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Prabhudas Lilladher Report
We expect pharmaceuticals companies under our coverage to report moderate Ebitda growth of 6.5% YoY (flat QoQ), mainly aided by steady domestic growth, gRevlimid sales and strong flu season in U.S.
Benefits of India rupee depreciation versus U.S. dollar (up 10% YoY and 3% QoQ) will also aid profitability. On flip side, cost is likely to remain elevated and volatile. Price erosion of base business in U.S., likely to continue.
In Q3, hospital companies under our coverage are expected to register flat YoY growth (down 4% QoQ) in post Indian Accounting Standard Ebitda (6% YoY Ebitda growth excluding Rs 1.75 billion loss in Apollo 24x7).
As Q3 being a seasonally weak quarter, we expect occupancy across our coverage universe to remain soft QoQ. We anticipate average revenue per occupied bed to continue to remain healthy, aided by improving case and payor mix.
We remain structurally positive in the hospitals space and expect momentum to continue in FY24 with improvement in occupancy, better case mix and sustainability of current ARPOB.
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