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ICICI Direct Report
Narayana Hrudayalaya Ltd. posted strong numbers, better than our estimates across all fronts due to the business momentum revival across the hospitals.
Revenues grew 9.4% QoQ to Rs 940.3 crore. On the Ebitda front, margins improved by 241 basis points QoQ to 18% amid lower employee expenditure.
Subsequently, Ebitda grew 26.3% QoQ to Rs 168.9 crore. Adjusted net profit for the quarter was at Rs 99.3 crore with 30.4% QoQ growth.
With the effects of the second wave of the pandemic subsiding, Narayana Hrudayalaya's Indian operations staged a decent recovery during the quarter.
However, the profitability of flagship Health City, Bengaluru centres remain affected, as compared to the pre-Covid-19 times, given the erosion in international patient mix as well as high-end cardiac sciences based elective work.
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