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Prabhudas Lilladher Report
Narayana Hrudayalaya Ltd. recently signed an agreement with Shiva and Shiva Orthopaedic Hospital to acquire its 100 beds Orthopedic and Trauma Hospital in Bengaluru on slump sale basis for Rs 2.8 billion (Rs 800 million to be recovered after four years).
Though acquisition looks expensive, it will offer entire spectrum of services in Health City. We see limited impact on financials given small deal size, besides the said acquisition is in-line with guidance of Rs 10 billion capex as guided by management for FY23.
We believe Narayana Hrudayalaya’s aggressive capex plans in India along with Cayman operations over next two-three years will enhance growth visibility beyond FY24.
Additionally, company’s ability to generate healthy margins, profitability in new Cayman unit will be a key monitorable.
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