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Prabhudas Lilladher Report
Apollo Hospitals Enterprise Ltd.'s consolidated Ebitda of Rs 5.1 billion (down 4% QoQ) was inline with our estimate. Adjusted for 24x7 losses (Rs 2 billion), Ebitda was at Rs 7.1 billion, up 10% YoY and down 4% QoQ versus our estimate of Rs 6.85 billion.
We believe Apollo Hospitals has created a solid growth platform across segments and digital foraying has further made it a strong Omni channel play. The company also has good presence in offline format, making it more of a formidable player than just pure play online company.
Though stake sale in Apollo HealthCo Ltd. has been delayed, scale up in business is on track.
Our FY24 and FY25E Ebitda stands reduced by ~5%, as we factor in higher losses from 24x7 and lower profitability in Apollo Health and Lifestyle Ltd.
Overall we estimate 17% Ebitda compound annual growth rate over FY23-25E (excluding 24x7).
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