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Prabhudas Lilladher Report
Jupiter Life Line Hospitals Ltd.'s Q4 consolidated Ebitda grew by 21% YoY (1% QoQ) to Rs 623 million; in line with our estimates aided by higher average revenue per occupied bed.
Jupiter Life Line Hospitals' operational efficiency has been strong in competitive markets of Mumbai Metropolitan Region.
The company reported revenue/Ebitda compound annual growth rate of 24%/35% over FY21- 24. Given expansion plans, scale up in occupancy and improving margins, business is expected to aid growth momentum over the medium term in our view.
We believe strategic greenfield expansions in densely populated micromarkets of western regions augur well to drive sustainable growth. Overall we see 25%/25% Ebitda/PAT CAGR over FY24- 26E with healthy return ratios of ~20%.
Maintain ‘Buy' rating with a target price of Rs 1,360/share valuing at 23 times enterprise value/Ebitda based on FY26E Ebitda.
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