NH Q2 Results
Good results, margin improvement with more cardiac surgeries happening.
- Consolidated operating revenues of INR 11,416 mn up 21.4% YoY and 10.5% QoQ
- Consolidated EBITDA of INR 2,749 mn – EBITDA margin improves to 24.1% (19.4 in Q1) PAT margin 14.8% (10.7 in Q1)
- Net Debt/ Equity is 0.14 now, up slightly from 0.05 last quarter
Regional Breakup
- Revenue Growth – ( India 19 % YoY, 7 %QoQ , Cayman 47 % YoY, 30 % QoQ)
- West (Mum, Amd) continue to struggle badly, no revenue growth and lower -1.7 % EBITDA margin (- 0.6 % Q1)
- Flagship Bangalore region does very well on revenue and margin growth
- Other regions are ok, even North is now slowly getting profitable.
- International patients up to 8 % from 6 % of revenue in Q1
Inv Ppt: https://www.narayanahealth.org/sites/default/files/download/nh_investor_relations/Investor-Presentation-Q2-FY-2023.pdf
Aster Declares results tomorrow, would be interesting to see how they fare in comparison.
NH Investor call is on friday2.30, will try and dial in if possible.
Disc: Invested and holding
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