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ICICI Securities Report
Surge in occupancy and average revenue per occupied bed is likely to help hospitals under our coverage to report a revenue/Ebitda/profit after tax growth of 3%/7%/19% QoQ in Q1 FY24E, respectively.
The outlook remains steady for hospital chains as higher in-patient and surgery count is generating cashflow and the companies are diligently investing in expanding their network through merger and acquisition or brownfield capex.
Base impact from Covid-led test is largely behind for diagnostic companies and the coverage companies are likely to post a strong 9%/13%/20% rise in revenue/Ebitda/profit after tax in Q1 FY24E, respectively.
Non-Covid volumes continue to witness steady 12-15% growth despite steep competitive pressure. Companies are now taking price increases in selective test portfolios as against their earlier focus on maintaining volume share.
Our top picks in the space: Krishna Institute of Medical Sciences Ltd., Fortis Healthcare Ltd. and Dr. Lal Pathlabs Ltd.
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