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Prabhudas Lilladher Report
Narayana Hrudayalaya Ltd. reported highest ever profitability in Q1 from its India business which is sustainable. We see decline in Cayman profitability as blip and should recover from Q2.
Our FY23E and FY24E Ebitda stands increased by 7% and 6%. Narayana Hrudayalaya continues with aggressive capex plan across India and Cayman operations over next two-three years.
This enhances growth visibility beyond FY24 however, in near term it may increase debt and impact return ratios. We expect Ebitda compound annual growth rate of 21% over FY22-24E. Despite capex intensity going up, return on equity/ return on capital employed will remain healthy at ~25% by FY24E.
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