Narayana Hrudayalaya revenues improved 8.3% QoQ to Rs 1221.5 crore

Revenues in line with significant beat on margins.

• Revenues improved 8.3% QoQ to | 1221.5 crore
• EBITDA grew 8.4% QoQ to | 275.8 crore. EBITDA margins remained flat at 22.6%
• Adjusted PAT was up 12.6% QoQ to | 173.2 crore
• ARPOB for Indian hospitals during the quarter came in at | 36986 vs. 35068 in Q3FY23 whereas Cayman Islands ARPOB was flat sequentially at US$6027

Key triggers for future price performance

• Increase in footfalls and improvement in ARPOB are expected to lead flagship hospitals on a steady growth path amid better returns
• New hospitals (Mumbai, Gurugram and Dharamshila) are likely to see an improvement in profit
• Expansion at Cayman Islands in oncology, while being margin dilutive in the near term, is likely to provide significant additional operating leverage

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