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Prabhudas Lilladher Report
Narayana Hrudayalaya Ltd. reported another quarter of strong Ebitda growth at Rs 2.54 billion (45% YoY and 4% QoQ), 17% beat to our estimate, aided by India business Ebitda at Rs 1.6 billion (up 58% YoY and 6% QoQ).
We expect growth momentum to sustain. Narayana Hrudayalaya plans to continue with its aggressive capex plan for next two-three years, guided by capex of Rs 10 billion annually in FY23E and FY24E.
More importantly capex spend would be towards its core and high performing regions such as Bangalore, Kolkata and Cayman. Faster ramp up in new Cayman unit will be a key.
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