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Prabhudas Lilladher Report
HealthCare Global Enterprises Ltd.’s consolidated post Indian accounting standard Ebitda grew strongly by 41% YoY (up 14% QoQ) to Rs 722 million, above our estimates (Rs 606 million).
Existing centers reported healthy profitability with Ebitda growth of 24% YoY (23% QoQ) to Rs 750 million, while new centers continue to report highest Ebitda at Rs 100 million (Rs 154 million in FY22).
HealthCare Global Enterprises' asset light approach with focus on partnering has made its business model – capital efficient and scalable.
The company operates most of its comprehensive cancer centre on lease/rental basis with the company investing only in equipment’s. Out of 25 HealthCare Global Enterprises’ CCC, only four are on owned land.
HealthCare Global Enterprises is in a consolidation mode and given reducing capex intensity, we expect profitability to improve further from FY23.
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