Analyse all Financials of HCG (Healthcare Global Enterprises) corresponding to timeframe of FY15-22 and answer below questions

1. Understand the nature of Employee Benefit expenses and Medical consultancy charges - Which of these are fixed costs and which are variable costs - Back your answer with logic and proof.

2. Why is rent contributing to Margin expansion in a positive manner in latest years? If you were to normalise the anomaly, how would the EBITDA margins look for the business?

3. Analyse the change in JVs of the company and its corresponding impact on the PnL of the consolidated entity and corresponding impact on operational cost, exceptional item and connect the same with cash flow statement

4. Analyse Legal and professional fees (as % of revenue) and find out the reason behind its increase for FY21-22

5. Understand revenue sources of the company and link it with reasoning behind bad debt writeoff

6. Whats happening to interest expense (as a % of revenue), why is it decreasing in latest years, whats happening?

7. Understand difference between PBT and PBT before exceptional items. Explain the reasoning behind each of those and once done, try connecting the dots for #3

8. Minority interests are backed out from the consolidated gains to get profit attributable to owners of the company, why is it that they are getting added in the PnL? Is the entry correct?

9. Explain each and every incremental changes in share capital of the business since FY15-22. simultaneously this should include identifying and explaining the FY18  amount of 30 odd Cr in others. Make sure each and every change is mapped to items in cash flow statement and this mapping and calculations are well explained. At the same time, identify the owner of each of these incremental equities in the business. This question will enable you to explain the ending accounts of share capital and warrants of FY20, 21 and FY 22

10. Observe the trend in CWIP, connect it with the leverage of the business and its need for Equity. Comment connecting all three.  use interest coverage ratios, D/E ratios, ROIC and ROCE in your calculations. using your findings, explain the jump in cash balance of FY 22 as compared to FY 21