i think such uptick in trade receivables are okay since they are in the growth face… especially B2B side…
next few results are very critical

Thankfully, while of lot of companies have given poor Q2 results, time technoplast seems to have kept its word and delivered another set of good numbers. YoY 15 and QoQ 10 percent consol revenue growth and almost 40 percent YoY PAT growth. March and September numbers seem similar since 2-3 years.

The UAE disinvestment seems off the table now. Will probably give more info in the concall

19e83a38-7082-4c00-9b2c-40872b4032f0.pdf (3.2 MB)

Yatharth Hospitals –

Q2 FY 25 results and concall highlights –

Revenues – 218 vs 171 cr, up 27 pc
EBITDA – 55 vs 46 cr, up 21 pc ( margins @ 25.1 vs 26.6 pc YoY )
PAT – 31 vs 27.5 cr, up 12 pc ( due accelerated depreciation and amortisation @ 16 vs 5 cr YoY )

Occupancy @ 60 pc, up 3 pc YoY
ARPOB @ 30.6k, up 11 pc YoY

Hospital Wise revenue contribution –

Noida Extension – 37 vs 31 pc
Greater Noida – 31 vs 36 pc
Noida – 21 vs 28 pc
Jhansi – 7 vs 5 pc
Faridabad – 4 pc vs NIL ( this hospital was acquired in Feb 24 )

In Oct 24, company has acquired 2 more hospitals – @ Model Town New Delhi ( for 160 cr, 300 beds ) and a second hospital in Faridabad ( bought 60 pc stake for 91 cr, bed capacity can go upto 400 + beds ). Both these hospitals are expected to go live in Q1 FY 26

Company’s existing bed capacity, Q2 ARPOB, Q2 Occupancy –

Greater Noida – 400 beds, 33k, 65 pc
Noida – 250 beds, 29k, 79 pc
Noida Extension – 450 beds, 38k, 59 pc
Jhansi – 300 beds, 14k, 48 pc
Faridabad – 200 beds, 28k, 38 pc

Company’s hospitals are at close distances from both Jewar and IGI International airports. This gives them ample opportunity to tap into Medical Tourism mkt

Company’s current bed capacity stands @ 1600. should go upto 2300 beds by Q1 FY 26 !!! ( because of recent acquisitions )

Cash on Books as on 31 Sep @ 244 cr – will be used for Faridabad, Model Town acquisitions

Company intends to infuse another 100 cr into the newly acquired hospital at Faridabad into upgrading its infra, medical equipment and setting up a new Onco unit. For the Model Town hospital, this figure should be around 60-70 cr

Onco now contributes to 12 pc of group revenues

Have appointed Delloite as their new Auditor

Working capital days have reduced from 112 days in Q4 FY 24 to 104 days in Q2 FY 25 ( despite sharp growth in H1 )

Model Town is a high per capita income area in North Delhi. Company expects this hospital to clock best ARPOB ( 40k or thereabouts to start with ) among their portfolio of hospitals

Model Town hospital was set up in 2019 but was non-operational for last 18 odd months as the previous promoters were facing financial difficulties and elected to halt operations

For both these new acquisitions, all the land, buildings shall come on the books of Yatharth Hospitals – basically they won’t have to pay rentals here

In Q2, there has been a slight drop in the occupancy levels @ Noida, Noida extension hospitals. The same has happened because of the company rationalising the Govt business. They are trying to improve the payor mix towards Insurance + Cash patients

Company intends to keep pursuing this inorganic acquisition strategy to expand their footprint for next 2-3 yrs as well. Plus they will be doing brownfield expansion at Noida extension and greater Noida hospitals – adding around 200 beds each over next 2-3 yrs

Aim to keep sustaining the 25 pc EBITDA margin trajectory for foreseeable future

**Company has reduced its share of Govt business ( which is lower margin ) by 6 percentage points H1 vs H1 LY. They aim to bring it down to 25 pc of their revenues inside next 3 yrs **

Expect to continue to see industry leading topline growth for FY 25-27 with EBITDA margins around 25 pc ( IMHO – this would be a huge positive if the company is able to pull this off )

Company is confident of sustaining 25 pc EBITDA margins in FY 26 despite operationalising 2 new hospitals wef Q1 FY 26 as they believe that the initial drag of two new hospitals will be compensated by increased occupancies and better ARPOBs at Greater Noida and Noida extension hospitals

Expect better results from the company in Q3, Q4 because of continued ramp up in the Faridabad, Jhansi, Noida Extension and greater Noida hospitals. Company should close FY 25 close to 1000 cr topline mark

Disc: holding, added recently, not SEBI registered, biased, not a buy/sell recommendation

Yatharth Hospitals –

Q2 FY 25 results and concall highlights –

Revenues – 218 vs 171 cr, up 27 pc
EBITDA – 55 vs 46 cr, up 21 pc ( margins @ 25.1 vs 26.6 pc YoY )
PAT – 31 vs 27.5 cr, up 12 pc ( due accelerated depreciation and amortisation @ 16 vs 5 cr YoY )

Occupancy @ 60 pc, up 3 pc YoY
ARPOB @ 30.6k, up 11 pc YoY

Hospital Wise revenue contribution –

Noida Extension – 37 vs 31 pc
Greater Noida – 31 vs 36 pc
Noida – 21 vs 28 pc
Jhansi – 7 vs 5 pc
Faridabad – 4 pc vs NIL ( this hospital was acquired in Feb 24 )

In Oct 24, company has acquired 2 more hospitals – @ Model Town New Delhi ( for 160 cr, 300 beds ) and a second hospital in Faridabad ( bought 60 pc stake for 91 cr, bed capacity can go upto 400 + beds ). Both these hospitals are expected to go live in Q1 FY 26

Company’s existing bed capacity, Q2 ARPOB, Q2 Occupancy –

Greater Noida – 400 beds, 33k, 65 pc
Noida – 250 beds, 29k, 79 pc
Noida Extension – 450 beds, 38k, 59 pc
Jhansi – 300 beds, 14k, 48 pc
Faridabad – 200 beds, 28k, 38 pc

Company’s hospitals are at close distances from both Jewar and IGI International airports. This gives them ample opportunity to tap into Medical Tourism mkt

Company’s current bed capacity stands @ 1600. should go upto 2300 beds by Q1 FY 26 !!! ( because of recent acquisitions )

Cash on Books as on 31 Sep @ 244 cr – will be used for Faridabad, Model Town acquisitions

Company intends to infuse another 100 cr into the newly acquired hospital at Faridabad into upgrading its infra, medical equipment and setting up a new Onco unit. For the Model Town hospital, this figure should be around 60-70 cr

Onco now contributes to 12 pc of group revenues

Have appointed Delloite as their new Auditor

Working capital days have reduced from 112 days in Q4 FY 24 to 104 days in Q2 FY 25 ( despite sharp growth in H1 )

Model Town is a high per capita income area in North Delhi. Company expects this hospital to clock best ARPOB ( 40k or thereabouts to start with ) among their portfolio of hospitals

Model Town hospital was set up in 2019 but was non-operational for last 18 odd months as the previous promoters were facing financial difficulties and elected to halt operations

For both these new acquisitions, all the land, buildings shall come on the books of Yatharth Hospitals – basically they won’t have to pay rentals here

In Q2, there has been a slight drop in the occupancy levels @ Noida, Noida extension hospitals. The same has happened because of the company rationalising the Govt business. They are trying to improve the payor mix towards Insurance + Cash patients

Company intends to keep pursuing this inorganic acquisition strategy to expand their footprint for next 2-3 yrs as well. Plus they will be doing brownfield expansion at Noida extension and greater Noida hospitals – adding around 200 beds each over next 2-3 yrs

Aim to keep sustaining the 25 pc EBITDA margin trajectory for foreseeable future

**Company has reduced its share of Govt business ( which is lower margin ) by 6 percentage points H1 vs H1 LY. They aim to bring it down to 25 pc of their revenues inside next 3 yrs **

Expect to continue to see industry leading topline growth for FY 25-27 with EBITDA margins around 25 pc ( IMHO – this would be a huge positive if the company is able to pull this off )

Company is confident of sustaining 25 pc EBITDA margins in FY 26 despite operationalising 2 new hospitals wef Q1 FY 26 as they believe that the initial drag of two new hospitals will be compensated by increased occupancies and better ARPOBs at Greater Noida and Noida extension hospitals

Expect better results from the company in Q3, Q4 because of continued ramp up in the Faridabad, Jhansi, Noida Extension and greater Noida hospitals. Company should close FY 25 close to 1000 cr topline mark

Disc: holding, added recently, not SEBI registered, biased, not a buy/sell recommendation

If things comes out as planned, (ie 4GW by end of first quarter next year), FY 26 top line can be 3X or 4X, not double. Lets see how the fund raising process goes on.