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Hospitals
ƒ Hospital revenues to grow 33.4% YoY with Fortis leading the pack
We expect our I-direct hospital universe revenues to increase by 33.4%
YoY on the back of robust revenue growth on part of Fortis Healthcare
due to the SRL acquisition. Overall, we expect in-patient volumes and
average revenue per bed (ARPOB) to grow by 9% and 6.2% YoY,
respectively, for the quarter.
ƒ Operating margins to remain flat
Operating margins of the I-direct hospital universe are likely to remain
flat at 14.4%. Operating margins of Apollo Hospital are likely to decline
marginally by 30 bps to 16.2% QoQ due to the rise in operating costs
while the operating margin of Fortis Healthcare is likely to see an
improvement of 30 bps QoQ to 12.5% for Q2FY12E due to a pick-up in
the utilisation of newly commissioned hospitals at Shalimar Baug and
Mulund.
ƒ Bottomline to witness steady growth
Profitability of the I-direct hospital universe is expected to improve on
stable operating margins and better revenue growth. Among the peer
set, we expect Fortis Healthcare to report net profit of | 28 crore vs.
profit of | 14.0 crore reported in the last quarter. Apollo Hospitals is
expected to report net profit growth of 14% YoY on stable business and
flat margins.
Exhibit: Company specific view
Company Remarks
Apollo Hospitals Total revenues are expected to grow 17.4% YoY. Hospital segment is expected to
grow 12% due to rise in in-patient volume and increase in realisation by 7% and 4%
YoY, respectively while pharmacy segment revenues will grow 30%. Operating
margins are expected to decline marginally by 30 bps to 16.2%
Fortis Healthcare Revenues will grow 59% YoY on account of incremental revenue inflow from Super
Religare Labs, rise in patient volumes (8% YoY) and increase in revenue per bed (4.5%
YoY). Operating margins are expected to improve sequentially by 30 bps due to
improvement in utilisation of newly commissioned hospitals
Source: Company, ICICIdirect.com Research
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