Yatharth has shown a strong performance on a nine-month basis and is likely to see better growth in Q4 and beyond. We expect a revenue/EBITDA/PAT CAGR of 38%/33%/33% over FY24-27E on the back of an improving specialty mix and ARPOB, increased occupancy rates and its bed expansion plans. Post the QIP, the company currently has cash surplus of INR560cr, part of which would be deployed for bed expansions and procuring high-tech equipment
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