Narayana Hrudalaya: Q2FY23 Result Update
12-11-2022

Market Cap Rs. 15,119 cr

CMP Rs. 738 |PE 38x FY23

Results

INR Cr.

Y-o-Y Growth

Comments

Revenue

1,142

21.3%

Revenue growth is attributable to increased patient footfalls, better case-mix and payee-mix

EBITDA

244

44.3%

EBITDA margin came in at 21.3% (+330bps YoY ) aided aided by higher volumes and procedural mix

 

Click here for 10 year X-ray

Key Highlights:

·         Occupancies in India hospitals came in at ~49.7% vs 48.1% last quarter.

·          Revenue growth in Cayman was 47.6% YoY, primarily due to lifting of curbs.

·         International patients share in the total payee mix improve to 8% vs 6% last quarter.

·         It continued to witness strong growth in high-end cardiac procedures, organ transplants, bone marrow transplants and robotic procedures across network hospitals.

·         Capex incurred in H1FY23 was ~Rs. 550cr.

Management Outlook:

·         International patients have started to recover towards pre-Covid levels.

·         Margin expansion in existing mature hospitals can come through increased efficiencies such as reducing length of stays, changing payee-profile and focussing on higher-end surgeries.

·         Management is confident that the next level of growth can only be driven by capacity expansion. It plans to do end FY23 with a capex of Rs. 1,000cr. Additional capex of another Rs. 1,000cr has also been planned for FY24.

·         Q3FY23 is expected to be a seasonally weak quarter due to Diwali in October as well Durga Puja in eastern part of India.

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