Metropolis Healthcare Q2 Results Review - Growth Continues In Non-Covid Business: ICICI Securities
Non-Covid revenue grew 15.8% YoY (three-year CAGR of 8.8%) led by steady recovery in footfalls and consolidation of HiTech.
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ICICI Securities Report
Metropolis Healthcare Ltd.’s reported Q2 FY23 performance was broadly in line with our estimates. Revenue remained flat YoY (up 7.3% QoQ) at Rs 3 billion (our estimate: Rs 3.1 billion) on a high base which had benefited from Covid-related business.
Non-Covid revenue grew 15.8% YoY (three-year compound annual growth rate of 8.8%) led by steady recovery in footfalls and consolidation of HiTech.
Ebitda margin grew 180 bps QoQ to 26.3%, driven by operational leverage (our estimate: 25%).
We remain positive on Metropolis owing to its aggressive network expansion with focus on business-to-consumer, strengthening position in the fast-growing south region with focus on increasing digital revenue and faster shift of the market to organised players.
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