) the amount of interest paid by the buyer in terms of section 16 of the - -
Micro, Small and Medium Enterprises Development Act, 2006, along
with the amount of the payment made to the supplier beyond the
appointed day;
(c) the amount of interest due and payable for the period of delay in - -
making payment (which have been paid but beyond the appointed
day during the year ) but without adding the interest specified under
the Micro, Small and Medium Enterprises Development Act, 2006;
(d) the amount of interest accrued and remaining unpaid; and - -
(e) the amount of further interest remaining due and payable even in the - -
succeeding years, until such date when the interest dues above are
actually paid to the small enterprise, for the purpose of disallowance
of a deductible expenditure under section 23 of the Micro, Small and
Medium Enterprises Development Act, 2006.

This information is required to be disclosed under the Micro, Small and Medium Enterprises Development Act,
2006 and has been determined to the extent such parties have been identified on the basis of information available
with the Company.

The Company's exposure to currency and liquidity risks related to trade payables is disclosed in note 2.39

2.37 CORPORATE SOCIAL RESPONSIBILITY

As per Section 135 of the Companies Act, 2013, a CSR committee has been formed by the Company. The proposed
areas for CSR activities, as per the CSR policy of the Company are promotion of education, sports, rural development
activities, medical facilities, employment and ensuring environmental sustainability which are specified in Schedule VII
of the Companies Act, 2013.

For the year ended For the year ended

Particulars
31 March 2025 31 March 2024
Details of Corporate social responsibility expenditure
(i) Gross amount required to be spent by the Company during the year 50.12 35.23
(ii) Amount approved by the Board to be spent during the year 50.12 35.23
(iii) Amount spent during the year (in cash)
- construction/ acquisition of any asset - -
- on purpose other than above 5.86 13.43
(iv) Amount spent during the year (yet to be paid in cash)*
- construction/ acquisition of any asset - -
- on purpose other than above 44.26 21.80
(v) (Shortfall) / Excess at the end of the year - -
(vi) Total of previous years shortfall - -
(vii) Contribution to a trust controlled by the Company in relation to 5.86 NA
CSR expenditure

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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.37 CORPORATE SOCIAL RESPONSIBILITY (continued)

For the year ended For the year ended

Particulars
31 March 2025 31 March 2024
(viii) Where a provision is made with respect to a liability incurred NA NA
by entering into a contractual obligation, the movements in the
provision during the year should be shown separately
(ix) Reason for shortfall NA NA
For the year ending 31 March 2025 and 31 March 2024 :
(x) Nature of CSR activities:
a) Promotion of education and sports 2.00 2.36
b) Rural development activities and training for women 3.76 10.00
c) Promotion of medical facilities 0.10 1.00
d) Administrative overheads - 0.07
e) Transferred to unspent CSR account (on-going project)* 44.26 21.80
* Consequent to the Companies (Corporate Social Responsibility Policy) Amendment Rules 2021 (“the Rules”), the Company has
transferred the Unspent amount of ` 44.26 million (31 March 2024 : ` 21.80 million) to a separate bank account subsequent to the
balance sheet date under section 135 read with rules of Companies (CSR Policy) Rules, 2014.

2.38 INCIDENTAL EXPENDITURE CAPITALISED DURING THE CONSTRUCTION PERIOD

The Company has capitalised the following expenses to the cost of property, plant and equipment, as they are directly
attributable to construction of the asset. Consequently amounts disclosed under the respective notes are net of
amounts capitalised by the Company.

For the year ended For the year ended

Particulars
31 March 2025 31 March 2024
Employee benefit expenses (A) 65.73 152.17
Finance cost (B) 0.90 31.46
Depreciation and amortisation (C) 2.17 19.08
Professional fees to doctors (D) - 11.75
Other expenses:
Professional and consultancy 54.27 74.30
Travelling and conveyance 1.39 2.77
Power and fuel 0.26 4.70
Rates and taxes 20.27 38.20
Other expenses 6.16 23.53
Total (E) 82.35 143.50
Total (A+B+C+D+E) 151.15 357.96

2.39 FINANCIAL RISK MANAGEMENT

Risk management framework
The Company’s financial risk management is an integral part of how to plan and execute its business strategies.
The Company's management risk policy is set by the Board of directors. The Company's activities expose it to a
variety of financial risks like credit risk, liquidity risk and market risk. The Company's primary focus is to foresee the
unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance.
A summary of the risks have been given below:

Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Company’s receivables from customers and loans
given. Credit risk arises from cash held with banks, as well as credit exposure to trade receivables and other financial
assets. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of

231
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.39 FINANCIAL RISK MANAGEMENT (continued)

managing counter party credit risk is to prevent losses in financial assets. The Company assesses the credit quality of
the counterparties, taking into account their financial position, past experience and other factors.

Trade and other receivables

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer.
Trade receivables and unbilled revenue are typically unsecured and are derived from revenue earned from customers
primarily located in India. The Company has a process in place to monitor outstanding receivables on a monthly
basis. In monitoring customer credit risk, customers are grouped according to their credit characteristics, including
government entities, insurance companies, corporates, individual and others. The default in collection as a percentage
to total receivable is low.

The following table provides information about the exposure to credit risk and expected credit loss for trade receivables:

As at 31 March 2025
Allowance for
Gross carrying Weighted average
Age expected credit
amount loss rate
loss
Less than 6 months 738.80 3.01% 22.21
6 months - 1 year 52.34 18.97% 9.93
1-2 years 35.06 47.92% 16.80
2-3 years 42.10 82.52% 34.74
More than 3 years 5.65 100.00% 5.65
873.95 89.33

As at 31 March 2024
Allowance for
Gross carrying Weighted average
Age expected credit
amount loss rate
loss
Less than 6 months 739.86 10.24% 75.73
6 months - 1 year 21.60 31.20% 6.74
1-2 years 64.20 45.81% 29.41
2-3 years 23.28 92.23% 21.47
More than 3 years 6.24 100.00% 6.24
855.18 139.59

Movement in allowance for impairment in respect of trade receivables is as follows:

As at As at
Particulars
31 March 2025 31 March 2024
Balance at the beginning of the year 139.59 183.88
Provision/(Reversal) for expected credit loss 7.31 (28.42)
Bad debts written-off out of opening (8.27) (15.87)
Provision for discounts and disallowances adjusted from gross receivables (49.30) -
Net remeasurement of provision 89.33 139.59

Cash and bank balances, loans and other financial assets

Cash and bank balances comprises of deposits with bank, interest accrued on deposits and other financial assets
consists of security deposits,. These deposits are held with credit worthy banks. The credit worthiness of such banks
are evaluated by the Management on an ongoing basis and is considered to be good with low credit risk. Further, the
Company maintains exposure in money market liquid mutual funds and loans. The Company has set counter-parties
limits based on multiple factors including financial position, credit rating, etc. Loans are assessed on lifetime expected

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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.39 FINANCIAL RISK MANAGEMENT (continued)

credit loss model and no impairment loss is anticipated. The Company's maximum exposure to credit risk as at 31
March 2025 and 31 March 2024 is the carrying value of each class of financial assets.

The security deposit pertains to rent deposit given to lessors. The Company does not expect any losses from
non-performance by these counter-parties.

Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due.
The Company manages its liquidity risk by ensuring, that it will always have sufficient liquidity to meet its liabilities when
due. The Company’s Management is responsible for liquidity, funding as well as settlement management.

The Company aims to maintain the level of its cash and cash equivalents and other highly marketable investments at an
amount in excess of expected cash outflows on financial liabilities (other than trade payables) over the next six months.
The Company also monitors the level of expected cash inflows on trade receivables and loans together with expected
cash outflows on trade payables and other financial liabilities.

Following are the financial assets at the reporting date:

As at As at
Particulars
31 March 2025 31 March 2024
Trade receivables (refer note 2.8) 784.62 715.59
Cash and cash equivalents (refer note 2.9 (a)) 168.90 74.85
Bank balances other than cash and cash equivalents (refer note 2.9 (b)) 0.20 0.07
Investments (refer note 2.2 and 2.7) 5,960.46 3,461.61
Other financial assets (refer note 2.3 (a) and 2.3 (b)) 1,292.38 2,045.25
Loans (refer note 2.10 (a) and 2.10 (b)) 329.99 332.51
Total 8,536.55 6,629.88

Following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross
and undiscounted.

As at 31 March 2025
Carrying Within More than
Particulars 1-5 Years Total amount
Amount 1 year five years
Trade payables 858.78 858.78 - - 858.78
Other financial liabilities 169.66 169.66 - - 169.66
Lease liabilities (undiscounted) 7,343.55 862.05 3,712.90 9,399.35 13,974.30
Total 8,371.99 1,890.49 3,712.90 9,399.35 15,002.74

As at 31 March 2024
Carrying Within More than
Particulars 1-5 Years Total amount
Amount 1 year five years
Trade payables 763.40 763.40 - - 763.40
Other financial liabilities 324.49 324.49 - - 324.49
Lease liabilities (undiscounted) 7,347.00 816.47 3,498.33 10,315.78 14,630.58
Total 8,434.89 1,904.36 3,498.33 10,315.78 15,718.47

Market risk
Market risk is the risk that changes in market prices such as foreign exchange rates and interest rates will effect the
Company's income or the value of its holdings of financial instruments. The objective of market risk management is to
manage and control market risk exposures within acceptable parameters, while optimising the return.

233
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Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.39 FINANCIAL RISK MANAGEMENT (continued)

Interest risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interests rate. Interest rate risk primarily arises from the Company’s borrowings, investments in bank
deposits and loans given.

The interest rate profile of the Company's interest bearing financial instruments is as follows:

As at As at
Particulars
31 March 2025 31 March 2024
Fixed rate instruments (excluding interest accrued)
Financial assets 1,183.69 1,929.03
Financial liabilities 7,343.55 7,347.00

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in foreign exchange rate. The majority of the Company's assets are located in India and Indian rupee being
the functional currency for the Company. The Company's exposure to the risk of changes in foreign exchange rates
relates primarily to operating activities.

The Company has import of assets from United States of America (USD) and hence is exposed to foreign exchange risk
for making payment for operations. The Company's foreign currency payables and receivables are unhedged.

Exposure to currency risk

The summary quantitative data about the Company's gross exposure to currency risk is as follows:
As at 31 March 2025
Particulars Currency Amount in foreign currency Amount in
(in whole no's) INR
Employee payables USD 304 0.03
Advance to employees USD 26,195 2.26
Advance to employees GBP 5,562 0.59

As at 31 March 2024
Particulars Currency Amount in foreign currency Amount in
(in whole no's) INR
Trade payables USD 108,847 9.04

Sensitivity analysis:
A reasonably possible strengthening / (weakening) of the INR, against USD and GBP would have affected the
measurement of financial instruments denominated in foreign currency and affected equity and profit or loss by the
amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and
ignores any impact of forecasts sales and purchases.

Profit before tax Equity, net of tax

Strengthening Weakening Strengthening Weakening
31 March 2025
USD (5% movement) (0.11) 0.11 (0.08) 0.08
GBP (5% movement) (0.03) 0.03 (0.02) 0.02
31 March 2024
USD (5% movement) 0.45 (0.45) 0.34 (0.34)
Except for these financial liabilities, it is not expected that cash flows included in the maturity analysis could occur
significantly earlier, or at significantly different amounts.

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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.40 CAPITAL MANAGEMENT

The Company's policy is to maintain a stable capital base so as to maintain investor, creditor and market confidence
and to sustain future development of the business. The Management monitors the return on capital, as well as the
level of dividends to equity shareholders. The Company aims to manage its capital efficiently so as to safeguard its
ability to continue as a going concern and to optimise returns to all its shareholders. For the purpose of the Company's
capital management, capital includes issued capital and all other equity reserves. Total debt includes borrowings, lease
liabilities and bank overdraft.

The Board of Directors seeks to maintain a balance between the higher returns that might be possible with higher levels
of borrowing and the advantages and security afforded by a sound capital position.

The Company's adjusted debt to equity ratio is as follows:

As at As at
Particulars
31 March 2025 31 March 2024
Lease liabilities 7,343.55 7,347.00
Less: Cash and cash equivalents (168.90) (74.85)
Net debt 7,174.65 7,272.15
Total equity 14,885.44 12,852.51
Gearing ratio 0.48 0.57

235
236
Notes to the Standalone Financial Statements
for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)
2.41 FINANCIAL INSTRUMENTS
The fair values of financial assets and financial liabilities, together with the carrying amounts in the Balance sheet are as follows:
As at 31 March 2025

Carrying values
Quoted
Integrated Annual Report 2024-25

Measured Other Other Significant Significant

Fair value prices
at fair value financial financial Total observable unobservable
Particulars Note through other in active
through assets – liabilities - carrying inputs inputs
comprehensive markets
profit or loss amortised amortised amount (Level 2) (Level 3)
income (Level 1)
Rainbow Children's Medicare Limited

account cost cost

Financial assets measured at fair value
Investments in equity instruments * 2.2 - 0.03 - - 0.03 - - 0.03
Investments in mutual funds 2.7 5,495.01 - - - 5,495.01 5,495.01 - -
5,495.01 0.03 - - 5,495.04 5,495.01 - 0.03
Financial assets at amortised cost
Trade receivables 2.8 - - 784.62 - 784.62 - - -
Cash and cash equivalents 2.9 (a) - - 168.90 - 168.90 - - -
Bank balances other than cash and cash 2.9 (b) - - 0.20 - 0.20 - - -
equivalents
Loans 2.10(a) and - - 329.99 - 329.99 - - -
2.10(b)
Other financial assets 2.3(a) and - - 1,292.38 - 1,292.38 - - -
2.3(b)
- - 2,576.09 - 2,576.09 - - -
Financial liabilities at amortised cost
Trade payables 2.15 - - - 858.78 858.78 - - -
Other financial liabilities 2.16 - - - 169.66 169.66 - - -
- - - 1,028.44 1,028.44 - - -
* Fair value information relating to investment in equity instruments are not presented as these are not material to the standalone financial statements.
 Notes to the Standalone Financial Statements
for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)
2.41 FINANCIAL INSTRUMENTS (continued)
The fair values of financial assets and financial liabilities, together with the carrying amounts in the Balance sheet are as follows:
As at 31 March 2024
Carrying values
Quoted
Measured Other Other Significant Significant
Fair value prices
at fair value financial financial Total observable unobservable
Particulars Note through other in active
through assets – liabilities - carrying inputs inputs
comprehensive markets
profit or loss amortised amortised amount (Level 2) (Level 3)
income (Level 1)
account cost cost
Financial assets measured at fair value
Investments in equity instruments * 2.2 - 0.03 - - 0.03 - - 0.03
Investments in mutual funds 2.7 2,996.16 - - - 2,996.16 2,996.16 - -
2,996.16 0.03 - - 2,996.19 2,996.16 - 0.03
Financial assets at amortised cost
Trade receivables 2.8 - - 715.59 - 715.59 - - -
Cash and cash equivalents 2.9 (a) - - 74.85 - 74.85 - - -
Bank balances other than cash and cash 2.9 (b) - - 0.07 - 0.07 - - -
equivalents
Loans 2.10(a) and - - 332.51 - 332.51 - - -
PG 02-74

2.10(b)
Other financial assets 2.3(a) and - - 2,045.25 - 2,045.25 - - -
CORPORATE OVERVIEW

2.3(b)
- - 3,168.27 - 3,168.27 - - -
Financial liabilities at amortised cost
Trade payables 2.15 - - - 763.40 763.40 - - -
Other financial liabilities 2.16 - - - 324.49 324.49 - - -
- - - 1,087.89 1,087.89 - - -
PG 76-172

* Fair value information relating to investment in equity instruments are not presented as these are not material to the standalone financial statements.
STATUTORY REPORTS

 ote: The Company has not disclosed fair values of financial assets and liabilities such as investments, trade receivables, loans, cash and cash equivalents, bank balances
N
other than cash and cash equivalents, other financial assets, trade payables, borrowings and other financial liabilities since their carrying amounts are reasonable
approximates of fair values.
Fair value hierarchy
Level 1: Includes financial instruments measured using quoted prices. The fair value of all mutual funds which is valued using the closing Net Asset Value (NAV) as at the
reporting year.
Level 2: The fair value of financial instruments not actively traded in an active market is determined using valuation techniques which maximize the use of observable market
PG 173-316

data and rely as little as possible on entity specific estimates. If the significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.

237
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
FINANCIAL STATEMENTS

There have been no transfers between Level 1, Level 2 and Level 3 for the year ended 31 March 2025 and 31 March 2024.
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.42 REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregated revenue information
Set out below is the disaggregation of the Company's revenue from contracts with customers:
For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Income from medical and healthcare services
Revenue from hospital services 12,554.04 10,710.49
Revenue from pharmacy sales 1,585.83 1,299.05
Revenue from medical service fee 264.93 253.05
Total revenue from contracts with customers 14,404.80 12,262.59

Location of revenue recognition

Note: All the business operations of the Company are in India.
No single customer represents 10% or more of the Company's total revenue during the year ended 31 March 2025
and 31 March 2024.

Reconciliation of revenue recognised with the contracted price is as follows:

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Contracted price 14,488.40 12,330.29
Reduction towards variable consideration components*
- Discounts (56.97) (55.26)
- Disallowances (26.63) (12.44)
Revenue from contracts with customers 14,404.80 12,262.59
*Variable consideration components include discounts and disallowances on the contract price.

Contract balances
As at As at
Particulars
31 March 2025 31 March 2024
Trade receivables 807.27 770.56
Contract assets (Unbilled revenue) 66.68 84.62
Contract liabilities (advance from patients) 38.23 33.72

Movement in contract liabilities during the year:

As at As at
Particulars
31 March 2025 31 March 2024
Balance at the beginning of the year 33.72 28.59
Less: Revenue recognised from above (33.72) (28.59)
Add: Addition during the year 38.23 33.72
Balance at the end of the year 38.23 33.72
Performance Obligation
The revenue from rendering medical & healthcare services and pharmaceutical products satisfies ‘at a point in time’
recognition criteria as prescribed by Ind AS 115.

2.43 The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment
benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India certian
sections of the code came into effect on 03 May 2024. However, the date on which the Code will come into effect
has not been notified and the final rules/interpretation have not yet been issued. The Company will assess the impact
of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
Based on a preliminary assessment, the Company believes the impact of the change will not be significant.

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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.44 RATIOS AS PER THE SCHEDULE III REQUIREMENTS

a) Current ratio = Current assets divided by Current liabilities

Particulars 31 March 2025 31 March 2024

Current assets 7,855.02 5,942.97
Current liabilities 1,415.46 1,385.11
Ratio 5.55 4.29
% Change from previous year 29.37%

Reason for change more than 25%:

This ratio has increased from 4.29 in March 2024 to 5.55 in March 2025 mainly due to increase in current investments
in mutual funds.

b) Debt equity ratio = Total debt divided by Shareholder's equity where total debt refers to sum of current & non
current borrowings

Particulars 31 March 2025 31 March 2024

Total debt (including lease liabilities) 7,343.55 7,347.00
Shareholder's equity 14,885.44 12,852.51
Ratio 0.49 0.57
% Change from previous year (14.04%)

Reason for change more than 25%: Not applicable

c) Debt Service Coverage Ratio = Earnings available for debt service divided by interest and lease payments +
principal repayments

Particulars 31 March 2025 31 March 2024

Net profit after taxes 2,375.85 2,148.91
Add: Non cash operating expenses and finance cost 2,007.22 1,638.05
- Allowance/(reversal) for expected credit loss 7.31 (28.42)
- Employee share based payment expenses (12.71) 54.30
- Depreciation and amortisation 1,317.48 1,051.51
- Finance cost 695.94 560.66
- (Gain) on sale of property, plant and equipment (0.80) -
Earnings available for debt service 4,383.07 3,786.96
Payment of lease liabilities 825.34 680.24
Total principal repayments 825.34 680.24
Ratio 5.31 5.57
% Change from previous year (4.67%)

Reason for change more than 25%: Not applicable

d) Return on Equity ratio / Return on investment ratio = Net profit after taxes by average shareholder's equity

Particulars 31 March 2025 31 March 2024

Net profit after taxes 2,375.85 2,148.91
Earning available to equity shareholders 2,375.85 2,148.91
Average shareholder's equity 13,868.98 11,868.20
Ratio 17.13% 18.11%
% Change from previous year (5.41%)

Reason for change more than 25%: Not applicable

239
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

e) Inventory turnover ratio = Cost of goods sold divided by average inventory

Particulars 31 March 2025 31 March 2024

Cost of materials consumed 1,898.69 1,571.27
Average inventory 226.64 201.30
Inventory turnover ratio 8.38 7.81
% Change from previous year 7.30%

Reason for change more than 25%: Not applicable

f) Trade receivables turnover ratio = Credit sales divided by Average trade receivables

Particulars 31 March 2025 31 March 2024

Credit sales 5,350.03 4,437.37
Average Trade Receivables 750.11 612.50
Ratio 7.13 7.24
% Change from previous year (1.52%)

Reason for change more than 25%: Not applicable

g) Trade payables turnover ratio = Purchases divided by Average trade payables

Particulars 31 March 2025 31 March 2024

Purchases 1,900.25 1,620.39
Average trade payables 811.09 756.54
Ratio 2.34 2.14
% Change from previous year 9.35%

Reason for change more than 25%: Not applicable

h) Net capital turnover ratio = Revenue from operations divided by Working capital where Working capital= Current
assets - Current liabilities

Particulars 31 March 2025 31 March 2024

Revenue from operations 14,545.07 12,365.62
Working capital 6,439.56 4,557.86
Ratio 2.26 2.71
% Change from previous year (16.61%)

Reason for change more than 25%: Not applicable

i) Net profit ratio = Net profit after taxes divided by Revenue from operations

Particulars 31 March 2025 31 March 2024

Net profit after taxes 2,375.85 2,148.91
Revenue from operations 14,545.07 12,365.62
Ratio 16.33% 17.38%
% Change from previous year (6.04%)

Reason for change more than 25%: Not applicable

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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

j) Return on Capital employed (pre cash)=Earnings before interest and taxes (EBIT) divided by Capital employed (pre
cash)

Particulars 31 March 2025 31 March 2024

Profit before taxes (A) 3,220.83 2,892.17
Finance costs (B) 695.94 560.66
EBIT (D) = (A)+(B) 3,916.77 3,452.83
Capital employed (Pre Cash) (J)=( E)-(F)-(G)+(H) 15,086.51 13,003.30
Total assets (E) 23,542.20 21,504.36
Total liabilities (F) 8,656.76 8,651.85
Intangible assets and Intangible assets under development (G) 109.35 101.62
Deferred tax assets (net) (H) 310.42 252.41
Ratio (D)/(J) 25.96% 26.55%
% Change from previous year (2.22%)

Reason for change more than 25%: Not applicable

k) Return on Investment = Income generated from invested funds divided by Average Invested Funds

Particulars 31 March 2025 31 March 2024

Dividend income from subsidiary - 14.19
Gain on redemption of mutual funds, net 78.13 73.55
Net gain on financial assets measured at fair value through profit or loss 269.80 58.85
Interest income on bank deposits 102.06 151.75
Income generated from invested funds (A) 449.99 298.34
Average Invested Funds (B) 6,061.91 5,636.64
Ratio (A)/(B) 7.42% 5.29%
% Change from previous year 40.25%

Reason for change more than 25%:

This ratio has increased from 5.29% in March 2024 to 7.42% in March 2025 mainly due to increase in net gain on
financial assets measured at fair value through profit or loss on current investments.

2.45 SHARE BASED PAYMENT ARRANGEMENT

Pursuant to the resolutions passed by the Board of Directors on 18 March 2023 and by the Shareholders on 06
May 2023, the Company approved ‘The Rainbow Children's Medicare Limited - Employee Stock Unit Plan 2023
(“Stock Unit Plan 2023”) in compliance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations,
2021 ("SEBI SBEB SE Regulations"). The Stock Unit Plan 2023 is for issue of employee stock units to eligible employees,
which may result in an issuance of a maximum number of 400,000 Equity Shares. Upon exercise and payment of the
exercise price, an unit holder will be entitled to be allotted one Equity Share per employee stock unit.

Upon recommendation of the Nomination and Remuneration Committee, the Board of Directors of the Company in
their meeting held on 14 May 2023 and 07 August 2023, granted 275,000 and 37,414 Stock Units respectively
under the Stock Unit Plan 2023 to its eligible employees which shall be exercisable into 312,414 equity shares having
face value of `10 each fully paid-up. The exercise price per stock unit shall be the face value of equity shares of the
Company i.e., `10 each. The vested Stock Units shall be exercisable within a period of three months from the date of
each vesting. The Stock Units shall vest after the minimum vesting period of one year and not later than the maximum
period of five years from the date of grant. The plan is in terms of SEBI SBEB SE Regulations.

241
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.45 SHARE BASED PAYMENT ARRANGEMENT (continued)

No. of stock units

Movement in the stock units under the Plan As at As at
31 March 2025 31 March 2024
Stock units outstanding at the beginning of the year 312,414 -
Stock units granted during the year - 312,414
Add : Stock units exercised during the year * 49,986 -
Less : Stock units lapsed during the year 12,497 -
Less : Stock units cancelled during the year # 220,000 -
Stock units exercisable at the end of the year 29,931 312,414
*Upon recommendation of the Nomination and Remuneration Committee, the Board of Directors of the Company in their meeting
held on 19 May 2024, vested 44,000 stock units under Stock Unit Plan 2023 at an exercise price of ` 10 per share to the Chief
Operating Officer of the Company. Each stock unit represents one equity share of ` 10 each, fully paid-up. On 17 July 2024, the
Nomination and Remuneration Committee through circular resolution allotted 44,000 equity shares of ` 10 each to the Chief
Operating Officer of the Company.
During the year, upon recommendation of the Nomination and Remuneration Committee, the Board of Directors of the Company in
their meeting held on 13 August 2024, vested 5,986 stock units under Stock Unit Plan 2023 at an exercise price of ` 10 per share
to the Chief Financial Officer of the Company. Each stock unit represents one equity share of ` 10 each, fully paid-up. On 22 August
2024, the Nomination and Remuneration Committee through circular resolution allotted 5,986 equity shares of ` 10 each to the
Chief Financial Officer of the Company.
# On 27 October 2024, the Company has accepted the resignation of an eligible employee. Accordingly, the Company has
cancelled 220,000 stock units.

Fair value measurement

The fair value at grant date is determined using the Black Scholes valuation option-pricing model which takes into
account the exercise price, the term of the option, the share price at grant date and expected price volatility of the
underlying share, the expected dividend yield and the risk free interest rate for the term of the option.

The key inputs used in Black-Scholes model for calculating fair value of options under the plan as on the date of grant
are as follows:
Chief Operating Chief Financial
Officer Officer
No. of stock units granted 275,000 37,414
Date of grant 14 May 2023 07 August 2023
Vesting period (years) 5 years 5 years
Expected life of the stock units granted (vesting & exercise period in years) 5.14 years 4.65 years
Stock price on the date of valuation (in `) 849.65 1,080.20
Fair value at grant date (in `) 835.18 1,064.17
Expected volatility 40.25% 35.00%
Dividend yield 0.24% 0.27%
Risk free rate 6.84% 7.24%
For details on the employee benefits expense, refer note 2.23

The ESOP 2025 scheme :

Pursuant to the resolutions passed by the Board of Directors on 09 February 2025 and by the Shareholders on 02
April 2025, the Company approved ‘The Rainbow Children's Medicare Limited - Employee Stock Option Scheme
2025 (“ESOP 2025”) in compliance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations,
2021 ("SEBI SBEB SE Regulations"). The ESOP 2025 scheme is for issue of employee stock options to eligible
employees, which may result in an issuance of a maximum number of 1,015,000 Equity Shares. Upon exercise and
payment of the exercise price, an option holder will be entitled to be allotted one Equity Share per employee stock
option. The exercise price per option shall be determined by the Nomination and Remuneration Committee subject to
a maximum discount of up to 20% from the market price of shares as on the date of Grant.

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Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.46 SUBSEQUENT EVENTS

There are no significant adjusting events that occurred subsequent to the balance sheet date.

2.47 OTHER STATUTORY INFORMATION

i. The Company do not have any Benami property and neither any proceedings have been initiated or is pending
against the Company for holding any Benami property.

ii. The Company do not have any transactions with companies struck off.

iii. The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory year.

iv. The Company has not been declared a wilful defaulter by any bank or financial institution or any other lender
during the current year.

v. The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the company (Ultimate Beneficiaries) or

b. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

vi. The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party)
with the understanding (whether recorded in writing or otherwise) that the Company shall:

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (Ultimate Beneficiaries) or

b. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

vii. The loan has been utilised for the purpose for which it was obtained and no short term funds have been used for
long term purpose.

viii. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

ix. The Company does not have any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such
as, search or survey or any other relevant provisions of the Income Tax Act, 1961.)

x. The Company has complied with the number of layers prescribed under the Companies Act, 2013.

xi. The Company has not revalued its Property, plant and equipment (including right of use of assets) or intangible
assets or both during the current or previous year.

xii. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses.

xiii. There were no amounts which were required to be transferred to Investor Education Protection Fund
by the Company.

2.48 During the financial year 2022-23, the Company has completed Initial Public Offering of 29,168,579 Equity Shares
of face value of ` 10 each of the Company for at an issue price of ` 542 per equity share (including a share premium
of ` 532 per equity share, eligible employees bidding in the employee’s reservation portion were offered a discount
of ` 20 per equity share) aggregating to ` 15,808.49 million comprising a fresh issue of 5,167,679 Equity Shares
aggregating to ` 2,800.00 million and an offer for sale of 24,000,900 Equity shares aggregating to ` 13,008.49
million. The equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) and BSE
Limited (BSE) w.e.f. 10 May 2022.

243
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Standalone Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.47 OTHER STATUTORY INFORMATION (continued)

The Company had received a net amount of ` 2,661.40 million (net of Company's share of IPO expenses ` 138.60
million which are proportionately allocated between Company and selling shareholders as per the respective offer
size) from proceeds out of fresh issue of Equity Shares. The Company's share of IPO expenses ` 138.60 million have
been adjusted with securities premium as per the Companies Act, 2013.

Details of utilisation of IPO proceeds:

Amount to Amount to
Amount as be spent as be spent as Utilisation Unspent
proposed per offer per offer up to balance
Objects of the issue in offer document document 31 March as at 31 March
document up to 31 for the year 2025 2025
(A) March 2025* 2024-25 (D) (E) = (B) - (D)
(B) (C)
Early redemption of NCDs 400.00 400.00 - 400.00 -
issued by our Company to CDC
Emerging Markets Limited, in full
Capital expenditure towards 1,700.00 1,700.00 200.00 1,700.00 -
setting up of new hospitals and
purchase of medical equipment
for such new hospitals
General corporate purposes * 561.40 576.10 - 576.10 -
Total 2,661.40 2,676.10 200.00 2,676.10 -

* During the financial year 2023-24, the Company has received an amount of ` 14.70 million towards the Company's
share of unspent IPO expenses. The same has been adjusted with securities premium as per the Companies Act,
2013. The Board of Directors of the Company in their meeting held on 30 October 2023 had approved to spend
the amount of ` 14.70 million towards the General corporate purposes, refer column (B) in the table above. After this
change, amount to be utilised for General corporate purposes is ` 576.10 million.

2.49 The Company has used accounting software for maintaining its books of account (SAP) and software for maintenance
of hospital related revenue and consumption records (Arcus Air) which has a feature of recording audit trail (edit log)
facility and the same has operated throughout the year for all relevant transactions recorded in the softwares, except
that audit trail feature is not enabled at the database level. Further no instance of audit trail feature being tampered
with was noted in respect of the softwares where the audit trail has been enabled. Additionally, the audit trail in respect
of Arcus Air has been preserved for a period of 3 months by the Company which is integrated to SAP on daily basis
for all financial data and for SAP the audit trail of prior year has been preserved as per the statutory requirements for
record retention to the extent it was enabled and recorded in the respective year.

As per our report of even date attached.

for S.R. Batliboi & Associates LLP for and on behalf of the Board of Directors of
Chartered Accountants Rainbow Children’s Medicare Limited
ICAI Firm Registration Number: 101049W/E300004 CIN: L85110TG1998PLC029914

per Atin Bhargava Dr. Ramesh Kancharla Dr. Dinesh Kumar Chirla
Partner Chairman and Managing Director Director
Membership Number.: 504777 DIN: 00212270 DIN: 01395841

Vikas Maheshwari Shreya Mitra

Chief Financial Officer Company Secretary
Membership Number: A54901

Place: Hyderabad Place: Hyderabad Place: Hyderabad

Date: 24 May 2025 Date: 24 May 2025 Date: 24 May 2025

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Independent auditor’s report

To the Members of Rainbow Children’s Medicare Limited
Report on the Audit of the Consolidated Financial Statements

OPINION report. We are independent of the Group in accordance

We have audited the consolidated financial statements of with the ‘Code of Ethics’ issued by the Institute of Chartered
Rainbow Children’s Medicare Limited (hereinafter referred Accountants of India together with the ethical requirements
to as “the Holding Company”), its subsidiaries (the Holding that are relevant to our audit of the financial statements
Company and its subsidiaries together referred to as “the under the provisions of the Act and the Rules thereunder,
Group”) comprising of the consolidated Balance sheet as and we have fulfilled our other ethical responsibilities in
at March 31, 2025, the consolidated Statement of Profit accordance with these requirements and the Code of
and Loss, including other comprehensive income, the Ethics. We believe that the audit evidence we have obtained
consolidated Cash Flow Statement and the consolidated is sufficient and appropriate to provide a basis for our audit
Statement of Changes in Equity for the year then ended, opinion on the consolidated financial statements.
and notes to the consolidated financial statements,
including a summary of material accounting policies and KEY AUDIT MATTERS
other explanatory information (hereinafter referred to as Key audit matters are those matters that, in our professional
“the consolidated financial statements”). judgment, were of most significance in our audit of the
consolidated financial statements for the financial year
In our opinion and to the best of our information and ended March 31, 2025. These matters were addressed
according to the explanations given to us and based on in the context of our audit of the consolidated financial
the consideration of reports of other auditors on separate statements as a whole, and in forming our opinion thereon,
financial statements and on the other financial information and we do not provide a separate opinion on these matters.
of the subsidiaries, the aforesaid consolidated financial For each matter below, our description of how our audit
statements give the information required by the Companies addressed the matter is provided in that context.
Act, 2013, as amended (“the Act”) in the manner so
required and give a true and fair view in conformity with We have determined the matters described below to be
the accounting principles generally accepted in India, the key audit matters to be communicated in our report.
of the consolidated state of affairs of the Group as at We have fulfilled the responsibilities described in the
March 31, 2025, their consolidated profit including other Auditor’s responsibilities for the audit of the consolidated
comprehensive income, their consolidated cash flows and financial statements section of our report, including in
the consolidated statement of changes in equity for the year relation to these matters. Accordingly, our audit included
ended on that date. the performance of procedures designed to respond to
our assessment of the risks of material misstatement of
BASIS FOR OPINION the consolidated financial statements. The results of audit
We conducted our audit of the consolidated financial procedures performed by us and by other auditors of
statements in accordance with the Standards on Auditing components not audited by us, as reported by them in their
(SAs), as specified under section 143(10) of the Act. audit reports furnished to us by the management, including
Our responsibilities under those Standards are further those procedures performed to address the matters below,
described in the ‘Auditor’s Responsibilities for the Audit provide the basis for our audit opinion on the accompanying
of the Consolidated Financial Statements’ section of our consolidated financial statements.

Key audit matters How our audit addressed the key audit matter
Impairment of loan receivable (as described in Note 2.10 of the consolidated financial statements)
In the earlier years, the Group has given an unsecured loan to In view of the significance of the matter, we performed the
an external party (Madhukar Rainbow Children’s Hospital). following procedures:
As at March 31, 2025 the loan outstanding balance is
1. Evaluated the design and implementation and tested
` 327.72 million (including Interest accrued of ` 124.25
operating effectiveness of key internal controls over the
million).
Group’s impairment assessment process of the loan
Due to the insufficient cash profits in the aforementioned receivable.
party for the repayment of the loan , the Group is exposed
2. Traced interest paid during the year to bank statements
to risk in respect of the recoverability of the loan.
and assessed the compliance with the stipulated terms
of the loan agreement.

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Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Key audit matters How our audit addressed the key audit matter
The Group carries out assessment of recoverability of these 3. Obtained independent confirmation of balances as at
loans and impairment at every period end. This assessment March 31, 2025 from the external party .
uses several key assumptions including estimates of future
4. Assessed the net worth of the external party on the basis
cash flows, discount rate and growth rate.
of latest available financial statements.
We have identified impairment of loan as a key audit matter
5. Obtained the business projections of the external
due to:
party from Management and performed the following
• the significance of the carrying value of the loan; procedures:
• assessment of impairment involves Group’s significant • 
Compared the actual revenues and cash flows
judgement and estimates. generated by the external party during the year with
the budgets and estimates of the previous year.
• Evaluated the reasonability of future cash flow
projections prepared by the Management with
respect to the key assumptions which include discount
rate and growth rate. Involved our internal experts to
assess the methodology and key assumptions used
for impairment assessment by management.
6. Verified the classification and disclosures of the loans in
accordance with Schedule III of the Act and Ind-AS.

OTHER INFORMATION flows and consolidated statement of changes in equity of

The Holding Company’s Board of Directors is responsible the Group in accordance with the accounting principles
for the other information. The other information comprises generally accepted in India, including the Indian Accounting
the Board’s report to be included in the Annual report, but Standards (Ind AS) specified under section 133 of the Act
does not include the consolidated financial statements read with the Companies (Indian Accounting Standards)
and our auditor’s report thereon. The Holding Company’s Rules, 2015, as amended. The respective Board of Directors
Annual report is expected to be made available to us after of the companies included in the Group are responsible for
the date of this auditor’s report. maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding of the assets of
Our opinion on the consolidated financial statements does their respective companies and for preventing and detecting
not cover the other information and we do not express any frauds and other irregularities; selection and application of
form of assurance conclusion thereon. appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and the design,
In connection with our audit of the consolidated financial
implementation and maintenance of adequate internal
statements, our responsibility is to read the other
financial controls, that were operating effectively for
information and, in doing so, consider whether such other
ensuring the accuracy and completeness of the accounting
information is materially inconsistent with the consolidated
records, relevant to the preparation and presentation of the
financial statements or our knowledge obtained in the audit
or otherwise appears to be materially misstated. If, based consolidated financial statements that give a true and fair
on the work we have performed, we conclude that there view and are free from material misstatement, whether due
is a material misstatement of this other information, we to fraud or error, which have been used for the purpose of
are required to report that fact. We have nothing to report preparation of the consolidated financial statements by the
in this regard. Directors of the Holding Company, as aforesaid.

RESPONSIBILITIES OF MANAGEMENT FOR THE In preparing the consolidated financial statements, the
CONSOLIDATED FINANCIAL STATEMENTS respective Board of Directors of the companies included
The Holding Company’s Board of Directors is responsible in the Group are responsible for assessing the ability of
for the preparation and presentation of these consolidated their respective companies to continue as a going concern,
financial statements in terms of the requirements of disclosing, as applicable, matters related to going concern
the Act that give a true and fair view of the consolidated and using the going concern basis of accounting unless
financial position, consolidated financial performance management either intends to liquidate the Group or to
including other comprehensive income, consolidated cash cease operations, or has no realistic alternative but to do so.

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Those respective Board of Directors of the companies statements or, if such disclosures are inadequate, to
included in the Group are also responsible for overseeing the modify our opinion. Our conclusions are based on the
financial reporting process of their respective companies. audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF the Group to cease to continue as a going concern.
THE CONSOLIDATED FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about • Evaluate the overall presentation, structure and content
whether the consolidated financial statements as a whole of the consolidated financial statements, including the
are free from material misstatement, whether due to fraud disclosures, and whether the consolidated financial
or error, and to issue an auditor’s report that includes our statements represent the underlying transactions and
opinion. Reasonable assurance is a high level of assurance, events in a manner that achieves fair presentation.
but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it • Obtain sufficient appropriate audit evidence regarding
exists. Misstatements can arise from fraud or error and are the financial information of the entities or business
considered material if, individually or in the aggregate, they activities within the Group of which we are the
could reasonably be expected to influence the economic independent auditors and whose financial information
decisions of users taken on the basis of these consolidated we have audited, to express an opinion on the
financial statements. consolidated financial statements. We are responsible
for the direction, supervision and performance of
As part of an audit in accordance with SAs, we exercise the audit of the financial statements of such entities
professional judgment and maintain professional skepticism included in the consolidated financial statements
throughout the audit. We also: of which we are the independent auditors. For the
other entities included in the consolidated financial
• Identify and assess the risks of material misstatement statements, which have been audited by other
of the consolidated financial statements, whether due auditors, such other auditors remain responsible for the
to fraud or error, design and perform audit procedures direction, supervision and performance of the audits
responsive to those risks, and obtain audit evidence carried out by them. We remain solely responsible for
that is sufficient and appropriate to provide a basis our audit opinion.
for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for We communicate with those charged with governance of
one resulting from error, as fraud may involve collusion, the Holding Company and such other entities included in
forgery, intentional omissions, misrepresentations, or the consolidated financial statements of which we are the
the override of internal control. independent auditors regarding, among other matters, the
planned scope and timing of the audit and significant audit
• Obtain an understanding of internal control relevant findings, including any significant deficiencies in internal
to the audit in order to design audit procedures that control that we identify during our audit.
are appropriate in the circumstances. Under section
143(3)(i) of the Act, we are also responsible for We also provide those charged with governance with a
expressing our opinion on whether the Holding statement that we have complied with relevant ethical
Company has adequate internal financial controls requirements regarding independence, and to communicate
with reference to financial statements in place and the with them all relationships and other matters that may
operating effectiveness of such controls. reasonably be thought to bear on our independence, and
where applicable, related safeguards.
• Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates From the matters communicated with those charged with
and related disclosures made by management. governance, we determine those matters that were of
most significance in the audit of the consolidated financial
• Conclude on the appropriateness of management’s statements for the financial year ended March 31, 2025
use of the going concern basis of accounting and, and are therefore the key audit matters. We describe these
based on the audit evidence obtained, whether matters in our auditor’s report unless law or regulation
a material uncertainty exists related to events or precludes public disclosure about the matter or when, in
conditions that may cast significant doubt on the extremely rare circumstances, we determine that a matter
ability of the Groupto continue as a going concern. should not be communicated in our report because the
If we conclude that a material uncertainty exists, we adverse consequences of doing so would reasonably
are required to draw attention in our auditor’s report be expected to outweigh the public interest benefits of
to the related disclosures in the consolidated financial such communication.

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Integrated Annual Report 2024-25

OTHER MATTERS of the other auditors except for the matters

(a) We did not audit the financial statements and other stated in the paragraph 2(i)(vi) below on reporting
financial information, in respect of 6 subsidiaries, whose under Rule 11(g);
financial statements include total assets of ` 748.43
million as at March 31, 2025, and total revenues (c) The Consolidated Balance Sheet, the
of ` 702.78 million and net cash inflows of ` 7.33 Consolidated Statement of Profit and Loss
million for the year ended on that date. These financial including the Statement of Other Comprehensive
statement and other financial information have been Income, the Consolidated Cash Flow Statement
audited by other auditors, which financial statements, and Consolidated Statement of Changes in
other financial information and auditor’s reports have Equity dealt with by this Report are in agreement
been furnished to us by the management. Our opinion with the books of account maintained for the
on the consolidated financial statements, in so far as purpose of preparation of the consolidated
it relates to the amounts and disclosures included in financial statements;
respect of these subsidiaries and our report in terms of
(d) 
In our opinion, the aforesaid consolidated
sub-sections (3) of Section 143 of the Act, in so far as
financial statements comply with the Accounting
it relates to the aforesaid subsidiaries, is based solely
Standards specified under Section 133 of the
on the report(s) of such other auditors.
Act, read with Companies (Indian Accounting
 ur opinion above on the consolidated financial statements,
O Standards) Rules, 2015, as amended;
and our report on Other Legal and Regulatory Requirements
(e) 
On the basis of the written representations
below, is not modified in respect of the above matters with
received from the directors of the Holding
respect to our reliance on the work done and the reports of
Company as on March 31, 2025 taken on record
the other auditors and the financial statements and other
by the Board of Directors of the Holding Company
financial information certified by the Management.
and the reports of the statutory auditors who are
REPORT ON OTHER LEGAL AND REGULATORY appointed under Section 139 of the Act, of its
REQUIREMENTS subsidiary companies, none of the directors of
the Group’s companies, incorporated in India, is
1. As required by the Companies (Auditor’s Report)
disqualified as on March 31, 2025 from being
Order, 2020 (“the Order”), issued by the Central
appointed as a director in terms of Section 164
Government of India in terms of sub-section (11) of
(2) of the Act;
section 143 of the Act, based on our audit and on
the consideration of report of the other auditors on (f) The modification relating to the maintenance of
separate financial statements and the other financial accounts and other matters connected therewith
information of the subsidiary companies, incorporated are as stated in the paragraph 2(b) above;
in India, as noted in the ‘Other Matter’ paragraph we
give in the “Annexure 1” a statement on the matters (g) With respect to the adequacy of the internal
specified in paragraph 3(xxi) of the Order. financial controls with reference to consolidated
financial statements of the Holding Company and
2. As required by Section 143(3) of the Act, based on our its subsidiary companies, incorporated in India,
audit and on the consideration of report of the other and the operating effectiveness of such controls,
auditors on separate financial statements and the refer to our separate Report in “Annexure 2”
other financial information of subsidiaries, as noted in to this report;
the ‘other matter’ paragraph we report, to the extent
applicable, that: (h) In our opinion and based on the consideration
of reports of other statutory auditors of the
(a) 
We/the other auditors whose report we have subsidiaries, the managerial remuneration for
relied upon have sought and obtained all the the year ended March 31, 2025 has been paid /
information and explanations which to the best provided by the Holding Company, its subsidiaries
of our knowledge and belief were necessary incorporated in India to their directors in
for the purposes of our audit of the aforesaid accordance with the provisions of section 197
consolidated financial statements; read with Schedule V to the Act;

(b) 
In our opinion, proper books of account as (i) With respect to the other matters to be included
required by law relating to preparation of in the Auditor’s Report in accordance with Rule
the aforesaid consolidation of the financial 11 of the Companies (Audit and Auditors)
statements have been kept so far as it appears Rules, 2014, as amended, in our opinion and
from our examination of those books and reports

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to the best of our information and according to represented to us and the other auditors
the explanations given to us and based on the of such subsidiaries respectively
consideration of the report of the other auditors that, to the best of its knowledge and
on separate financial statements as also the other belief, no funds have been received
financial information of the subsidiaries, as noted by the respective Holding Company
in the ‘Other matter’ paragraph: or any of such subsidiaries from any
person(s) or entity(ies), including
i. The consolidated financial statements foreign entities (“Funding Parties”), with
disclose the impact of pending litigations the understanding, whether recorded
on its consolidated financial position of in writing or otherwise, that the Holding
the Group in its consolidated financial Company or any of such subsidiaries
statements – Refer Note 2.28 to the shall, whether, directly or indirectly, lend
consolidated financial statements; or invest in other persons or entities
identified in any manner whatsoever
ii. The Group did not have any material by or on behalf of the Funding Party
foreseeable losses in long-term contracts (“Ultimate Beneficiaries”) or provide any
including derivative contracts during the guarantee, security or the like on behalf
year ended March 31, 2025; of the Ultimate Beneficiaries; and

iii. There were no amounts which were required c) 

Based on the audit procedures that
to be transferred to the Investor Education have been considered reasonable
and Protection Fund by the Holding and appropriate in the circumstances
Company, its subsidiaries, incorporated in performed by us and that performed by
India during the year ended March 31, 2025. the auditors of the subsidiaries which
are companies incorporated in India
iv. a) The respective managements of the whose financial statements have been
Holding Company and its subsidiaries audited under the Act, nothing has
which are companies incorporated come to our or other auditor’s notice
in India whose financial statements that has caused us or the other auditors
have been audited under the Act have to believe that the representations
represented to us and the other auditors under sub-clause (a) and (b) contain
of such subsidiaries respectively that, to any material mis-statement.
the best of its knowledge and belief, no
funds have been advanced or loaned or v) The final dividend paid by the Holding
invested (either from borrowed funds or Company during the year in respect of the
share premium or any other sources or same declared for the previous year is in
kind of funds) by the Holding Company accordance with section 123 of the Act to
or any of such subsidiaries to or in any the extent it applies to payment of dividend.
other person(s) or entity(ies), including
foreign entities (“Intermediaries”), with As stated in note 2.13 to the consolidated
the understanding, whether recorded financial statements, the Board of Directors
in writing or otherwise, that the of the Holding Company have proposed final
Intermediary shall, whether, directly dividend for the year which is subject to the
or indirectly lend or invest in other approval of the members of the Holding
persons or entities identified in any Company at the respective ensuing Annual
manner whatsoever by or on behalf General Meeting. The dividend declared is in
of the respective Holding Company accordance with section 123 of the Act to the
or any of such subsidiaries (“Ultimate extent it applies to declaration of dividend.
Beneficiaries”) or provide any
guarantee, security or the like on behalf vi) Based on our examination which included
of the Ultimate Beneficiaries; test checks, the Group has used accounting
software for maintaining its books of account
b) The respective managements of the (SAP) and software for maintenance of
Holding Company and its subsidiaries hospital related revenue and consumption
which are companies incorporated records (Arcus Air) which has a feature of
in India whose financial statements recording audit trail (edit log) facility and
have been audited under the Act have the same has operated throughout the year

249
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

for all relevant transactions recorded in the retention to the extent it was enabled and
software’s except that, audit trail feature is recorded in the respective year.
not enabled for direct changes to data when
using certain access rights, as described For S.R. Batliboi & Associates LLP
in note 2.49 to the consolidated financial Chartered Accountants
statements. Further, during the course of our ICAI Firm Registration Number: 101049W/E300004
audit we did not come across any instance
of audit trail feature being tampered with,
______________________________
in respect of the software’s where the audit
per Atin Bhargava
trail has been enabled. Additionally, the
Partner
audit trail in respect of Arcus Air has been
Membership Number: 504777
preserved for a period of 3 months by the
UDIN: 25504777BMOCMS6959
Group which is integrated to SAP on daily
basis for all financial data and for SAP the
Place of Signature: Hyderabad
audit trail of prior year has been preserved
Date: May 24, 2025
as per the statutory requirements for record

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Annexure ‘1’ referred to in paragraph under the heading “Report on

other legal and regulatory requirements” of our report of even date on
the consolidated financial statements of Rainbow Children’s Medicare
Limited (“the Holding Company”)
In terms of the information and explanations sought by us and given by the company and the books of account and records
examined by us in the normal course of audit and to the best of our knowledge and belief, we state that:

(xxi) Remarks by the respective auditors in the Companies (Auditor’s Report) Order, 2020 (CARO) reports of the companies
included in the consolidated financial statements are:

Holding company/ Clause number of the

S.No Name CIN subsidiary/ associate/ CARO report which is
joint venture qualified or is adverse
1 Rainbow Children’s L85110TG1998PLC029914 Holding Company 3 (iii) (e)
Medicare Limited

For S.R. Batliboi & Associates LLP

Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004

______________________________
per Atin Bhargava
Partner
Membership Number: 504777
UDIN: 25504777BMOCMS6959

Place of Signature: Hyderabad

Date: May 24, 2025

251
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Annexure ‘2’ to the independent auditor’s report of even date on the

consolidated financial statements of Rainbow Children’s Medicare Limited
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act,
2013 (“the Act”)

In conjunction with our audit of the consolidated financial Our audit involves performing procedures to obtain audit
statements of Rainbow Children’s Medicare Limited evidence about the adequacy of the internal financial
(hereinafter referred to as the “Holding Company”) as of and controls with reference to consolidated financial statements
for the year ended March 31, 2025, we have audited the and their operating effectiveness. Our audit of internal
internal financial controls with reference to consolidated financial controls with reference to consolidated financial
financial statements of the Holding Company and its statements included obtaining an understanding of internal
subsidiaries (the Holding Company and its subsidiaries financial controls with reference to consolidated financial
together referred to as “the Group”) , which are companies statements, assessing the risk that a material weakness
incorporated in India, as of that date. exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed
MANAGEMENT’S RESPONSIBILITY FOR INTERNAL risk. The procedures selected depend on the auditor’s
FINANCIAL CONTROLS judgement, including the assessment of the risks of material
The respective Board of Directors of the companies misstatement of the financial statements, whether due to
included in the Group, which are companies incorporated fraud or error.
in India, are responsible for establishing and maintaining
internal financial controls based on the internal control We believe that the audit evidence we have obtained and
over financial reporting criteria established by the Holding the audit evidence obtained by the other auditors in terms
Company considering the essential components of internal of their reports referred to in the Other Matters paragraph
control stated in the Guidance Note on Audit of Internal below, is sufficient and appropriate to provide a basis for
Financial Controls Over Financial Reporting issued by our audit opinion on the internal financial controls with
the Institute of Chartered Accountants of India (ICAI). reference to consolidated financial statements.
These responsibilities include the design, implementation
and maintenance of adequate internal financial controls MEANING OF INTERNAL FINANCIAL CONTROLS
that were operating effectively for ensuring the orderly and WITH REFERENCE TO CONSOLIDATED FINANCIAL
efficient conduct of its business, including adherence to
STATEMENTS
the respective company’s policies, the safeguarding of its A company's internal financial control with reference to
assets, the prevention and detection of frauds and errors, consolidated financial statements is a process designed
the accuracy and completeness of the accounting records, to provide reasonable assurance regarding the reliability
and the timely preparation of reliable financial information, of financial reporting and the preparation of financial
as required under the Companies Act, 2013. statements for external purposes in accordance with
generally accepted accounting principles. A company's
AUDITOR’S RESPONSIBILITY internal financial control with reference to consolidated
Our responsibility is to express an opinion on the Holding financial statements includes those policies and
Company's internal financial controls with reference to procedures that (1) pertain to the maintenance of records
consolidated financial statements based on our audit. that, in reasonable detail, accurately and fairly reflect the
We conducted our audit in accordance with the Guidance transactions and dispositions of the assets of the company;
Note on Audit of Internal Financial Controls Over Financial (2) provide reasonable assurance that transactions are
Reporting (the “Guidance Note”) and the Standards on recorded as necessary to permit preparation of financial
Auditing, specified under section 143(10) of the Act, to the statements in accordance with generally accepted
extent applicable to an audit of internal financial controls, accounting principles, and that receipts and expenditures
both, issued by ICAI. Those Standards and the Guidance of the company are being made only in accordance
Note require that we comply with ethical requirements and with authorisations of management and directors of the
plan and perform the audit to obtain reasonable assurance company; and (3) provide reasonable assurance regarding
about whether adequate internal financial controls with prevention or timely detection of unauthorised acquisition,
reference to consolidated financial statements was use, or disposition of the company's assets that could have
established and maintained and if such controls operated a material effect on the financial statements.
effectively in all material respects.

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INHERENT LIMITATIONS OF INTERNAL FINANCIAL by the Holding Company considering the essential
CONTROLS WITH REFERENCE TO CONSOLIDATED components of internal control stated in the Guidance Note
FINANCIAL STATEMENTS issued by the ICAI.
Because of the inherent limitations of internal financial
controls with reference to consolidated financial statements, OTHER MATTERS
including the possibility of collusion or improper management Our report under Section 143(3)(i) of the Act on the
override of controls, material misstatements due to error or adequacy and operating effectiveness of the internal
fraud may occur and not be detected. Also, projections of financial controls with reference to consolidated financial
any evaluation of the internal financial controls with reference statements of the Holding Company, in so far as it relates to
to consolidated financial statements to future periods are these 6 subsidiaries, which are companies incorporated in
subject to the risk that the internal financial controls with India, is based on the corresponding reports of the auditors
reference to consolidated financial statements may become of such subsidiaries incorporated in India.
inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures For S.R. Batliboi & Associates LLP
may deteriorate. Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
OPINION
In our opinion, the Group , which are companies incorporated per Atin Bhargava
in India, have, maintained in all material respects, adequate Partner
internal financial controls with reference to consolidated Membership Number: 504777
financial statements and such internal financial controls UDIN: 25504777BMOCMS6959
with reference to consolidated financial statements were
operating effectively as at March 31, 2025, based on the Place of Signature: Hyderabad
internal control over financial reporting criteria established Date: May 24, 2025

253
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Consolidated Balance Sheet

as at 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

As at As at
Particulars Notes
31 March 2025 31 March 2024
ASSETS
Non-current assets
a. Property, plant and equipment 2.1(a) 8,132.82 6,387.06
b. Capital work-in-progress 2.1(a) 277.66 138.09
c. Right-of-use of assets 2.32 5,745.33 6,101.80
d. Intangible assets 2.1(b) 103.28 40.92
e. Intangible assets under development 2.1(b) 6.93 60.92
f. Financial assets
(i) Investments 2.2 0.03 0.03
(ii) Loans 2.10 (a) 297.72 330.42
(iii) Other financial assets 2.3 (a) 319.74 266.34
g. Deferred tax assets (net) 2.27(d) 295.89 260.33
h. Non-current tax assets (net) 2.4 103.68 165.96
i. Other non-current assets 2.5 266.25 1,735.86
Total non-current assets 15,549.33 15,487.73
Current assets
a. Inventories 2.6 275.69 239.78
b. Financial assets
(i) Investments 2.7 5,707.28 3,075.00
(ii) Trade receivables 2.8 773.01 704.42
(iii) Cash and cash equivalents 2.9 (a) 202.55 101.19
(iv) Bank balances other than (iii) above 2.9 (b) 0.20 0.07
(v) Loans 2.10 (b) 30.00 -
(vi) Other financial assets 2.3 (b) 1,054.70 1,950.00
c. Other current assets 2.11 177.10 145.81
Total current assets 8,220.53 6,216.27
TOTAL ASSETS 23,769.86 21,704.00
EQUITY AND LIABILITIES
EQUITY
a. Equity share capital 2.12 1,015.52 1,015.02
b. Other equity 2.13 13,666.41 11,574.26
Equity attributable to owners of the Company 14,681.93 12,589.28
Non-controlling interest 68.17 59.92
TOTAL EQUITY 14,750.10 12,649.20
LIABILITIES
Non-current liabilities
a. Financial liabilities
(i) Lease liabilities 2.32 7,416.79 7,483.31
b. Provisions 2.14 97.25 76.94
Total non-current liabilities 7,514.04 7,560.25
Current liabilities
a. Financial liabilities
(i) Lease liabilities 2.32 219.02 169.75
(ii) Trade payables 2.15
a) Total outstanding dues to micro enterprises and small enterprises 102.02 94.19
b) Total outstanding dues to creditors other than micro enterprises and 807.66 720.80
small enterprises
(iii) Other financial liabilities 2.16 178.07 331.34
b. Other current liabilities 2.19 131.99 123.28
c. Provisions 2.17 66.96 29.91
d. Current tax liabilities (net) 2.18 - 25.28
Total current liabilities 1,505.72 1,494.55
TOTAL EQUITY AND LIABILITIES 23,769.86 21,704.00
Summary of material accounting policies 1
The accompanying notes referred to above form an integral part of the consolidated financial statements.
As per our report of even date attached.
for S.R. Batliboi & Associates LLP for and on behalf of the Board of Directors of
Chartered Accountants Rainbow Children’s Medicare Limited
ICAI Firm Registration Number: 101049W/E300004 CIN: L85110TG1998PLC029914

per Atin Bhargava Dr. Ramesh Kancharla Dr. Dinesh Kumar Chirla
Partner Chairman and Managing Director Director
Membership Number.: 504777 DIN: 00212270 DIN: 01395841

Vikas Maheshwari Shreya Mitra

Chief Financial Officer Company Secretary
Membership Number: A54901

Place: Hyderabad Place: Hyderabad Place: Hyderabad

Date: 24 May 2025 Date: 24 May 2025 Date: 24 May 2025

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Consolidated Statement of Profit and Loss

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

For the year ended For the year ended

Particulars Notes
31 March 2025 31 March 2024
INCOME
Revenue from operations 2.20 15,158.66 12,969.00
Other income 2.21 510.08 370.64
Total income 15,668.74 13,339.64
EXPENSES
Cost of materials consumed 2.22 1,949.20 1,652.80
Employee benefits expense 2.23 2,063.67 1,761.70
Finance costs 2.24 724.55 590.54
Depreciation and amortisation expense 2.25 1,384.40 1,120.82
Professional fees to doctors 2.26 (i) 3,690.21 3,053.66
Other expenses 2.26 (ii) 2,556.70 2,211.99
Total expenses 12,368.73 10,391.51
Profit before tax 3,300.01 2,948.13
Tax expenses: 2.27
(a) Current tax 873.08 770.39
(b) Deferred tax (35.19) (5.13)
(c) Adjustment of tax related to earlier periods 19.85 -
Total tax expense 857.74 765.26
Profit for the year 2,442.27 2,182.87
Other comprehensive income
Items that will not be reclassified subsequently to the Statement of
Profit or Loss
Re-measurement gain on defined benefit obligation 2.30 (0.98) 17.70
Income tax effect 2.27 0.37 (4.36)
Other comprehensive income for the year, net of tax (0.61) 13.34
Total comprehensive income for the year 2,441.66 2,196.21
Profit for the year attributable to:
Owners of the Company 2,434.24 2,170.01
Non-controlling interests 8.03 12.86
Other comprehensive income for the year attributable to:
Owners of the Company (0.83) 13.33
Non-controlling interests 0.22 0.01
Total comprehensive income for the year attributable to:
Owners of the Company 2,433.41 2,183.34
Non-controlling interests 8.25 12.87
Earning per share (face value of share `10 each, fully paid) 2.35
- Basic (`) 23.97 21.38
- Diluted (`) 23.84 21.38
Summary of material accounting policies 1
The accompanying notes referred to above form an integral part of the consolidated financial statements.
As per our report of even date attached.

for S.R. Batliboi & Associates LLP for and on behalf of the Board of Directors of
Chartered Accountants Rainbow Children’s Medicare Limited
ICAI Firm Registration Number: 101049W/E300004 CIN: L85110TG1998PLC029914

per Atin Bhargava Dr. Ramesh Kancharla Dr. Dinesh Kumar Chirla
Partner Chairman and Managing Director Director
Membership Number.: 504777 DIN: 00212270 DIN: 01395841

Vikas Maheshwari Shreya Mitra

Chief Financial Officer Company Secretary
Membership Number: A54901

Place: Hyderabad Place: Hyderabad Place: Hyderabad

Date: 24 May 2025 Date: 24 May 2025 Date: 24 May 2025

255
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Consolidated Statement of Cash Flows

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

For the year ended For the year ended

Particulars
31 March 2025 31 March 2024
Cash flows from operating activities
Profit before tax 3,300.01 2,948.13
Adjustments:
Depreciation and amortisation expense 1,384.40 1,120.82
Gain on redemption of mutual funds (78.53) (75.40)
Unrealised foreign exchange loss, net 0.14 0.23
Net gain on financial assets measured at fair value through profit or loss (281.02) (58.85)
Interest income on financial assets carried at amortised cost (144.29) (204.28)
Finance costs 724.55 590.54
Employee stock option cost (12.71) 54.30
Advances written off 0.10 3.57
Allowance / (reversal) for expected credit loss 7.31 (28.42)
Bad debts written off 1.73 0.66
Net gain on sale of property, plant and equipment (0.80) (1.27)
Liabilities no longer required written back (1.68) (2.22)
4,899.21 4,347.81
Adjustments for working capital:
(Increase) in inventories (35.91) (52.18)
(Increase) trade receivables (77.63) (164.71)
(Increase) in financial and other assets (106.42) (57.12)
Increase in trade payables 95.46 26.92
(Decrease) in financial and current liabilities (18.58) (36.12)
Increase in provisions 56.38 35.55
Cash generated from operations 4,812.51 4,100.15
Income tax paid, net (855.93) (886.14)
Net cash from operating activities (A) 3,956.58 3,214.01
Cash flows from investing activities
Purchase of property, plant and equipment, intangibles, intangible assets (1,456.70) (3,535.76)
under development including capital advances, capital creditors and capital
work-in-progress
Proceeds from sale of property, plant and equipment 0.80 1.27
Bank deposits redeemed with maturity of more than three months 2,489.94 5,032.24
Bank deposits invested with maturity of more than three months (1,661.19) (1,768.50)
Interest received 221.90 231.01
Gain on redemption of mutual funds, net 78.53 75.40
Investment in mutual funds (8,254.59) (8,688.64)
Redemption of mutual funds 5,903.33 6,253.82
Loans realised - 134.50
Net cash used in investing activities (B) (2,677.98) (2,264.66)
Cash flows from financing activities
Principal payment of lease liabilities (873.10) (724.99)
Dividend paid (304.64) (307.52)
Proceeds from issue of share capital 0.50 -
Refund of share issue expenses - 14.70
Net cash used in financing activities (C) (1,177.24) (1,017.81)
Net increase / (decrease) in cash and cash equivalents (A+B+C) 101.36 (68.46)
Cash and cash equivalents at the beginning of the year 101.19 169.65
Cash and cash equivalents at the end of the year (note b) 202.55 101.19

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Consolidated Statement of Cash Flows (Contd..)

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

Notes:
a) The above Consolidated Statement of Cash Flows has been prepared under the “Indirect Method” as set out in the
Indian Accounting Standard (Ind AS-7) - “Statement of Cash Flows”.
b) Components of cash and cash equivalents as at (Refer note 2.9 (a))

As at As at
31 March 2025 31 March 2024
Cash on hand 11.80 7.92
Balance with banks:
- Current accounts 190.75 93.27
202.55 101.19

c) Reconciliation between opening and closing balances in the Balance sheet for liabilities and financial assets arising
from financing activities for movement in Consolidated Statement of Cash Flows are given below:

As at As at
31 March 2025 31 March 2024
Opening balance:
Lease liabilities 7,653.06 5,703.22
Movement:
Lease liabilities
Finance cost on lease liabilities (including capitalisation) 725.45 622.01
Addition to lease liabilities (net) 130.90 2,012.02
Lease modification (0.50) 40.80
Payment of lease liabilities (873.10) (724.99)
Closing balance:
Lease liabilities 7,635.81 7,653.06

The accompanying notes referred to above form an integral part of the consolidated financial statements.
As per our report of even date attached.

for S.R. Batliboi & Associates LLP for and on behalf of the Board of Directors of
Chartered Accountants Rainbow Children’s Medicare Limited
ICAI Firm Registration Number: 101049W/E300004 CIN: L85110TG1998PLC029914

per Atin Bhargava Dr. Ramesh Kancharla Dr. Dinesh Kumar Chirla
Partner Chairman and Managing Director Director
Membership Number.: 504777 DIN: 00212270 DIN: 01395841

Vikas Maheshwari Shreya Mitra

Chief Financial Officer Company Secretary
Membership Number: A54901

Place: Hyderabad Place: Hyderabad Place: Hyderabad

Date: 24 May 2025 Date: 24 May 2025 Date: 24 May 2025

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Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Consolidated Statement of Changes in Equity

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

(A) SHARE CAPITAL

Particulars Number of shares Amount
Equity shares of ` 10 each issued, subscribed and fully paid-up
As at 01 April 2023 101,501,687 1,015.02
Add: Shares issued during the year - -
As at 01 April 2024 101,501,687 1,015.02
Add: Shares issued during the year 49,986 0.50
As at 31 March 2025 101,551,673 1,015.52

(B) OTHER EQUITY

Other equity
Reserves and surplus Equity
Share attributable to Non-
Particulars Total
Securities General Options Capital Retained shareholders Controlling
Equity
premium reserve outstanding reserve earning of the Interest
account Company
Balance as at 01 April 2023 3,972.26 43.89 - 8.95 5,558.98 9,584.08 50.06 9,634.14
Profit for the year - - - - 2,170.01 2,170.01 12.86 2,182.87
Refund of share issue expenses * 14.70 - - - - 14.70 - 14.70
Employee share based payment - - 96.58 - - 96.58 - 96.58
expenses (refer note : 2.45)
Appropriations:
Final dividend on equity shares for the - - - - (304.44) (304.44) (3.01) (307.45)
period ended 31 March 2023. i.e. ` 3
per share
Remeasurement of defined benefit - - - - 13.33 13.33 0.01 13.34
liability (net of tax effect)
Balance as at 31 March 2024 3,986.96 43.89 96.58 8.95 7,437.88 11,574.26 59.92 11,634.18

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Consolidated Statement of Changes in Equity (Contd..)

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

(B) OTHER EQUITY (continued)

Other equity
Reserves and surplus Equity
Share attributable to Non-
Particulars Total
Securities General Options Capital Retained shareholders Controlling
Equity
premium reserve outstanding reserve earning of the Interest
account Company
Balance as at 01 April 2024 3,986.96 43.89 96.58 8.95 7,437.88 11,574.26 59.92 11,634.18
Profit for the year - - - - 2,434.24 2,434.24 8.03 2,442.27
Employee share based payment 43.11 - (79.73) - - (36.62) - (36.62)
expenses (refer note 2.45)
Appropriations/Adjustments:
Final dividend on equity shares for the - - - - (304.64) (304.64) - (304.64)
period ended 31 March 2024. i.e. ` 3
per share
Remeasurement of defined benefit - - - - (0.83) (0.83) 0.22 (0.61)
liability (net of tax effect)
Balance as at 31 March 2025 4,030.07 43.89 16.85 8.95 9,566.65 13,666.41 68.17 13,734.58

* During the previous year, the Holding Company has received an amount of ` 14.70 million towards the Holding Company's share
of unspent share issue expenses. The same has been adjusted with securities premium as per Companies Act, 2013.

The accompanying notes referred to above form an integral part of the consolidated financial statements.
As per our report of even date attached.

for S.R. Batliboi & Associates LLP for and on behalf of the Board of Directors of
Chartered Accountants Rainbow Children’s Medicare Limited
ICAI Firm Registration Number: 101049W/E300004 CIN: L85110TG1998PLC029914

per Atin Bhargava Dr. Ramesh Kancharla Dr. Dinesh Kumar Chirla
Partner Chairman and Managing Director Director
Membership Number.: 504777 DIN: 00212270 DIN: 01395841

Vikas Maheshwari Shreya Mitra

Chief Financial Officer Company Secretary
Membership Number: A54901

Place: Hyderabad Place: Hyderabad Place: Hyderabad

Date: 24 May 2025 Date: 24 May 2025 Date: 24 May 2025

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Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

1. MATERIAL ACCOUNTING POLICIES benefit obligations (“DBO”) is measured at fair

1.1 Group information value and share based payment is measured at
fair value. The accounting policies are applied
The consolidated financial statements comprise
consistently to all the years presented in the
financial statements of Rainbow Children's Medicare
consolidated financial statements except where
Limited (formerly known as Rainbow Children's
a newly issued accounting standard is initially
Medicare Private Limited) (‘Company’ or ‘Holding
adopted or a revision to an existing accounting
Company’) (CIN L85110TG1998PLC029914)
standard requires change in accounting policy
along with its subsidiaries and other consolidating
hitherto in use.
entities (collectively, the Group) for the year ended
31 March 2024. The Company was incorporated on
(iii) Functional and Presentation Currency
07 August 1998 as a Private Limited Company under
These consolidated financial statements are
the Companies Act, 2013 having registered office at
presented in Indian Rupees (INR or `), which is
8-2-120/103/1, Survey No. 403, Road No.2, Banjara
also the Group’s functional currency. All amounts
Hills, Hyderabad, Telangana-500034. The Group is
have been rounded-off to two decimal places to
primarily engaged in the business of rendering medical
the nearest million, unless otherwise indicated.
and healthcare services.
The comparatives are presented for the year
ended and as on 31 March 2024.
As a part of its business activities, the Holding
Company holds interests in six subsidiaries (the
(iv) Use of estimates and judgements:
Company and its subsidiaries hereinafter referred to
 In preparing these consolidated financial
as the ‘Group’) through which it manages and operate
statements, management has made judgements,
a network of hospitals.
estimates and assumptions that affect the
application of accounting policies and the
The Holding Company’s shares are listed on the BSE
reported amounts of assets, liabilities, income
Limited and National Stock Exchange of India Limited.
and expenses. Actual results may differ from
The consolidated financial statements were approved
these estimates
by the Board of Directors for issue on 24 May 2025.
Estimates and underlying assumptions are
1.2 Basis of preparation of the consolidated financial
statements reviewed on an periodic basis. Revisions
to accounting estimates are recognised
(i) Statement of compliance
prospectively.
The consolidated financial statements of the
Group have been prepared in accordance with
Judgments
the Indian Accounting Standards (“Ind AS”) as per
Information about judgments made in applying
the Companies (Indian Accounting Standards)
accounting policies that have the most significant
Rules, 2015 notified under section 133 of
effects on the amounts recognised in the
Companies Act, 2013, (“the Act”) and other
Consolidated Financial Statements is included in
relevant provision of the Act under the historical
the following notes:
cost convention on an accrual and going concern
basis except for certain financial instruments Lease term: Whether the Group is reasonably
which are measured at fair values, notified certain to exercise extension options (Note 1.3(i))
under the Act and rules prescribed thereunder.
The company has prepared the consolidated Assumptions and estimation uncertainties
financial statements on the basis that it continues
to operate as a going concern. Information about assumptions and estimation
uncertainties at the reporting date that have a
(ii) Basis of measurement significant risk of resulting in a material adjustment
The consolidated financial statements have to the carrying amount of assets and liabilities
been prepared on a historical cost convention within the next financial year is included in the
and on accrual basis, except for certain financial following notes:
assets and liabilities measured at fair value
(refer accounting policy regarding financial - Contingent liabilities: Contingent
instruments), defined benefit and other long-term liabilities are not recognised in the financial
employee benefits where present value of defined statements but are disclosed in the notes.

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Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

They are assessed continually to determine - I mpairment of non-financial assets: Key

whether an outflow of resources embodying assumptions underlying recoverable amount
economic benefits has become probable. including forecasted projections.
If it becomes probable that an outflow of
future economic benefits will be required for - Property, plant and equipment: Useful life
an item previously dealt with as a contingent of asset. (Note 1.3(b))
liability, a provision is recognised in the
financial statements of the period in which - Lease liabilities: measurement of
the change in probability occurs (except in incremental borrowing costs. (Note 1.3(i))
the extremely rare circumstances where no
reliable estimate can be made). (Note 1.3(m)) - Other estimates: The preparation of
- Income taxes: Significant judgements are financial statements involves estimates
involved in determining the provision for and assumptions that affect the reported
income taxes, including the amount expected amount of assets, liabilities, disclosure of
to be paid or recovered in connection with contingent liabilities at the date of financial
uncertain tax positions. (Note 1.3(j)) statements and the reported amount of
revenues and expenses for the reporting
- 
M easurement of defined benefit period. Specifically, the Group estimates
obligations: Key actuarial assumptions used
the probability of collection of accounts
for actuarial valuation. (Note 1.3(g))
receivable by analyzing historical payment
- Impairment of financial assets: The patterns, customer concentrations,
Group assesses on a forward-looking basis customer credit- worthiness and current
the expected credit losses associated economic trends. If the financial condition
with its assets carried at amortised of a customer deteriorates, additional
cost. (Note 1.3(d)) allowances may be required.

(v) Subsidiaries considered in the Consolidated Financial Statements

Proportion of ownership interest
Country of (%) and voting power held
Name of the Company
Incorporation As at As at
31 March 2025 31 March 2024
Subsidiary Companies
Rainbow Children's Hospital Private Limited India 100.00% 100.00%
Rainbow Women & Children's Hospitals Private Limited India 100.00% 100.00%
Rainbow Speciality Hospitals Private Limited India 78.81% 78.81%
Rosewalk Healthcare Private Limited India 100.00% 100.00%
Rainbow Fertility Private Limited India 100.00% 100.00%
Rainbow C R O Private Limited India 100.00% 100.00%
Other Consolidating entities
Rainbow Children's Hospital Foundation (Trust) India NA* NA*
*The Company does not have any equity interests in this entity, but has significant influence over it.

Business combination and goodwill to measure the non-controlling interests in the

Business combinations are accounted for under acquiree at fair value or at the proportionate
Ind AS 103 using the acquisition method. The cost share of the acquiree’s identifiable net assets.
of an acquisition is measured as the aggregate Acquisition related costs are expensed as incurred.
of the consideration transferred measured at
acquisition date fair value and the amount of any At the acquisition date, the identifiable assets
non-controlling interests in the acquiree. For each acquired, and the liabilities assumed are
business combination, the Group elects whether recognised at their acquisition date fair values.

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Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

For this purpose, the liabilities assumed include to benefit from the combination, irrespective of
contingent liabilities representing present whether other assets or liabilities of the acquiree
obligation and they are measured at their are assigned to those units.
acquisition fair values irrespective of the fact
that outflow of resources embodying economic A cash generating unit to which goodwill has
benefits is not probable. However, the following been allocated is tested for impairment annually,
assets and liabilities acquired in a business or more frequently when there is an indication
combination are measured at the basis that the unit may be impaired. If the recoverable
indicated below: amount of the cash generating unit is less than its
carrying amount, the impairment loss is allocated
• Deferred tax assets or liabilities, and the first to reduce the carrying amount of any goodwill
liabilities or assets related to employee allocated to the unit and then to the other assets
benefit arrangements are recognised of the unit pro rata based on the carrying amount
and measured in accordance with Ind AS of each asset in the unit.
12 Income Tax and Ind AS 19 Employee
Benefits respectively. Any impairment loss for goodwill is recognised in
profit or loss. An impairment loss recognised for
When the Group acquires a business, it assesses goodwill is not reversed in subsequent periods.
the financial assets and liabilities assumed for
appropriate classification and designation in 
Where goodwill has been allocated to a
accordance with the contractual terms, economic cash-generating unit and part of the operation
circumstances and pertinent conditions as at the within that unit is disposed of, the goodwill
acquisition date. This includes the separation
associated with the disposed operation is
of embedded derivatives in host contracts
included in the carrying amount of the operation
by the acquiree.
when determining the gain or loss on disposal.
Goodwill disposed in these circumstances is
Goodwill is initially measured at cost, being the
measured based on the relative values of the
excess of the aggregate of the consideration
disposed operation and the portion of the
transferred and the amount recognised for
cash-generating unit retained.
non-controlling interests, and any previous
interest held, over the net identifiable assets
If the initial accounting for a business combination
acquired and liabilities assumed. If the fair value
is incomplete by the end of the reporting
of the net assets acquired is in excess of the
period in which the combination occurs, the
aggregate consideration transferred, the Group
Group reports provisional amounts for the
re-assesses whether it has correctly identified
all of the assets acquired and all of the liabilities items for which the accounting is incomplete.
assumed and reviews the procedures used to Those provisional amounts are adjusted through
measure the amounts to be recognised at the goodwill during the measurement period, or
acquisition date. If the reassessment still results in additional assets or liabilities are recognised, to
an excess of the fair value of net assets acquired reflect new information obtained about facts and
over the aggregate consideration transferred, then circumstances that existed at the acquisition date
the gain is recognised in OCI and accumulated in that, if known, would have affected the amounts
equity as capital reserve. However, if there is no recognized at that date. These adjustments are
clear evidence of bargain purchase, the entity called as measurement period adjustments.
recognise the gain directly in equity as capital The measurement period does not exceed one
reserve, without routing the same through OCI. year from the acquisition date.

After initial recognition, goodwill is measured at (vi) Principles of consolidation

cost less any accumulated impairment losses. Subsidiaries are entities controlled by the Group.
For the purpose of impairment testing, goodwill Control is achieved when the Group is exposed, or
acquired in a business combination is, from has rights, to variable returns from its involvement
the acquisition date, allocated to each of the with the investee and has the ability to affect
Group’s cash-generating units that are expected those returns through its power over the investee.

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Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

Specifically, the Group controls an investee if and flows after eliminating intra-group balances/
only if the Group has: transactions and resulting unrealised profits in full.
Eliminate in full intra-group assets and liabilities,
(i) Power over the investee (i.e. existing rights equity, income, expenses and cash flows relating
that give it the current ability to direct the to transactions between entities of the Group
relevant activities of the investee) (profits or losses resulting from intragroup
transactions that are recognised in assets, such
(ii) Exposure, or rights, to variable returns from as inventory, property, plant and equipment are
its involvement with the investee, and eliminated in full). Unrealised losses resulting
from intra-group transactions have also been
(iii) The ability to use its power over the investee eliminated in full as per Ind AS 110. The amounts
to affect its returns. shown in respect of reserves comprise the amount
of the relevant reserves as per the Balance sheet
Generally, there is a presumption that a majority
of the Holding Company and its share in the
of voting rights result in control. To support this
post-acquisition increase in the relevant reserves
presumption and when the Group has less than
of the subsidiaries.
a majority of the voting or similar rights of an
investee, the Group considers all relevant facts
The excess/ deficit of cost to the Holding
and circumstances in assessing whether it has
Company of its investment in the subsidiaries
power over an investee, including:
over its portion of equity at the respective
dates on which investment in such entities
(i) The contractual arrangement with the other
were made is recognised in the Consolidated
vote holders of the investee;
Financial Statements as goodwill/ capital reserve.
The Holding Company’s portion of equity in such
(ii) 
Rights arising from other contractual
entities is determined on the basis of the book
arrangements;
values of assets and liabilities as per the financial
(iii) The Group’s voting rights and potential voting statements of such entities as on the date of
rights; investment and if not available, the financial
statements for the immediately preceding period
(iv) The size of the Group’s holding of voting adjusted for the effects of significant transactions,
rights relative to the size and dispersion of the up to the date of investment.
holdings of the other voting rights holders.
Non-Controlling Interests (NCI) in the net assets
The Group re-assesses whether or not it controls of consolidated subsidiaries consists of: (a) the
an investee if facts and circumstances indicate amount of equity attributable to minorities at
that there are changes to one or more of the three the date on which investment in a subsidiary is
elements of control. Consolidation of an entity made; and (b) the minorities’ share of movements
begins when the Group obtains control over that in equity since the date the holding subsidiary
entity and ceases when the Group loses control relationship came into existence.
over the entity. Assets, liabilities, income and
expenses of an entity acquired or disposed of The Consolidated Financial Statements are
during the year are included in these Consolidated presented, to the extent possible, in the
Financial Statements from the date the Group same format as that adopted by the Holding
gains control until the date the Group ceases to Company for its separate financial statements.
control the subsidiary. A change in the ownership The Consolidated Financial Statements are
interest of a subsidiary, without a loss of control, prepared using uniform accounting policies
is accounted for as an equity transaction. for like transactions and other events in similar
circumstances. If a member of the Group uses
The Consolidated Financial Statements of the accounting policies other than those adopted in
Holding Company and its subsidiaries have the Consolidated Financial Statements for like
been combined on a line-by-line basis by transactions and events in similar circumstances,
adding together the book values of like items of appropriate adjustments are made to that Group
assets, liabilities, income, expenses and cash member’s financial statements in preparing the

263
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Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

Consolidated Financial Statements to ensure Terms of a liability that could, at the option of
conformity with the Group’s accounting policies. the counterparty, result in its settlement by
the issue of fresh instruments do not affect
The financial statements of all entities used for the its classification.
purpose of consolidation are drawn up to same
reporting date as that of the Holding Company, Current liabilities include current portion
i.e. year ended on 31 March 2025. of non-current financial liabilities. All other
liabilities are classified as non-current.
(vii) Current versus Non-current classification
All assets and liabilities are classified into current Operating cycle
and non-current as per the Group’s normal Operating cycle is the time between the
operating cycle and other criteria set out in the acquisition of assets for processing and
Schedule III to the Companies Act, 2013. their realisation in cash or cash equivalents.
The Group normal operating cycle
Assets is twelve months.
An asset is classified as current when it satisfies
any of the following criteria: (viii) Measurement of fair values
Group accounting policies and disclosures require
i. it is expected to be realised in, or is intended the measurement of fair values, for both financial
for sale or consumption in, the Group’s and non-financial assets and liabilities.
normal operating cycle;
Fair value is the price that would be received to
ii. 
it is held primarily for the purpose sell an asset or paid to transfer a liability in an
of being traded; orderly transaction between market participants
at the measurement date. The fair value
iii. it is expected to be realised within 12 months measurement is based on the presumption that
after the reporting date; or the transaction to sell the asset or transfer the
liability takes place either:
iv. it is cash or cash equivalent unless it is
restricted from being exchanged or used to - In the principal market for the asset
settle a liability for at least 12 months after or liability or
the reporting date.
- In the absence of a principal market, in
Current assets include the current portion of the most advantageous market for the
non-current financial assets. All other assets are asset or liability
classified as non-current.
The principal or the most advantageous market
Liabilities must be accessible by the Group. The fair
A liability is classified as current when it satisfies value of an asset or a liability is measured using
any of the following criteria: the assumptions that market participants
would use when pricing the asset or liability,
i. it is expected to be settled in the Group’s assuming that market participants act in their
normal operating cycle; economic best interest.

ii. it is held primarily for the purpose of being The Group uses valuation techniques that are
traded; appropriate in the circumstances and for which
sufficient data is available to measure fair value,
iii. it is due to be settled within 12 months after maximizing the use of relevant observable inputs
the reporting date; or and minimizing the use of unobservable inputs.

iv. the Group does not have an unconditional Fair values are categorised into different levels in
right to defer settlement of the liability for a fair value hierarchy based on the inputs used in
at least 12 months after the reporting date. the valuation techniques as follows:

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Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

- Level 1: quoted prices (unadjusted) in active Financial assets are not reclassified subsequent to
markets for identical assets or liabilities. their initial recognition unless the Group changes
its business model for managing financial assets,
- Level 2: inputs other than quoted prices
in which case all affected financial assets are
included in Level 1 that are observable for the
reclassified on the first day of the first reporting
asset or liability, either directly (i.e. as prices)
period following the change in the business model.
or indirectly (i.e. derived from prices).
- Level 3: inputs for the asset or liability that A financial asset is measured at amortised cost
are not based on observable market data if it meets both of the following conditions and is
(unobservable inputs). not designated as at FVTPL:
When measuring the fair value of an asset or a
- it is held within a business model whose
liability, the Group uses observable market data
objective is to hold assets to collect
as far as possible. If the inputs used to measure
contractual cash flows; and
the fair value of an asset or a liability fall into a
different level of the fair value hierarchy, then
- its contractual terms give rise on specified
the fair value measurement is categorised in its
dates to cash flows that are solely payments
entirety in the same level of the fair value hierarchy
of principal and interest on the principal
as the lowest level input that is significant to the
amount outstanding.
entire measurement.
A debt investment is measured at FVOCI if it
Further information about the assumptions made
meets both of the following conditions and is not
in measuring fair values is included in the following
designated as at FVTPL:
notes in financial instruments [ Refer note 2.41].
- it is held within a business model whose
1.3 MATERIAL ACCOUNTING POLICIES objective is achieved by both collecting
a. Financial Instruments contractual cash flows and selling
i. Recognition and initial measurement financial assets; and
Trade receivables and debt securities issued
are initially recognised when they are originated. - its contractual terms give rise on specified
All other financial assets and financial liabilities dates to cash flows that are solely payments
are initially recognised when the Group of principal and interest on the principal
becomes a party to the contractual provisions amount outstanding.
of the instrument. A financial asset (unless
it is a trade receivable without a significant On initial recognition of an equity investment that
financing component) or financial liability is is not held for trading, the Group may irrevocably
initially measured at fair value plus or minus, for elect to present subsequent changes in the
an item not at FVTPL, transaction costs that investment’s fair value in OCI. This election is
are directly attributable to its acquisition or made on an investment-by-investment basis.
issue. A trade receivable without a significant
financing component is initially measured at the All financial assets not classified as measured
transaction price. at amortised cost or FVOCI as described above
are measured at FVTPL. On initial recognition,
ii. Classification and subsequent measurement the Group may irrevocably designate a financial
Financial assets: asset that otherwise meets the requirements to
be measured at amortised cost or at FVOCI as
On initial recognition, a financial asset is classified at FVTPL if doing so eliminates or significantly
as measured at: reduces an accounting mismatch that would
otherwise arise.
- amortised cost;
- FVOCI – debt investment; Financial assets – Subsequent measurement and
gains and losses
- FVOCI – equity investment; or
Financial assets at FVTPL -These assets are
- FVTPL subsequently measured at fair value. Net gains

265
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

and losses, including any interest or dividend • the Group neither transfers nor retains
income, are recognised in profit or loss. substantially all of the risks and rewards
of ownership and it does not retain
Financial assets at amortised cost -These control of the financial asset.
assets are subsequently measured at amortised
cost using the effective interest method. Financial liabilities:
The amortised cost is reduced by impairment The Group derecognises a financial liability when
losses. Interest income, foreign exchange gains its contractual obligations are discharged or
and losses and impairment are recognised in cancelled or expire. The Group also derecognises
profit or loss. Any gain or loss on derecognition is a financial liability when its terms are modified
recognised in profit or loss. and the cash flows of the modified liability are
substantially different, in which case a new
Equity investments at FVOCI -These assets financial liability based on the modified terms
are subsequently measured at fair value. is recognised at fair value. On derecognition
Impairment losses (and reversal of impairment of a financial liability, the difference between
losses) on equity investments measured at FVOCI the carrying amount extinguished and the
are not reported separately from other changes in consideration paid (including any non-cash assets
fair value. Dividends are recognised as income in transferred or liabilities assumed) is recognised in
profit or loss unless the dividend clearly represents profit or loss.
a recovery of part of the cost of the investment.
Other net gains and losses are recognised in OCI Interest rate benchmark reform
and are not reclassified to profit or loss. When the basis for determining the contractual
cash flows of a financial asset or financial liability
Financial liabilities – Classification, subsequent measured at amortised cost changed as a result
measurement and gains and losses: of interest rate benchmark reform, the Group
Financial liabilities are classified as measured at updated the effective interest rate of the financial
amortised cost or FVTPL. A financial liability is asset or financial liability to reflect the change
classified as at FVTPL if it is classified (as held-for- that is required by the reform. A change in the
trading), it is a derivative or it is designated as such basis for determining the contractual cash flows
on initial recognition. Financial liabilities at FVTPL is required by interest rate benchmark reform if
are measured at fair value and net gains and the following conditions are met:
losses, including any interest expense, are
recognised in profit or loss. Other financial • 
the change is necessary as a direct
liabilities are subsequently measured at amortised consequence of the reform; and
cost using the effective interest method.
Interest expense and foreign exchange gains and • the new basis for determining the contractual
losses are recognised in profit or loss. Any gain cash flows is economically equivalent to the
or loss on derecognition is also recognised in previous basis – i.e., the basis immediately
profit or loss. before the change.

iii. Derecognition When changes were made to a financial asset

Financial assets: or financial liability in addition to changes to the
The Group derecognises a financial asset when: basis for determining the contractual cash flows
required by interest rate benchmark reform,
- the contractual rights to the cash flows from the Group first updated the effective interest
the financial asset expire; or rate of the financial asset or financial liability to
reflect the change that is required by interest rate
- it transfers the rights to receive the
benchmark reform. After that, the Group applied
contractual cash flows in a transaction
the policies on accounting for modifications to
in which either:
the additional changes.
• substantially all of the risks and rewards
of ownership of the financial asset are Offsetting
transferred; or Financial assets and financial liabilities are offset
and the net amount presented in the balance

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Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

sheet when, and only when, the Group currently iv. Depreciation:
has a legally enforceable right to set off the Depreciation on Property, plant and equipment
amounts and it intends either to settle them on (other than for that class of assets specifically
a net basis or to realise the asset and settle the mentioned below) is calculated on a straight-line
liability simultaneously. basis as per the useful life prescribed and
in the manner laid down under Schedule II
b. Property, plant and equipment
to the Companies Act 2013 and additions
i. Recognition and measurement:
and deletions are restricted to the period of
Items of property, plant and equipment are
use. Depreciation is charged to consolidated
measured at cost (which includes capitalised
borrowing costs, if any) less accumulated statement of profit and loss.
depreciation and accumulated impairment
losses, if any. The cost on item of property, plant If the Management’s estimate of the useful
and equipment comprises its purchase price, life of a property, plant and equipment is
taxes, duties, freight and any other directly different than that envisaged in the aforesaid
attributable costs of bringing the assets to their Schedule, depreciation is provided based on
working condition for their intended use and the Management’s estimate of the useful life.
estimated cost of dismantling and removing the Pursuant to this policy, depreciation on the
item and restoring the site on which it is located. following class of property, plant and equipment
has been provided at the rates based on the
The cost of a self-constructed item of property,
following useful lives of property, plant and
plant and equipment comprises the cost of
equipment as estimated by Management which
materials, direct labour and any other costs
is different from the useful life prescribed under
directly attributable to bringing the item to its
intended working condition and estimated costs Schedule II of the Companies Act, 2013.
of dismantling, removing and restoring the site on
which it is located, wherever applicable. Useful life (in
Useful life
years) under
Description (in years) by
When significant parts of an item of property, Schedule II of
Management
plant and equipment have different useful lives, the Act
they are accounted for as separate items (major Buildings 60 years 60 years
components) of property, plant and equipment. Medical 7 years 13 years
equipments*
Gains and losses on disposal of an item of Plant and 15 years 15 years
property, plant and equipment are determined equipments
by comparing the proceeds from disposal
Office 5 years 5 years
with the carrying amount of property, plant
equipments
and equipment, and are recognised net in the
Vehicles* 5 years 8 years
consolidated statement of profit and loss.
Computers 3 years 3 years
ii. Transition to IND-AS Furniture and 10 years 10 years
The cost of property, plant and equipment as at Fixtures
1 April 2016, the Group date of transition to Ind
AS, was determined with reference to its carrying *For these classes of assets, based on technical
value recognised as per the previous GAAP evaluation, the Management believes that the useful
lives as given above best represents the period over
(deemed cost), as at the date of transition to Ind AS.
which Management expects to use these assets.
Hence, the useful lives of these assets are different
iii. Subsequent costs:
The cost of replacing a part of an item of property, from the useful lives as prescribed under Part C of
plant and equipment is recognised in the carrying Schedule II of the Companies Act 2013.
amount of the item if it is probable that the
future economic benefits embodied within the Leasehold Improvements are amortised over
part will flow to the Group, and its cost can be the period of lease or the estimated useful life,
measured reliably. whichever is lower.

267
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

The useful lives and methods of depreciation The Group also recognises loss allowances for ECLs
of property, plant and equipment are on finance lease receivables, which are disclosed as
reviewed at each financial year-end and financial assets.
adjusted prospectively.
The Group measures loss allowances at an amount
Capital work-in-progress includes cost of equal to lifetime ECLs, except for the following, which
property, plant and equipment under installation/ are measured at 12-month ECLs:
under development as at the balance sheet date.
• 
bank balances for which credit risk (i.e., the
Advances paid towards acquisition of tangible risk of default occurring over the expected life
and intangible assets outstanding at each balance of the financial instrument) has not increased
sheet date are shown under other non-current
significantly since initial recognition.
assets as capital advances.
Loss allowances for trade and finance lease

c. Intangible assets and amortisation:
receivables, loans and contract assets are always
Computer software acquired by the Group, the value measured at an amount equal to lifetime ECLs.
of which is not expected to diminish in the foreseeable
future, is capitalised and recorded in the Balance Lifetime expected credit losses are the expected credit
sheet as computer software at cost of acquisition
losses that result from all possible default events over
less accumulated amortisation and accumulated
the expected life of a financial instrument.
impairment losses. Computer software is amortised
on straight line basis over a period of five years.
12-month expected credit losses are the portion of
expected credit losses that result from default events
Amortisation method and useful lives are reviewed
that are possible within 12 months after the reporting
at the end of each financial year and adjusted
date (or a shorter period if the expected life of the
if appropriate.
instrument is less than 12 months).
The Group capitalizes costs related to specific upgrades
and enhancements of software when it is probable In all cases, the maximum period considered when
the expenditures will result in additional features, estimating expected credit losses is the maximum
functionality and significant customer experience. contractual period over which the Group is exposed
The Group also capitalizes all direct and incremental to credit risk.
costs incurred during the development phase, until
such time when the software is substantially complete 
When determining whether the credit risk of a
and ready for use. financial asset has increased significantly since initial
recognition and when estimating ECLs, the Group
Intangible asset is de-recognised upon disposal or when considers reasonable and supportable information
no future economic benefits are expected from its use that is relevant and available without undue cost or
or disposal. Any gain or loss arising on de-recognition effort. This includes both quantitative and qualitative
of the asset (calculated as the difference between the information and analysis, based on the Group historical
net disposal proceeds and the carrying amount of the experience and informed credit assessment, that
asset) is recognized in the consolidated statement of includes forward-looking information.
profit and loss, when the asset is derecognised.
Measurement of expected credit losses
d. Impairment of assets
ECLs are a probability-weighted estimate of credit
Impairment of financial assets losses. Credit losses are measured as the present value
The Group recognises loss allowances for ECLs on: of all cash shortfalls (i.e. the difference between the
• financial assets measured at amortised cost; cash flows due to the entity in accordance with the
contract and the cash flows that the Group expects to
• debt investments measured at FVOCI; and
receive). ECLs are discounted at the effective interest
• contract assets. rate of the financial asset.

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Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

Credit-impaired financial assets: no recycling of the amounts from OCI to the Statement
At each reporting date, the Group assesses whether of Profit and Loss, even on sale of investment.
financial assets carried at amortised cost and debt However, the Group may transfer the cumulative gain
securities at FVOCI are credit impaired. A financial or loss to retained earnings.
asset is ‘credit-impaired’ when one or more events
that have a detrimental impact on the estimated future Equity instruments included within the FVTPL category
cash flows of the financial asset have occurred. are measured at fair value with all changes recognised
in the Statement of Profit and Loss.
Evidence that a financial asset is credit-impaired
includes the following observable data: f. Inventories

• significant financial difficulty of the debtor; Inventories are measured at the lower of cost and net
realisable value.
• the restructuring of a loan or advance by the
Group on terms that the Group would not Cost includes all costs of purchase and other costs
consider otherwise. incurred in bringing the inventories to their present
• it is probable that the debtor will enter bankruptcy location and condition inclusive of non-refundable
or other financial reorganisation; or (adjustable) taxes wherever applicable. The Group
follows the first in first out (FIFO) method for determining
• 
the disappearance of an active market for a
the cost of such inventories.
security because of financial difficulties.
Net realisable value is the estimated selling price in
Presentation of allowance for expected credit losses
the ordinary course of business, less estimated costs
in the balance sheet
of completion and the estimated costs necessary
Loss allowances for financial assets measured at
to make the sale. The comparison of cost and net
amortised cost are deducted from the gross carrying
realisable value is made on an item-by-item basis.
amount of the assets.
g. Employee benefits
Write-off
The gross carrying amount of a financial asset is written i. Short-term employee benefits
off when the Group has no reasonable expectations Short-term employee benefit obligations are
of recovering a financial asset in its entirety or a measured on an undiscounted basis and are
portion thereof. For corporate customers, the Group expensed as the related service is provided.
individually makes an assessment with respect to the A liability is recognised for the amount expected
timing and amount of write-off based on whether there to be paid if the Group has a present legal or
is a reasonable expectation of recovery. The Group constructive obligation to pay this amount
expects no significant recovery from the amount as a result of past service provided by the
written off. However, financial assets that are written employee, and the amount of obligation can be
off could still be subject to enforcement activities estimated reliably.
in order to comply with the Group procedures for
recovery of amounts due. Share based payment transactions
The grant date fair value of equity settled
e. Investments share-based payment awards granted to
Equity investments which are in scope of Ind AS employees is recognised as an employee expense,
109 are measured at fair value. For all other equity with a corresponding increase in equity, over
instruments in scope of Ind AS 109, the Group may the period that the employees unconditionally
make an irrevocable election to present in other become entitled to the awards. The amount
comprehensive income subsequent changes in the recognised as expense is based on the estimate
fair value. The Group makes such election on an of the number of awards for which the related
instrument-by-instrument basis. The classification is service and non-market vesting conditions
made on initial recognition and is irrevocable. are expected to be met, such that the amount
ultimately recognised as an expense is based on
If the Group decides to classify an equity instrument as the number of awards that do meet the related
at FVOCI, then all fair value changes on the instrument, service and non-market vesting conditions at
excluding dividends, are recognised in the OCI. There is the vesting date.

269
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

ii. Post-employment benefit curtailment is recognised immediately in profit or

Defined contribution plans loss. The Group recognises gains and losses on
A defined contribution plan is a post-employment the settlement of a defined benefit plan when the
benefit plan under which an entity pays fixed settlement occurs.
contributions into a separate entity and will
have no legal or constructive obligation to pay The obligations are presented as current liabilities
further amounts. in the balance sheet if the entity does not have
an unconditional right to defer settlement for at
The Group makes specified monthly contributions
least twelve months after the reporting period,
towards Government administered provident
regardless of when the actual settlement is
fund scheme. Obligations for contributions to
expected to occur.
defined contribution plans are recognised as
an employee benefit expense in statement of
Compensated absences
profit or loss in the periods during which the
related services are rendered by employees. Accumulated leave, which is expected to be
Prepaid contributions are recognised as an asset utilised within the next 12 months, is treated as
to the extent that a cash refund or a reduction in short-term employee benefit and the accumulated
future payment is available. leave expected to be carried forward beyond
twelve months, as long-term employee benefit for
Defined benefit plans measurement purposes. The Group records an
A defined benefit plan is a post-employment obligation for such compensated absences in the
benefit plan other than a defined contribution period in which the employee renders the services
plan. The Group’s net obligation in respect of that increase this entitlement. The obligation is
defined benefit plans is calculated separately measured on the basis of independent actuarial
for each plan by estimating the amount of future valuation using the projected unit credit method.
benefit that employees have earned in the current
and prior periods, discounting that amount and h. Revenue recognition
deducting the fair value of any plan assets.
The Group’s revenue from medical and healthcare
The calculation of defined benefit obligation is services comprises of income from hospital services
performed annually by a qualified actuary using and sale of pharmacy items.
the projected unit credit method.
Income from hospital services is recognised as

Re-measurements of the net defined benefit revenue when the related services are rendered.
liability, which comprise actuarial gains and losses, The performance obligations for this stream of revenue
the return on plan assets (excluding interest) and include accommodation, surgery, medical/clinical
the effect of the asset ceiling (if any, excluding professional services, food and beverages, investigation
interest), are recognised in Other comprehensive and supply of pharmaceutical and related products.
income (OCI). The Group determines the net
interest expense on the net defined benefit 
Revenue is measured based on the transaction
liability for the period by applying the discount price, which is the fixed consideration adjusted
rate used to measure the defined benefit for components of variable consideration which
obligation at the beginning of the annual period to constitutes discounts, estimated disallowances
the then-net defined benefit liability considering
and any other rights and obligations as specified in
any changes in the net defined benefit liability
the contract with the customer. In determining the
during the period as a result of contributions and
transaction price for the hospital services, the Group
benefit payments. Net interest expense and other
considers the effects of variable consideration,
expenses related to defined benefit plans are
the existence of significant financing components,
recognised in statement of profit and loss.
non-cash consideration, and consideration payable
When the benefits of a plan are changed or to the customer (if any). Revenue is recognised at the
when a plan is curtailed, the resulting change in point in time for the inpatient / outpatient hospital
benefit that relates to past service (‘past service services when the related services are rendered at the
cost’ or ‘past service gain’) or the gain or loss on transaction price.

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Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

Revenue from sale of pharmacy is recognised when it (iii) Contract liabilities

transfers control over a good or service to the customer,  Contract liabilities include advances received
generally on delivery of product to the customer. from patients for hospital services and is pending
for final billing on the balance sheet date.
Medical service fee is recognized when the related
services are rendered unless significant future i. Leases
uncertainties exist. At inception of a contract, the Group assesses whether
a contract is, or contains, a lease. A contract is, or
Interest income or expense is recognised using the
contains, a lease if the contract conveys the right to
effective interest method. The ‘effective interest rate’
control the use of an identified asset for a period of
is the rate that exactly discounts estimated future cash
time in exchange for consideration.
payments or receipts through the expected life of the
financial instrument to:
As a lessee
At commencement or on modification of a contract
- the gross carrying amount of the financial asset; or
that contains a lease component, the Group allocates
- the amortised cost of the financial liability the consideration in the contract to each lease
component on the basis of their relative stand-alone
In calculating interest income and expense, the
 prices. However, for the leases of property the Group
effective interest rate is applied to the gross has elected not to separate non-lease components
carrying amount of the asset (when the asset is not and account for the lease and non-lease components
credit-impaired) or to the amortised cost of the as a single lease component.
liability. However, for financial assets that have become
credit-impaired subsequent to initial recognition, (i) Right-of-use asset
interest income is calculated by applying the effective The Group recognises a right-of-use asset and a
interest rate to the amortised cost of the financial lease liability at the lease commencement date.
asset. If the asset is no longer credit-impaired, then the The right-of-use asset is initially measured at
calculation of interest income reverts to the gross basis. cost, which comprises the initial amount of the
lease liability adjusted for any lease payments
Dividend income is recognised in profit or loss on the made at or before the commencement date, plus
date on which the Group’s right to receive payment any initial direct costs incurred and remove the
is established. underlying asset or to restore the underlying asset
or the site on which it is located, less any lease
Contract balances:
incentives received.
(i) Contract assets (Unbilled revenue)
Contract assets represents value to the extent
The right-of-use asset is subsequently
of medical and healthcare services rendered
depreciated using the straight-line method from
to the patients who are undergoing treatment/
the commencement date to the earlier of the end
observation on the balance sheet date and is
of the useful life of the right-of-use asset or the
not billed as at the balance sheet date. Contract
end of the lease term, unless the lease transfers
assets are subject to impairment assessment.
ownership of the underlying asset to the Group by
Refer to accounting policies on impairment of
financial assets in section (d). the end of the lease term or the cost of the right-of-
use asset reflects that the Group will exercise a
(ii) Trade receivables purchase option. In that case the right-of-use
 A receivable is recognised if an amount of asset will be depreciated over the useful life of
consideration that is unconditional (i.e., only the the underlying asset, which is determined on the
passage of time is required before payment of same basis as those of property and equipment.
the consideration is due). Refer to accounting In addition, the right-of-use asset is periodically
policies of financial assets in section (a) reduced by impairment losses, if any, and adjusted
Financial instruments. for certain remeasurements of the lease liability.

271
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

(ii) lease liability Short-term leases and leases of low-value

The lease liability is initially measured at the assets:
present value of the lease payments that are not The Group has elected not to recognise right-of-
paid at the commencement date, discounted use assets and lease liabilities for short-term
using the interest rate implicit in the lease or, if that leases of machinery and buildings that have a
rate cannot be readily determined, the Group’s lease term of 12 months or less and leases of
incremental borrowing rate. Generally, the low-value assets. The Group recognizes the lease
Group uses its incremental borrowing rate as payments associated with these leases as an
the discount rate. expense in profit or loss on a straight-line basis
over the lease term.
Lease payments included in the measurement of
the lease liability comprise the following: j. Income-tax
Income tax comprises current and deferred tax.
- fixed payments, including in-substance
It is recognised in profit or loss except to the extent
fixed payments;
that it relates to a business combination or to
an item recognised directly in equity or in other
- variable lease payments that depend on an
comprehensive income.
index or a rate, initially measured using the
index or rate as at the commencement date;
Current tax:
- amounts expected to be payable under a Current tax comprises the expected tax payable or
residual value guarantee; and receivable on the taxable income or loss for the year
and any adjustment to the tax payable or receivable in
- the exercise price under a purchase option respect of previous years. The amount of current tax
that the Group is reasonably certain to reflects the best estimate of the tax amount expected
exercise, lease payments in an optional to be paid or received after considering the uncertainty,
renewal period if the Group is reasonably if any, related to income taxes. It is measured using tax
certain to exercise an extension option, and rates (and tax laws) enacted or substantively enacted
penalties for early termination of a lease by the reporting date.
unless the Group is reasonably certain not to
terminate early. Current tax assets and current tax liabilities are offset
only if there is a legally enforceable right to set off
The lease liability is measured at amortised the recognised amounts, and it is intended to realise
cost using the effective interest method. It is the asset and settle the liability on a net basis or
remeasured when there is a change in future lease simultaneously.
payments arising from a change in an index or rate,
if there is a change in the Group’s estimate of the Deferred tax:
amount expected to be payable under a residual Deferred tax is recognised in respect of temporary
value guarantee, or if the Group changes its differences between the carrying amounts of assets
assessment of whether it will exercise a purchase, and liabilities for financial reporting purposes and the
extension or termination option or if there is a corresponding amounts used for taxation purposes.
revised in-substance fixed lease payment.
Deferred tax assets are recognised to the extent that it
When the lease liability is remeasured in this is probable that future taxable profits will be available
way, a corresponding adjustment is made to the against which they can be used. The existence of
carrying amount of the right-of-use asset or is unused tax losses is strong evidence that future
recorded in profit or loss if the carrying amount of taxable profit may not be available. Therefore, in case
the right-of-use asset has been reduced to zero. of a history of recent losses, the Group recognises
a deferred tax asset only to the extent that it has
The Group presents right-of-use assets that do sufficient taxable temporary differences or there is
not meet the definition of investment property convincing other evidence that sufficient taxable profit
in ‘Property, plant and equipment’ and lease
will be available against which such deferred tax asset
liabilities separately in the balance sheet within
can be realised.
‘Financial Liabilities’.

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Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

Deferred tax assets recognised or unrecognised, are If the effect of the time value of money is material,
reviewed at each reporting date and are recognised/ provisions are discounted using a current pre-tax rate
reduced to the extent that it is probable/ no longer that reflects, when appropriate, the risks specific to
probable respectively that the related tax benefit the liability. When discounting is used, the increase in
will be realised. the provision due to the passage of time is recognised
as a finance cost.
Deferred tax is measured at the tax rates that are
expected to apply to the period when the asset is m. Contingent liabilities and contingent assets
realised or the liability is settled, based on the laws A contingent liability exists when there is a possible
that have been enacted or substantively enacted by but not probable obligation, or a present obligation
the reporting date. that may, but probably will not, require an outflow
of resources, or a present obligation whose amount
The measurement of deferred tax reflects the tax cannot be estimated reliably. Contingent liabilities do
consequences that would follow from the manner not warrant provisions but are disclosed unless the
in which the Group expects, at the reporting date, possibility of outflow of resources is remote.
to recover or settle the carrying amount of its assets
and liabilities. 
Contingent assets are neither recognised nor
disclosed in the Consolidated Financial Statements.
Deferred tax assets and liabilities are offset if there is a However, contingent assets are assessed continually
legally enforceable right to offset current tax liabilities and if it is virtually certain that an inflow of economic
and assets, and they relate to income taxes levied by benefits will arise, the asset and related income are
the same tax authority on the same taxable entity, recognised in the period in which the change occurs.
or on different tax entities, but they intend to settle
current tax liabilities and assets on a net basis or their n. Statement of cash flows
tax assets and liabilities will be realised simultaneously. Cash flows are reported using the indirect method,
whereby net profit/ (loss) before tax is adjusted for the
k. Earnings per share
effects of transactions of a non-cash nature and any
Basic Earnings Per Share ('EPS') is computed by dividing deferrals or accruals of past or future cash receipts or
the net profit attributable to the equity shareholders payments and item of income or expenses associated
by the weighted average number of equity shares with investing or financing cash flows. The cash flows
outstanding during the year. Diluted earnings per share from regular revenue generating (operating activities),
is computed by dividing the net profit by the weighted investing activities and financing activities of the Group
average number of equity shares considered for deriving are segregated.
basic earnings per share and also the weighted average
number of equity shares that could have been issued o. Cash and cash equivalents
upon conversion of all dilutive potential equity shares. For the purpose of presentation in the statement
Dilutive potential equity shares are deemed converted of cash flows, cash and cash equivalents includes
as of the beginning of the year, unless issued at a later cash on hand, deposits held at call with banks, other
date. In computing diluted earnings per share, only short-term, highly liquid investments with original
potential equity shares that are dilutive and that either maturities of three months or less that are readily
reduces earnings per share or increases loss per share convertible to known amounts of cash and which
are included. The number of shares and potentially are subject to an insignificant risk of changes in
dilutive equity shares are adjusted retrospectively for value. Where bank overdrafts/ cash credits which
all periods presented for the share splits. are repayable on demand form an integral part
of an entity's cash management, bank overdrafts
l. Provisions are included as a component of cash and cash
A provision is recognised if, as a result of a past event, equivalents. Bank overdrafts are shown within short
the Group has a present legal or constructive obligation term-borrowings in the balance sheet.
that can be estimated reliably, and it is probable that
an outflow of economic benefits will be required to p. Events after reporting date
settle the obligation. When the Group expects some or
Where events occurring after the balance sheet
all of a provision to be reimbursed, the expense relating
date provide evidence of conditions that existed at
to a provision is presented in statement of profit and
the end of the reporting period, the impact of such
loss, net of any reimbursement.

273
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

events is adjusted within the financial statements. s. Segment reporting

Otherwise, events after the balance sheet date of As defined in Ind AS 108, Operating Segments, the
material size or nature are only disclosed. Chief Operating Decision Maker I.e. Board of Directors
of the Group evaluates the Group performance
q. Share capital and allocates resources based on an analysis
Equity shares incremental costs directly attributable to of various performance indicators by business
the issue of equity shares are recognised as a deduction segment. Medical and Healthcare services has been
from equity. Income tax relating to transaction costs of considered as the only reportable segment. Hence, no
an equity transaction is accounted for in accordance separate final disclosure has been provided for the
with Ind AS 12. segment reporting.

r. Share issue expenses t. Climate - related matters

Share issue expenses are adjusted against the The Group considers climate-related matters in
securities premium account as permissible under estimates and assumptions, where appropriate.
Section 52 of the Companies Act, 2013, to the extent This assessment includes a wide range of possible
any balance is available for utilisation in the securities impacts on the Group due to both physical and
premium account. Any refund of share issue expenses transition risks. Even though climate-related risks
will be adjusted against securities premium. might not currently have a significant impact on
measurement, the Group is closely monitoring relevant
changes and developments.

274
 Notes to the Consolidated Financial Statements
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)
2.1 (a) PROPERTY, PLANT AND EQUIPMENT AND CAPITAL WORK-IN-PROGRESS
Leasehold Medical
Furniture Capital
Freehold improvements equipments Plant and Office
Particulars Buildings and Vehicles Computers Total work-in-
land (refer note (i) (refer note (i) equipments equipments
fixtures progress
below) below)
Cost or deemed cost
As at 01 April 2023 33.06 399.11 3,240.24 1,827.58 918.50 522.80 248.99 185.75 148.88 7,524.91 208.83
Additions 5.41 1.54 1,075.09 483.97 307.16 148.73 118.83 25.09 85.87 2,251.69 2,180.95
Disposals* - - - - - - - (3.34) - (3.34) (2,251.69)
As at 31 March 2024 (A) 38.47 400.65 4,315.33 2,311.55 1,225.66 671.53 367.82 207.50 234.75 9,773.26 138.09
As at 01 April 2024 38.47 400.65 4,315.33 2,311.55 1,225.66 671.53 367.82 207.50 234.75 9,773.26 138.09
Additions 1,766.52 1.71 310.17 244.37 125.68 58.03 62.57 3.56 32.99 2,605.60 2,745.17
Disposals* - - - (1.20) - - (0.21) (3.79) - (5.20) (2,605.60)
As at 31 March 2025 (B) 1,804.99 402.36 4,625.50 2,554.72 1,351.34 729.56 430.18 207.27 267.74 12,373.66 277.66
Accumulated depreciation:
As at 01 April 2023 - 15.13 785.07 1,013.25 260.13 246.17 170.85 93.87 104.32 2,688.79 -
Depreciation - 6.64 204.32 241.58 68.64 63.23 49.33 32.12 34.89 700.75 -
Disposals - - - - - - - (3.34) - (3.34) -
As at 31 March 2024 (C) - 21.77 989.39 1,254.83 328.77 309.40 220.18 122.65 139.21 3,386.20 -
As at 01 April 2024 - 21.77 989.39 1,254.83 328.77 309.40 220.18 122.65 139.21 3,386.20 -
PG 02-74

Depreciation - 6.66 268.95 281.75 88.85 71.03 58.44 31.82 52.34 859.84 -
Disposals - - - (1.20) - - (0.21) (3.79) - (5.20) -
CORPORATE OVERVIEW

As at 31 March 2025 (D) - 28.43 1,258.34 1,535.38 417.62 380.43 278.41 150.68 191.55 4,240.84 -
Net carrying amount
As at 31 March 2025 (B-D) 1,804.99 373.93 3,367.16 1,019.34 933.72 349.13 151.77 56.59 76.19 8,132.82 277.66
As at 31 March 2024 (A-C) 38.47 378.88 3,325.94 1,056.72 896.89 362.13 147.64 84.85 95.54 6,387.06 138.09
* Disposals with respect to capital-work-in progress represents property, plant and equipment capitalisations.

Note:
PG 76-172

(i) Delhi Development authority (DDA) has granted 5,500 square meters of land on perpetual lease to Madhukar Multispecialty Hospital Research Centre (MMHRC) in
STATUTORY REPORTS

Malviyanagar (Delhi) via lease deed dated 16 September 2005. MMHRC has constructed a hospital building on this land with all infrastructure and services and 50%
of the space was sublet to the Holding Company to operate and render healthcare services. DDA vide its letter dated 28 January 2019 to MMHRC has restricted
subletting to 25% instead of earlier 50% and accordingly the Holding Company and MMHRC had executed amended the sub lease agreement dated 27 March 2019
which is effective from 01 April 2019. As at 31 March 2025, leasehold improvements and medical equipments include `92.60 million and ` 26.91 million (31
March 2024: `98.74 million and ` 36.83 million) respectively in respect of this hospital. The Management is utilising the assets for the purpose of providing medical
services at MMHRC.
(ii) Refer note 2.38 for details of incidental expenditure capitalised during the construction period.
PG 173-316

(iii) The title deeds of immovable properties (other than properties where the Group is the lessee and the lease arrangements are duly executed in favour of the lessee) are

275
FINANCIAL STATEMENTS

held in the name of the Group and the Group does not have any investment property.
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.1 (A) PROPERTY, PLANT AND EQUIPMENT AND CAPITAL WORK-IN-PROGRESS (continued)
Capital work-in-progress (CWIP) ageing schedule:
As at 31 March 2025
Amount in CWIP for a period of
CWIP Total
Less than 1 Year 1-2 Years 2-3 Years More than 3 Years
Projects in progress 246.00 28.91 2.38 0.35 277.64
Projects temporarily suspended - - - - -

As at 31 March 2024
Amount in CWIP for a period of
CWIP Total
Less than 1 Year 1-2 Years 2-3 Years More than 3 Years
Projects in progress 131.89 6.00 0.18 - 138.07
Projects temporarily suspended - - - - -

There are no capital work in progress projects, whose completion is overdue or has exceed its cost compared to
its original plan as at 31 March 2025 and 31 March 2024.

2.1 (b) Other intangible assets, Goodwill and Intangible assets under development
Other intangible Intangible
Particulars assets assets under
Software development
Cost or deemed cost
As at 01 April 2023 132.04 19.08
Additions 20.59 62.43
Disposals * - (20.59)
As at 31 March 2024 (A) 152.63 60.92
As at 01 April 2024 152.63 60.92
Additions 86.23 32.24
Disposals * 2.17 (86.23)
As at 31 March 2025 (B) 241.03 6.93
Accumulated amortisation
As at 01 April 2023 98.30 -
Amortisation 13.41 -
As at 31 March 2024 (C) 111.71 -
As at 01 April 2024 111.71 -
Amortisation 24.03 -
Disposals 2.01 -
As at 31 March 2025 (D) 137.75 -
Net carrying amount
As at 31 March 2025 (B-D) 103.28 6.93
As at 31 March 2024 (A-C) 40.92 60.92
* Disposals with respect to intangible assets under development represents intangible assets capitalisations.

276
 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
PG 02-74 PG 76-172 PG 173-316

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.1 (b) Other intangible assets, Goodwill and Intangible assets under development (continued)
Intangible assets under development ageing schedule:
As at 31 March 2025
Intangible assets under Amount in Intangible assets under development for a period of
Total
development Less than 1 Year 1-2 Years 2-3 Years More than 3 Years
Projects in progress 0.65 - 6.28 - 6.93
Projects temporarily - - - - -
suspended

As at 31 March 2024
Intangible assets under Amount in Intangible assets under development for a period of
Total
development Less than 1 Year 1-2 Years 2-3 Years More than 3 Years
Projects in progress 47.47 13.45 - - 60.92
Projects temporarily - - - - -
suspended

The Group does not have any Intangible assets under development which is overdue or has exceeded its cost
compared to its original plan as at 31 March 2025 and 31 March 2024.

2.2 NON-CURRENT INVESTMENTS

(Valued at cost unless stated otherwise)

As at As at
31 March 2025 31 March 2024
Investments at fair value through other comprehensive income
Investments in unquoted equity instruments
- Vamana Solar Private Limited* 0.03 0.03
2,600 shares of `10 each, fully paid up
(31 March 2024: 2,600 shares)
0.03 0.03
Aggregate amount of unquoted investments 0.03 0.03
Aggregate amount of impairment in value of investments - -
*The Group has designated the investments in Vamana Solar Private Limited as equity shares at FVOCI. The fair value of this
investment as at 31 March 2025 is ` 0.03 million (31 March 2024: ` 0.03 million).

The Group's exposure to credit risk and market risk related to investments has been disclosed in note 2.39.

2.3 (a) Other financial assets (non-current) (at amortised cost)

As at As at
Particulars
31 March 2025 31 March 2024
Bank deposits with remaining maturity more than 12 months 20.26 30.48
Interest accrued on deposits 4.19 2.32
Security deposits 295.29 233.54
319.74 266.34

The Group's exposure to credit and market risk are disclosed in Note 2.39.

277
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.3 (b) Other financial assets (current) (at amortised cost)

(Unsecured, considered good)

As at As at
Particulars
31 March 2025 31 March 2024
Bank deposits with remaining maturity less than 12 months # 1,026.15 1,844.67
Interest accrued on deposits 28.55 105.33
1,054.70 1,950.00
# Includes an amount of ` 21.80 million (31 March 2024: Nil) deposited towards on-going CSR projects and an amount of ` 3.00
million (31 March 2024: Nil) towards margin money deposits against bank guarantees.

2.4 NON-CURRENT TAX ASSETS (NET)

As at As at
Particulars
31 March 2025 31 March 2024
Advance tax (net of provision for taxation) (refer note 2.27 (b)) 103.68 165.96
103.68 165.96
2.5 OTHER NON-CURRENT ASSETS
As at As at
Particulars
31 March 2025 31 March 2024
(Unsecured, considered good)
Capital advances
- to other than related parties 233.47 1,701.16
Prepaid expenses 19.62 24.71
Amounts paid under protest 13.16 9.99
266.25 1,735.86
Unsecured, considered doubtful
Capital advances (credit impaired) - 0.15
Less: Allowance for doubtful advances - (0.15)
- -
266.25 1,735.86

2.6 INVENTORIES
(valued at the lower of cost or net realisable value)

As at As at
Particulars
31 March 2025 31 March 2024
Medical consumables and pharmacy items 275.69 239.78
275.69 239.78

278
 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
PG 02-74 PG 76-172 PG 173-316

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.7 CURRENT INVESTMENTS

As at As at
Particulars
31 March 2025 31 March 2024
Investments at fair value through profit or loss
Quoted:
Investments in Mutual funds - quoted
Aditya Birla Sunlife Banking & PSU Debt Fund - Growth - Direct Plan 414.40 305.59
1,113,485.77 Units (31 March 2024: 891,229.77 Units)
HDFC Liquid Fund - Growth - Direct Plan 50.31 150.36
9878.16 Units (31 March 2024: 31,696.61 Units)
HDFC Large & Midcap Fund - Growth - Direct Plan 140.19 21.91
431,099.53 Units (31 March 2024: 73,194.97 Units)
HDFC Corporate Bond Fund - Growth - Direct Plan 446.56 -
13,722,798.35 Units (31 March 2024: Nil Units)
HDFC Arbitrage Fund - Wholesale Plan - Growth - Direct Plan 192.02 78.84
9,684,059.54 Units (31 March 2024: 4,290,612.05 Units)
HDFC Arbitrage Fund - Growth - Direct Plan 167.33 -
8,439,290.35 Units (31 March 2024: Nil Units)
DSP Liquid Fund - Growth - Direct Plan 45.09 -
20,633.61 Units (31 March 2024: Nil Units)
Bandhan Liquid Fund - Growth Direct Plan - 96.81
Nil Units (31 March 2024: 33,185.09 Units)
UTI Money Market Fund - Growth - Direct Plan 131.76 371.16
43,049.97 Units (31 March 2024: 130,817.03 Units)
ICICI Prudential Large & Midcap Fund - Growth - Direct Plan 145.65 22.22
141,192.74 Units (31 March 2024: 24,252.04 Units)
ICICI Prudential Banking & PSU Debt Fund - Growth - Direct Plan 352.11 305.70
10,550,288.35 Units (31 March 2024: 9,932,127.10 Units)
ICICI Prudential All Seasons Bond Fund - Growth - Direct Plan 325.26 50.22
8,328,117.37 Units (31 March 2024: 1,407,864.73 Units)
ICICI Prudential Equity Arbitrage Fund - Growth - Direct Plan 386.53 358.04
10,692,747.42 Units (31 March 2024: 10,692,747.42 Units)
Sundaram Liquid Fund - Growth - Direct Plan 20.81 -
9,082.04 Units (31 March 2024: Nil Units)
Tata Money Market Fund - Growth - Direct Plan 104.35 96.64
22,126.01 Units (31 March 2024: 22,126.04 Units)
TATA Arbitrage Fund - Growth - Direct Plan 284.83 -
19,192,942.67 Units (31 March 2024: Nil Units)
Parag Parikh Flexi Cap Fund - Growth - Direct Plan 145.12 19.41
1,691,383.96 Units (31 March 2024: 259,223.76 Units)
SBI Arbitrage Opportunities Fund - Growth - Direct Plan 311.41 288.67
8,818,633.98 Units (31 March 2024: 8,818,633.98 Units)
SBI Corporate Bond Fund 486.91 -
31,198,932.32 Units (31 March 2024: Nil Units)
Kotak Banking & PSU Debt Fund - Growth - Direct Plan 352.88 306.14
5,299,050.66 Units (31 March 2024: 4,989,380.42 Units)
Kotak Corporate Bond Fund - Growth - Direct Plan 408.91 305.86
106,266.49 Units (31 March 2024: 86,518.92 Units)
Kotak Money Market Fund - Growth - Direct Plan 179.87 166.80
40,461.73 Units (31 March 2024: 40,461.73 Units)

279
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.7 CURRENT INVESTMENTS (continued)

As at As at
Particulars
31 March 2025 31 March 2024
Kotak Equity Arbitrage Fund - Growth - Direct Plan 42.88 -
1,089,697.49 Units (31 March 2024: Nil Units)
Kotak Dynamic Bond Fund - Growth - Direct 268.07 -
6,677,570.61 Units (31 March 2024: Nil Units)
Nippon India - Arbitrage Fund - Growth - Direct Plan 107.63 -
3,817,291.94 Units (31 March 2024: Nil Units)
Invesco India - Arbitrage Fund - Growth - Direct Plan 50.83 -
1,498,997.32 Units (31 March 2024: Nil Units)
Axis Liquid Fund - Growth - Direct Plan 65.37 130.63
22,668.58 Units (31 March 2024: 48,676.37 Units)
HSBC Liquid Fund - Growth - Direct Plan 80.20 -
31,032.77 Units (31 March 2024: Nil Units)
5,707.28 3,075.00
Aggregate amount of quoted investments and market value thereof 5,707.28 3,075.00

The Group's exposure to credit risk and market risk related to investments has been disclosed in note 2.39.

2.8 TRADE RECEIVABLES

As at As at
Particulars
31 March 2025 31 March 2024
Trade receivables - unsecured, considered good (refer note (b) below)
- to related parties ( refer note 2.31 (c)) 2.72 1.19
- to other than related parties 791.23 753.46
Contract assets (Unbilled revenue) - unsecured, considered good (refer 70.02 91.34
note 2.42)
Total 863.97 845.99
Less: Allowance for expected credit loss (90.96) (141.57)
Net total trade receivables 773.01 704.42

Trade receivables are unsecured and are derived from revenue earned from providing medical, healthcare and other
ancillary services. No interest is charged on the outstanding balance, regardless of the age of the balance. The Group
applies Expected Credit Loss (ECL) model for measurement and recognition of impairment loss towards expected risk
of delays and default in collection.

 he Group has used a practical expedient by computing the expected credit loss allowance based on a provision matrix.
T
Management makes specific provision in cases where there are known specific risks of customer default in making the
repayments. The provision matrix takes into account historical credit loss experience and adjusted for forward- looking
information. The expected credit loss allowance is based on the ageing of the days the receivables are due and the rates
as per the provision matrix.

The Group is subject to concentrations of credit risk in its accounts receivable for one customer comprising of 39%
(31 March 2024: 42%) of Total Trade Receivables. Although the Group is directly affected by the financial condition of
its customer, management does not believe significant credit risks exist at the balance sheet date. The Group does not
require collateral or other securities to support its accounts receivable.

(a) The Group's exposure to credit risk and loss allowances related to trade receivables are disclosed in note 2.39.

(b) Trade receivables are non-interest bearing and are generally on terms of 30-45 days

280
 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
PG 02-74 PG 76-172 PG 173-316

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.8 TRADE RECEIVABLES (continued)

Trade Receivables ageing schedule:
As at 31 March 2025
Outstanding for following periods from due
date of payment
Unbilled
Particulars Not due Less 6 More Total
Revenue 1-2 2-3
than 6 months than 3
years years
months - 1 year years
(i) Unbilled Revenue (Undisputed - 70.02 - - - - - - 70.02
considered good)
(ii) Undisputed Trade receivables – - 449.14 231.99 49.70 24.65 32.40 6.07 793.95
considered good
(iii) Undisputed Trade Receivables – which - - - - - - - -
have significant increase in credit risk
(iv) Undisputed Trade Receivables – credit - - - - - - - -
impaired
(v) Disputed Trade Receivables– - - - - - - - -
considered good
(vi) Disputed Trade Receivables – which - - - - - - - -
have significant increase in credit risk
(vii) Disputed Trade Receivables – credit - - - - - - - -
impaired
Total 70.02 449.14 231.99 49.70 24.65 32.40 6.07 863.97
Less: Allowance for expected credit loss (90.96)
Net total trade receivables 773.01

As at 31 March 2024
Outstanding for following periods from due
date of payment
Unbilled
Particulars Not due Less 6 More Total
Revenue 1-2 2-3
than 6 months than 3
years years
months - 1 year years
(i) Unbilled Revenue (Undisputed - 91.34 - - - - - - 91.34
considered good)
(ii) Undisputed Trade receivables – - 424.62 241.13 14.97 54.18 13.43 6.32 754.65
considered good
(iii) Undisputed Trade Receivables – which - - - - - - - -
have significant increase in credit risk
(iv) Undisputed Trade Receivables – credit - - - - - - - -
impaired
(v) Disputed Trade Receivables– - - - - - - - -
considered good
(vi) Disputed Trade Receivables – which - - - - - - - -
have significant increase in credit risk
(vii) Disputed Trade Receivables – credit - - - - - - - -
impaired
Total 91.34 424.62 241.13 14.97 54.18 13.43 6.32 845.99
Less: Allowance for expected credit loss (141.57)
Net total trade receivables 704.42

There are no debts due by directors or other officers of the Group or any of them either severally or jointly with
any other person or debts due by firms or private companies respectively in which any director is a partner or a
director or a member.

281
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.9 (a) Cash and cash equivalents

As at As at
Particulars
31 March 2025 31 March 2024
Cash on hand 11.80 7.92
Balance with banks
- On current accounts 190.75 93.27
202.55 101.19

2.9 (b) Bank balances other than cash and cash equivalents
As at As at
Particulars
31 March 2025 31 March 2024
Unpaid dividend 0.20 0.07
0.20 0.07

(a) The Group's exposure to credit risk and market risk are disclosed in note 2.39.

(b) Details of bank balances / deposits

As at As at
Particulars
31 March 2025 31 March 2024
Bank balances available on demand/deposits with original maturity - -
of 3 months or less included under 'Cash and cash equivalents'
Bank deposits with original maturity more than 3 months but less - -
than 12 months included under 'Bank balances other than cash and
cash equivalents'
Bank deposits with original maturity more than 12 months and 1,026.15 1,844.67
remaining maturity less than 12 months included under Other
financial assets (current) ( refer note 2.3(b))
Bank deposits with original maturity more than 12 months and 20.26 30.48
remaining maturity more than 12 months included under Other
financial assets (non-current) ( refer note 2.3(a))

2.10 (a) Loans (non-current)

(Unsecured, considered good)

As at As at
Particulars
31 March 2025 31 March 2024
Loans receivable** 203.47 203.47
203.47 203.47
Interest accrued on - Loans receivable** 94.25 126.95
297.72 330.42

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 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
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Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.10 (b) Loans (current)

As at As at
Particulars
31 March 2025 31 March 2024
Interest accrued on - Loans receivable ** 30.00 -
Total loan carried at amortised cost 30.00 -

** Unsecured Loan was given to an external party (Madhukar Rainbow Children's Hospital) at an interest rate of 8.50%
p.a. (31 March 2024: 9.50% p.a.). This loan was given towards the working capital requirements of the borrower.

During the year, there has been a change in the terms of repayment of loan (principal) for Madhukar Rainbow Children's
Hospital by providing a moratorium period of 2 years from 01 April 2024 to 01 April 2026 and reduced the rate of
interest from 9.5% p.a. to 8.5% p.a.

Disclosure under Section 186(4) of the Companies Act, 2013

Loans:
As at As at
Particulars
31 March 2025 31 March 2024
Opening balance 203.47 337.97
Given during the year - -
Repaid during the year - (134.50)
Closing balance 203.47 203.47

2.11 OTHER CURRENT ASSETS

(Unsecured, considered good)

As at As at
Particulars
31 March 2025 31 March 2024
Advances to suppliers 115.32 98.92
Prepaid expenses 49.61 41.05
Advance to employees * 10.59 5.69
Balances with government authorities 1.58 0.15
177.10 145.81
Unsecured, considered doubtful
Advance to suppliers (credit impaired) - 3.42
Less: Allowance for doubtful advances - (3.42)
- -
177.10 145.81
* Refer note 2.31(c) for advance to Key managerial personnel

283
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.12 SHARE CAPITAL

As at As at
Particulars
31 March 2025 31 March 2024
Authorised
150,000,000 (31 March 2024: 150,000,000) equity shares of ` 10 each 1,500.00 1,500.00
1,500.00 1,500.00
Issued, subscribed and paid-up
101,551,673 (31 March 2024: 101,501,687) equity shares of ` 10 1,015.52 1,015.02
each, fully paid-up
1,015.52 1,015.02

a) Reconciliation of equity shares outstanding at the beginning and at the end of the year :

As at 31 March 2025 As at 31 March 2024

Particulars Number of Number of
Amount Amount
shares shares
Equity shares of ` 10 each, fully paid-up
At the commencement of the year 101,501,687 1,015.02 101,501,687 1,015.02
Add: Shares issued during the year 49,986 0.50 - -
At the end of the year 101,551,673 1,015.52 101,501,687 1,015.02

b) Terms/Rights attached to Equity shares :

The Holding Company has a single class of equity shares of face value ` 10 each, fully paid up. Accordingly, all
equity shares rank equally with regard to dividends and share in the Holding Company’s residual assets. The equity
shares are entitled to receive dividend as declared from time to time subject to payment of dividend to preference
shareholders. Each holder of equity shares is entitled to one vote per share. The Holding Company declares and
pays dividends in Indian Rupees.

On liquidation of the Holding Company, the holders of equity shares will be entitled to receive the residual assets
of the Holding Company, remaining after distribution of all preferential amounts in proportion to the number of
equity shares held.

c) Particulars of shareholders holding more than 5% shares of a class of shares:

As at 31 March 2025 As at 31 March 2024

Name of shareholder Number of Number of
% %
shares shares
Equity shares of ` 10 each, fully paid-up
held by:
- Dr. Ramesh Kancharla 31,517,431 31.04% 31,494,654 31.03%
- Dr. Dinesh Kumar Chirla 6,633,310 6.53% 6,633,310 6.54%
- Dr. Adarsh Kancharla 6,110,432 6.02% 6,110,432 6.02%
- Kancharla Family Trust 5,205,700 5.13% 5,179,200 5.10%

As per records of the Holding Company, including its register of shareholder/members and other declarations
received from shareholder regarding beneficial interest, the above shareholding represents both legal and
beneficial ownership of shares.

d) During the five years immediately preceding the reporting date, no shares have been bought back, issued for
consideration other than cash other than disclosed below:

During the year ended 31 March 2022, 48,167,004 equity shares of ` 10 each, fully paid up of the Holding
Company have been allotted as bonus shares by capitalisation of securities premium.

284
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Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.12 SHARE CAPITAL (continued)

e) Shareholding of promoters
As at 31 March 2025
Number of Number of
Change % change
shares at the shares at the % of total
Promoter Name during the during the
beginning of end of the shares
year year
the year year
Equity shares:
Dr Ramesh Kancharla 31,494,654 22,777 31,517,431 31.04% 0.01%
Dr Dinesh Kumar Chirla 6,633,310 - 6,633,310 6.53% -
Dr Adarsh Kancharla 6,110,432 - 6,110,432 6.02% -
Kancharla Family Trust 5,179,200 26,500 5,205,700 5.13% 0.03%
Total 49,417,596 49,277 49,466,873 48.72% 0.04%

As at 31 March 2024
Number of Number of
Change % change
shares at the shares at the % of total
Promoter Name during the during the
beginning of end of the shares
year year
the year year
Equity shares:
Dr Ramesh Kancharla 31,494,654 - 31,494,654 31.03% -
Dr Dinesh Kumar Chirla 6,633,310 - 6,633,310 6.54% -
Dr Adarsh Kancharla 6,110,432 - 6,110,432 6.02% -
Kancharla Family Trust 5,179,200 - 5,179,200 5.10% -
Total 49,417,596 - 49,417,596 48.69% -

2.13 OTHER EQUITY

Share
Securities General Options Capital Retained Total other
Particulars
premium reserve outstanding reserve earning equity
account
Balance as at 01 April 2023 3,972.26 43.89 - 8.95 5,558.98 9,584.08
Profit for the year - - - - 2,170.01 2,170.01
Refund of share issue expenses * 14.70 - - - - 14.70
Employee share based payment - - 96.58 - - 96.58
expenses (refer note : 2.45)
Appropriations:
Final dividend on equity shares for - - - - (304.44) (304.44)
the period ended 31 March 2023.
i.e. ` 3 per share
Remeasurement of defined benefit - - - - 13.33 13.33
liability (net of tax effect)
Balance as at 31 March 2024 3,986.96 43.89 96.58 8.95 7,437.88 11,574.26

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Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.13 OTHER EQUITY (continued)

Share
Securities General Options Capital Retained Total other
Particulars
premium reserve outstanding reserve earning equity
account
Balance as at 01 April 2024 3,986.96 43.89 96.58 8.95 7,437.88 11,574.26
Profit for the year - - - - 2,434.24 2,434.24
Employee share based payment 43.11 - (79.73) - - (36.62)
expenses (refer note 2.45)
Appropriations/Adjustments: -
Final dividend on equity shares for - - - - (304.64) (304.64)
the period ended 31 March 2024.
i.e. ` 3 per share
Remeasurement of defined benefit - - - - (0.83) (0.83)
liability (net of tax effect)
Balance as at 31 March 2025 4,030.07 43.89 16.85 8.95 9,566.65 13,666.41
* During the previous year, the Holding Company has received an amount of ` 14.70 million towards the Holding Company's share
of unspent IPO expenses. The same has been adjusted with securities premium as per Companies Act, 2013.

Nature and purpose

Securities premium
Securities premium is used to record the premium received on issue of shares. It is utilised in accordance with the
provisions of the Companies Act, 2013.

General reserve
The general reserve is a free reserve which is used from time to time to transfer profits from retained earnings. As the
general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive
income, items included in the general reserve will not be reclassified subsequently to statement of profit and loss.

Retained earning
The amount that can be distributed by the Holding Company as dividends to its equity shareholders.

Capital reserve
The Group has acquired a subsidiary through business combination resulting in bargain purchase.

Share options outstanding account

The share options outstading account is used to recognise the value of equity settled share based payments provided
to employees under Employee Stock Unit Plan 2023 (refer note : 2.45).

2.13 (a) DIVIDEND

Distribution made and proposed
Particulars 31 March 2025 31 March 2024
Dividends on equity shares declared and paid:
Final dividend for the year ended 31 March 2024: `3 per share 304.64 304.51
(31 March 2023: ` 3 per share)
304.64 304.51
Proposed dividends on Equity shares:
Proposed dividend for the year ended 31 March 2025: ` 3 per share 304.66 304.51
(31 March 2024: ` 3 per share)
304.66 304.51
The Board of Directors of the Holding Company, at its meeting held on 24 May 2025, have proposed a final dividend
of ` 3 per Equity Share having face value of `10 each aggregating to `304.66 million for the financial year ended 31
March 2024. The proposal is subject to the approval of the shareholders at the forthcoming Annual General Meeting.
Final dividend is accounted in the year in which it is approved by the shareholders.

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Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.14 PROVISIONS (NON-CURRENT)

As at As at
Particulars
31 March 2025 31 March 2024
Provision for employee benefits
- Gratuity (refer note 2.30(a)) 76.30 59.01
- Compensated absences 20.95 17.93
97.25 76.94

2.15 TRADE PAYABLES

As at As at
Particulars
31 March 2025 31 March 2024
Trade payables
- total outstanding dues to micro enterprises and small enterprises 102.02 94.19
(MSME) (refer note 2.36)
- total outstanding dues to creditors other than micro enterprises and 807.66 720.80
small enterprises
909.68 814.99

The Group's exposure to liquidity and currency risk and loss allowances related to trade payables are
disclosed in note 2.39.
Trade payables are non-interest bearing and are normally settled on 30 to 45 days terms.
Refer note 2.31(c) for related party balances.

Trade payables ageing schedule

As at 31 March 2025
Outstanding for following periods from
due date of payment
Particulars Current Total
Less than 1-2 2-3 More than
but not due
1 year years years 3 years
i) Total outstanding dues of micro enterprises - 99.93 1.53 0.09 0.47 102.02
and small enterprises (refer note 2.36)
ii) Total outstanding dues of creditors other 237.85 559.48 5.19 3.33 1.81 807.66
than micro enterprises and small enterprises
iii) Disputed dues of micro enterprises and - - - - - -
small enterprises
iv) Disputed dues of creditors other than micro - - - - - -
enterprises and small enterprises
Total 237.85 659.41 6.72 3.42 2.28 909.68

As at 31 March 2024
Outstanding for following periods from
due date of payment
Particulars Current Total
Less than 1-2 2-3 More than
but not due
1 year years years 3 years
i) Total outstanding dues of micro enterprises - 92.42 1.56 0.19 0.02 94.19
and small enterprises (refer note 2.36)
ii) Total outstanding dues of creditors other 175.79 31.16 503.57 6.73 3.55 720.80
than micro enterprises and small enterprises
iii) Disputed dues of micro enterprises and - - - - - -
small enterprises
iv) Disputed dues of creditors other than micro - - - - - -
enterprises and small enterprises
Total 175.79 123.58 505.13 6.92 3.57 814.99

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Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.16 OTHER FINANCIAL LIABILITIES

As at As at
Particulars
31 March 2025 31 March 2024
Employee benefit payables^ 89.03 98.14
Creditors for capital goods 85.69 211.67
Other payables 3.22 21.53
Unpaid dividend 0.13 -
178.07 331.34
^ Refer note 2.31(c) for related party balances.

The Group's exposure to liquidity risk related to other financial liabilities are disclosed in note 2.39.

2.17 PROVISIONS (CURRENT)

As at As at
Particulars
31 March 2025 31 March 2024
Provision for employee benefits
Gratuity (refer note 2.30 (a)) 36.20 17.14
Compensated absences 28.82 10.83
65.02 27.97
Provision for claims, other than taxes* 1.94 1.94
66.96 29.91
*Movement in provision for claims, other than taxes:
Opening balance 1.94 1.94
Add: Addition during the year - -
Less: Utilisation/ reversal during the year - -
Closing balance 1.94 1.94

Provision for claims, other than taxes represents claims pending before Courts and based on Management's estimate
of claims, provision is made on prudent basis that possible outflow of resources may arise in future.

2.18 CURRENT TAX LIABILITIES (NET)

As at As at
Particulars
31 March 2025 31 March 2024
Provision for taxation (net of advance tax) - 25.28
- 25.28

2.19 OTHER CURRENT LIABILITIES

As at As at
Particulars
31 March 2025 31 March 2024
Contract liabilities (advance from patients) (refer note. 2.42) 41.17 39.38
Statutory liabilities 90.82 83.90
131.99 123.28

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Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.20 REVENUE FROM OPERATIONS

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Income from medical and healthcare services
- Revenue from hospital services (refer note 2.42) 13,149.59 11,300.60
- Revenue from pharmacy sales (refer note 2.42) 1,531.01 1,301.10
- Revenue from medical service fee (refer note 2.42) 269.48 255.19
14,950.08 12,856.89
Other operating income
- Cord blood extraction 22.58 30.22
- Canteen income 28.23 35.75
- Sale of baby products 81.56 1.87
- Others 76.21 44.27
208.58 112.11
Total revenue from operations 15,158.66 12,969.00

2.21 OTHER INCOME

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Interest income on financial assets carried at amortised cost
- Bank deposits 109.25 162.90
- Loans 17.30 27.40
- Other financial assets carried at amortised cost 17.74 13.98
- Income tax refund 3.65 0.15
Gain on redemption of mutual funds, net 78.53 75.40
Net gain on financial assets measured at fair value through profit or loss 281.02 58.85
Reversal of expected credit loss, net - 28.42
Liabilities no longer required written back 1.68 2.22
Gain on sale of property, plant & equipment 0.80 1.27
Other non-operating income 0.11 0.05
510.08 370.64

2.22 COST OF MATERIALS CONSUMED

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Inventory at the beginning of year 239.78 187.60
Add: Purchases during the year 1,985.11 1,704.98
Less: Closing inventory (275.69) (239.78)
1,949.20 1,652.80

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Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.23 EMPLOYEE BENEFITS EXPENSE *

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Salaries, wages and bonus 1,888.91 1,548.77
Contribution to provident and other funds (refer note 2.30(a)) 88.24 66.57
Gratuity expense (refer note 2.30(C)(i)) 47.00 30.85
Employee share based payment expenses (refer note 2.45) # (12.71) 54.30
Staff welfare expenses 52.23 61.21
2,063.67 1,761.70
* Net of amount capitalised (refer note 2.38)
# During the year, the Holding Company has reversed Employee share based payment expense towards unvested options of
`52.05 million accounted in previous year pursuant to resignation of Chief Operating Officer.

2.24 FINANCE COSTS *

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Interest expense on lease liabilities (refer note 2.32) 724.55 590.54
724.55 590.54
* Net of amount capitalised (refer note 2.38)

2.25 DEPRECIATION AND AMORTISATION EXPENSE

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Depreciation on property, plant and equipment (refer note 2.1(a)) 859.84 700.75
Amortisation of intangible assets (refer note 2.1(b)) 24.03 13.41
Depreciation of right-of-use assets (refer note 2.32) * 500.53 406.66
1,384.40 1,120.82
* Net of amount capitalised (refer note 2.38)

2.26 (i) PROFESSIONAL FEES TO DOCTORS *

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Professional fees to doctors * 3,690.21 3,053.66
3,690.21 3,053.66
* Net of amount capitalised (refer note 2.38)

2.26 (ii) OTHER EXPENSES *

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Hospital maintenance 71.58 65.18
Canteen expenses 271.05 236.21
Contract wages 400.66 330.84
Housekeeping expenses 82.27 77.02
Power and fuel 277.21 266.06
Lab and investigations 171.99 165.03
Repairs and maintenance
- Plant and equipment 108.20 83.54
- Others 219.48 164.45

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Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.26(ii) OTHER EXPENSES * (continued)

For the year ended For the year ended

Particulars
31 March 2025 31 March 2024
Rent (refer note 2.32) 22.49 15.65
Rates and taxes 168.39 140.82
Business promotion and advertisement 309.44 290.24
Travelling and conveyance 50.74 57.64
Printing and stationery 87.78 83.53
Bad debts written off 1.73 0.66
Advances written off 0.10 3.57
Allowance for expected credit loss 7.31 -
Communication expenses 121.13 66.56
Insurance 16.56 15.94
Professional and consultancy 46.99 58.19
Audit fees (refer note 2.34) 9.97 7.24
Directors sitting fees 4.48 5.43
Corporate social responsibility (refer note 2.37) 51.52 35.91
Bank charges 43.56 34.76
Foreign exchange loss, net 0.14 0.23
Miscellaneous expenses 11.93 7.29
2,556.70 2,211.99
* Net of amount capitalised (refer note 2.38)

2.27 TAX EXPENSE (net)

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Amounts recognised in the Statament of Profit and Loss
Current tax 873.08 770.39
Deferred tax credit (35.19) (5.13)
837.89 765.26
Amounts recognised in other comprehensive income
Deferred tax credit 0.37 (4.36)
0.37 (4.36)
837.52 769.62
Amounts recognised in the Statament of Profit and Loss
Adjustment of tax related to earlier periods 19.85 -
857.37 769.62

a. Reconciliation of effective tax rate

For the year ended For the year ended

Particulars
31 March 2025 31 March 2024
Profit before tax 3,300.01 2,948.13
Enacted tax rate 25.17% 25.17%
Tax expense at enacted rates 830.55 741.99
80JJAA deduction (7.88) (8.81)
Expenses not deductible for tax 14.96 20.00
Others (0.11) 16.44
837.52 769.62

291
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Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.27 TAX EXPENSE (net) (continued)

b. The following table provides the details of non-current tax assets and current tax liabilities:

As at As at
Particulars
31 March 2025 31 March 2024
Non-current tax assets (net) 103.68 165.96
Current tax liabilities (net) - (25.28)
Net non-current tax assets at the end of the year 103.68 140.68

c. The gross movement in the net non-current tax assets is as follows:

As at As at
Particulars
31 March 2025 31 March 2024
Net non-current tax assets at the beginning of the year 140.68 24.93
Income tax paid 855.93 886.14
Income tax expense for the year (873.08) (770.39)
Income tax pertaining to earlier periods (19.85) -
Net non-current tax assets at the end of the year 103.68 140.68

d. Recognition of deferred tax assets and liabilities

(i) Deferred tax assets and liabilities are attributable to the following
As at As at
Particulars
31 March 2025 31 March 2024
Deferred tax liability
Property, plant and equipment 238.72 256.04
Fair value gain on mutual funds 83.44 14.84
Total deferred tax liability 322.16 270.88
Deferred tax asset
Loss allowance on receivables 37.36 35.40
Provision for employee benefits 40.45 31.67
Provision for bonus 6.04 11.48
Lease liabilities (net of right-of-use of assets) 534.20 452.66
Total deferred tax asset 618.05 531.21
Net deferred tax asset 295.89 260.33

(ii) Movement in temporary differences

Recognised in
Balance as at Recognised in OCI Balance as at
Particulars statement of profit or
01 April 2024 during the year 31 March 2025
loss during the year
Loss allowance on receivables 35.40 1.96 - 37.36
Provision for employee benefits 31.67 8.41 0.37 40.45
Provision for bonus 11.48 (5.44) - 6.04
Lease liabilities 452.66 81.54 - 534.20
(net of right-of-use of assets)
Property, plant and equipment (256.04) 17.32 - (238.72)
Fair value gain on mutual funds (14.84) (68.60) - (83.44)
260.33 35.19 0.37 295.89

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Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.27 TAX EXPENSE (net) (continued)

Recognised in
Balance as at Recognised in OCI Balance as at
Particulars statement of profit or
01 April 2023 during the year 31 March 2024
loss during the year
Loss allowance on receivables 62.16 (26.76) - 35.40
Provision for employee benefits 22.88 13.15 (4.36) 31.67
Provision for bonus 32.88 (21.40) - 11.48
Lease liabilities 404.81 47.85 - 452.66
(net of right-of-use of assets)
Property, plant and equipment (261.76) 5.72 - (256.04)
Fair value gain on mutual funds (1.40) (13.44) - (14.84)
259.57 5.12 (4.36) 260.33

Deferred tax assets have not been recognised for Rosewalk Healthcare Private Limited (‘subsidiary’) on Unabsorbed
depreciation of ` 137.93 million (31 March 2024: ` 138.38 million) and brought forward losses of ` 265.54
million (31 March 2024: 321.69 million) because it's not probable that future taxable profit will be available
against which the subsidiary can use the benefit thereon. The brought forward losses expire in the 8th year from the
year of origin. The unabsorbed depreciation do not expire under current tax legislation.

2.28 CONTINGENT LIABILITIES

As at As at
Particulars
31 March 2025 31 March 2024
(i) Demands under dispute
- Income-tax matters - 4.14
- Goods and services tax 100.56 79.06
- Luxury tax demand under dispute 18.55 18.55
(ii) Claims against the Group not acknowledged as debt (Medico-legal) * 145.82 112.04
264.93 213.79

* The Group is involved in the disputes, law suites, claims from patients/patient relatives that arise from time to time in ordinary
course of business. Based on external legal advise, management believes none of the matters, either in individual or in aggregate
will have any material effect on its consolidated financial statements, as the management believes it has a reasonable case in its
defence of proceedings and hence, no provision is recognised in the consolidated financial statements.

The Group is subject to legal proceedings and claims, which have arisen in the ordinary course of business including
litigation before tax authorities and including matters mentioned above. The uncertainties and possible reimbursements
are dependent on the outcome of the different legal processes which have been invoked by the claimants or the Group,
as the case may be, and therefore cannot be predicted accurately. The Group engages reputed professional advisors
to protect its interests and has been advised that it has strong legal positions against such disputes. The Management
believes that it has a reasonable case in its defence of the proceedings and accordingly no further provision is required.

2.29 CAPITAL COMMITMENTS

As at As at
Particulars
31 March 2025 31 March 2024
- Estimated amount of contracts remaining to be executed on capital 560.61 317.31
account and not provided for (net of advances)

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Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.30 EMPLOYEE BENEFIT PLANS

The employee benefit schemes are as under:
(a) Defined contribution benefit plans
The Group makes contributions, determined as a specified percentage of employee salaries, in respect of
qualifying employees towards Provident fund and Employee state insurance (ESI), which is a defined contribution
plan. The contribution is charged to the Statement of consolidated profit and loss as they accrue. The amount
recognised as an expense towards contribution to Provident fund and ESI for the year ended 31 March 2025
amounts to ` 83.13 million and ` 5.11 million respectively (31 March 2024: ` 58.25 million and ` 8.32 million
respectively) (refer note 2.23).

(b) Defined benefit plans

The Group provides its employees with benefits under a defined benefit plan, referred to as the “Gratuity Plan”.
The Gratuity Plan entitles an employee, who has rendered at least five years of continuous service, to receive 15
days' salary for each year of completed service (service of six months and above is rounded off as one year) at
the time of retirement/exit, restricted to a sum of ` 2.00 million. The Holding company contributes all ascertained
liabilities towards gratuity to the Fund. The plan assets have been primarily invested in insurer managed funds.
The Group’s obligation in respect of gratuity plan, which is a defined benefit plan is provided for based on actuarial
valuation carried out by an independent actuary using the projected unit credit method.

The following table sets out the status of the funded gratuity plan as required under Ind AS 19 "Employee Benefits"

A. Based on the actuarial valuation obtained in this respect, the following table sets out the status of the
gratuity plan and the amounts recognised in the Company's consolidated financial statements as at the
balance sheet date :

As at As at
Particulars
31 March 2025 31 March 2024
Defined benefit obligation 117.79 81.15
Fair value of plan assets (5.29) (5.00)
Net defined benefit obligation 112.50 76.15
Provisions (current) (Refer note 2.17) 36.20 17.14
Provisions (non-current) (Refer note 2.14) 76.30 59.01

B. Reconciliation of net defined benefit obligation:

The following table shows a reconciliation from the opening balances to the closing balances for the net defined
benefit obligation, plan assets and its components:
i. Reconciliation of present value of defined benefit obligation:
As at As at
Particulars
31 March 2025 31 March 2024
Defined benefit obligation as at beginning of the year 81.15 73.67
Current service cost 17.23 24.96
Past service cost 25.03 -
Interest cost 5.02 5.40
Actuarial gains recognised in other comprehensive income 0.97 (17.70)
Benefits paid (11.61) (5.18)
Defined benefit obligation at the end of the year 117.79 81.15

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Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.30EMPLOYEE BENEFIT PLANS (continued)

ii. Reconciliation of fair value of plan assets
As at As at
Particulars
31 March 2025 31 March 2024
Fair value of plan assets as at the beginning of the year 5.00 -
Contributions paid in to the plan 11.24 10.18
Return on plan assets less interest on plan assets 0.29 (0.00)
Benefits paid (11.24) (5.18)
Fair value of plan assets as at the end of the year 5.29 5.00

C. (i) Gratuity expense recognised in the statement of profit and loss:

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Current service cost 17.23 24.96
Past service cost 25.03 -
Interest on defined benefit liability/(asset) 4.73 5.40
Gratuity expenses, included in employee benefit expenses 46.99 30.36

C. (ii) Re-measurements recognised in other comprehensive income

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Actuarial (gain)/loss on defined benefit obligation
- Actuarial loss/(gain) arising from change in financial assumptions 0.80 1.08
- Actuarial gain arising from change in demographic assumptions (3.10) (17.59)
- Actuarial gain arising on account of experience changes 3.03 (1.19)
- Actual return on plan assets less interest on plan assets 0.25 -
Actuarial gain recognised in other comprehensive income 0.98 (17.70)

D. Plan assets
Plan assets comprises of the following :
As at As at
Particulars
31 March 2025 31 March 2024
Fund managed by insurer 5.29 5.00

E. Defined benefit obligation

Actuarial assumptions at balance sheet date:
For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Discount rate 6.90% p.a 7.15% p.a
Salary escalation rate 8% p.a 8% p.a
Attrition rate
Nursing staff 46.11% p.a -
Paramedical staff 27.92% p.a -
Patient care services 44.8% p.a -
Administration 36.12% p.a -
Support staff 33.65% p.a -
Age 21 to 30 - 49% p.a
Age 31 to 40 - 34% p.a
Age 41 to 50 - 24% p.a
51 and above - 18% p.a
Retirement Age 58 years 58 years

295
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Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.30EMPLOYEE BENEFIT PLANS (continued)

Maturity profile of defined benefit obligation
As at As at
Particulars
31 March 2025 31 March 2024
1st following year 41.24 22.13
Year 2 to 5 79.73 50.47
Year 6 to 9 18.62 21.86
For 10 years and above 4.99 21.04

Discount rate: The discount rate is based on the prevailing market yields of Indian government securities as at the
balance sheet date for the estimated term of the obligations.
Salary escalation rate: The estimates of future salary increases considered takes into account the inflation, seniority,
promotion and other relevant factors.
Sensitivity analysis: Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions,
holding other assumptions constant would have affected the defined benefit obligation by the amounts shown below:

As at 31 March 2025 As at 31 March 2024

Increase Decrease Increase Decrease
Discount rate (50 bps movement) 115.96 119.17 79.58 82.80
Salary escalation rate (50 bps movement) 119.16 116.03 82.72 79.64

Expected contributions to the plan for the next annual reporting period
Expected contribution to post-employment benefit plans for the next year ending 31 March 2026 is ` 41.24 millions .
The weighted average duration of the defined benefit obligation is 2.71 years (31 March 2024: 3.54 years)

2.31 RELATED PARTIES

a) Names of the related parties and description of relationship:
Key managerial personnel Dr. Ramesh Kancharla, Chairman and Managing Director
(KMP) Dr. Dinesh Kumar Chirla, Whole-Time Director
Mr. Anil Dhawan, Independent Director
Mr. Santanu Mukherjee, Independent Director
Ms. Sundari Raviprasad Pisupati, Independent Director
Mr. Aluri Srinivasa Rao, Independent Director
Dr. Nageswar Rao Koneti, Director
Mr. Ashish Kapil, Company Secretary (resigned w.e.f 14 December 2024)
Mrs. Shreya Mitra, Company Secretary (appointed w.e.f. 9 February 2025)
Mr. R. Gowrisankar, Chief Financial Officer (resigned w.e.f 31 May 2023)
Mr. Vikas Maheshwari, Chief Financial Officer (appointed w.e.f 01 June 2023)
Mr. Sanjeev Sukumaran, Chief Operating Officer (resigned w.e.f. 30 October 2024)
Dr. Adarsh Kancharla, Non-Executive Director (appointed w.e.f 24 January 2024)
Relative of key managerial Mrs. Padma Kancharla, wife of Dr. Ramesh Kancharla
personnel Mr. Ramadhara Naidu Kancharla, brother of Dr. Ramesh Kancharla
Enterprises where key Ravindranath GE Medical Associates Private Limited
managerial personnel along Rainbow Children’s Foundation
with their relatives exercise
significant influence
Enterprises where relative of Unimed Healthcare Private Limited
key managerial personnel is a
member

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Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.31 RELATED PARTIES (continued)

(b) Following is the summary of significant related party transactions during the year:

For the year ended For the year ended

31 March 2025 31 March 2024
Revenue from medical/ professional services rendered
- Rainbow Children’s Foundation 7.44 8.19
Professional services received
- Ravindranath GE Medical Associates Private Limited 1.56 7.28
- Unimed Healthcare Private Limited 40.77 13.52
Professional services received
- Unimed Healthcare Private Limited 1.31 -
Medical service fee paid
- Ravindranath GE Medical Associates Private Limited 0.00 0.25
Travel advance given to KMP
- Dr. Ramesh Kancharla 2.32 0.33
Professional charges to KMP
-  Dr. Dinesh Kumar Chirla 28.25 34.04
- Dr. Adarsh Kancharla - 0.96
- Dr. Nageswar Rao Koneti 15.00 15.00
Remuneration to KMP*
-  Dr. Ramesh Kancharla 45.00 65.00
- Mr. R.Gowrisankar - 1.72
- Mr. Vikas Maheshwari (including perquisites) 25.57 12.36
-  Mr. Sanjeev Sukumaran (including perquisites) 69.15 23.19
-  Mr. Ashish Kapil 3.10 2.77
- Mrs. Shreya Mitra 0.68 -
Project management consultancy fee to relative of KMP
- Mr. Ramadhara Naidu Kancharla 6.04 6.05
Reimbursement of expenditure
- Unimed Healthcare Private Limited 18.14 -
Rental expenditure
- Unimed Healthcare Private Limited 50.80 48.46
Commission to Independent Directors
- Mr. Aluri Srinivasa Rao 1.00 1.00
- Mr. Anil Dhawan 1.00 1.00
- Mrs. Sundari Raviprasad Pisupati 1.00 1.00
- Mr. Santanu Mukherjee 1.00 1.00
*The KMP's are covered by the Group’s gratuity policy and are eligible for compensated absences along with other employees of
the Group. The proportionate amount of gratuity and compensated absences cost pertaining to the KMP has not been included in
the aforementioned disclosures as these are not determined on an individual basis.
Sitting fees paid to Directors
- Mr. Anil Dhawan 0.90 1.15
- Mr. Aluri Srinivasa Rao 0.70 0.80
- Mrs. Sundari Raviprasad Pisupati 0.95 1.45
- Mr. Santanu Mukherjee 1.30 1.70
- Dr. Adarsh Kancharla 0.40 0.10

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Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.31 RELATED PARTIES (continued)

For the year ended For the year ended

31 March 2025 31 March 2024
Leave travel allowance to KMP
- Dr. Ramesh Kancharla 0.80 3.05
- Dr. Dinesh Kumar Chirla - 1.20
Expenditure incurred on behalf of KMP
- Dr. Dinesh Kumar Chirla - 0.07
Dividend paid during the year to KMP and relative of KMP
-    Dr. Ramesh Kancharla 94.48 94.48
-     Dr. Dinesh Kumar Chirla 19.90 19.90
-    Dr. Adarsh Kancharla 18.33 18.33
- Mr. Ramadhara Naidu Kancharla 0.18 0.18
-     Mr. R.Gowrisankar - 0.01
-     Mr. Ashish Kapil 0.00 0.00

c) The Group has the following amounts due from/ to the related parties:

As at As at
31 March 2025 31 March 2024
Trade payables
- Ravindranath GE Medical Associates Private Limited - 1.29
- Unimed Healthcare Private Limited 2.21 -
Trade receivables
- Rainbow Children’s Foundation 2.00 1.19
- Unimed Healthcare Private Limited 0.72 -
Travel advance to KMP
-    Dr. Ramesh Kancharla 2.65 0.33
Commission payable to Independent Directors
- Mr. Aluri Srinivasa Rao 1.00 1.00
- Mr. Anil Dhawan 1.00 1.00
- Mrs. Sundari Raviprasad Pisupati 1.00 1.00
- Mr. Santanu Mukherjee 1.00 1.00
Professional fee payable to KMP
-     Dr. Dinesh Kumar Chirla 2.81 2.80
- Dr. Nageswar Rao Koneti 1.25 1.25
Project management consultancy fee payable to relative of KMP
- Mr. Ramadhara Naidu Kancharla 0.50 0.50
Rent Payable
- Unimed Healthcare Private Limited 4.90 4.37
Rental Security Deposit
- Unimed Healthcare Private Limited 30.00 30.00

d) All transactions with these related parties are at arm's length basis and resulting outstanding receivables and payables
including financial assets and financial liabilities balances are settled in cash. None of the balances are secured. (All the
amounts of transactions and balances disclosed in this note are gross (net of GST) and undiscounted).

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Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.32 LEASES
A The Group as a lessee entered into various lease agreements majorly for buildings and used the following practical
expedients on first time adoption of Ind AS 116:

(a) Applied the exemption not to recognize right-of-use assets and liabilities for leases with less than 12
months of lease term.

(b) Used hindsight when determining the lease term if the contract contains options to extend or terminate the lease.

Right-of-use of assets

Category of
Particulars ROU Assets
Buildings
Cost as at 01 April 2023 5,573.15
Additions 2,049.84
Disposals (4.86)
Modification 41.18
Cost as at 31 March 2024 (A) 7,659.31
Cost as at 01 April 2024 7,659.31
Additions 152.31
Disposals (5.80)
Modification (0.28)
Cost as at 31 March 2025 (B) 7,805.54
Accumulated depreciation
Accumulated depreciation as at 01 April 2023 1,131.92
Depreciation charge for the year 406.66
Depreciation capitalised (refer note 2.38) 19.08
Modification (0.15)
Accumulated depreciation as at 31 March 2024 (C) 1,557.51
Accumulated depreciation as at 01 April 2024
Depreciation charge for the year 1,557.51
Depreciation capitalised (refer note 2.38) 500.53
Accumulated depreciation as at 31 March 2025 (D) 2.17
Accumulated depreciation as at 31 March 2025 (D) 2,060.21
Net carrying amounts
As at 31 March 2025 (B-D) 5,745.33
As at 31 March 2024 (A-C) 6,101.80

B The following are the amounts recognised in Statement of Profit and Loss account:
For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Depreciation expense on right-of-use of assets 500.53 406.66
Finance cost on lease liabilities 724.55 590.54
Expenses relating to short term leases (included in other expenses) 22.49 15.65
Total 1,247.57 1,012.85

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Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.32 LEASES (continued)

C Following is the movement in lease liabilities :
As at As at
Particulars
31 March 2025 31 March 2024
Opening Balance 7,653.06 5,703.22
Additions 137.11 2,017.34
Finance cost 724.55 590.54
Finance cost capitalised (refer note 2.38) 0.90 31.46
Disposals (6.21) (5.31)
Payment of lease liabilities (873.10) (724.99)
Modification (0.50) 40.80
Lease liability at the end of the year 7,635.81 7,653.06
Non-current lease liabilities 7,416.79 7,483.31
Current lease liabilities 219.02 169.75

D The following is the cash outflow on leases during the years:

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Payment of lease liabilities 873.10 724.99
Short-term lease expense 22.49 15.65
Total cash outflow on leases 895.59 740.64

E The table below provides details regarding the contractual maturities of lease liabilities as at year-end on an
undiscounted basis:
For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Less than 1 year 913.46 862.88
1 to 5 years 3,939.51 3,709.98
More than 5 years 9,552.44 10,519.70

The Group does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient
to meet the obligations related to lease liabilities as and when they fall due.

2.33 SEGMENT REPORTING

The Group is engaged in the business of rendering medical and healthcare services.

Ind AS 108 “Operating Segment” establishes standards for the way that public business enterprises report
information about operating segments and related disclosures about products and services, geographic areas, and
major customers. As defined in Ind AS 108, Operating segments are to be reported in a manner consistent with the
internal reporting provided to the Chief Operating Decision Maker (CODM) i.e. the Chairman and Managing Director.
The CODM evaluates the Group’s performance and allocates resources on overall basis. The Group’s sole operating
segment is therefore ‘Medical and Healthcare Services’. Accordingly, there are no additional disclosures to be provided
under Ind AS 108 other than those already provided in the consolidated financial stataments.

Further the business operation of the Group are concentrated in India, and hence, the Group is considered to
operate only in one geographical segment. There are no individual constomer contributing more than 10% of
Group's total revenue.

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Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.34 PROFESSIONAL AND CONSULTANCY EXPENSES INCLUDES AUDITOR'S REMUNERATION

(EXCLUDING GST)
For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
As an auditor
- Statutory audit fees 5.30 4.01
- Limited review 2.70 2.40
- Reimbursement of expenses 0.45 0.83
Total 8.45 7.24

2.35 EARNINGS PER EQUITY SHARE :

The earnings per share has been computed as under:

For the year ended For the year ended

Particulars
31 March 2025 31 March 2024
Profit for the year (After adjusting Non-Controlling Interest) (A) 2,434.24 2,170.01
Less: Employee share based payment expenses (net of tax) (9.51) 40.63
Profit attributable to equity shareholders 2,424.73 2,129.38
(After adjusting Non-Controlling Interest) (B)
Shares
Number of equity shares at the beginning of the year 101,501,687 101,501,687
Add: Fresh issue 49,986 -
Total number of equity shares outstanding at the end of the year 101,551,673 101,501,687
Weighted average number of equity shares outstanding at the end of 101,536,429 101,501,687
year – Basic
Number of equity shares at the end of year (C) 101,536,429 101,501,687
Effect of potential equity shares on employee stock options outstanding (D) 175,050 254,641
Weighted average number of equity shares outstanding during the year 101,711,479 101,756,328
– Diluted (E = C+D)
Earnings per share
Earnings per share of par value ` 10 - Basic (`) (A/C) 23.97 21.38
Earnings per share of par value ` 10 - Diluted (`) (B/E) 23.84 21.38

Note: During the previous year, employee stock options were not included in the calculation of diluted earnings per
share because they are antidilutive for the year.

2.36 DETAILS OF DUES TO MICRO AND SMALL ENTERPRISES AS DEFINED UNDER MICRO, SMALL AND MEDIUM
ENTERPRISES DEVELOPMENT ACT, 2006 ('MSMED ACT')
The Ministry of Micro, Small and Medium Enterprises has issued an Office Memorandum dated 26 August 2008
which recommends that the Micro and Small Enterprises should mention in their correspondence with its customers
the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum. Accordingly, the disclosure
in respect of the amounts payable to such enterprises as at 31 March 2025 has been made in the Consolidated
Financial Statements based on information received and available with the Group. The Group has not received any
claim for interest from any supplier under the said MSMED Act.

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Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.36 DETAILS OF DUES TO MICRO AND SMALL ENTERPRISES AS DEFINED UNDER MICRO, SMALL AND MEDIUM
ENTERPRISES DEVELOPMENT ACT, 2006 ('MSMED ACT') (continued)

As at As at
Particulars
31 March 2025 31 March 2024
(a) the principal amount and the interest due thereon remaining unpaid
to any supplier at the end of each accounting year;
- Principal amount due to Micro and Small Enterprises 102.02 94.19
- Interest due on above - -

(b) the amount of interest paid by the buyer in terms of section 16 of the - -
Micro, Small and Medium Enterprises Development Act, 2006, along
with the amount of the payment made to the supplier beyond the
appointed day;
(c) the amount of interest due and payable for the period of delay in - -
making payment (which have been paid but beyond the appointed
day during the year ) but without adding the interest specified under
the Micro, Small and Medium Enterprises Development Act, 2006;
(d) the amount of interest accrued and remaining unpaid; and - -
(e) the amount of further interest remaining due and payable even in the - -
succeeding years, until such date when the interest dues above are
actually paid to the small enterprise, for the purpose of disallowance
of a deductible expenditure under section 23 of the Micro, Small and
Medium Enterprises Development Act, 2006.

This information is required to be disclosed under the Micro, Small and Medium Enterprises Development Act,
2006 and has been determined to the extent such parties have been identified on the basis of information available
with the Group.
The Group's exposure to currency and liquidity risks related to trade payables is disclosed in note 2.39.

2.37 CORPORATE SOCIAL RESPONSIBILITY

As per Section 135 of the Companies Act, 2013, a CSR committee has been formed by the Holding Company.
The proposed areas for CSR activities, as per the CSR policy of the Holding Company are promotion of education and
sports, rural development activities, medical facilities, and ensuring environmental sustainability which are specified in
Schedule VII of the Companies Act, 2013.

For the year ended For the year ended

Particulars
31 March 2025 31 March 2024
Details of Corporate social responsibility expenditure
(i) Gross amount required to be spent by the Group during the year 51.52 35.91
(ii) Amount approved by the Board to be spent during the year 51.52 35.91
(iii) Amount spent during the year (in cash)
- construction/ acquisition of any asset - -
- on purpose other than above 5.86 14.11
(iv) Amount spent during the year (yet to be paid in cash)*
- construction/ acquisition of any asset - 21.80
- on purpose other than above 1.40 -
(v) (Shortfall) / Excess at the end of the year (44.26) -
(vi) Total of previous years shortfall - -
(vii) Contribution to a trust controlled by the Holding Company in relation 5.86 NA
to CSR expenditure

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Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.37 CORPORATE SOCIAL RESPONSIBILITY (continued)

For the year ended For the year ended

Particulars
31 March 2025 31 March 2024
(viii) Where a provision is made with respect to a liability incurred NA NA
by entering into a contractual obligation, the movements in the
provision during the year should be shown separately
(ix) Reason for shortfallFor the year ending 31 March 2025 and 31 NA NA
March 2024 :
(x) Nature of CSR activities:
a) Promotion of education and sports 2.00 2.91
b) Rural development activities and training for women 3.76 10.00
c) Promotion of medical facilities 0.10 1.13
d) Administrative overheads - 0.07
e) Transferred to unspent CSR account (on-going project)* 45.66 21.80
* Consequent to the Companies (Corporate Social Responsibility Policy) Amendment Rules 2021 (“the Rules”), the Holding Company
has transferred the unspent amount of ` 45.66 million to a separate bank account subsequent to the balance sheet date under
section 135 read with rules of Companies (CSR Policy) Rules, 2014.

2.38 INCIDENTAL EXPENDITURE CAPITALISED DURING THE CONSTRUCTION PERIOD

The Holding Company has capitalised the following expenses to the cost of property, plant and equipment, as they are
directly attributable to construction of the asset. Consequently amounts disclosed under the respective notes are net
of amounts capitalised by the Holding Company.

For the year ended For the year ended

Particulars
31 March 2025 31 March 2024
Employee benefit expenses (A) 65.73 152.17
Finance cost (B) 0.90 31.46
Depreciation and amortisation (C) 2.17 19.08
Professional expenses (D) - 11.75
Other expenses:
Professional and consultancy 54.27 74.30
Travelling and conveyance 1.39 2.77
Power and fuel 0.26 4.70
Rates and taxes 20.27 38.20
Other expenses 6.16 23.53
Total (E) 82.35 143.50
Total (A+B+C+D+E) 151.15 357.96

2.39 FINANCIAL RISK MANAGEMENT

Risk management framework
The Group’s financial risk management is an integral part of how to plan and execute its business strategies. The Group's
management risk policy is set by the Board of Directors. The Group's activities expose it to a variety of financial risks
like credit risk, liquidity risk and market risk. The Group's primary focus is to foresee the unpredictability of financial
markets and seek to minimize potential adverse effects on its financial performance. A summary of the risks have
been given below:

Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Group’s receivables from customers and loans given.

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Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.39 FINANCIAL RISK MANAGEMENT (continued)

Credit risk arises from cash held with banks, as well as credit exposure to trade receivables and other financial
assets. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of
managing counter party credit risk is to prevent losses in financial assets. The Group assesses the credit quality of the
counterparties, taking into account their financial position, past experience and other factors.

Trade and other receivables

The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer.
Trade receivables and unbilled revenue are typically unsecured and are derived from revenue earned from customers
primarily located in India. The Group has a process in place to monitor outstanding receivables on a monthly basis.
In monitoring customer credit risk, customers are grouped according to their credit characteristics, including
government entities, insurance companies, corporates, individual and others. The default in collection as a percentage
to total receivable is low.

The following table provides information about the exposure to credit risk and expected credit loss for trade receivables:

As at 31 March 2025
Allowance for
Gross carrying Weighted average
Age expected credit
amount loss rate
loss
Less than 6 months 751.15 2.96% 22.21
6 months - 1 year 49.70 19.98% 9.93
1-2 years 24.65 82.60% 20.36
2-3 years 32.40 100.00% 32.40
More than 3 years 6.07 100.00% 6.07
863.97 90.96

As at 31 March 2024
Allowance for
Gross carrying Weighted average
Age expected credit
amount loss rate
loss
Less than 6 months 757.09 10.06% 76.17
6 months - 1 year 14.97 45.02% 6.74
1-2 years 54.18 71.81% 38.91
2-3 years 13.43 100.00% 13.43
More than 3 years 6.32 100.00% 6.32
845.99 141.57

Management believes that the unimpaired amounts that are past due by more than six months are still collectible in
full, based on historical payment behaviour and extensive analysis of customer credit risk.

Movement in allowance for impairment in respect of trade receivables is as follows:

As at As at
Particulars
31 March 2025 31 March 2024
Balance at the beginning of the year 141.57 194.50
(Reversal)/provision for expected credit loss 7.31 (28.42)
Bad debts written-off out of opening (8.62) (24.51)
Provision for discounts and disallowances adjusted from gross (49.30) -
receivables
Net remeasurement of provision 90.96 141.57

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Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.39 FINANCIAL RISK MANAGEMENT (continued)

Cash and bank balances, loans and other financial assets
Cash and bank balances comprises of deposits with bank, interest accrued on deposits and other financial assets
consists of security deposits. These deposits are held with credit worthy banks. The credit worthiness of such banks
are evaluated by the Management on an ongoing basis and is considered to be good with low credit risk. Further, the
Group maintains exposure in money market liquid mutual funds and loans. The Group has set counter-parties limits
based on multiple factors including financial position, credit rating, etc. Loans are assessed on lifetime expected credit
loss model and no impairment loss is anticipated. The Group's maximum exposure to credit risk as at 31 March 2025
and 31 March 2024 is the carrying value of each class of financial assets.

The security deposit pertains to rent deposit given to lessors. The Group does not expect any losses from
non-performance by these counter-parties.

Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they become due. The Group
manages its liquidity risk by ensuring, that it will always have sufficient liquidity to meet its liabilities when due.
The Group’s Management is responsible for liquidity, funding as well as settlement Management.

The Group aims to maintain the level of its cash and cash equivalents and other highly marketable investments at an
amount in excess of expected cash outflows on financial liabilities (other than trade payables) over the next six months.
The Group also monitors the level of expected cash inflows on trade receivables and loans together with expected
cash outflows on trade payables and other financial liabilities.

Following are the financial assets at the reporting date:

As at As at
Particulars
31 March 2025 31 March 2024
Trade receivables ( Refer note 2.8) 773.01 704.42
Cash and cash equivalents ( refer note 2.9(a)) 202.55 101.19
Bank balances other than cash and cash equivalents ( refer note 2.9(b)) 0.20 0.07
Investments ( Refer note 2.7) 5,707.31 3,075.03
Other financial assets ( Refer note 2.3(a) and 2.3(b)) 1,374.44 2,216.34
Loans ( Refer note 2.10(a) and 2.10(b)) 327.72 330.42
Total 8,385.23 6,427.47

Following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross
and undiscounted.

As at 31 March 2025
Carrying Within More than
Particulars 1-5 Years Total amount
Amount 1 year five years
Trade payables 909.68 909.68 - - 909.68
Other financial liabilities 178.07 178.07 - - 178.07
Lease liabilities (undiscounted) 7,635.81 913.46 3,939.51 9,552.44 14,405.41
Total 8,723.56 2,001.21 3,939.51 9,552.44 15,493.16

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Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.39 FINANCIAL RISK MANAGEMENT (continued)

As at 31 March 2024
Carrying Within More than
Particulars 1-5 Years Total amount
Amount 1 year five years
Trade payables 814.99 814.99 - - 814.99
Other financial liabilities 331.34 331.34 - - 331.34
Lease liabilities (undiscounted) 7,653.06 862.88 3,709.98 10,519.70 15,092.56
Total 8,799.39 2,009.21 3,709.98 10,519.70 16,238.89

Market risk
Market risk is the risk that changes in market prices such as foreign exchange rates and interest rates will effect the
Group's income or the value of its holdings of financial instruments. The objective of market risk management is to
manage and control market risk exposures within acceptable parameters, while optimising the return.

Interest risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interests rate. Interest rate risk primarily arises from the Group’s borrowings, investments with bank
deposits and loans given.

The interest rate profile of the Group's interest bearing financial instruments is as follows:

As at As at
Particulars
31 March 2025 31 March 2024
Fixed rate instruments (excluding interest accrued)
Financial assets 1,249.88 2,078.62
Financial liabilities 7,635.81 7,653.06

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in foreign exchange rate. The majority of the Group's assets are located in India and Indian rupee being
the functional currency for the Group. The Group's exposure to the risk of changes in foreign exchange rates relates
primarily to operating activities.

The Group has import of assets from United States of America (USD) and hence is exposed to foreign exchange risk for
making payment for operations. The Group's foreign currency payables and receivables are unhedged.

Exposure to currency risk

The summary quantitative data about the Group's gross exposure to currency risk is as follows:

As at 31 March 2025 As at 31 March 2024

Amount in Amount in
Particulars Currency Amount in Amount in
foreign currency foreign currency
INR INR
(in whole no's) (in whole no's)
Employee payables USD 304 0.03 - -
Advance to employees USD 26,195 2.26 - -
Advance to employees GBP 5,562 0.59 - -
Trade payables USD - - 108,847 9.04

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Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.39 FINANCIAL RISK MANAGEMENT (continued)

Sensitivity analysis:
A reasonably possible strengthening / (weakening) of the INR, against USD and GBP would have affected the
measurement of financial instruments denominated in foreign currency and affected equity and profit or loss by the
amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and
ignores any impact of forecasts sales and purchases.

Profit before tax Equity, net of tax

Strengthening Weakening Strengthening Weakening
31 March 2025
USD (5% movement) (0.11) 0.11 (0.08) 0.08
GBP (5% movement) (0.03) 0.03 (0.02) 0.02
31 March 2024
USD (5% movement) 0.45 (0.45) 0.34 (0.34)
Except for these financial liabilities, it is not expected that cash flows included in the maturity analysis could occur
significantly earlier, or at significantly different amounts.

2.40 CAPITAL MANAGEMENT

The Group's policy is to maintain a stable and strong capital base so as to maintain investor, creditor and market
confidence and to sustain future development of the business. Management monitors the return on capital, as well
as the level of dividends to equity shareholders. The Group aims to manage its capital efficiently so as to safeguard its
ability to continue as a going concern and to optimise returns to all its shareholders. For the purpose of the Group's
capital management, capital includes issued capital and all other equity reserves. Total debt includes borrowings,
lease liabilities and bank overdraft.The Company's adjusted debt to equity ratio is as follows:

The Board of Directors seeks to maintain a balance between the higher returns that might be possible with higher levels
of borrowing and the advantages and security afforded by a sound capital position.

The Group's adjusted debt to equity ratio is as follows:

As at As at
Particulars
31 March 2025 31 March 2024
Lease liabilities 7,635.81 7,653.06
Less: Cash and cash equivalents (202.55) (101.19)
Net debt 7,433.26 7,551.87
Total equity 14,750.10 12,649.20
Gearing ratio 0.50 0.60

307
308
Notes to the Consolidated Financial Statements
for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)
2.41 FINANCIAL INSTRUMENTS
The fair values of financial assets and financial liabilities, together with the carrying amounts in the Balance sheet are as follows:
As at 31 March 2025

Carrying values
Quoted
Integrated Annual Report 2024-25

Measured Other Other Significant Significant

Fair value prices
at fair value financial financial Total observable unobservable
Particulars Note through other in active
through assets – liabilities - carrying inputs inputs
comprehensive markets
profit or loss amortised amortised amount (Level 2) (Level 3)
income (Level 1)
Rainbow Children's Medicare Limited

account cost cost

Financial assets measured at fair value
Investments in equity instruments* 2.2 - 0.03 - - 0.03 - - 0.03
Investments in mutual funds 2.7 5,707.28 - - - 5,707.28 5,707.28 - -
5,707.28 0.03 - - 5,707.31 5,707.28 - 0.03
Financial assets at amortised cost
Trade receivables 2.8 - - 773.01 - 773.01 - - -
Cash and cash equivalents 2.9 (a) - - 202.55 - 202.55 - - -
Bank balances other than cash and cash 2.9 (b) - - 0.20 - 0.20 - - -
equivalents
Loans 2.10 - - 327.72 - 327.72 - - -
Other financial assets 2.3 (a) & - - 1,374.44 - 1,374.44 - - -
2.3 (b)
- - 2,677.92 - 2,677.92 - - -
Financial liabilities at amortised cost
Trade payables 2.15 - - - 909.68 909.68 - - -
Other financial liabilities 2.16 - - - 178.07 178.07 - - -
- - - 1,087.75 1,087.75 - - -
* Fair value information relating to investment in equity instruments are not presented as these are not material to the consolidated financial statements.
 Notes to the Consolidated Financial Statements
for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)
2.41 FINANCIAL INSTRUMENTS (continued)
The fair values of financial assets and financial liabilities, together with the carrying amounts in the Balance sheet are as follows:
As at 31 March 2024
Carrying values
Quoted
Measured Other Other Significant Significant
Fair value prices
at fair value financial financial Total observable unobservable
Particulars Note through other in active
through assets – liabilities - carrying inputs inputs
comprehensive markets
profit or loss amortised amortised amount (Level 2) (Level 3)
income (Level 1)
account cost cost
Financial assets measured at fair value
Investments in equity instruments* 2.2 - 0.03 - - 0.03 - - 0.03
Investments in mutual funds 2.7 3,075.00 - - - 3,075.00 3,075.00 - -
3,075.00 0.03 - - 3,075.03 3,075.00 - 0.03
Financial assets at amortised cost
Trade receivables 2.8 - - 704.42 - 704.42 - - -
Cash and cash equivalents 2.9 (a) - - 101.19 - 101.19 - - -
Bank balances other than cash and cash 2.9 (b) - - 0.07 - 0.07 - - -
equivalents
Loans 2.10 - - 330.42 - 330.42 - - -
PG 02-74

Other financial assets 2.3 (a) & - - 2,216.34 - 2,216.34 - - -

2.3 (b)
CORPORATE OVERVIEW

- - 3,352.44 - 3,352.44 - - -
Financial liabilities at amortised cost
Trade payables 2.15 - - - 814.99 814.99 - - -
Other financial liabilities 2.16 - - - 331.34 331.34 - - -
- - - 1,146.33 1,146.33 - - -
Note: The Group has not disclosed fair values of financial assets and liabilities such as investments, trade receivables, loans, cash and cash equivalents, bank balances other
PG 76-172

than cash and cash equivalents, other financial assets, trade payables, borrowings and other financial liabilities since their carrying amounts are reasonable approximates
STATUTORY REPORTS

of fair values.
Fair value hierarchy
Level 1: Includes financial instruments measured using quoted prices. The fair value of all mutual funds which is valued using the closing Net Asset Value (NAV) as at the
reporting period.
Level 2: The fair value of financial instruments not actively traded in an active market is determined using valuation techniques which maximize the use of observable market
data and rely as little as possible on entity specific estimates. If the significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
PG 173-316

There have been no transfers between Level 1, Level 2 and Level 3 for the year ended 31 March 2025 and 31 March 2024.

309
FINANCIAL STATEMENTS
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.42 REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregated revenue information
Set out below is the disaggregation of the Group's revenue from contracts with customers:
For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Income from medical and healthcare services
Revenue from hospital services 13,149.59 11,300.60
Revenue from pharmacy sales 1,531.01 1,301.10
Revenue from medical service fee 269.48 255.19
Total revenue from contracts with customers 14,950.08 12,856.89

Location of revenue recognition

Note: All the business operations of the Group are in India.
No single customer represents 10% or more of the Group's total revenue during the year ended 31 March 2025
and 31 March 2024.

Reconciliation of revenue recognised with the contracted price is as follows:

For the year ended For the year ended
Particulars
31 March 2025 31 March 2024
Contracted price 15,040.32 12,924.88
Reduction towards variable consideration components*
- Discounts (62.86) (55.42)
- Disallowances (27.38) (12.57)
Revenue recognised 14,950.08 12,856.89
*Variable consideration components include discounts and disallowances on the contract price.

Contract balances
As at As at
Particulars
31 March 2025 31 March 2024
Trade receivables* 793.95 754.65
Unbilled revenue 70.02 91.34
Contract liabilities (advance from patients)# 41.17 39.38

Movement in contract liabilities during the year:

As at As at
Particulars
31 March 2025 31 March 2024
Balance at the beginning of the year 39.38 32.81
Less: Revenue recognised from above (39.38) (32.81)
Add: Addition during the year 41.17 39.38
Balance at the end of the year 41.17 39.38
* Trade receivables are non-interest bearing and are generally on terms of 30-45 days.
# Contract liabilities include advances received from patients for hospital services pending final billing.

Performance Obligation
The revenue from rendering medical & healthcare services and pharmaceutical products satisfies ‘at a point in time’
recognition criteria as prescribed by Ind AS 115.
2.43 The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment
benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India certain
sentions of the code came into effect on 03 May 2024. However, the date on which the Code will come into effect
has not been notified and the final rules/interpretation have not yet been issued. The Group will assess the impact of
the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
Based on a preliminary assessment, the Group believes the impact of the change will not be significant.

310
 Notes to the Consolidated Financial Statements
for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.44 ADDITIONAL INFORMATION AS REQUIRED UNDER PARA 2 OF GENERAL INSTRUCTION OF DIVISION II OF SCHEDULE III TO THE COMPANIES ACT,
2013.
31 March 2025
Share
Net Assets (i.e. total assets Share in Total
Share in profit or (loss) in Other comprehensive
minus total liabilities) comprehensive income
income
Percentage Country of
Name of the entity As % of
holding Incorporation As % of As % of As % of Other
Amount consolidated total
consolidated Amount consolidated comprehensive Amount Amount
comprehensive
net assets profit / (loss) income
income
Holding Company
Rainbow Children's Medicare Limited India 100.92% 14,885.44 97.28% 2,375.85 353.69% (2.16) 97.22% 2,373.69
Wholly owned subsidiary
Rainbow Children's Hospital Private Limited 100% India 0.00% 0.06 (0.00%) (0.00) 0.00% - (0.00%) (0.00)
Rainbow Woman and Children's Hospital 100% India 0.00% - 0.00% 0.00 0.00% - 0.00% 0.00
Private Limited
Rosewalk Healthcare Private Limited 100% India (0.32%) (47.16) 0.97% 23.63 (82.95%) 0.51 0.99% 24.14
PG 02-74

Rainbow C R O Private Limited 100% India 0.03% 3.91 0.08% 2.07 0.00% - 0.08% 2.07
Rainbow Fertility Private Limited 100% India 0.38% 55.54 0.12% 2.84 0.00% - 0.12% 2.84
CORPORATE OVERVIEW

Subsidiary
Rainbow Speciality Hospital Private Limited 78.81% India 2.16% 317.91 1.55% 37.88 (172.13%) 1.05 1.59% 38.93
Non-controlling interests in subsidiary 0.46% 68.17 0.33% 8.03 (36.48%) 0.22 0.34% 8.25
Other Consolidating entities
Rainbow Children's Hospital Foundation India (0.00%) (0.04) 0.00% 0.01 0.00% - 0.00% 0.01
Elimination (3.62%) (533.73) (0.33%) (8.04) 37.88% (0.23) (0.34%) (8.27)
PG 76-172

Total 100.00% 14,750.10 100.00% 2,442.27 100.00% (0.61) 100.00% 2,441.66

STATUTORY REPORTS

Note: Net assets, share in profit or loss and other comprehensive income of the Holding Company and subsidiaries are as per the standalone financial statements of respective entities.
PG 173-316

311
FINANCIAL STATEMENTS
312
Notes to the Consolidated Financial Statements
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)
2.44 ADDITIONAL INFORMATION AS REQUIRED UNDER PARA 2 OF GENERAL INSTRUCTION OF DIVISION II OF SCHEDULE III TO THE COMPANIES ACT,
2013. (continued)
31 March 2024
Share
Net Assets (i.e. total assets Share in Total
Share in profit or (loss) in Other comprehensive
minus total liabilities) comprehensive income
income
Percentage Country of
Integrated Annual Report 2024-25

Name of the entity As % of

holding Incorporation As % of As % of As % of Other
Amount consolidated total
consolidated Amount consolidated comprehensive Amount Amount
comprehensive
net assets profit / (loss) income
income
Holding Company
Rainbow Children's Medicare Limited

Rainbow Children's Medicare Limited India 101.61% 12,852.51 98.44% 2,148.91 96.44% 12.88 98.43% 2,161.79

Wholly owned subsidiary

Rainbow Children's Hospital Private Limited 100% India 0.00% 0.07 0.00% 0.01 0.00% - 0.00% 0.01
Rainbow Woman and Children's Hospital 100% India (0.00%) (0.01) 0.00% 0.04 0.00% - 0.00% 0.04
Private Limited
Rosewalk Healthcare Private Limited 100% India (0.56%) (71.30) (0.75%) (16.35) 2.93% 0.39 (0.73%) (15.96)
Rainbow C R O Private Limited 100% India 0.01% 1.84 0.07% 1.55 0.00% - 0.07% 1.55
Rainbow Fertility Private Limited 100% India 0.42% 52.70 0.10% 2.23 0.00% - 0.10% 2.23

Subsidiary
Rainbow Speciality Hospital Private Limited 78.81% India 2.21% 278.98 2.78% 60.69 0.52% 0.07 2.77% 60.76
Non-controlling interests in subsidiary 0.47% 59.93 0.59% 12.86 0.11% 0.01 0.59% 12.87
Elimination (4.15%) (525.51) (1.24%) (27.08) 0.00% - (1.23%) (27.08)
Total 100.00% 12,649.20 100.00% 2,182.86 100.00% 13.35 100.00% 2,196.21
Note: Net assets, share in profit or loss and other comprehensive income of the Holding Company and subsidiaries are as per the standalone financial statements of respective entities.
 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
PG 02-74 PG 76-172 PG 173-316

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.45 SHARE BASED PAYMENT ARRANGEMENT

Pursuant to the resolutions passed by the Board on 18 March 2023 and by the Shareholders on 06 May 2023, the
Holding Company approved ‘The Rainbow Children's Medicare Limited - Employee Stock Unit Plan 2023 (“Stock Unit
Plan 2023”) in compliance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 ("SEBI
SBEB SE Regulations"). The Stock Unit Plan 2023 is for issue of employee stock units to eligible employees, which may
result in an issuance of a maximum number of 400,000 Equity Shares. Upon exercise and payment of the exercise
price, an option holder will be entitled to be allotted one Equity Share per employee stock unit.
Upon recommendation of the Nomination and Remuneration Committee, the Board of Directors of the Holding
Company in their meeting held on 14 May 2023 and 07 August 2023, granted 275,000 and 37,414 Stock Units
respectively under the Stock Unit Plan 2023 to its eligible employees which shall be exercisable into 312,414 equity
shares having face value of `10 each fully paid-up. The exercise price per stock unit shall be the face value of equity
shares of the Holding Company i.e., `10 each. The vested Stock Units shall be exercisable within a period of three
months from the date of each vesting. The Stock Units shall vest after the minimum vesting period of one year and not
later than the maximum period of five years from the date of grant. The plan is in terms of SEBI SBEB SE Regulations.

No. of stock units

Movement in the stock units under the Plan As at As at
31 March 2025 31 March 2024
Stock units outstanding at the beginning of the year 312,414 -
Stock units granted during the year - 312,414
Add : Stock units exercised during the year* 49,986 -
Less : Stock units lapsed during the year 12,497 -
Less : Stock units cancelled during the year # 220,000 -
Stock units exercisable at the end of the year 29,931 312,414
*Upon recommendation of the Nomination and Remuneration Committee, the Board of Directors of the Holding Company in their
meeting held on 19 May 2024, vested 44,000 stock units under Stock Unit Plan 2023 at an exercise price of ` 10 per share to the
Chief Operating Officer of the Holding Company. Each stock unit represents one equity share of ` 10 each, fully paid-up.
During the year, upon recommendation of the Nomination and Remuneration Committee, the Board of Directors of the Company in
their meeting held on 13 August 2024, vested 5,986 stock units under Stock Unit Plan 2023 at an exercise price of ` 10 per share
to the Chief Financial Officer of the Company. Each stock unit represents one equity share of ` 10 each, fully paid-up. On 22 August
2024, the Nomination and Remuneration Committee through circular resolution allotted 5,986 equity shares of ` 10 each to the
Chief Financial Officer of the Company.
# On 27 October 2024, the Company has accepted the resignation of an eligible employee. Accordingly, the Company has
cancelled 220,000 stock units.

Fair value measurement

The fair value at grant date is determined using the Black Scholes valuation option-pricing model which takes into
account the exercise price, the term of the option, the share price at grant date and expected price volatility of the
underlying share, the expected dividend yield and the risk free interest rate for the term of the option.

313
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.45 SHARE BASED PAYMENT ARRANGEMENT (continued)

The key inputs used in Black-Scholes model for calculating fair value of options under the plan as on the date of grant
are as follows:

Chief Operating Chief Financial

Officer Officer
No. of stock units granted 275,000 37,414
Date of grant 14 May 2023 07 August 2023
Vesting period (years) 5 years 5 years
Expected life of the stock units granted (vesting & exercise period in years) 5.14 years 4.65 years
Stock price on the date of valuation (in `) 849.65 1,080.20
Fair value at grant date (in `) 835.18 1,064.17
Expected volatility 40.25% 35.00%
Dividend yield 0.24% 0.27%
Risk free rate 6.84% 7.24%

For details on the employee benefits expense, refer note 2.23

The ESOP 2025 scheme :

Pursuant to the resolutions passed by the Board of Directors on 09 February 2025 and by the Shareholders on 02
April 2025, the Holding Company approved ‘The Rainbow Children's Medicare Limited - Employee Stock Option
Scheme 2025 (“ESOP 2025”) in compliance with the SEBI (Share Based Employee Benefits and Sweat Equity)
Regulations, 2021 ("SEBI SBEB SE Regulations"). The ESOP 2025 scheme is for issue of employee stock options to
eligible employees, which may result in an issuance of a maximum number of 1,015,000 Equity Shares. Upon exercise
and payment of the exercise price, an option holder will be entitled to be allotted one Equity Share per employee stock
option. The exercise price per option shall be determined by the Nomination and Remuneration Committee subject to
a maximum discount of up to 20% from the market price of shares as on the date of grant.

2.46 SUBSEQUENT EVENTS

There are no significant adjusting events that occurred subsequent to the balance sheet date.

2.47 OTHER STATUTORY INFORMATION

i. The Group do not have any Benami property and neither any proceedings have been initiated or is pending against
the Group for holding any Benami property.

ii. The Group do not have any transactions with companies struck off.

iii. The Group do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

iv. The Group has not been declared a willful defaulter by any bank or financial institution or any other lender during
the current year.

v. The Group have not advanced or loaned or invested funds to any other persons or entities including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Group (Ultimate Beneficiaries) or

b. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

vi. The Group has not received any fund from any persons or entities, including foreign entities (Funding Party) with
the understanding (whether recorded in writing or otherwise) that the Group shall:

314
 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS
PG 02-74 PG 76-172 PG 173-316

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

2.47 OTHER STATUTORY INFORMATION (continued)

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (Ultimate Beneficiaries) or

b. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

vii. The Group has not traded or invested in Crypto currency or Virtual Currency during the financial year.

viii. The Group does not have any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such
as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

ix. The Group has complied with the number of layers prescribed under the Companies Act, 2013.

x. The Group has not revalued its Property, plant and equipment (including right of use of assets) or intangible assets
or both during the current or previous year.

xi. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses.

xii. There were no amounts which were required to be transferred to Investor Education Protection Fund
by the Company.

2.48 D
 uring the financial year 2022-23, the Holding Company has completed Initial Public Offering of 29,168,579 Equity
Shares of face value of ` 10 each of the Company for at an issue price of ` 542 per equity share (including a share
premium of ` 532 per equity share, eligible employees bidding in the employee’s reservation portion were offered a
discount of ` 20 per equity share) aggregating to ` 15,808.49 million comprising a fresh issue of 5,167,679 Equity
Shares aggregating to ` 2,800.00 million and an offer for sale of 24,000,900 Equity shares aggregating to ` 13,008.49
million. The equity shares of the Holding Company were listed on National Stock Exchange of India Limited (NSE) and
BSE Limited (BSE) w.e.f 10 May 2022.

The Holding Company has received a net amount of ` 2,661.40 million (net of Company's share of IPO expenses
` 138.60 million) from proceeds out of fresh issue of Equity Shares. The Holding Company's share of IPO Expenses
` 138.60 million has been adjusted to securities premium.

Details of utilisation of IPO proceeds:

Amount to Amount to
Amount as be spent as be spent as Utilisation Unspent
proposed per offer per offer up to balance
Objects of the issue in offer document document 31 March as at 31 March
document up to 31 for the year 2025 2025
(A) March 2025* 2024-25 (D) (E) = (B) - (D)
(B) (C)
Early redemption of NCDs 400.00 400.00 - 400.00 -
issued by our Company to CDC
Emerging Markets Limited, in full
Capital expenditure towards 1,700.00 1,700.00 200.00 1,700.00 -
setting up of new hospitals and
purchase of medical equipment
for such new hospitals
General Corporate Purposes* 561.40 576.10 - 576.10 -
Total 2,661.40 2,676.10 200.00 2,676.10 -

315
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Notes to the Consolidated Financial Statements

for the year ended 31 March 2025
(All amounts are in Indian rupees millions, except share data and unless otherwise stated)

* During the financial year 2023-24, the Company has received an amount of ` 14.70 million towards the Company's
share of unspent IPO expenses. The same has been adjusted with securities premium as per the Companies Act,
2013. The Board of Directors of the Company in their meeting held on 30 October 2023 had approved to spend
the amount of ` 14.70 million towards the General corporate purposes, refer column (B) in the table above. After this
change, amount to be utilised for General corporate purposes is ` 576.10 million.

2.49 The Group has used accounting software for maintaining its books of account (SAP) and software for maintenance
of hospital related revenue and consumption records (Arcus Air) which has a feature of recording audit trail (edit log)
facility and the same has operated throughout the year for all relevant transactions recorded in the softwares, except
that audit trail feature is not enabled at the database level. Further no instance of audit trail feature being tampered
with was noted in respect of the softwares where the audit trail has been enabled. Additionally, the audit trail in respect
of Arcus Air has been preserved for a period of 3 months by the Group which is integrated to SAP on daily basis for all
financial data and for SAP the audit trail of prior year has been preserved as per the statutory requirements for record
retention to the extent it was enabled and recorded in the respective year.

As per our report of even date attached.

for S.R. Batliboi & Associates LLP for and on behalf of the Board of Directors of
Chartered Accountants Rainbow Children’s Medicare Limited
ICAI Firm Registration Number: 101049W/E300004 CIN: L85110TG1998PLC029914

per Atin Bhargava Dr. Ramesh Kancharla Dr. Dinesh Kumar Chirla
Partner Chairman and Managing Director Director
Membership Number.: 504777 DIN: 00212270 DIN: 01395841

Vikas Maheshwari Shreya Mitra

Chief Financial Officer Company Secretary
Membership Number: A54901

Place: Hyderabad Place: Hyderabad Place: Hyderabad

Date: 24 May 2025 Date: 24 May 2025 Date: 24 May 2025

316
 NOTICE
PG 317-333

RAINBOW CHILDREN’S MEDICARE LIMITED

Corporate Identity Number: L85110TG1998PLC029914
Regd. Office: 8-2-120/103/1, Survey No. 403, Road No. 2, Banjara Hills, Hyderabad – 500034, Telangana.
Corporate Office: 8-2-19/1/A, Daulet Arcade, Road No. 11, Banjara Hills, Hyderabad - 500034, Telangana.
Website: www.rainbowhospitals.in; E-Mail: [email protected]
Telephone No: +91 40 49692244

Notice of Annual General Meeting

Notice is hereby given that the twenty-seventh (27th) Annual & Associates, Cost Accountants, appointed as the
General Meeting (“AGM”) of the members of Rainbow Cost Auditors of the Company for the Financial
Children’s Medicare Limited (“the Company”) will be held Year 2025-26.
on Saturday, July 5, 2025 at 11:30 A.M. IST through Video
Conferencing/ Other Audio-Visual Means (“VC/ OAVM”) RESOLVED FURTHER THAT the Board of Directors
facility, to transact the following business: of the Company be and are hereby authorized to do
all such acts, deeds, matters and things as may be
ORDINARY BUSINESS: considered necessary, desirable or expedient to give
1. To receive, consider and adopt the Audited effect to this resolution.”
Standalone Financial statements of the Company for
the Financial Year ended March 31, 2025, the reports 5. To appoint Secretarial Auditor of the Company for a
of the Auditors and Board of Directors thereon and term of 5 (five) consecutive years from FY 2025-26;
the Audited Consolidated Financial statements of
the Company for the Financial Year ended March 31, To consider and if thought fit, to pass the following
2025 and the report of the Auditors thereon. resolution as an Ordinary Resolution:

2. To declare dividend of ` 3/- per Equity Share for the “RESOLVED THAT pursuant to the provisions of
Financial Year ended March 31, 2025. Section 204 and other applicable provisions, if any,
of the Companies Act, 2013 (the “Act”) read with
3. To appoint a Director in place of Dr. Dinesh Kumar the Companies (Appointment and Remuneration
Chirla (DIN: 01395841), who retires by rotation and of Managerial Personnel) Rules, 2014 (including
being eligible offers himself for re-appointment. any statutory modification(s)/ amendment(s)/
re-enactment(s) thereof, for the time being in force) and
SPECIAL BUSINESS: Regulation 24A of Securities and Exchange Board of
4. To ratify the remuneration payable to Cost Auditors for India (Listing Obligations and Disclosure Requirements)
the Financial Year 2025-26. Regulations, 2015 (“SEBI Listing Regulations”) and
basis the recommendation of Audit Committee
To consider and if thought fit, to pass the following and Board of Directors , Mr. K.V.S. Subramanyam,
resolution as an Ordinary Resolution: Company Secretary in practice, a peer reviewed
Company Secretary, be and is hereby appointed as the
“RESOLVED THAT pursuant to the provisions of Section Secretarial Auditor of the Company, for conducting
148 and other applicable provisions, if any, of the the Secretarial Audit as mandated, for a term of five
Companies Act, 2013 read with the Companies (Audit consecutive years from the Financial Year 2025-26
and Auditors) Rules, 2014 (including any statutory to Financial Year 2029-30, at a remuneration as
modification(s)/ amendment(s)/ re-enactment(s) may be decided by the Board of Directors from time
thereof, for the time being in force) and any other to time in consultation with the Secretarial Auditor
applicable provisions/ statute as may be applicable of the Company.
from time to time, the Members of the Company
hereby ratifies the remuneration of ` 2,00,000/- RESOLVED FURTHER THAT the Board of Directors of
(Rupees Two Lakhs Only) plus applicable taxes and out the Company be and are hereby jointly or severally
of pocket expenses payable to M/s. Lavanya authorized to take necessary actions and do all acts,

317
Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

deeds and things as may be necessary to give effect to and making representations, seeking all necessary
the said resolution.” approvals from relevant authorities, including
governmental authorities, if any, to give effect to this
6. To approve increase in commission payable to resolution, for and on behalf of the Company and
Non-Executive Directors (including Independent settling all such issues, questions, difficulties or doubts
Directors) of the Company. whatsoever that may arise without being required to
seek further consent or approval of the members or
To consider and if thought fit, to pass the following otherwise to the end and intent that the members
resolution as an Ordinary Resolution: shall be deemed to have given their approval thereto
expressly by the authority of this resolution and to
“RESOLVED THAT in supersession of all earlier delegate all or any of the powers herein conferred
resolutions passed in this regard, pursuant to the to director(s), committee(s), executive(s), officer(s)
provisions of section 197, 198 and other applicable or representative(s) of the Company or to any other
provisions, if any, of the Companies Act, 2013 person to do all such acts, deeds, matters and things
(the “Act”) read with rules made thereunder, as may be considered necessary or expedient and
Regulation 17 and other applicable provisions, if to execute such documents, writings etc. as may be
any, of the SEBI (Listing Obligations and Disclosure necessary to give effect to this resolution.”
Requirements) Regulations, 2015 (“SEBI Listing
Regulations”) (including any statutory modification(s)/ 7. To approve increase in the limits applicable for making
amendment(s)/ re-enactment(s) thereof, for the investments/ extending loans and giving guarantees
time being in force), the articles of association of the or providing securities in connection with loans to
Company, pursuant to the recommendation of the persons/ bodies corporate.
Nomination and Remuneration Committee and the
Board of Directors of the Company (“Board”), the To consider and if thought fit, to pass the following
consent of Members be and is hereby accorded to resolution as a Special Resolution:
increase in the commission payable to Non-executive
Directors (including Independent Directors) from “RESOLVED THAT in supersession of all earlier
` 10,00,000/- (Rupees Ten Lakh only) per annum resolutions passed in this regard, pursuant to the
each Director to a maximum of ` 18,00,000/- (Rupees provisions of Section 186 and other applicable
Eighteen Lakhs Only) per annum each director with provisions, if any, of the Companies Act, 2013 (the
effect from the Financial year 2025-26, in a manner “Act”) read with the Companies (Meetings of Board
that the aggregate remuneration payable to all the and its Powers) Rules, 2014 (including any statutory
Non-executive Directors (including Independent modification(s)/ amendment(s)/ re-enactment(s)
Directors) shall not exceed 1% per annum of the net thereof, for the time being in force) and subject to such
profits of the Company calculated in accordance with other approvals, consents, sanctions and permissions
the provisions of the Act. as may be necessary, the consent of the Members of
the Company be and is hereby accorded to the Board
RESOLVED FURTHER THAT the said commission
 of Directors of the Company (hereinafter referred
be paid in such amounts or proportion and in such to as “the Board”) which term shall be deemed to
manner as the Board of Directors may from time to include, unless the context otherwise requires, any
time determine and based on the performance of the committee of the Board or any officer(s) authorized
Company and performance evaluation of each Non- by the Board to exercise the powers conferred on the
Executive Directors (including Independent Directors). Board under this resolution, to (i) give any loan to any
person or other body corporate; (ii) give any guarantee
RESOLVED FURTHER THAT in addition to aforesaid
 or provide any security in connection with a loan to
commission, Non-executive Directors (including any other body corporate or person; and (iii) acquire
Independent Directors) shall also be entitled for by way of subscription, purchase or otherwise, the
sitting fees, as may be decided by the Board from securities of any other body corporate, as it may in its
time to time and reimbursement of the expenses for absolute discretion deem beneficial and in the interest
attending meetings of the Board and its committee(s) of the Company, subject to however that the aggregate
thereof, as permissible under the Act and/or SEBI of the loans and investments so far made in and the
Listing Regulations. amount for which guarantees or securities have so far
been provided to all persons or bodies corporate along
RESOLVED FURTHER THAT the Board be and is hereby
 with the additional investments, loans, guarantees or
authorized to do and perform all such acts, deeds, securities proposed to be made or given or provided
matters and things as the Board may in its absolute by the Company, from time to time, in future, shall
discretion deem necessary, desirable or expedient, not exceed at any point of time, a sum of ` 1,400
including but not limited to filing forms, applications Crores (Rupees One Thousand and Four Hundred

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Crores Only) or the limit of 60% of the aggregate of loans, guarantees, securities and investment(s) and
the paid-up share capital, free reserves and securities varying the same either in part or in full as it may deem
premium account of the Company or 100% of the appropriate and to negotiate, finalise and execute
aggregate of the free reserves and securities premium agreement(s) or such other document(s), by whatever
account of the Company, as prescribed under Section name called and to do all acts, matters and things as
186 of the Act, whichever is more.
may be necessary, proper or desirable and to settle
any question, difficulty or doubt that may arise in this
RESOLVED FURTHER THAT the Board be and is

regard and incidental thereto, without being required to
hereby authorised to do all such acts, deeds, matters
and things including but not limited to authorising seek any further consent or approval of the members
signatories, taking from time to time all decisions and to delegate all or any of the powers or authorities
and steps in respect of the above loans, guarantees, herein conferred to any director(s) or other officer(s) of
securities and investment(s), including the timing, the Company, and to engage any advisor, consultant,
amount and other terms and conditions of such agent or intermediary, as may be deemed necessary.”

By Order of the Board

For Rainbow Children’s Medicare Limited

Shreya Mitra
Company Secretary and Compliance Officer
M. No: A54901
Place: Hyderabad
Date: May 24, 2025

Registered Office:
8-2-120/103/1, Survey No. 403, Road No. 2,
Banjara Hills, Hyderabad – 500034, Telangana.
CIN: L85110TG1998PLC029914;
E-Mail: [email protected]
Website: www.rainbowhospitals.in;
Telephone No: +91 40 49692244

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Integrated Annual Report 2024-25

NOTES: for getting the hard copy of the Notice along with the
1. The Explanatory Statement, pursuant to Section Annual Report upon making a request via. email to
102 of the Companies Act, 2013, as amended [email protected].
from time to time (‘‘Act’’) setting out the material
facts concerning the special business forms part 4. The Notice of AGM and Annual Report will be sent to
of this Notice. Additional information, pursuant to those Members/ beneficial owners whose name will
Regulation 36(3) of the SEBI (Listing Obligations appear in the Register of Members/ list of beneficiaries
and Disclosure Requirements) Regulations, 2015, received from the Depositories as on June 6, 2025.
(‘‘Listing Regulations’’) and Secretarial Standard -
5. Pursuant to the provisions of the MCA Circulars,
2 on General Meetings issued by The Institute of
Members attending the 27th AGM through VC/ OAVM
Company Secretaries of India, is furnished as an
shall be counted for the purpose of reckoning the
Annexure to the Notice.
quorum under Section 103 of the Act.
2. The Ministry of Corporate Affairs (“MCA”) vide its
As the AGM is being held through VC/OAVM, the
circulars dated General Circular Nos. 14/ 2020
facility for appointment of Proxy by the Members is not
dated April 8, 2020, 17/2020 dated April 13, 2020,
available for this AGM and hence the Proxy Form and
20/2020 dated May 5, 2020 and subsequent circulars
Attendance Slip including Route Map are not annexed
issued in this regard, latest being 09/ 2024 dated
to this Notice. However, Body Corporates are entitled
September 19, 2024 and all other relevant circulars
to appoint authorised representatives to attend the
issued from time to time (“hereinafter referred as MCA
AGM through VC/ OAVM and cast their votes through
Circulars”), read with Circular No. SEBI/HO/CFD/
remote e-Voting or e-voting during the AGM, as
CFD-PoD-2/P/CIR/2024/133 dated October 3,
the case may be.
2024 issued by the Securities and Exchange Board of
India (“SEBI”), from time to time (hereinafter collectively
6. Institutional/ corporate shareholders (i.e. other than
referred to as “the Circulars”), permitted the holding
individuals, HUF’s, NRI’s, etc.) intending to participate
of the Annual General Meeting (“AGM”) through VC/
through their authorized representative(s) are
OAVM, without the physical presence of the Members
requested to send a scanned copy (JPEG/ PDF format)
at a common venue. Accordingly, the AGM of the
of their Board resolution/ authority letter/ power of
Company is being held through VC/OAVM. The facility
attorney, etc. authorizing their representative(s) to
of VC/OAVM and also casting votes by a member using
participate in the AGM (through VC/ OAVM) and to
remote e-Voting as well as e-Voting system on the date
vote on their behalf through remote e-voting or e-voting
of the AGM will be provided by National Securities
during the AGM. The said resolution/ authority letter/
Depository Limited (“NSDL”). The Registered Office of
power of attorney, etc. shall be sent through registered
the Company shall be deemed Venue for the AGM.
email address to the Scrutinizer at [email protected]
with a copy marked to [email protected] and to the
3. In compliance with the aforesaid Circulars, the Notice
Company at [email protected].
of AGM along with the Annual Report 2024-25
Institutional shareholders/ Corporate Shareholders (i.e.
(“Annual Report”) is being sent only by electronic mode
other than individuals, HUF, NRI, etc.) can also upload
to those Members whose email address are registered
their Board Resolution/ Power of Attorney/ Authority
with the Company/ RTA/ Depositories. Further, a
Letter, etc. by clicking on “Upload Board Resolution/
letter providing a weblink for accessing the Integrated
Authority Letter” displayed under “e-Voting” tab in
Annual Report for the financial year 2024-25 will be
their login on the NSDL portal.
sent to those shareholders who have not registered
their email address. Members may please note that
7. The Members can join the AGM in the VC/OAVM mode
this Notice and Annual Report will also be available
15 minutes before and 15 minutes after the scheduled
on the Company’s website at www.rainbowhospitals.
time of the commencement of the Meeting by following
in websites of the Stock Exchanges i.e. BSE Limited
the procedure mentioned in the Notice. The Members
and National Stock Exchange of India Limited
will be able to view the proceedings on the NSDL’s
at www.bseindia.com and www.nseindia.com
e-Voting website at www.evoting.nsdl.com. The facility
respectively, and on website of NSDL (agency
of participation in the AGM through VC/OAVM will be
for providing the Remote e-Voting facility) i.e.
made available to at least 1,000 Members on a first
www.evoting.nsdl.com.
come first served basis as per the MCA Circulars.
This will not include large Shareholders (Shareholders
Members who have not registered their e-mail
holding 2% or more shareholding), Promoters,
address are requested to register the same with the
Institutional Investors, Directors, Key Managerial
Depository Participant(s) where they maintain their
Personnel, the Chairpersons of the Audit Committee,
demat accounts. However, a member is also entitled

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Nomination and Remuneration Committee and respect of which dividend has remained unclaimed for
Stakeholders Relationship Committee, Auditors etc. 7 consecutive years or more from the date of transfer
who are allowed to attend the AGM without restriction to unpaid dividend account shall also be transferred
on account of first come first served basis. to the demat account of IEPF Authority. In view of this,
Members are requested to claim their dividends from
8. Relevant documents referred to in the accompanying the Company, within the stipulated timeline.
Notice and the statement pursuant to Section 102(1)
of the Companies Act, 2013 shall be available for 13. Pursuant to the SEBI Circulars on Nomination in
inspection through electronic mode, basis on the Trading and Demat Accounts, the Members holding
request being sent via. email to companysecretary@ shares in dematerialized mode are requested to
rainbowhospitals.in
register/ update their nominee details with their
Depository Participants.
The Register of Directors and Key Managerial Personnel
and their shareholding, maintained under Section 170
14. Members desiring any information/ clarification on
of the Act, Register of Contracts or Arrangements in
any matter to be placed at the AGM are requested
which directors are interested under Section 189
to write to the Company at companysecretary@
of the Act and a certificate from Secretarial Auditor
rainbowhospitals.in at least 7 days before AGM from
certifying that “Rainbow Children’s Medicare Limited
- Employees Stock Unit Plan 2023” and “Rainbow their registered email address mentioning their name,
Children’s Medicare Limited - Employee Stock Option DPID Client ID/ folio no. and mobile number to enable
Scheme 2025” are being implemented in accordance the management to keep information ready at the AGM.
with, the SEBI (Share Based Employee Benefits and
Sweat Equity) Regulations, 2021 (“SEBI SBEB SE 15. The Board of Directors of the Company have appointed
Regulations”) will be made available electronically for Mr. K.V.S. Subramanyam, (C P No.: 4815), failing him
inspection by the members during the AGM. Ms. Soumya Dafthatdar (CP No. 13199), Practicing
Company Secretaries and Designated Partners of
9. The Final Dividend on equity shares as recommended M/s. KVSS & CO. LLP (Formerly BS and Co LLP), a
by the Directors of the Company for the Financial Practicing Company Secretary Firm as Scrutinizer to
Year ended March 31, 2025, if declared at the AGM, scrutinize the remote e-voting process and e-voting
will be paid on or before Sunday, August 3, 2025 to during the AGM in a fair and transparent manner.
those members whose names appear in the Register Upon completion of the scrutiny of the votes cast, the
of Members as on Saturday, June 28, 2025 i.e., the Scrutinizer will submit his report to the Chairperson
record date. In respect of shares held in electronic of the Company or to any other person authorized
form, the dividend will be payable on the basis of by him not later than two (2) working days from the
beneficial ownership as at the close of business conclusion of AGM.
hours on Saturday, June 28, 2025 as per the details
furnished by the depositories viz. NSDL/ Central 16. SEBI vide its Master Circular SEBI/HO/OIAE/OIAE_
Depository Services (India) Limited (“CDSL”) for the IAD-3/P/CIR/2023/195 dated December 20, 2023,
purpose as on that date. has introduced Online Dispute Resolution (ODR), which
is in addition to the existing SCORES platform which
10. Pursuant to Listing Regulations, the Company is
can be utilized by the investors and the Company for
required to maintain bank details of its Members for
dispute resolution. Please note that the investors can
the purpose of payment of Dividend etc. Members are
initiate dispute resolution through the ODR portal only
requested to register/ update their bank details with
after exhausting the option to resolve dispute with the
their Depository Participants, to enable expeditious
credit of the dividend to their bank accounts Company and on the SCORES platform.
electronically.
17. The process for initiation of Dispute Resolution process
11. Members who have not claimed their Dividend till is enumerated below:
date are requested to do so. Details of unclaimed
dividend amount is available under investors • An investor/ client shall first take up his/ her
section of the website of the Company at https:// grievance with the Market Participant by
www.rainbowhospitals.in/investors-relations/dividend lodging a complaint directly with the concerned
Market Participant;
12. Members are requested to note that, dividends if not
encashed for a period of 7 years from the date of • If the grievance is not redressed satisfactorily
transfer to Unpaid Dividend Account of the Company, the investor/shareholder may escalate the same
are liable to be transferred to the Investor Education through the SCORES Portal (www.scores.gov.in)
and Protection Fund (“IEPF”). Further, all the shares in in accordance with SCORES Guidelines;

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Integrated Annual Report 2024-25

• If the investor/client is still not satisfied with the at 5:00 P.M. The remote e-voting module shall be
outcome, he/she can initiate dispute resolution disabled by NSDL for voting thereafter. Once the vote
through the ODR Portal. Alternatively, the on a resolution is casted by the shareholder, the same
investor/client can initiate dispute resolution shall not be allowed to be changed subsequently.
through the ODR Portal if the grievance lodged
with the concerned Market Participant was iii. The Members, whose names appear in the Register of
not satisfactorily resolved or at any stage of the Members/ Beneficial Owners as on the record date
subsequent escalations (prior to or at the end (cut-off date) i.e., Saturday, June 28, 2025 may cast
of such escalation/s). For more information their vote electronically.
shareholders are requested to visit the weblink
https://smartodr.in/login. A person who is not a Member as on the cut-off date
should treat this Notice for information purpose only.
18. Members can also provide their feedback on the The voting right of shareholders shall be in proportion
Shareholders Services of the Company by filling the to their share in the paid-up equity share capital of
"Shareholders Satisfaction Survey” attached to this the Company as on the cut-off date, being Saturday,
notice and emailing the same at companysecretary@ June 28, 2025. In case of joint holders, the members
rainbowhospitals.in through their registered e-mail ID whose name appears as the first holder in the order of
or sending the signed copy at the Corporate Office of names as per the Register of Members of the Company
the Company at 8-2-19/1/A, Daulet Arcade, Road No. will be entitled to vote.
11, Banjara Hills, Hyderabad – 500034, Telangana.

How do I vote electronically using NSDL e-Voting
Your feedback will help the Company in improving its system?
Shareholders Service Standards. The way to vote electronically on NSDL e-Voting system
consists of “Two Steps” which are mentioned below:
THE INSTRUCTIONS FOR MEMBERS FOR REMOTE
E-VOTING AND JOINING ANNUAL GENERAL Step 1: Access to the NSDL e-voting system.
MEETING ARE AS UNDER: -
i. To comply with the provisions of Section 108 of the Step 2: Cast your vote electronically on NSDL
Act and Rules framed thereunder, Regulation 44 of e-voting system.
the Listing Regulations, Secretarial Standard - 2 issued
by the Institute of Company Secretaries of India and Step 1: Access to NSDL e-Voting system
A) Login method for e-Voting and joining virtual
MCA Circulars, the Members are provided with the
meeting for Individual shareholders holding
facility to cast their vote electronically through remote
securities in demat mode
e-voting (prior to AGM) and e-voting (during the AGM)
services provided by NSDL on all resolutions set forth In terms of SEBI circular dated December 9, 2020
in this Notice. on e-Voting facility provided by Listed Companies,
Individual shareholders holding securities in
Only those Members who will be present in the AGM demat mode are allowed to vote through their
through VC/ OAVM facility and have not cast their vote demat account maintained with Depositories
on the resolutions through remote e-voting and are and Depository Participants. Shareholders are
otherwise not barred from doing so, shall be eligible to advised to update their mobile number and email
vote through e-voting system during the AGM. Id in their demat accounts in order to access
e-Voting facility.
ii. The remote e-voting period begins on Tuesday, July 1,
2025 at 09:00 A.M and ends on Friday, July 4, 2025

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PG 317-333

Login method for Individual shareholders holding securities in demat mode is given below:
Type of Shareholders Login Method
Individual Shareholders 1. F
 or OTP based login you can click on https://eservices.nsdl.com/SecureWeb/
holding securities in evoting/evotinglogin.jsp. You will have to enter your 8-digit DP ID,8-digit Client Id,
demat mode with NSDL PAN No., Verification code and generate OTP. Enter the OTP received on registered
email id/mobile number and click on login. After successful authentication, you
will be redirected to NSDL Depository site wherein you can see e-Voting page.
Click on company name or e-Voting service provider i.e., NSDL and you will be
redirected to e-Voting website of NSDL for casting your vote during the remote
e-Voting period or joining virtual meeting & voting during the meeting.
2. Existing IDeAS user can visit the e-Services website of NSDL Viz. https://eservices.
nsdl.com either on a Personal Computer or on a mobile. On the e-Services home
page click on the “Beneficial Owner” icon under “Login” which is available under
‘IDeAS’ section, this will prompt you to enter your existing User ID and Password.
After successful authentication, you will be able to see e-Voting services under
Value added services. Click on “Access to e-Voting” under e-Voting services and
you will be able to see e-Voting page. Click on company name or e-Voting service
provider i.e. NSDL and you will be re-directed to e-Voting website of NSDL for
casting your vote during the remote e-Voting period or joining virtual meeting &
voting during the meeting.
3. If you are not registered for IDeAS e-Services, option to register is available at
https://eservices.nsdl.com.
Select “Register Online for IDeAS portal” or click at https://eservices.nsdl.com/
SecureWeb/IdeasDirectReg.jsp.
4. Visit the e-Voting website of NSDL. Open web browser by typing the following URL:
https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile.
Once the home page of e-Voting system is launched, click on the icon “Login”
which is available under ‘Shareholder/Member’ section. A new screen will open.
You will have to enter your User ID (i.e. your sixteen digit demat account number
hold with NSDL), Password/OTP and a Verification Code as shown on the screen.
After successful authentication, you will be redirected to NSDL Depository site
wherein you can see e-Voting page. Click on company name or e-Voting service
provider i.e. NSDL and you will be redirected to e-Voting website of NSDL for
casting your vote during the remote e-Voting period or joining virtual meeting &
voting during the meeting.
5. Shareholders/Members can also download NSDL Mobile App “NSDL Speede”
facility by scanning the QR code mentioned below for seamless voting experience.

Individual Shareholders 1. Users who have opted for CDSL Easi/ Easiest facility, they can login through their
holding securities in existing user id and password. Option will be made available to reach e-Voting
demat mode with CDSL page without any further authentication. The users of Easi/ Easiest are requested
to visit CDSL website www.cdslindia.com and click on login icon & New System
Myeasi Tab and then use your existing my easi username & password.

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Type of Shareholders Login Method

2. After successful login, the Easi/ Easiest user will be able to see the e-Voting option
for eligible companies where the e-voting is in progress as per the information
provided by company. On clicking the e-voting option, the user will be able to
see e-Voting page of the e-Voting service provider for casting your vote during
the remote e-Voting period or joining virtual meeting & voting during the meeting.
Additionally, there are also links provided to access the system of all e-Voting
Service Providers, so that the user can visit the e-Voting service providers’ website
directly.
3. If the user is not registered for Easi/ Easiest, option to register is available at CDSL
website www.cdslindia.com and click on login and New System Myeasi Tab and
then click on registration option.
4. Alternatively, the user can directly access e-Voting page by providing demat
Account Number and PAN No. from an e-Voting link available on www.cdslindia.
com home page. The system will authenticate the user by sending OTP on
registered Mobile & Email as recorded in the demat Account. After successful
authentication, user will be able to see the e-Voting option where the e-Voting
is in progress and also able to directly access the system of all e-Voting Service
Providers.
Individual Shareholders You can also login using the login credentials of your demat account through your
(holding securities in Depository Participant registered with NSDL/ CDSL for e-Voting facility. upon logging
demat mode) through in, you will be able to see e-Voting option. Click on e-Voting option, you will be
their depository redirected to NSDL/ CDSL Depository site after successful authentication, wherein
participants you can see e-Voting feature i.e., NSDL. Click on company name or e-Voting service
provider i.e. NSDL and you will be redirected to e-Voting website of NSDL for casting
your vote during the remote e-Voting period or joining virtual meeting & voting during
the meeting.


Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and
Forget Password option available at abovementioned website.

Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login
through Depository i.e. NSDL and CDSL.
Login Helpdesk details
Individual Shareholders holding Members facing any technical issue in login can contact NSDL helpdesk
securities in demat mode with NSDL by sending a request at [email protected] or call at: 022 - 4886 7000
Individual Shareholders holding Members facing any technical issue in login can contact CDSL helpdesk
securities in demat mode with CDSL by sending a request at [email protected] or contact at
1800-21-09911

B) Login Method for e-Voting and joining virtual which is available under ‘Shareholder/
meeting for shareholders other than Individual Member’ section.
shareholders holding securities in demat mode
and shareholders holding securities in physical 3. A new screen will open. You will have to enter
mode. your User ID, your Password/ OTP and a
How to Log-in to NSDL e-Voting website? Verification Code as shown on the screen.

1. Visit the e-Voting website of NSDL. Open web

Alternatively, if you are registered for NSDL
browser by typing the following URL: https://
eservices i.e. IDEAS, you can log-in at https://
www.evoting.nsdl.com/ either on a Personal
eservices.nsdl.com/ with your existing IDEAS
Computer or on a mobile.
login. Once you log-in to NSDL eservices
after using your log-in credentials, click on
2. Once the home page of e-Voting system
e-Voting and you can proceed to Step 2 i.e.
is launched, click on the icon “Login”
Cast your vote electronically.

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PG 317-333

4. Your User ID details are given below: (ii) If your email ID is not registered,
please follow steps mentioned
Manner of holding
below in process for those
shares i.e. Demat
Your User ID is: shareholders whose email ids are
(NSDL or CDSL) or
not registered.
Physical
a) F
 or Members 8 Character DP ID 6. If you are unable to retrieve or have not
who hold followed by 8 Digit Client received the “Initial password” or have
shares in demat ID forgotten your password:
account with For example if your DP ID
NSDL. is IN300*** and Client ID a) Click on “Forgot User Details/
is 12****** then your user Password?”(If you are holding
ID is IN300***12******. shares in your demat account with
b) For Members 16 Digit Beneficiary ID NSDL or CDSL) option available on
who hold For example if your www.evoting.nsdl.com.
shares in demat Beneficiary ID is
account with 12************** Physical User Reset Password?”
b) 
CDSL. then your user ID is (If you are holding shares in
12************** physical mode) option available on
www.evoting.nsdl.com.
c) For Members EVEN Number followed by
holding shares in Folio Number registered
c) If you are still unable to get the
Physical Form. with the company
password by aforesaid two options, you
For example if folio
can send a request at evoting@nsdl.
number is 001*** and
com mentioning your demat account
EVEN is 101456 then user number/folio number, your PAN, your
ID is 101456001*** name and your registered address etc.

5. Password details for shareholders other than d) Members can also use the OTP
Individual shareholders are given below: (One Time Password) based login
for casting the votes on the e-Voting
a) If you are already registered for system of NSDL.
e-Voting, then you can user your existing
password to login and cast your vote. 7. After entering your password, tick on Agree
to “Terms and Conditions” by selecting
b) If you are using NSDL e-Voting system on the check box.
for the first time, you will need to
retrieve the ‘initial password’ which 8. Now, you will have to click on “Login” button.
was communicated to you. Once you
retrieve your ‘initial password’, you 9. After you click on the “Login” button, Home
need to enter the ‘initial password’ page of e-Voting will open.
and the system will force you to
change your password. Step 2: Cast your vote electronically on NSDL
e-Voting system.
c) How to retrieve your ‘initial password’?
How to cast your vote electronically and join
(i) If your email ID is registered in General Meeting on NSDL e-Voting system?
your demat account or with the 1. After successful login at Step 1, you will be
company, your ‘initial password’ able to see all the companies “EVEN” in which
is communicated to you on your you are holding shares and whose voting
email ID. Trace the email sent to cycle and General Meeting is in active status.
you from NSDL from your mailbox.
Open the email and open the 2. Select “EVEN” of company for which you
attachment i.e. a .pdf file. Open the wish to cast your vote during the remote
.pdf file. The password to open the e-Voting period and casting your vote during
.pdf file is your 8 digit client ID the General Meeting. For joining virtual
for NSDL account, last 8 digits of meeting, you need to click on “VC/OAVM”
client ID for CDSL account or folio link placed under “Join Meeting”.
number for shares held in physical
form. The .pdf file contains your 3. Now you are ready for e-Voting as the
‘User ID’ and your ‘initial password’. Voting page opens.

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4. Cast your vote by selecting appropriate 2. Only those Members/ shareholders, who
options i.e. assent or dissent, verify/modify will be present in the AGM through VC/
the number of shares for which you wish to OAVM facility and have not cast their vote
cast your vote and click on “Submit” and also on the Resolutions through remote e-Voting
“Confirm” when prompted. and are otherwise not barred from doing
so, shall be eligible to vote through e-Voting
5. Upon confirmation, the message “Vote cast system in the AGM.
successfully” will be displayed.
3. Members who have voted through Remote
6. You can also take the printout of the votes e-Voting will be eligible to attend the
cast by you by clicking on the print option on AGM. However, they will not be eligible to
the confirmation page. vote at the AGM.

7. Once you confirm your vote on the resolution, 4. The details of the person who may be
you will not be allowed to modify your vote.
contacted for any grievances connected
with the facility for e-Voting on the day of the
Process for those shareholders whose email
AGM shall be the same person mentioned
ids are not registered with the depositories
for getting the electronic copy of this notice for Remote e-voting.
along with Annual Report, procuring user id
and password and registration of e mail ids for 
INSTRUCTIONS FOR MEMBERS FOR
e-voting for the resolutions set out in this notice: ATTENDING THE AGM THROUGH VC/
1. In case shares are held in demat mode, please OAVM ARE AS UNDER:
provide DPID-CLID (16 digit DPID + CLID or 1. Member will be provided with a facility to
16 digit beneficiary ID), Name, client master attend the AGM through VC/OAVM through
or copy of Consolidated Account statement, the NSDL e-Voting system. Members may
PAN (self-attested scanned copy of PAN access by following the steps mentioned
card), AADHAR (self-attested scanned copy above for Access to NSDL e-Voting system.
of Aadhar Card) to companysecretary@ After successful login, you can see link
rainbowhospitals.in. If you are an Individual of “VC/ OAVM link” placed under “Join
shareholder holding securities in demat Meeting” menu against company name.
mode, you are requested to refer to the
You are requested to click on VC/OAVM link
login method explained at step 1 (A) i.e.
placed under Join Meeting menu. The link for
Login method for e-Voting and joining
VC/ OAVM will be available in Shareholder/
virtual meeting for Individual shareholders
Member login where the EVEN of Company
holding securities in demat mode.
will be displayed. Please note that the
members who do not have the User ID and
2. Alternatively shareholder/members may
Password for e-Voting or have forgotten
send a request to [email protected] for
procuring user id and password for e-voting the User ID and Password may retrieve
by providing above mentioned documents. the same by following the remote e-Voting
instructions mentioned in the notice to avoid
3. In terms of SEBI circular dated December 9, last minute rush.
2020 on e-Voting facility provided by Listed
Companies, Individual shareholders holding 2. Members are encouraged to join the Meeting
securities in demat mode are allowed to vote through Laptops for better experience.
through their demat account maintained with
Depositories and Depository Participants. 3. Members are requested to allow camera
Shareholders are required to update their option and use Internet with a good speed to
mobile number and email ID correctly in avoid any disturbance during the meeting.
their demat account in order to access
e-Voting facility. 4. Please note that Participants Connecting
from Mobile Devices or Tablets or through

THE INSTRUCTIONS FOR MEMBERS FOR Laptop connecting via Mobile Hotspot
E-VOTING ON THE DAY OF THE AGM ARE AS may experience Audio/Video loss due to
UNDER:- fluctuation in their respective network. It is
1. The procedure for e-Voting on the day of the therefore recommended to use Stable Wi-Fi
AGM is same as the instructions mentioned or LAN Connection to mitigate any kind of
above for remote e-voting. aforesaid glitches.

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General Guidelines for shareholders: 2025 may obtain the login ID and password
1. It is strongly recommended not to share by sending a request at [email protected]
your password with any other person and or Issuer/RTA. However, if you are already
take utmost care to keep your password registered with NSDL for remote e-voting,
confidential. Login to the e-voting website then you can use your existing user ID and
will be disabled upon five unsuccessful password for casting your vote. If you forgot
attempts to key in the correct password. your password, you can reset your password
In such an event, you will need to go through by using “Forgot User Details/Password”
the “Forgot User Details/Password?” or or “Physical User Reset Password” option
“Physical User Reset Password?” option available on www.evoting.nsdl.com or call
available on www.evoting.nsdl.com to on 022 - 4886 7000. In case of Individual
reset the password. Shareholders holding securities in demat
mode who acquires shares of the Company
2. Members who would like to ask questions and becomes a Member of the Company
during the AGM may register themselves after sending of the Notice and holding
as a speaker by sending their request along shares as of the cut-off date i.e. June 28,
with the question from their registered 2025 may follow steps mentioned in the
e-mail address mentioning their name, Notice of the AGM under “Access to NSDL
DP ID and Client ID/Folio number, PAN, e-Voting system”.
mobile number at companysecretary@
rainbowhospitals.in. from June 27, 2025 Declaration of Results
(9:00 AM. IST) to June 30, 2025 (5:00 PM.
1. The Scrutinizer shall provide, not later than
IST). Those Members who have registered
two working days of conclusion of the
themselves as a speaker will only be allowed
AGM, a consolidated Scrutinizer’s Report
to express their views/ ask questions during
of the total votes cast in favour or against,
the AGM. The Company reserves the right to
if any, to the Chairman or in his absence, a
restrict the number of speakers depending
person authorised by him in writing who shall
on the availability of time for the AGM.
countersign the same and declare the result
3. In case of any queries, you may refer the of the voting forthwith.
Frequently Asked Questions (FAQs) for
Shareholders and e-voting user manual for 2. The results declared along with the
Shareholders available at the download Scrutinizer’s Report shall be placed on the
section of www.evoting.nsdl.com or send Company’s website www.rainbowhospitals.
a request at [email protected] or contact in and on the website of NSDL at
Ms. Prajakta Pawle, executive, NSDL at www.evoting.nsdl.com immediately after
[email protected] or call on toll free no.: the result declared by the Chairman or any
022 - 4886 7000 or write at NSDL, T301, other person authorized by the Chairman
3rd Floor, Naman Chambers, G Block, Plot and the same shall be communicated to
No- C-32, Bandra Kurla Complex, Bandra BSE Limited and National Stock Exchange
East, Mumbai- 400051. of India Limited, where the shares of the
Company are listed. Also, the results shall
4. Any person holding shares in physical be placed at the Registered and corporate
form and non-individual shareholders, office of the Company.
who acquires shares of the Company and
becomes member of the Company after the 3. The recorded transcript of the proceeding
notice is send through e-mail and holding of AGM shall be placed on the Company’s
shares as of the cut-off date i.e. June 28, website at www.rainbowhospitals.in.

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Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

INFORMATION AT A GLANCE
Particulars Details
Time and date of AGM 11:30 A.M IST, Saturday, July 5, 2025
Mode Video conference and other audio-visual means
Participation through video-conferencing https://eservices.nsdl.com
Helpline number for VC participation 022 - 4886 7000
Cut-off date for-voting June 28, 2025
E-voting start time and date At 9:00 AM on Tuesday July 1, 2025
E-voting end time and date At 5:00 PM on Friday, July 4, 2025
E-voting website https://www.evoting.nsdl.com/
Name, address and contact details of Ms. Prajakta Pawle, Executive, NSDL at [email protected]
e-voting service provider Address: T301, 3rd Floor, Naman Chambers, G Block, Plot No- C-32, Bandra
Kurla Complex, Bandra East, Mumbai- 400051.
Contact Details: 022 - 4886 7000 or send a request to [email protected]
Name, address and contact details of Mr. SV Raju, Deputy Vice President and Mr. Balaji Reddy, Senior Manager, KFin
Registrar and Transfer Agent Technologies Limited (formerly known as KFin Technologies Private Limited)
Address: Selenium, Tower-B Plot 31 and 32, Financial District Nanakramguda,
Serilingampally Hyderabad, Rangareddi 500 032 Telangana, India
Contact Details: 18003094001
Website: www.kfintech.com

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EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013

ITEM NO. 4 one term of five consecutive years subject to obtaining

The Board of Directors of the Company in their meeting shareholders’ approval.
held on May 24, 2025, on recommendation by the Audit
Committee, appointed M/s. Lavanya & Associates as Mr. K.V.S. Subramanyam is a Fellow Member of the Institute
the Cost Auditors for the Financial Year 2025-26 at a of Company Secretaries of India and holds graduate
remuneration of ` 2,00,000/- (Rupees Two Lakhs Only) per degrees in Science and Law. He is a peer-reviewed
annum plus applicable taxes and out of pocket expenses. Company Secretary with 21 years of experience in the
fields of Corporate Laws, Business Administration, and
M/s. Lavanya & Associates have applied for the formation Wealth Management. Further, he has furnished his eligibility
of a new LLP under the name “Lavanya and Associates and expressed his willingness to be appointed as the
LLP” and have obtained name approval from the Institute of Secretarial Auditor for a term of five consecutive years, from
Cost Accountants of India (ICMAI). The registration process the financial year 2025-26 to the financial year 2029-30.
with the Ministry of Corporate Affairs (MCA) is currently in
progress. Upon completion of the incorporation and receipt The Board of Directors of the Company in their meeting
of MCA approval, the appointment shall be deemed to have held on May 24, 2025, recommended appointment of
been made in favour of “Lavanya and Associates LLP” as the Mr. K.V.S. Subramanyam, Company Secretary in practice,
Cost Auditors for the Financial Year 2025-26, as if the said a peer reviewed Company Secretary as Secretarial Auditor
LLP had been appointed in place of the existing firm. for one term of five consecutive years starting from the
financial year 2025-26 to the financial year 2029-30.
Pursuant to the provisions of Section 148 and other The proposed remuneration to be paid to Secretarial
applicable provisions, if any, of the Companies Act, 2013 Auditor for the Financial Year 2025-26 is ` 3,00,000/-
read with the rules made thereunder, the remuneration (Rupees Three Lakhs Only) excluding applicable taxes
payable to the cost auditors is to be ratified by the Members and out of pocket expenses. The remuneration for the
of the Company. subsequent year(s) of his term shall be fixed by the Board of
Directors of the Company based on the recommendation of
None of the Directors or Key Managerial Personnel or their the Audit Committee.
relatives are concerned or interested (to the extent of their
shareholding in the Company, if any), financially or otherwise, Accordingly, the Board of Directors recommends the
in the resolution set out at Item No. 4 of the Notice. resolution as set out at Item No. 5 of this Notice for approval
of the Members of the Company as an Ordinary Resolution.
The Board considers the remuneration payable to the Cost
Auditors as fair and recommends the resolution contained None of the Directors or Key Managerial Personnel or their
in Item No. 4 of the accompanying notice for approval of the relatives are concerned or interested (to the extent of their
members as an Ordinary Resolution. shareholding in the Company, if any), financially or otherwise,
in the resolution set out at Item No. 5 of the Notice.
ITEM NO. 5
ITEM NO. 6
In accordance with the provisions of Section 204(1) of the
Companies Act, 2013 (the “Act”) read with Rule 9 of the The Members of the Company in their Extra-Ordinary
Companies (Appointment and Remuneration of Managerial General Meeting held on November 3, 2021, approved
Personnel) Rules, 2014, the Company is required to payment of commission to the Non-executive Directors
annex with its Board’s Report, a Secretarial Audit Report (including Independent Directors) subject to a maximum
submitted by a Company Secretary in whole time practice. of ` 10,00,000/- (Rupees Ten Lakhs Only) per annum
Further, pursuant to Regulation 24A of SEBI (Listing per Director.
Obligations and Disclosure Requirements) Regulations,
2015 (‘SEBI Listing Regulations”), every listed entity and The role of directors has notably evolved with the Company’s
its material unlisted subsidiaries incorporated in India shall growth, demanding deeper strategic involvement and
undertake Secretarial Audit by a Secretarial Auditor who stronger oversight. The continuous changes in legal
shall be a Peer Reviewed Company Secretary and shall and regulatory frameworks have further increased their
annex a Secretarial Audit Report, with the annual report of responsibility to ensure compliance and uphold ethical
the listed entity. standards. Additionally, the increasingly competitive
business environment and stricter corporate governance
The said Regulation 24A was amended w.e.f. norms have added complexity to their roles, with greater
December 13, 2024 vide SEBI (Listing Obligations and emphasis on risk management and effective supervision.
Disclosure Requirements) (Third Amendment) Regulations,
2024 and further provides that an Individual can be Recognizing these evolving dynamics and the resultant
appointed as Secretarial Auditor for not more than responsibilities placed on directors, the Board, at its meeting

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Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

held on May 24, 2025, based on the recommendation of As per Section 186(2) of the Act, no company shall directly
the Nomination & Remuneration Committee, has proposed or indirectly (a) give any loan to any person or other body
an increase in the remuneration of Non-Executive Directors corporate; (b) give any guarantee or provide security in
(including Independent Directors) from ` 10,00,000/- connection with a loan to any other body corporate or
(Rupees Ten Lakhs only) per annum per director to a person; and (c) acquire by way of subscription, purchase
maximum of ` 18,00,000/- (Rupees Eighteen Lakhs only) or otherwise, the securities of any other body corporate,
per annum per director with effect from the Financial exceeding sixty per cent of its paid-up share capital, free
Year 2025 - 26. reserves and securities premium account or one hundred
per cent of its free reserves and securities premium account,
In addition to the aforesaid remuneration, all Non-executive whichever is more.
directors (including Independent Directors) of the Company
shall also be entitled to sitting fees for attending meeting(s) As per Section 186(3) of the Companies Act, 2013, where
of the Board or any committee, and reimbursement of the aggregate of the loans and investment so far made, the
the expenses for attending meetings of the Board and its amount for which guarantee or security so far provided to
committee thereof, as permissible under the Companies or in all other bodies corporate along with the investment,
Act, 2013 and/ or the SEBI (Listing Obligations and loan, guarantee or security proposed to be made or given
Disclosure Requirements) Regulations, 2015 (“SEBI by the Board, exceed the limits specified under sub-section
Listing Regulations”). (2), no investment or loan shall be made or guarantee shall
be given or security shall be provided unless previously
In terms of Regulation 17 of the SEBI Listing Regulations, authorised by a special resolution passed in a general
approval of members in general meeting is required for meeting. Provided that where a loan or guarantee is given
payment of all compensation to non-executive directors. or where a security has been provided by a company to
Further, pursuant to the provisions of section 197 and its wholly owned subsidiary company or a joint venture
other applicable provisions of the Act, a company may pay company, or acquisition is made by a holding company, by
remuneration to all its Non-executive Directors upto 1% of way of subscription, purchase or otherwise of, the securities
the net profits of the company calculated in accordance of its wholly owned subsidiary company, the requirement of
with the provisions of section 198 of the Act, subject to this sub-section shall not apply.
approval of its members by way of an Ordinary Resolution.
In view of the above and considering the long-term business
The aforesaid proposed remuneration to Non-executive plans of the Company, it is proposed to seek prior approval
Directors (including Independent Directors) shall remain of the Members vide an enabling resolution to provide loans,
within the limit of 1% of the net profits of the Company guarantees and make investments over and above the limits
calculated in accordance with the provisions of the section prescribed under Section 186 in the manner outlined in
198 of the Act. the resolution.

Accordingly, the Board of Directors recommends the Accordingly, the Board of Directors recommends the
resolution as set out at Item No. 6 of this Notice for approval resolution as set out at Item No. 7 of this Notice for approval
of the Members of the Company as an Ordinary Resolution. of the Members of the Company as a Special Resolution.

None of the Directors or Key Managerial Personnel or None of the Directors or Key Managerial Personnel or their
their relatives are, in any way, concerned or interested relatives are concerned or interested (to the extent of their
financially or otherwise in the passing of resolution, except shareholding in the Company, if any), financially or otherwise,
Non-executive Directors (including Independent Directors) in the resolution set out at Item No. 7 of the Notice.
to the extent of their respective commissions.
By Order of the Board
ITEM NO. 7 For Rainbow Children’s Medicare Limited
The Company has been making investments in, giving loans
and guarantees to and providing securities in connection
with loans to various persons and bodies corporate Shreya Mitra
(including its subsidiaries) from time to time, in compliance Company Secretary and Compliance Officer
with the applicable provisions of the Companies Act, M. No: A54901
2013 (‘the Act’).
Date: May 24, 2025
Place: Hyderabad

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PG 317-333

BRIEF PROFILE OF DIRECTOR AND INFORMATION REQUIRED PURSUANT TO REGULATION 36(3) OF LISTING
REGULATIONS READ WITH SECRETARIAL STANDARD FOR GENERAL MEETINGS (SS-2) ARE GIVEN BELOW:
Name Dr. Dinesh Kumar Chirla
DIN 01395841
Date of Birth (Age in Years) December 19, 1969 (55 Years)
Date of First Appointment to December 14, 2005
the Board
Brief Resume, Qualification, Dr. Dinesh Kumar Chirla is one of the promoters of the company and has been on the
Nature of Expertise and Board since 2005. He completed his MBBS in 1990 and MD (Pediatrics) in 1994 from
skill set require in specific Marathwada University, followed by DM (Neonatology) from Bombay University in 1998.
functional areas He earned MRCPCH (2002), CSST in Neonatology (2003), and FRCPCH (2015) from
the Royal College of Paediatrics, UK. He was conferred FNNF by the National Neonatology
Forum in 2018 and FIAP by the Indian Academy of Pediatrics in 2024.
After completing his training in India, he pursued a Neonatology Fellowship at Mercy
Hospital, Melbourne. He then worked as a Senior Clinical Fellow in Neonatology at St.
Michael’s Hospital, Bristol, and completed a Fellowship in Paediatric Intensive Care at
Bristol Children’s Hospital, UK, before returning to India.
He is the Director of Intensive Care at the Rainbow Group, a Gold Medallist with numerous
awards, and has authored 75 research publications and contributed to several textbooks.
He played a key role in setting a Guinness World Record for the largest gathering of
preterm babies and a LIMCA Record for saving South Asia’s smallest baby (375g). He
also established the largest Neonatal and Paediatric Emergency Transport Network and
pioneered the use of HFOV during transport.
He was Secretary combined AP NNF, President-TS NNF 2018, Joint Secretary NNF 2021-
22. He was Chairperson -IAP intensive Care chapter 2023 and is a VICE PRESIDENT NNFI
2024.
He has organized numerous national and international conferences and workshops in
Neonatology and Pediatric Intensive Care. Actively involved in academics, he conducted
the Ventilation Series locally and the NOEL (NNF Online Education & Learning) series
nationally for fellows. He is a regular invited faculty, including orations, at major conferences.
A Founding Trustee of the Heal a Child NGO, he has also received the Best Doctor award
for his contributions.
Shareholding (as on the • 66,33,310 Equity Shares - Directly
date of this Notice) in the
• 10,40,000 Equity shares through Sai Geeta Dinesh Trust (Dr. Dinesh Kumar Chirla is
Company either directly or in
the settlor of the trust)
form of beneficial interest for
any other person
Relationship with other None
Directors & KMP’s
No. of Meetings of the Board 5 (Five) Meetings
attended during the year
2024-25.
Directorships held in other • Rainbow Speciality Hospitals Private Limited
Companies
• Rosewalk Healthcare Private Limited
• Rainbow Children's Hospital Private Limited
• Rainbow Women & Children's Hospital Private Limited
• Rainbow Fertility Private Limited
• Rainbow Advanced Health Sciences Private Limited
Listed entities from which the Nil
person has resigned from the
directorship in the past three
years

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Rainbow Children's Medicare Limited
Integrated Annual Report 2024-25

Name Dr. Dinesh Kumar Chirla

Membership/ Chairmanship Nil
of Committees of other
companies
Terms and conditions Terms and conditions of appointment and Remuneration sought to be paid: Same as
of appointment/ re- approved by the Shareholders in their Annual General Meeting held on July 30, 2024.
appointment and
Remuneration last drawn: As mentioned in the Corporate Governance Report forming
Remuneration sought to be
part of the Annual Report for the Financial Year 2024-25.
paid/ last drawn

By Order of the Board

For Rainbow Children’s Medicare Limited

Shreya Mitra
Company Secretary and Compliance Officer
M. No: A54901
Date: May 24, 2025
Place: Hyderabad

Registered Office:
8-2-120/103/1, Survey No. 403, Road No. 2,
Banjara Hills, Hyderabad – 500034, Telangana.
CIN: L85110TG1998PLC029914; E-Mail: [email protected]
Website: www.rainbowhospitals.in; Telephone No: +91 40 49692244

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 RAINBOW CHILDREN’S MEDICARE LIMITED
Corporate Identity Number: L85110TG1998PLC029914
Regd. Office: 8-2-120/103/1, Survey No. 403, Road No. 2, Banjara Hills, Hyderabad – 500034, Telangana.
Corporate Office: 8-2-19/1/A, Daulet Arcade, Road No. 11, Banjara Hills, Hyderabad - 500034, Telangana.
Website: www.rainbowhospitals.in; E-Mail: [email protected]
Telephone No: +91 40 49692244

Shareholder Satisfaction Survey

Dear Member,

As part of our constant endeavour to improve Shareholders service, we seek your feedback on this Shareholder’s Satisfaction
Survey. Please spare a few minutes of your valuable time to fill this questionnaire.

Name of Sole/First Shareholder

DP ID & Client ID/Folio Number

Email ID

Kindly rate your responses on specified service areas listed below on the following scale:
Rating
S. No Area
5 4 3 2 1
1. Overall Service Rating of RTA
2. Response to queries/grievances by Company/RTA
3. Receipt of various documents from the Company i.e. Annual Report,
ECS Intimation etc.
4. Quality of disclosures to Stock Exchanges/on Company Website
5. Quality and content of Annual Report
5- Excellent; 4-Very Good; 3-Good; 2-Satisfactory; 1-Need Improvement

Do you have any grievance which has not been addresses so far : Yes No

If yes, please provide a brief summary of the grievance.

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Any suggestions for improving the quality of Investor Services

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(SIGNATURE OF THE MEMBER)

THANK YOU FOR YOUR SUPPORT. YOUR FEEDBACK IS IMPORTANT TO US.

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