Narayana Health Q1 FY 24 concall -
Revenues - 1233 vs 1033 cr
EBITDA - 271 vs 192 cr ( margins @ 22 vs 19 pc )
PAT - 184 vs 111 cr
Currently operating - 20 hospitals ( out of which, 01 is managed and 01 is in Cayman Islands ), 03 heart centers, 21 primary health facilities
Payor mix for Q1-
Cash - 44 pc
Insured + Corporate - 27 pc
Govt schemes - 21 pc
International - 8 pc
In patient footfalls - 59k vs 55k, YoY
Out patient footfalls - 614k vs 572k, YoY
Geography wise revenue share, YoY growth -
Bengaluru- 38 pc, up 22 pc
South- 6 pc, up 16 pc
Kolkata - 27 pc, up 11 pc
East - 10 pc, up 11 pc
West - 5 pc, up 1 pc
North - 15 pc, up 12 pc
Cayman Islands revenues @ 245 vs 186 cr
Capex lined up for FY 24 @ 1140 cr out of which, 120 cr already spent in Q1
Net Debt ( Debt - Cash ) @ 20 cr
In India, Q1 is generally the weakest Qtr. Expect business to pick up gong fwd
In India, 40 pc of bed capacity is with public sector. 10 pc is with organised players, rest with unorganised players. Hence the scope for growth is huge
Net Debt to go upto 600 cr to fund Capex
Have applied with IRDAI to set up a standalone health insurance company
Most of the growth in Q1 attributable to greater occupancies and throughput which enabled the company to serve more customers. Price hikes played a smaller part
Generally - annual price hikes are in low single digits. Last taken on 01 Jan 23
Only smaller bed capacities to come online in next 3 yrs. Major new capacities to be avlb only after 3 yrs. This may lead to margin expansion in the interim
Disc: holding, biased
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