We believe that there is XXXXXX in industry XXXXX growth. Industry XXXXX is XXXXXX for players and hence they are XXXXX/ XXXX etc. With this XXXXXX are growing, however, the xxxxxx is XXXXXX than last year. xxxxxx intensity is quite xxxxx amongst organised players. XXXXX players will have to xxxxxx the market share of xxxxxx in order to xxxxx themselves. This is xxxxx given the xxxxx xxxx connect the xxxxxxx have XXXXXXX players are xxxxxx on reaching out xxxxxxxxxxxxx to customers and xxxxxxxx xxx/ xxx and xxxxxxx franchises. Franchises are xxxxxxxxxxx with the same xxxx/ xxxxx inquiries are being handled by xxxxxxxx themselves rather than xxxxxxxxxx it with xxxxxxxxxx unless the company xxxxxxxxxx their own xxxxxxxxxxx xxxxxxxxxx and xxxxxxxxxxxxx are xxxxxxxxxxx with Dr. Lal as they xxxxxxxx to xxxxxxxxx xxxxx to the xxxxxxxxx as well as xxxxxxxx agents xxxxxxxxxx who has xxxxxxxxxxx by them. Also, they have made it xxxxxxxxxxxx to get the xxxxxxxxxxxx of customers Similarly, xxxxxxxxx is approaching xxxxxxxxxxxxx, xxxxxxxxxxx and xxxxxxxxxx introduced by xxxxxxxxxxx directly which is xxxxxxxxxxx the business of xxxxxxxx Players have found it xxxxxxxxx to xxxxxxxxxx markets out of their strong xxxxxxxxxxxxxx. The market in tier xxxxxxx cities have got xxxxxxxxxxxxxx with xxxxxxxxx facing the xxxxxxxx of xxxxxxxxxxxx as new xxxxxx are being xxxxxxxxx up at every xxxxxxxxxxx. xxxxxxx have a xxxxxxxxx xxxxxxxxxxxx and to xxxxxxxxxx their xxxxxxxxxxxxxx can only help

1. Strictly Private & Confidential
Diagnostic Industry – An on-ground report
December - 2018

2. Strictly Private & Confidential
Contents
2
No. Description Page No.
1 Executive Summary 3
2 Research Findings 9

3. Strictly Private & Confidential
Executive summary

4. Strictly Private & Confidential
Diagnostic Industry trends
4
Description
Sample Growth • We believe that there is XXXXXX in industry XXXXX growth.
• Industry XXXXX is XXXXXX for players and hence they are XXXXX/ XXXX etc. With this XXXXXX are growing,
however, the xxxxxx is XXXXXX than last year.
• xxxxxx intensity is quite xxxxx amongst organised players. XXXXX players will have to xxxxxx the market share of
xxxxxx in order to xxxxx themselves. This is xxxxx given the xxxxx xxxx connect the xxxxxxx have
Direct to xxxxxxxx • XXXXXXX players are xxxxxx on reaching out xxxxxxxxxxxxx to customers and xxxxxxxx xxx/ xxx and xxxxxxx
franchises. Franchises are xxxxxxxxxxx with the same
• xxxx/ xxxxx inquiries are being handled by xxxxxxxx themselves rather than xxxxxxxxxx it with xxxxxxxxxx unless the
company xxxxxxxxxx their own xxxxxxxxxxx
• xxxxxxxxxx and xxxxxxxxxxxxx are xxxxxxxxxxx with Dr. Lal as they xxxxxxxx to xxxxxxxxx xxxxx to the xxxxxxxxx as
well as xxxxxxxx agents xxxxxxxxxx who has xxxxxxxxxxx by them. Also, they have made it xxxxxxxxxxxx to get the
xxxxxxxxxxxx of customers
• Similarly, xxxxxxxxx is approaching xxxxxxxxxxxxx, xxxxxxxxxxx and xxxxxxxxxx introduced by xxxxxxxxxxx directly
which is xxxxxxxxxxx the business of xxxxxxxx
xxxxx to capture
xxxxx beyond their
strong xxxxxxxx
• Players have found it xxxxxxxxx to xxxxxxxxxx markets out of their strong xxxxxxxxxxxxxx.
• The market in tier xxxxxxx cities have got xxxxxxxxxxxxxx with xxxxxxxxx facing the xxxxxxxx of xxxxxxxxxxxx as new
xxxxxx are being xxxxxxxxx up at every xxxxxxxxxxx. xxxxxxx have a xxxxxxxxx xxxxxxxxxxxx and to xxxxxxxxxx
their xxxxxxxxxxxxxx can only help

5. Strictly Private & Confidential
Diagnostic Industry trends
5
Description
XXX strategies in
place
• Players are either xxxxxxxxxx the xxxxxxx and xxxxxxxxxxx on xxxxxxxxxx or they are focusing on xxxxxxxxx
• Dr. Lal and Thyrocare are focusing on the xxxxxxxxxxxx whereas SRL and Metropolis are focusing on xxxxxxxxx and
are xxxxxxxxx. xxxxxxxxxxx are xxxx the xxxxxxxxxx for SRL and Metropolis
Growth in
xxxxxxxxxxxx
healthcare
• The market is xxxxxxxxxx for xxxxxxxxxxxx with increasing xxxxxxxxxxxx and xxxxxxxxxxx by players. Also,
xxxxxxxxx are xxxxx as these are xxxxxxxx xxxxxxxxx xxxxxxxxx
• Also, absolute margin number is xxxxx in case of xxxxxxxxxxxx even though the xxxxxxxxxx percentage is generally
xxxxx
XXXXX increase
xxxxxxxx
• Given the strong xxxxxxxxxxx xxxxxxxx, we believe xxxxxxxxx will not be xxxxxxxx for any player in the industry
• We believe that in the long run, xxxxxx might have to xxxxxxxx with xxxxxxxxxxx xxx than what they currently enjoy

6. Strictly Private & Confidential
Executive Summary – Dr. Lal Pathlabs
6
Description
Dr. Lal Pathlabs • Dr Lal Pathlabs has xxxxxxxxxx its xxxxxxxxxxxx on the ground. xxxxxxxxxx year they were xxxxxxxxxxx in terms of
xxxxxxxxxxxxxxx, xxxxx, xxxxxxxxxx etc. However xxxx year their xxxxxxxxx has substantially xxxxxxxx xxxxx.
Franchises are xxxxxxxxxx started to do xxxxxxx to xxxxxxx themselves.
• Our xxxxxxx is that xxxxxxxxxx xxxxxxxxxxxxx has xxxxxxxxxxx as compared to last xxxxxxx. Dr Lal is
xxxxxxxx to make xxxxxxxxx except for xxxxxxxx. It is facing a xxxxxx xxxxxxxx from Suraksha in xxxxxxxx and SRL/
xxxxxxxxx in xxx, xxxxx etc.
• Dr Lal is xxxxxxxx on xxxxxxxx growth by giving xxxx/ xxxxx. Though there is xxxxxxxxxx growth overall, xxxxxxxxx are
not growing much. The xxxxxxxx increase will be xxxxxxxxxxxx in the near xxxxxxxxxx
• XXXX year, Dr. Lal was not xxxxx much on xxxxxxxxxxx which have xxxx recently with increasing xxxxxxxx on the
same
• Direct to the xxxxxxxx is the xxxxxxxxxx adopted to eliminate xxxxxxx and xxxxxxxxxx. This is creating a lot of
xxxxxxxxx amongst xxxxxxxxxxxx
• Dr. Lal is following the xxxxxxxxx model of xxxxxxxxxx of xxxxxxx on xxxxxxxxxx and xxxxxxx prices
• We believe that future xxxxxx from an xxxxxxxxxxx number of xxxxxxxxxx is going to be xxxxxxxx given the
xxxxxxxxxxxx happening on xxxxxxxx
• Similarly, the xxxxxxxxxxx of xxxxxxxxxxx which was expected to xxxxxx the xxxxxxxx will be xxxxxxxxxx
given xxxxxxxxx as well as xxxxxxxx with xxxxxxxxxxxxx in the xxxx region

7. Strictly Private & Confidential
Executive Summary – Thyrocare Technologies and SRL
7
Description
Thyrocare
Technologies
• Thyrocare’s xxxx on xxxxx has xxxxxxxxx substantially. xxxxxxx year too, the xxxxxxxx was xxxx too xxxxxxxx however
xxxxx year it has xxxxxxx . Their xxxxxx is to xxxxxx the xxxxxxx model and reduce xxxxxxxxxx
• Thyrocare reports are xxxxxxxx amongst xxxxxxxxxxxx
• Thyrocare strategy is xxxxxxxxxx and xxxxxxxxxxxx the xxxxxxxxx
• xxxxxxxx are xxxxxxxxxxx with xxxxxxx xxxxxxxxxx and xxxxxxxxx model
• xxxxxxxxx model is leading to xxxxxxxxxxx for the xxxxxxxx xxxxxxxx. There is xxxxxxxx of the area for xxxxxx and xxxxxxxx.
The earlier xxxxxx would get xxxxxxxx from xxxxxxxx; however now the same is xxxxxxxxxx xxxxxxxxx to the xxxxxxx
(xxxxx year, Thyrocare introduced the xxxxxxxxxx wherein they xxxxx like xxxxxxxxxxxx and gave the xxxxx to xxxxxxxx)
• We believe that the xxxx of xxxxxxx in the xxxxxxxxx term will xxxxxxxxx substantially
SRL
Diagnostics
• Amongst all the players, xxxxxxxxxx are most xxxxxxxx with SRL mainly because of xxxxxxxxx they give in xxxxxxxxxx
• The on-ground team of xxxxxxx is quite xxxxxxx in terms of xxxxxxxx – xxxxxxxx, xxxxxxxxxxxxxx etc.
• SRL is quite xxxxxxx in tier x states like xxx, xxxxxx etc. which we xxxxxxxx has a xxxxx growth xxxxxxxxxx
• Franchises are xxx xxxxxxxx and are xxxxxxxxxxx about xxxxxxxxxxxx which is the xxxxxxxx with Dr. Lal and Thyrocare
• Though xxxxx are xxxxxx doctors xxxxxx the xxxxx of SRL as well their xxxxxxxx referral is xxxxxxxxx
• As per reports, the company is focusing on xxxxxxx or xxxxxxxxx to shore-up its xxxxxxx. However the same is xxx
xxxxxxx on the ground. xxxxxx are xxx xxxxxxxxx on the same as xxxx are xxxxxxxxx

8. Strictly Private & Confidential
Executive Summary – Metropolis Healthcare
8
Description
Metropolis
Healthcare
• Metropolis is xxxxxxxx than xxxxxxx and xxxxxxxxx
• Doctors xxxxxxxx the reports of xxxxxxxxx xxxxxxxxxxx
• Focus on xxxxxxxxxxx is very xxxxxxx. Also, the xxxxxxxxxx are xxxxxx designed xxxxxxxx with a lot of xxxx tests
• New xxxxxx are xxxxxxx with the support from xxxxxxxxx. They have a xxxxxxxxxxx r who does xxxxxx and xxxx
• xxxxx of the xxxxxxxxxx are collected from xxxxxx. xxxxxxxx allowed to xxxxxxxxx xxxxxxxxxx fee
• Given the relatively xxxxxx xxxxxxx network, there is no xxxxxxxxxx
• We believe that though the xxxxxxxx to new xxxxxxxxxxx is xxxxxxx; xxxxxxxxxxx is xxxxxx for xxxxxxx.
xxxxxxxxxx will be xxxxxxxxxxxxx given the xxxxx xxxxxxxxx of Metropolis

9. Strictly Private & Confidential
Research Findings

10. Strictly Private & Confidential
Dr Lal Pathlabs

11. Strictly Private & Confidential
Dr Lal Pathlabs – An on-ground report
11
Description
Sample Growth
 Sample growth of around xxxxxxxxx
 Around xxxxxx% franchises have said that they are xxxxxxxx as compared to previous year (xxx% last year)
Satisfaction
 Franchise satisfaction levels have xxxxxxxxxx as compared to xxxx year. (Not satisfied – xx% vs. xxx% last year)
 The key reason for xxxxx is xxxxxxxx from Dr. Lal as well as xxxxxxxxx and xxxxxxxxxxxx
 xxxxxxxxx is another important reason for xxxxxxxxxx amongst xxxxxxxxxx
 xxxx year, the xxxxxxxxxxx and xxxxxxxx were xxxx; however current xxxx shows almost xx% franchise xxx with the xxxxxx
Competition
intensity
 XXXXXX on the ground has increased with growth in XXXXXXXX getting xxxxx
 Our on-ground research shows that xxxxxxxxxxxxxx has increased especially in the xxxx (xxx, xxxx, xxxx etc.) and xxxx (xx)
 There is really xxxxxxxxxxx in the xxxx region for Dr. Lal; however, a lot of franchises are xxxxxxx about xxxxxxx. Franchise axxxxx have
a coverage xxxx of xxxxxxx depending on the area; however, the company is xxxxxxxx. Franchises are present xxxxxxxxxx
 In xxxxx, Dr. Lal is facing stiff competition from xxxxxxx, who is doing xxxx whereas Dr. Lal is doing xxxxx and xxxxxx. Also, xxxxx
spends on xxxxx and is getting xxxxx from xxxxx. Dr. Lal, on the other hand, is xxxxx in xxxxxx
 In states like xxx, xxxxx, there is competition from xxxx which is focusing on xxxxxxx – xxxxxx etc. Also in xxx -xxxxxxx which have xxxxx
below xxxxxx are giving xxxxx to Dr. Lal

12. Strictly Private & Confidential
Dr Lal Pathlabs – An on-ground report
12
Description
Service quality
 The xxxxx in terms of xxxxx is having xxxxx as compared to xxxx year. There are xxxx in xxxxxx whereas the xxxxx
is quite xxxxxx.
Share of packages
 Dr. Lal has xxxxxx and is focusing on xxxxxx; the share of packages has xxxxxxxx from xx% last year to currently
xx%
 The company has xxxxxx the number of xxxxx as well as having xxxxxx on the same. Also, the number of xxxxx in
the xxxxx have been xxxxx
Direct to customers
 Dr. Lal is focusing on xxxxxx customers xxxxx and xxxxx the xxxxx. xxxxx of customers have been made xxxx for
xxxx
 xxxx and xxxx are xxxx as Dr. Lal is xxxxxx their xxxxxx as well as xxxxx which have been introduced by them
Who is responsible to collect
samples?
 XXXX is responsible to collect samples and not the xxxx
Are the app and online enquiries
shared with franchise?
 App and online inquiries are xxxxxxxx by the xxxxx and not xxxxxx with the xxxxx
Who pays for the material?  All xxxxx materials including xxxxx are borne by the xxxx

13. Strictly Private & Confidential
Thyrocare Technologies Ltd

14. Strictly Private & Confidential
Thyrocare Technologies – An on-ground report
14
Description
Sample Growth  There has been a xxxxx in the xxxxx as compared to xxxxx
Satisfaction
 Satisfaction levels of Thyrocare have xxxx as compared to xxxxx
 Last year franchises were xxxxxx with xxxxxx. This year there is a xxxxxx as franchises are xxxxxx about xxxx as well as
xxxxxx because of the xxxxx model
 Franchises are xxxx for every xxxx they do. For eg, xxx, xxxx etc. The xxxx range from Rs. xx,xxx to xx,xxx per month for
some xxxx. These xxx clauses aren’t there in other players like Dr. Lal
Competition intensity
 There is xxxx of Thyrocare in terms of xxxxx. It is the xxxxx in almost all xxxxx
 xxxxxx is high from other Thyrocare xxxx because of xxxxxx
 xxxx is an xxxx given to xxxxx, xxxxx who used to xxxxx and send it to xxxxx. Xxxxxxx are xxxx with the xxxx model of
Thyrocare as now the xxxx xxxx send the xxxxxx to the xxxxxx. Also, xxxx is given to xxxx with no xxxx of the xxx
which is leading to xxxxxx
Doctors referral  Based on our on-ground research, xxxx do not xxxxx the xxxxx of Thyrocare as xxxxx are xxxxxx
Share of packages -
Aarogyam
 The share of packages in Thyrocare is around xxxx%

15. Strictly Private & Confidential
Thyrocare Technologies – An on-ground report
15
Description
Why did they choose Thyrocare?  Franchise owners selected Thyrocare because of xxxxx and xxxxxxx
Direct to customers
 Thyrocare is xxxxx customers
 xxxxx and xxxx are xxxxx as Dr. Lal is xxxxxxxxx customers as well as xxxxxx which have been introduced by them
Who is responsible to collect
samples?
 The franchise owner is xxxx to xxxxx the samples to the xxxxx
Is there any discount the franchisee
gives to clients on tests?
 Almost xx% have said that xxxx to xxxxx on the catalogue xxxx
Does the franchisee charge over and
above MRP to increase its margin?
Specially in Aarogyam test
 All the franchisees have said that they xxxxx xxxx MRP because of xxxxxx as well as there are xxxxx for xxxxx
Whether revenue share is on
discounted price you charge to the
client or on MRP decided by
Thyrocare?
 Billing rate/ Charges paid to Thyrocare is xxxxx for xxxxx. Any xxxxxx given by xxxx has to be borne by xxxxx
What is the lead cost per xxxx?  The lead cost is around xxx to xx% of the catalogue price. It generally works out to be Rs. xxx to xx per xxxx

16. Strictly Private & Confidential
Suraksha Labs and Pathkind Labs

17. Strictly Private & Confidential
Suraksha Labs and Pathkind Labs – An on-ground report
17
Questions Answers
Suraksha Labs
 Suraksha is a competitor in xxxx especially xxxxx
 Suraksha is xxxx and has xxxxxx. They are quite xxxxx – xxxx etc. and are doing xxxx in xxxxx
 Has both xxxxx and xxxxxx tests
 Packages are xxxxx by the xxxxx and xxxx to xxxx
 Franchises are xxxxx with Suraksha as samples are xxxxx because of xxxxx of Suraksha labs
Pathkind Labs
 Pathkind labs is a player in xxxx especially xx, xxx etc. and is owned by xxxxxxx
 Most of the franchises are xxxxx . Reason to choose Pathkind is that it is owned by xxxxx. They are xxxxxx as the
company is xxxxx requisite xxxx as promised to them
 Test prices in all locations are xxxx than xxxx. They are xxxxx xxx active in xxxxx.
 There are concerns around xxxxxx. Also, xxxxx do xxxx Pathkind as they keep xxxxxxx (Earlier had a lab in xxxxx
which got xxxxx)

18. Strictly Private & Confidential
Metropolis Healthcare

19. Strictly Private & Confidential
Metropolis Healthcare – An on-ground report
19
Description
Satisfaction levels  Majority of the franchises are xxxxxxx with Metropolis. Franchises who are xxxxxx are because of xxxxxx and the xxxxx.
Marketing support is mainly through xxxxx, xxxxx etc.
 Franchises who are xxxxxx are mainly because of xxxxx and xxxxxx
Competition intensity  Xxxx and xxxx are the key competitors for Metropolis. Xxxx is a competitor in xxxx and has a xxxxxx in xxxxx as
compared to Metropolis
 xxx is more active in xxxxx and xxxxxx as compared to Metropolis
Packages  Metropolis is xxxxx on xxxxxx at all. As per franchises, the xxxxxx are xxxxx as compared to competitors as well as the
xxxxx are xxxxx properly to include xxxxx
Can franchise charge above
MRP or do they discount?
 Franchise are xxxxx xxxxx to customers from xxxxx
Who is responsible to collect
samples?  The xxxxxx is responsible to xxxxxx. Metropolis has xxxx with xxxxxx partner to xxxxxx
Common tests
 xxxx and xxxx are the popular tests of Metropolis
Share of home collection
 Almost xx% of samples are collected from xxxx. Franchises are xxxx to charge xxxx from the customer

20. Strictly Private & Confidential
Metropolis Healthcare – An on-ground report
20
Questions Answers
Service quality  There are xxxx in xxxx or xxxxx in Metropolis
Who pays for the material?  All xxxxxx collection xxxx are provided by the xxxxx except xxxx
Are the app and online enquiries
shared with franchise?
 App and online inquiries are xxxx by the xxxxx and xxxxx with the xxxxx
What are the monthly expenses of
franchise?
 The typical franchise has costs of around Rs. xxxxxx per xxxx
Who bears the employee costs?  Employee costs are borne by the xxxxx. Typically there xxxx employees in a xxxx
Local lab tie-ups?  Lab xxxx are done by Metropolis xxxxx and samples goes xxx to the xxxx. Very few franchises take xxxx from xxxx
Area coverage for a franchise  Each franchise covers x to x km

21. Strictly Private & Confidential
SRL Diagnostics

22. Strictly Private & Confidential
SRL Diagnostics – An on-ground report
22
Description
Satisfaction levels
 More than xxx% of the franchises are xxxxx with SRL. Franchises who are xxxxx are because of xxxxx- xxxxx in the
nearby local area xxxxx , xxxxxx to spread xxxxx
Competition intensity
 Competition intensity for xxxx is high as the xxxxx are much xxxxx than SRL
 Xxx and xxxx are the key competitors for SRL. Both have xxxx and xxxxx on xxxx
Sample growth  The majority are saying that xxxxx are xxxx as compared to xxxx
Packages
 SRL is xxxx on xxxxx at all. As per franchises, xxx% revenue is derived from xxxxx and only xxx% is generated through
tests xxxx
 Franchises are xxxxx to sell xxxx reason is they have only xxx% margin in xxxx
Can franchise charge above
MRP or do they discount?
 SRL does xxx any kind of xxxx to the customers but xxxxx are allowed to give xxxxx from xxxx xxxx
Who is responsible to collect
samples?
 The xxxxxx is responsible to xxxx from xxxx
Common tests  xxx and xxxx like xxxx and xxxxx are the popular tests of SRL
Share of home collection  Almost xxx% of samples are collected from xxxx
Doctor referral  Almost xxx% of samples are collected from xxxxxx

23. Strictly Private & Confidential
SRL Diagnostics – An on-ground report
23
Description
Service quality  There are xxx with regard to xxxx time as well as the xxxxx
Who pays for the material?  All sample collection materials are provided by xxxxx except the xxxx
Are the app and online enquiries
shared with franchise?
 SRL collects samples xxxxx from xxxxx patient xxxxx, few xxxx have claimed that these practices have xxxxxxx
their xxxxx
Is competition doing better? if yes why
 More than xx% of franchise owners have agreed that xxxxx is xxxx in their area. Brands like xxx and xxxxx are
having xxxx and their xxx visits to the xxxxx more xxxxx

24. Strictly Private & Confidential
Thank You
Please contact:
Reevolv Advisory Services Pvt. Ltd. (www.reevolv.in)
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Address: Mascot CoWork, 103/104, Orbit Plaza, New Prabhadevi Road, Prabhadevi, Mumbai 400025
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