Annual Report
2019-20
A crossroad is an opportunity to redefine our choices while making a shift in our perspective. For the last few months,healthcare institutions in India have been found at the forefront of a challenging situation. The sudden outbreak of Covid-19 pandemic has brought everyone to a point of transformation.
We, at Metropolis Healthcare Limited (‘Metropolis’ or ‘the Company’),promptly responded to this stimulus by adapting to the change. We transformed and adapted not to cope up but to win. We redesigned to quickly merge with the change, transforming ourselves for a new tomorrow.
The current scenario foretells two changes for the pathology industry: Consolidation of path labs in the nation and consumers’ keen interest in good health and overall wellness. Metropolis is strengthening its team for the next big leap. We are building our digital capacities, automating processes, and enhancing our efficiencies and productivity for swiftly transitioning into the future. We are well-poised to lead this new era of change while keeping safety, quality, and empathetic patient services at the core of our business.
Metropolis at a Glance
Metropolis is India’s leading diagnostic company with a presence across in India and Africa.
Incorporated in the year 1981, Metropolis has built the foundation of its success on the pillars of accuracy, reliability, and consistency. With the perfect mix of these pillars, we have been successful in establishing
ourselves as one of the most trusted and leading brands in the Indian diagnostic industry. We offer an exhaustive test repertoire comprising of the most routine tests to semi-specialised tests and super-specialised tests. Transforming and upgrading ourselves to the tune of new trends and changes, today we have over 4,100 tests and test profiles to offer. Various test combinations, specific to a disease or disorder and wellness profiles used for health and fitness screening form a part of our service profile.
With over
40
Years of Experience
Our Network Comprises
124
Clinical Laboratories
And
2,133
Service Network
We Have Laboratories
19
Across Indian States
With Presence Across
220
Cities
Which are
Global and
National
In Terms of Quality Accredited
With More Than
4,000
Tests and Profiles
With a
Leadership
Position
In Western & Southern India
And Serving Customers through
10,000+
Patients Touch Points
Including
~9000
Pick-up Points
And
598
Assisted Referral Centres (ARC)
All figures as on 31 March 2020
Metropolis edge
Advanced
Deploys best IT which allows fully integrated and automated processes
Accessible
Pan-India availability through a distributed network and owned laboratories
Affordable
Provides tests at affordable prices with quality and patient experience score at 91% as per (NPS)
NABL accreditation
More than 75% reports are generated by accredited labs. NABL Accreditation follows ISO-15189 Standard and is recognised by ILAC & APLAC.
Portfolio
Wide range of clinical preventive and wellness tests, including highly specialised and esoteric assays.
Certified
Mumbai Lab is CAP accredited since 2005
*CAP: College of American Pathologists. *NABL: National Accreditation Board for Testing and Calibration Laboratories
KEY NUMBERS
Snapshot of Key Performance, 2019-20
Revenue
EBIDTA
PAT
Revenue Share of b2c in focused cities
Patient visit
Tests Conducted
Note: EBIDTA: Earnings before Interest, Depreciation, Taxes and Amortisation, PAT: Profit after Tax, B2C: Business to Customers
Read moreCovid-19 Highlights
The global catastrophe of Covid-19 has altered life and affected every aspect of it in almost every corner of the world. While it is hard to fully fathom the degree to which life will change post-Covid-19, we can only predict and assume what it will be like. Everything has its own pros and cons and this outbreak is no different. We very well know how Covid-19 has disrupted our lives, but we are oblivious of how it has helped us stop, rethink, and transform certain facets of our lives. It is helping us rectify the way our world functions. At a micro level, big manufacturing companies are switching to sustained and alternative supply chains. Similarly, at macro level, a growing number of nations are focusing on how to strengthen healthcare infrastructure in their system. In India, Covid-19 is raising tremendous awareness about health, thereby changing the dynamics of the Indian healthcare system.
Business Model
Metropolis recognises the importance of creating value for all its stakeholders. For this, the Company has identified different type of capitals which enable us to respond to the many opportunities and challenges we face. Our business model shows links between our strategic focus areas, business activities and the six capitals. It helps us address all the aspects of business for creating value over the short, medium and long term.
Financial Capital
Financial Capital refers to a pool of funds that we use to create value through conversion into other forms of capital. This capital is raised through financing (equity, debt), operations and investments.
Service Capital
Service capital refers to our labs and infrastructure that goes into delivering quality and innovative service offering to customers.
Intellectual Capital
Intellectual Capital represents our knowledge-based intangibles. Our research and development and innovation capabilities help us achieve operational excellence while remaining competitive.
Human Capital
Human capital refers to our highly-skilled, diverse, and effective workforce. Through continuous training of our people and by hiring new talent, we secure our future development.
Relationship Capital
Relationship capital reflects our strong relationships with regulators, health authorities and successful collaborations with industry partners that enables us in meeting growth objectives.
Natural Capital
Natural capital represents our commitment towards achiveing the highest quality standards, without harming the nature.
Financial capital
The Company generates financial capital annually in the form of surplus, arising from the current business operations, financing activities and investing activities through monetisation of assets and investments. We follow asset light model which allows us to generate rich cash and cash equivalents. Our 91.5% of the centre network and 16.1% lab network do not require capital and hence are asset light.
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Service capital
Our service capital critically assists us in facilitating value creating activities. Customer centricity approach, world-class quality services with accessibility, conclusive diagnosis, and comprehensive test profiles to serve better, form the nucleus of Metropolis. Our service capital comprises employees’ skill set and service offerings along with a wide network presence and laboratories.
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Intellectual capital
Intellectual capital supports our commitment of increasing the number of lives that benefit from our focused, high quality and affordable services offered. Moving along this path of quest, our ongoing investment in intellectual capital allows us to remain the pioneers while focusing on the highest standard of quality.
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Human capital
Our workforce is professionally qualified and contributes a wealth of intellectual capital. Our employees are our ambassadors, vital for growing and running our business. We invest in our employees to attract and retain high-calibre workforce. Our employees, in turn, are passionate and committed to quality and excellence, which assists in creating and maintaining confidence in our value proposition.
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Relationship capital
In an endeavour towards consistently improving its customer service, Metropolis actively manages its stakeholder relationships with customers (patients), investors, government, regulators, and communities. We put special efforts for instilling a culture of respect, by giving back to the communities. This is done through our outreach projects within the areas we operate. Through these initiatives, we aim to instil a sense of responsible corporate citizenship and care for the community.
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Natural capital
Natural capital refers to creating value for our stakeholders through conservation of the natural resources. We recognise that our operations indirectly impact the environment. Our safety protocol affirms our commitment of reducing impact on the environment. We do this through responsible environmental management, conservation, and protection across all our operations.
Read moreBoard of Directors & Leadership Team
Dr. Sushil Kanubhai Shah
Designation: Chairman & Executive Director
Qualification: Bachelor’s degree in Medicine and Surgery and Ph.D Medicine in Pathology and
Bacteriology from University of Bombay.
Experience: More than four decades of experience in pathology
Sushil Kanubhai Shah is the Founder of the Company and has more than four decades of
experience in the pathology business. He was one of the partners of Metropolis Healthcare
Services and Metropolis Lab. He has been instrumental for the growth and success of the
Company. He was awarded the “Maharashtra Gaurav award” by the Government of India and the
“Lifetime Achievement Award” at the Six Sigma Healthcare Excellence Awards. He was also
awarded the “Rajiv Gandhi Excellence Award” by the Indian Solidarity Council and the “Rashtriya
Chikitsak Ratna” award by the National Education & Human Development. He has been a Director
on the Board since 2005.
Ms. Ameera Sushil Shah
Designation: Managing Director
Qualification: A degree in Finance from The University of Texas at Austin and the prestigious
Owner-President Management Program at Harvard Business School.
Experience: More than two decades of experience in pathology business
Ms. Ameera Shah is the Promoter & Managing Director of Metropolis Healthcare Ltd. Ms. Shah
received a degree in Finance from The University of Texas at Austin and is an alumnus of the
Harvard Business School (OPM Program). Under the leadership of Ms. Shah, Metropolis listed
successfully at the stock exchanges in April 2019 at a 9% premium amidst challenging market
circumstances. Ms. Shah also led Metropolis into the frontlines of the COVID-19 testing in India.
For the last 20 years, Ms. Shah has focused on delivering sustained growth, built, and led corporate
functions, including finance, strategy, business process optimization, innovation, investor
relations etc. Under her leadership, Metropolis raised the bar of diagnostic accuracy, technological
equipment, customer experience, and research-driven, empathetic service. Ms. Shah has led the
corporate transformation of Metropolis by setting protocols, hiring expert professionals for the
management team, and bringing together a fully actualized board. She has been a Director on our
Board since 2008.
Mr. Vivek Gambhir
Designation: Non-Executive Independent Director
Qualification: Bachelor’s degree in both Science and Arts from the Lafayette College,
Pennsylvania. He also holds a Master’s degree in Business Administration from Harvard University.
Experience: More than ten years of experience in operations and strategy.
Vivek Gambhir currently associated as whole time director of Godrej Consumer Products Limited
was earlier serving as a Managing Director and Chief Executive Officer of Godrej Consumer
Products Limited. Vivek was instrumental in driving the company’s efforts to become a leading
emerging markets FMCG leader.
He joined Godrej Industries in 2009 as Chief Strategy Officer responsible for guiding overall Group
strategy, conducting portfolio analysis and driving special projects. He helped define the CREATE
portfolio approach and the 10X10 objective for the Group.
Prior to joining the Godrej Group, Vivek was a partner at Bain & Company, one of the world’s leading
business consulting firms. He worked with Bain in Boston, Singapore and New Delhi. He was a
founding member of Bain’s consulting operations in India and led the firm’s FMCG practice in India.
He has been a Director on our Board since September 2018.
Mr. Sanjay Bhatnagar
Designation: Non-Executive Independent Director
Qualification: Master’s degree in Engineering from Stanford University. He also holds Master’s
degree in business administration from Harvard University.
Experience: More than 16 years of experience in project development, marketing, and operations
management.
He is the founder of THOT Capital Group, a private equity firm based in New York focused on
energy and infrastructure. He was also serving as the CEO of WaterHealth International (WHI), an
innovative water Company. Prior to setting up THOT Capital in 2001,Sanjay served as the Chairman
and CEO, Enron South Asia, where his responsibilities included developing and project-financing
of large-scale infrastructure, power plants, pipelines, LNG ships and re-gasification terminals. As
CEO of Enron Broadband Services for Asia and the Middle East, Sanjay developed Internet Data
Centers and optical fiber networks in India and S.E. Asia.
Sanjay started his career with Schlumberger, an oil field services company, as an engineer and
manager in Singapore and worked in Brunei, Thailand, Philippines, Malaysia, Indonesia and France.
His responsibilities included project development, marketing and operations management.
He had hold the former positions of Director Emeritus of US India Business Council (USIBC),
Advisory Board member of University of Alberta, Canada and many such other positions of repute.
He has been a Director on our Board since 2018.
Mr. Milind Sarwate
Designation: Non-Executive Independent Director
Qualification: Chartered Accountant, Company Secretary, Cost & Management Accountant, B Com
(Hons) (University of Bombay), CII-Fulbright Fellow (Carnegie Mellon University, Pittsburgh, PA,
USA).
Experience: 37 Years in Finance, HR and Strategy
Mr. Milind Sarwate is the Founder and CEO of Increate Value Advisors LLP, a firm that facilitates
organizations and individuals to discover, develop and deliver business & social value. He
provides advice and mentorship in value creation, effective governance, and capability building,
leveraging his long experience including long stints in Marico & Godrej. He also invests in promising
businesses/ social enterprises.
His eight independent directorships include Mahindra Finance, Hexaware, Metropolis Healthcare
and Matrimony.com, with an audit committee focus.
Mr. Sarwate has received the ICAI Award - CFO - FMCG 2011, CNBC TV-18 Best Performing CFO
Award -FMCG & Retail-2012. He was included in the CFO India Hall of Fame 2013 by CFO India
magazine.
He has been a Director on our Board since September 2018.
Ms. Anita Ramachandran
Designation: Additional Non-Executive Independent Director
(Appointed w.e.f. 14th May, 2020)
Qualification: MBA (Finance) from the Jamnalal Bajaj Institute
Experience: More than 35 years of experience as a management consultant
Anita Ramachandran began her career in the Management Consultancy division of AF Ferguson &
Co (the KPMG network company in India then) in Mumbai in 1976 as the first woman consultant in
the firm and worked in a wide range of areas from finance, industrial market research, strategy,
and human resources consulting. She founded M/s. Cerebrus Consultants in the year 1995 to
focus on HR advisory services, which has now established itself as a specialist firm in the HR field.
Her wide general management consulting experience and insights on HR has enabled her to be
a strategic advisor to many family groups. She supports many organizations in the social sector
through pro bono professional work and remains deeply committed to working with women.
Mr. Mihir Doshi
Designation: Non Executive Non Independent Director
(Ceased to be a Director wef April 30, 2020)
Qualification: He holds a bachelor’s degree in Science from New York University and is also a
member of the New York State Society of Certified Public Accountants and the American Institute
of Certified Public Accountants.
Experience: Mr. Mihir J. Doshi is Managing Director and Country CEO of Credit Suisse, India. He
joined Credit Suisse in April 2006 and is based in Mumbai. He is a member of the Asia Pacific
Management Committee.
Mr. Doshi has been instrumental in establishing Credit Suisse’s India franchise, which today
is active across Private Banking, and Investment Banking. He has been deeply involved in
strengthening the overall business profile of the Bank in India and in providing its strategic
direction. Under his leadership, Credit Suisse has been awarded a banking license by the Reserve
Bank of India and established a bank branch in Mumbai in 2011.
Dr. Sushil Kanubhai Shah
Designation: Chairman & Executive Director
Qualification: Bachelor’s degree in Medicine and Surgery and Ph.D Medicine in Pathology and
Bacteriology from University of Bombay.
Experience: More than four decades of experience in pathology
Sushil Kanubhai Shah is the Founder of the Company and has more than four decades of
experience in the pathology business. He was one of the partners of Metropolis Healthcare
Services and Metropolis Lab. He has been instrumental for the growth and success of the
Company. He was awarded the “Maharashtra Gaurav award” by the Government of India and the
“Lifetime Achievement Award” at the Six Sigma Healthcare Excellence Awards. He was also
awarded the “Rajiv Gandhi Excellence Award” by the Indian Solidarity Council and the “Rashtriya
Chikitsak Ratna” award by the National Education & Human Development. He has been a Director
on the Board since 2005.
Ms. Ameera Sushil Shah
Designation: Managing Director
Qualification: A degree in Finance from The University of Texas at Austin and the prestigious
Owner-President Management Program at Harvard Business School.
Experience: More than two decades of experience in pathology business
Ms. Ameera Shah is the Promoter & Managing Director of Metropolis Healthcare Ltd. Ms. Shah
received a degree in Finance from The University of Texas at Austin and is an alumnus of the
Harvard Business School (OPM Program). Under the leadership of Ms. Shah, Metropolis listed
successfully at the stock exchanges in April 2019 at a 9% premium amidst challenging market
circumstances. Ms. Shah also led Metropolis into the frontlines of the COVID-19 testing in India.
For the last 20 years, Ms. Shah has focused on delivering sustained growth, built, and led corporate
functions, including finance, strategy, business process optimization, innovation, investor
relations etc. Under her leadership, Metropolis raised the bar of diagnostic accuracy, technological
equipment, customer experience, and research-driven, empathetic service. Ms. Shah has led the
corporate transformation of Metropolis by setting protocols, hiring expert professionals for the
management team, and bringing together a fully actualized board. She has been a Director on our
Board since 2008.
Mr. Vijender Singh is the Chief Executive Officer of Metropolis Healthcare Ltd. Mr. Singh joined Metropolis Healthcare Ltd in 2016 and is responsible for driving the overall growth of the organization. His key role is to lead strategic initiatives and execution with best practices, innovation, and drive the management team. In the past, he has been associated with Leo- Mattel Toys, Bausch & Lomb and moved on to consumer healthcare segment with Ranbaxy and then further to Dr. Lal Path Labs. Throughout the course of his career, he has grown strength to strength as a professional and has worked his way up the corporate ladder. A seasoned and effective communicator, Mr. Singh is driven to perform, succeed, and excel. A people’s leader, his expertise lies in business models, operations, and P&L management. Mr. Singh is a Science Graduate and did an Executive Education Programme from ISB. In addition, he has also completed UCLA program for Disruptive Innovation from Haas School of Management, California, organized by AIMA.
Mr. Rakesh Agarwal is the Chief Financial Officer of Metropolis Healthcare Ltd. He has completed
his master’s in business administration with Finance specializations from AIM Institute and
Company Secretary from ICSI. In his current role at Metropolis, he leads the team of finance &
accounts, internal audit, legal and secretarial and is responsible for maintaining positive revenue
and financial growth, formulating sound financial strategies, and develop financial plans that
support organisational strategy.
He has over 20 years of progressive experience in Finance domain including Business Finance,
Financial Management & Operations Management. His previous assignment was with Bharti
Airtel Limited where he was heading the Finance Controller function for India. Prior to this, he
was associated with organizations like Dish net Wireless Ltd and Usha International Ltd. He has
extensive experience in consumer experience, business partnering by driving revenue & Cost,
Business Reporting & Analysis, Internal and Statutory Audit, Statutory Compliance & Governance.
Dr. Nilesh Shah is the President and Chief of Science & Innovation at Metropolis Healthcare Ltd. Armed with 30 years of rich experience in Diagnostics, Dr Nilesh has grown along with the company. Over the past 3 decades, he has successfully set up operations across 5 countries. He has played a central role in building the scientific core of the company and has been responsible for bringing in various tests and technologies. Dr Nilesh has been instrumental in Metropolis Healthcare receiving national and international accreditations. Today Metropolis is accredited by CAP, NABL, CLIA, NGSP & SANAS.
Ms. Ishita Medhekar is the Chief Human Resource Officer of Metropolis Healthcare Ltd. A committed and passionate human resource professional with 20+ year of experience in varied industries Telecom, Consultancy and Pharma Industry with more than 15 years’ experience in strategy and systems designing and operations. She heads the HR function for Metropolis and is responsible for Business partnering and designing HR Strategy & Systems and Automation, performance, reward, and talent management. Her previous assignments were with reputed organizations like Bharti Airtel and Sterlite Power.
Awards & Recognition
Accorded as the Most Admired Healthcare Company of the Year – February 2020
Won the award for Best IT Practices at the Data Center Summit 2019– October 2019
Awarded the Best Patient Experience team of the Year Award at PEXA Awards 2019, in Delhi – December 2019
Wins the Healthcare Leadership Awards, 2019 at Uttar Pradesh Healthcare Leadership Awards 2019 held at Lucknow– October 2019
Bagged Excellence in Logistics award at the CII SCALE Awards 2019 - Supply Chain & Logistics Excellence Awards organised by Confederation of Indian Industries – December 2019
Was awarded the Best IT Enabled Pathology Chain Award during the 4th Digital Innovation Health Summit and CIO Awards at Kolkata
Won a special mention as the Best Performance-Driven Digital Campaign Award at the InkSpell Drivers of Digital Awards 2019– December 2019
Metropolis was conferred with Award De Excelencia –‘’Service Excellence in Healthcare & Wellness’’ during the 3rd Annual Global Business Leadership Forum. It was presented by the prestigious Asian African Chamber of Commerce & Industry. July 2019
Conferred the Best Logistics Network Optimization & Best use of Technology in Logistics awards announced at the 5th Asian Supply Chain Thought Leadership Summit & Awards in Mumbai - November 2019
Our Chairman, Dr. Sushil Shah, was awarded with the ‘Lifetime Achievement Award’ at the South Asia Pacific Healthcare Summit & Business Awards 2019, for his immense contribution to the diagnostic industry Honoured as the Iconic Personality in Healthcare by Mid-Day at the Mid-Day Healthcare and Wellness Awards September 2019
Our Managing Director, Ms. Ameera Shah won the ‘Best Woman Entrepreneur of the Year’ in Healthcare Sector award at the ASSOCHAM Women Leadership & Empowerment Summit & Awards, for her outstanding leadership and achievements in the diagnostic industry. Ms Shah was also listed as the Most Powerful Women in Business listing and feature by Fortune India 2019 and Business Today 2019. Also won the Leader of the Year: NextGen award at the CNBC-AWAAZ CEO Award, organized by CNBC Awaaz held at Raipu
Our CEO, Mr. Vijender Singh won the Best Business Leader of the Year award at Business Leader of theYear Awards 2020