KIMS Q3 Results Review - Base Business Faces Continuous Decline In Occupancies: Axis Securities

Axis Securities Report

In Q3 FY23, Krishna Institute of Medical Sciences Ltd.'s consolidated revenue Rs 562 crore increased by 42.8% which is below to our estimates led by lower occupancies and stable average revenue per occupied beds.

The consolidated occupancies are on lower side 68.2% versus 72.6% QoQ and ARPOB is Rs 29,800 versus Rs 29,237 QoQ in Q3 FY23.

Matured assets in Telangana had reported 600 bps QoQ fall in occupancies as similar trend is ovserved in the industry has impacted the overall growth of the company.

KIMS' revenue in major therepies like cardiac and onocology has de-grown while industry has reported low single digit growth in the last quarter.

Consolidated Ebitda Rs 151 crore with margins of 26.9% is stable on QoQ basis despite lower capacity utilisations and stable realisations for the last quarter.

Consolidated profit after tax Rs 82 crore is flat -2.4% YoY due to depriciation and finance costs.

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