Apollo Hospitals - Past Was Good; Await Better Future: Motilal Oswal

Motilal Oswal Report

Apollo Hospitals Enterprise Ltd. has delivered a phenomenal performance (3.6 times earnings) over the past five years, reporting a 24% Ebitda compound annual growth rate and reducing net debt by half, benefiting from a lower tax rate. Accordingly, the stock price has appreciated 3.6 times in the same period.

Interestingly, over FY23-25E, the outlook on operational parameters for healthcare services also remains promising (17% Ebitda CAGR) on the back of superior execution of Apollo Hospitals and favorable macro factors. 

The pharmacy outlook is encouraging, too, with the aggressive expansion of offline/online infrastructure and the ability of Apollo Hospital to provide the entire spectrum of healthcare services to its customers.

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