KIMS Q1 FY 24 concall highlights -
Revenues - 606 vs 496 cr, up 21 pc
EBITDA - 157 vs 137 cr ( @ 26 vs 28 pc )
PAT - 87 vs 79 cr
ARPOB @ 31.7k vs 30.2k
Occupancy @ 70.4 vs 65.5 pc
IP volume @ 46k vs 40k
OP volume @ 382k vs 325k
Telangana, Andhra cluster EBITDA @ 31 pc, 22 pc
Sunshine, Nagpur EBITDA @ 23pc, 6 pc
Cluster wise no of beds, revenues -
Telangana - 1200 beds, 289 cr
AP - 1914, 165 cr
Sunshine hospitals ( 02 facilities )- 527, 39 cr
Nagpur - 334, 61 cr
Payor mix -
Cash - 52 pc
Insurance - 27 pc
Corporate - 14 pc
Govt - 7 pc
Cash and Cash equivalents @ 178 cr
Debt/Equity @ 0.22
There is ample opportunity for growth and margin improvement in AP cluster and Sunshine hospitals
In AP & Telangana, KIMS can add new specialities to existing hospitals for added growth
Company adding a number of new beds in both AP and Telangana
Hope to see significant improvement in margins at Nagpur facility in 2-3 Qtrs
There is a QoQ dip in margins in AP, Telangana clusters mainly due to the expansions undertaken at various hospitals
Also, Q1 is generally the weakest Qtr in terms of margins
Two new hospitals in Bengaluru with a combined bed capacity of 750 should be operational by Q2 next yr. Total outlay - 650 cr
Thane hospital to go live by Q1 end next FY
Nahsik should be operational by end Q4 FY 24
Adding Onco blocks and Mother and Child departments in AP across 05 of their 07 hospitals
Basically, by end of next FY - company to add 1500-1700 beds !!!
WRT the new beds being added in AP & Telangana, 40 pc of incremental revenues likely to flow to EBITDA
Expect Sunshine hospitals to clock better revenues, margins from Q4 onwards
Thane to be a 300 bed hospital
Expect ARPOB in FY 24 to be better by 3-5 pc vs FY 23
In FY 25, company is operationalising a lot of new bed capacity which ll be EBITDA negative to start with
A lot of that would be offset by ramp up at Nagpur hospital and Sunshine hospitals
Expect Sunshine margins to be in line with KIMS Telangana cluster by sometime next yr
Already seeing revenue ramp up in Nagpur hospital. Likely to accelerate going fwd
Disc: holding
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