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.