Healthcare Global Enterprises Q3 Results Review - Margins Still Below Industry Levels: Axis Securities

Axis Securities Report

Healthcare Global Enterprises Ltd. reported revenue of Rs 425 crore, up 18.6% YoY, which was above our expectations. The said growth was primarily driven by healthy average revenue per occupied bed (Rs 37,000) which reported a de-growth of 3.5% YoY. The number of occupied bed days grew by 30% YoY.

Healthcare Global's Ebitda margins improved by 50 basis points YoY due to high operating leverage as existing centers reported healthy Ebitda margins of 25.4% and new centers reported the highest-ever Ebitda margins of 7.7% in Q3 FY23.

However, over the last four quarters, consolidated the company’s Ebitda margins have been flat (range 18.2%) despite a fall in other expenses as expenses have been increasing in the Medical Consultancy segment.

Reported profit after tax after adjustment is Rs 4.7 crore versus a loss of Rs 2.0 crore YoY for Q3 FY23.

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