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HDFC Securities Retail Research
Indraprastha Medical Corporation Ltd., a joint venture between Apollo Hospitals Enterprise Ltd. (holds 22% stake) and the State Government of Delhi (Government holds 26% stake) is a 764-bedded, super specialty tertiary care hospital with 52 specialty departments. Transplants, cardiology, oncology, neurology and orthopedic with higher revenue prospects are some of the key specialty departments of the hospital.
The company has impeccable track record, long presence as well as quality of medical care supported by long term relationships with its doctors and other medical professionals. It drives significant tangible and intangible benefits from 'Apollo' brand .
During the pandemic, lock downs impacted the healthcare companies in India severely. There was a significant drop in patient footfall— be it a single speciality, multi-speciality, tertiary-care hospitals or even diagnostics businesses. Financial performance of Indraprastha Medical Corporation was also impacted due to the same, however, as the situation has stabilised, the company’s business has also got back on track.
There was ~45% jump in revenue in FY22 and margins again also improved to ~13% in FY22 versus 6.6% in FY21.
The company has negligible debt on balance sheet and has been paying healthy dividends to its shareholders. We have envisaged 18% compound annual growth rate in revenue and 32% CAGR in net profit over FY22-25E.
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