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R e s u l t s i n l i n e , o u t l o o k s t a b l e …
Apollo Hospitals’ revenues grew 22.5% YoY to | 641 crore (I-direct est:
| 643.1 crore) with the hospital and pharmacy segment’s revenue
growing 17.7% and 35.9% YoY, respectively. The growth in revenues
was inline with our expectations that mainly came in from Hyderabad
cluster recording a strong growth of over 30% YoY on the back of new
beds added over the last 15 months. Average revenue per bed (ARPOB),
for the company, increased by 8%YoY. However, higher operating costs
led operating margins to fall by 35 bps to 16.5%. Interest costs for the
quarter declined by 5.3% on account of part repayment of debt. As a
result, net profit remained marginally above our expectations at | 51.3
crore (I-direct estimate: | 50.8 crore).
Revenue grows at healthy pace, remains inline our expectations
During the quarter, operating revenues registered growth of 22.5% YoY
and 3.2% QoQ, respectively. The growth remained inline with our
estimates on account of healthy growth in both segment, hospitals as
well as pharmacy segment. Hospital segment growth mainly came in
from Hyderabad cluster on a back of new beds added over the last 15
months and 8%YoY jump in revenue per bed (ARPOB). However, average
occupancy declined marginally by 100bps YoY to 73%. Pharmacy
segment that accounts for nearly 30% of topline) registered strong topline
growth of over 36% due to 18% YoY jump in revenue per store for the
quarter. Hospital segments revenue also grew by ~18% YoY to Rs.451.4
crore backed by strong topline growth reported by Hyderabad cluster
(growth of 30.8% YoY).
V a l u a t i o n s
At the CMP of |517 the stock is trading at 14.4x and 11.7x its FY12E and
FY13E EV/EBITDA, respectively. The company has consistently
maintained its growth trajectory and strong company fundamentals and
healthy sector outlook supports our positive view on the company,
although likely capex of |1,125 cr. is expected to impact its return ratios
marginally going ahead. We value the stock at 12.5x FY13E EV/EBITDA
and maintain our target price of Rs.545 with “HOLD” rating on the stock
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
R e s u l t s i n l i n e , o u t l o o k s t a b l e …
Apollo Hospitals’ revenues grew 22.5% YoY to | 641 crore (I-direct est:
| 643.1 crore) with the hospital and pharmacy segment’s revenue
growing 17.7% and 35.9% YoY, respectively. The growth in revenues
was inline with our expectations that mainly came in from Hyderabad
cluster recording a strong growth of over 30% YoY on the back of new
beds added over the last 15 months. Average revenue per bed (ARPOB),
for the company, increased by 8%YoY. However, higher operating costs
led operating margins to fall by 35 bps to 16.5%. Interest costs for the
quarter declined by 5.3% on account of part repayment of debt. As a
result, net profit remained marginally above our expectations at | 51.3
crore (I-direct estimate: | 50.8 crore).
Revenue grows at healthy pace, remains inline our expectations
During the quarter, operating revenues registered growth of 22.5% YoY
and 3.2% QoQ, respectively. The growth remained inline with our
estimates on account of healthy growth in both segment, hospitals as
well as pharmacy segment. Hospital segment growth mainly came in
from Hyderabad cluster on a back of new beds added over the last 15
months and 8%YoY jump in revenue per bed (ARPOB). However, average
occupancy declined marginally by 100bps YoY to 73%. Pharmacy
segment that accounts for nearly 30% of topline) registered strong topline
growth of over 36% due to 18% YoY jump in revenue per store for the
quarter. Hospital segments revenue also grew by ~18% YoY to Rs.451.4
crore backed by strong topline growth reported by Hyderabad cluster
(growth of 30.8% YoY).
V a l u a t i o n s
At the CMP of |517 the stock is trading at 14.4x and 11.7x its FY12E and
FY13E EV/EBITDA, respectively. The company has consistently
maintained its growth trajectory and strong company fundamentals and
healthy sector outlook supports our positive view on the company,
although likely capex of |1,125 cr. is expected to impact its return ratios
marginally going ahead. We value the stock at 12.5x FY13E EV/EBITDA
and maintain our target price of Rs.545 with “HOLD” rating on the stock
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