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ICICI Securities Report
Metropolis Healthcare Ltd. Q1 FY25 Ebitda margin of 25.2% (up 240 basis points) beat our estimates. An 18.4% YoY spike in its B2C business (54% of sales) drove recovery in its margins; business-to-business (37% of sales) grew a modest 12.4% YoY.
It has added 120 new specialised tests in the last two years, perking up growth to 14% YoY in its business to consumer specialised tests; Metropolis' omni-channel approach boosted B2C revenue of Truhealth by 28% YoY.
Metropolis Healthcare has extended its presence to 650 in Q1 FY25, from 300 cities in FY23 and aims to add 350 towns to its network in a few years. FY25E Ebitda margins shall be at the higher-end of its 25–26% guidance. It is also scouting an M&A opportunity to lift nearterm earnings growth.
We raise our FY25–26E Ebitda by ~2%. Retain Add; discounted cash flow -based target price raised to Rs 2,279.
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