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Hospitals
ƒ Hospital revenues to grow 41.2% YoY
We expect our I-direct hospital universe revenues to increase by
41.2% YoY on the back of robust revenue growth by Fortis
Healthcare, as there would be incremental revenue inflow of ~| 85
crore from 10 Wockhardt hospitals. Overall, we expect in-patient
volume and average revenue per bed (ARPOB) to grow by 7% and
8% YoY, respectively, for the quarter.
ƒ Operating margins to remain stable
Operating margins of the I-direct hospital universe are likely to
remain stable. Operating margins of Apollo Hospital are likely to
improve by 100 bps to 17.2% YoY due to improvement in the
pharmacy segment. However, QoQ it is expected to remain flat.
Operating margins of Fortis Healthcare are likely to see a dip of 110
bps YoY to 14.2% for Q3FY11E.
ƒ PAT to grow ~26% YoY with Fortis leading the pact
Profitability of the I-direct hospital universe will grow 26.3% on
stable operating margins and better revenue growth. Among the
peer set, we expect Fortis to report higher growth in bottomline due
to a sharp decline of 30% in net interest outgo. QoQ, we expect
Fortis’ net profit to decline by 56% as the last quarter included gains
of | 53.9 crore on account of the Parkway stake sale.
Apollo
Hospitals
Total revenues will grow by 30.5% YoY. The hospital segment will grow 28% due to
rise in in-patient volume and increase in realisation (ARPOB) by 16% and 10% YoY,
respectively, while pharmacy segment's revenue will grow 32% to | 177 crore.
Operating margins are expected to remain stable at 17.2% for the quarter
Fortis Healthcare
Revenues will grow 63.5% YoY and 6.2% QoQ, respectively, as there would be
incremental revenue inflow of ~| 85 crore from 10 Wockhardt hospitals. Net profit
will drop sharply QoQ as last quarter’s net profit included gain of | 53.9 crore on
Parkway stake sale while it is expected to grow 51% YoY
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