Yatharth Hospitals –
Q4 and FY 24 highlights –
Company’s portfolio of Hospitals –
Noida – 250 beds, 81 ICU
Greater Noida – 400 beds, 112 ICU
Noida Extension – 450 beds, 125 ICU
Faridabad – 200 beds, 61 ICU ( acquired in Feb 24, commenced operations in May 24 )
Jhansi-Orchha – 305 beds, 76 ICU ( acquired in 2022 )
FY 24 outcomes –
Revenues – 670 vs 478 cr, up 29 pc
EBITDA – 179 vs 135 cr, up 35 pc ( margins @ 27 vs 28 pc )
PAT – 114 vs 66 cr, up 74 pc ( due to steep fall in interest cost post IPO fundraise )
Q4 outcomes –
Revenues – 177 vs 144 cr, up 24 pc
EBITDA – 47 vs 38 cr, up 21 pc ( margins @ 26 vs 27 pc )
PAT – 38 vs 17 cr, up 121 pc ( due interest cost falling to zero post receipt of IPO proceeds )
Cash on Books @ 238 cr
Debt on Books @ 84 cr – mainly came from acquisition of Faridabad Hospital acquisition
Hospital wise Revenue breakup for FY 24 –
Noida – 185 vs 172 cr, ARPOB @ 26.5k
Greater Noida – 234 vs 199 cr, ARPOB @ 28.9k
Noida Extension – 214 vs 135 cr, ARPOB @ 33.9k
Jhansi – Orchha – 36 vs 13 cr, ARPOB @ 17.4k
Faridabad – went live in Q1 FY 25
International patients remains a key focus area for the company. Have operationalised a dedicated International patients floor and launch at Noida Extension facility. Setting up an additional infrastructure of 200 beds specifically focusing on International patients at their Greater Noida facility. Their doctors are going to countries in Africa, CIS to do OPD consults and attract patients from these regions
Aim to keep acquiring 1 hospital / yr for next 3 yrs to keep the company’s growth engine running. Will use moderate amount of debt, cash on books, internal accruals for the same. Company’s areas of interest include – UP, Haryana and MP Mkts
Company level occupancy @ 55 pc ( FY 24 ending ) – indicating significant headroom for operating leverage to kick in ( specifically at Jhansi-Orchha, Faridabad and Noida extension facilities. Noida + Greater Noida are already running @ 89 and 67 pc occupancy levels )
Consolidated Hospital level ARPOB @ 28.8k, up 8 pc YoY
Govt business @ 40 pc of topline – this is a key matrix to monitor. This also results in high receivables. Company is in talks with various Govt Depts for release of funds. The situation should ease up post the elections
Both Noida, Faridabad – have good catchment areas from neighbouring areas of Western UP, Haryana
Company has on-boarded some well known, reputed doctors for its new Faridabad Hospital
Expect to do a revenue and EBITDA growth of 20 pc + and 30 pc + for FY 25,26
Brownfield Capex lis ined up for Greater Noida + Noida Extension hospitals in next 2-3 yrs. Should cost around Rs 60 lakh / Bed ( So … for a combined addition of 300 – 400 beds at these two hospitals, company may end up spending around 180 – 240 cr )
As the company’s occupancy levels increase, the share of Govt business should steadily come down
Avg private insurance rates are lower than cash rates by aprox 15 – 20 pc. Avg Govt rates are lower than cash rates by aprox 25-30 pc
Company expects that in medium term ( 2-3 yrs ), share of revenues from International patients should cross 10 pc
Also expect a rapid ramp up at the Faridabad facility
Disc: initiated a tracking position, biased, not SEBI registered
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