They have a lot of new hospitals and beds brought online in the last 2-3 quarters. The front ended costs are (potentially) hitting balance sheet and as a result bottomline looks slow growing. More greenfield expansion would result in higher front ended costs suppressing the numbers.
I would track the ARPOB and occupancy metrics for matured vs new and check the trend. I am invested and continue to stay so as I don’t see a threat to the core business of childcare as there is not much direct competition. In any case, the concall should give better subjective insights on management’s view.
Disc: Invested
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