Aster Q2 Results
Poor results, esp compared to NH. In the Q1 call management had said the lean period of Q1 would be reversed in Q2 in GCC business, but does not seem to have happened. India business is doing ok, but on a much smaller base.
- Consolidated operating revenues of INR 2816 Cr up 12 % YoY and 6% QoQ
- Consolidated EBITDA of INR 319 Cr (vs 343 Cr Q2’22) – EBITDA margin declines to 11.3% (13.7 in Q1)
- PAT 46 Cr (vs 107 cr Q2’22) , margin 1.9% (3% in Q1)
From the Inv PPT, looks like the decline is attributed to the drop in vaccination revenue, which had a hefty 50 % margin. Would be interesting to hear from management in the inv call. Also the long pending restructuring of the GCC business.
Regional Breakup
- GCC revenue up 9 %, EBITDA down -20 %
- India revenue up 24 %, EBITDA up 24 % (India business is 1/3d of GCC business )
- Kerala does very well, Karnataka & Maharashtra also picking up
- AP & Telangana had drop in revenues as well as Margins
Segment Breakup
GCC – H1 performance is poor. Since Q1 is lean period due to holidays, with expats going to their home countries, I took the H1 and compared, and the results are very poor.
- GCC Hospitals – Revenue up 2% and EBITDA -10%
- GCC Clinics – Revenue down -12% and EBITDA -25% respectively.
- GCC Pharmacies – Revenue up 24% and EBITDA 15%
Inv PPT: https://www.asterdmhealthcare.com/fileadmin/user_upload/Investor_Presentation_Q2_FY_23_to_upload.pdf
Disc: Invested and holding.
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