Connect with us

Headlines of The Day

Narayana Hrudayalaya shares surge 11%

Shares of Narayana Hrudayalaya surged around 11 percent in early trade on May 22, riding high on the company’s solid performance in the fourth quarter of the financial year 2022-23.

The company reported a threefold on-year rise in net profit to Rs 173.2 crore during the January-March period, the healthcare service provider said after market hours on May 19. The surge in net profit was attributed to growth across flagship units, old hospitals as well as newer hospitals, in addition to the increased contribution from international patients.

The topline also jumped nearly 30 percent year-on-year to the highest ever in a quarter at Rs 1,221.60 crore, aided by an increase in patient footfall along with improvements in specialty and payor mix.

As the strong revenue growth outpaced the rise in expenditure, the company’s operating metrics also improved. The EBITDA (earnings before interest, taxes, depreciation, and amortisation) margin expanded to 23.8 percent in the quarter from 19.7 percent in the year-ago period.

At 10.38 am, Narayana Hrudayalaya was trading 7.85 percent higher at Rs 833.85 on the National Stock Exchange after soaring to a 52-week high of Rs 856 early in the day.

Volumes were also significantly higher, as 12 lakh shares changed hands on the exchanges against the one-month daily traded average of two lakh shares.

Brokerage firm ICICI Securities is upbeat on the company’s earnings. The brokerage said it would continue to monitor the progress of the capital expenditure plan, both in India and at HCCI (Cayman Islands) as well as the margin trajectory.

The company’s hospitals in India and Cayman Islands generated strong revenue in Q4 to aid the overall revenue beat in the quarter. Moneycontrol

Copyright © 2024 Medical Buyer

error: Content is protected !!