During this period of systemic change, the leadership transitioned to Rhitik Jassar, who at just 17 years of age, took on the responsibility of steering an institution with a debt burden of ₹215 crore. Today, that same institution has achieved net debt-free status, marking a remarkable turnaround story in India’s medical education sector.
“This journey wasn’t just about financial transformation. It was deeply personal. At 17, I had to process the grief of losing my father, the Founder-Chairman of the group, while learning to steer an institution with 500 faculty members and 1,500 students. It meant mastering the intricacies of running a brick-and-mortar business and untangling complex legacy issues related to land, buildings, and approvals, while navigating the labyrinth of the state and Centre’s regulatory frameworks. The real challenge was establishing credibility, both with our own team and external stakeholders. I distinctly remember when a reputed private bank declined even a ₹15 lakh bus loan due to our debt position. Today, the same bank has extended a term sheet of ₹150 crore,” states Rhitik Jassar, Chief Operating Officer and Secretary of DJ Group of Institutions.
“These years of adversity forged our character. While many may have sought easier paths such as asset sales, we remained steadfast in meeting every financial commitment to our bankers through our operational cash flows. This period taught us invaluable lessons in financial discipline and reinforced our belief in the paramount importance of honouring our obligations, regardless of circumstances,” adds Dr. Smiti Klaire, CEO, DJ Group of Institutions.
This transformation is evidenced in the group’s audited financials for FY 2023-24, which showcase exceptional financial health with an EBITDA margin of 39% and PAT margin of 23%. The foundation reports robust solvency indicators, including a current ratio of 3.88 (2.95 including term loan instalments), healthy debt service coverage ratio (DSCR) of 1.74, and an impressive cash flow interest coverage ratio of 4.51.
The group’s prudent financial management is reflected in its optimised borrowing costs, with the average cost of credit reduced from 14.25% to 8.60% during a period of rising interest rates. The average working capital utilisation has been substantially reduced from 95% to 5%, while the debt-equity ratio stands at a healthy 0.30. “Our current cash balances match our term loan exposures, and we have achieved net debt-free status from group level exposures of ₹215 crore a few years ago,” adds Jassar.The group’s borrowing portfolio has undergone a strategic transformation, moving from high-cost NBFC exposures to partnerships with leading banking institutions. Most notably, DJ Group of Institutions has fully serviced and repaid ₹175 crore of debt, including medical college construction financing, entirely through existing operations’ cash flows— without the benefit of upcoming medical college or hospital revenues, a unique achievement in India’s education and healthcare sector.Operating from a 75 acre residential campus in Modinagar, DJ Group of Institutions continues to maintain operational excellence across its educational programmes with nearly 100% enrolment. The group’s financial strength is validated by its SME-1 rating by Infomerics Analytics and Research for two consecutive years.
The group’s financial transformation and commitment to excellence has earned recognition from its key banking partners. Rakesh Sharma, General Manager of Bank of Baroda, New Delhi Zone, acknowledges this achievement. “This milestone reflects JDMEHF’s exceptional journey, and we extend our wholehearted congratulations. As a multi-generational client of Bank of Baroda, they exemplify the kind of institutional relationships we value. We remain committed to supporting their future endeavours through fresh credit facilities and a full range of banking solutions.”
This sentiment is reinforced by Abhimanyu Bunker, Vice President, Centrum Capital. “Under Rhitik Jassar’s visionary leadership, assumed at the age of just 17 following Mr. Ajit Singh Jassar’s passing, JDMEHF is poised for unprecedented growth. Their upcoming medicity project represents a landmark development in NCR: a 1.5 million sq.ft integrated healthcare complex designed to accommodate 5,000 persons including students, doctors, nurses, and patients. This distinctive asset, combining healthcare, residential, and institutional facilities, is virtually irreplicable given current market dynamics. JDMEHF’s proven operational excellence and robust banking practices position it as an exemplary partner for institutional lenders seeking premium, long-term investment opportunities.”
About DJ Group of Institutions
DJ Group of Institutions, operated by the Jassar Dental Medical Education Health Foundation, is a leading provider of medical education and healthcare services in Uttar Pradesh. Operating from Modinagar, the group has established itself as a pioneer in medical education.
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