Elara Capital says the 24/7 initiative will help Apollo Hospitals to have end-to-end connect with patients, a strategic advantage over peers. The hospital segment is set to achieve an EBITDA of Rs 2,000 crore in FY22E, it says
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Apollo Hospitals Enterprises share price jumped over 9 percent intraday on November 15 after the company declared its September quarter earnings.
The healthcare major on November 12 reported an over four-fold jump in its consolidated net profit at Rs 267.41 crore for the quarter ended September 30, mainly on account of a pickup in non-COVID-19 revenue and steady return of patient mix to pre-COVID-19 levels.
The company posted a net profit of Rs 58.99 crore for the corresponding period of the previous fiscal, Apollo Hospitals Enterprise said in a regulatory filing.
Its consolidated revenue from operations stood at Rs 3,717.07 crore for the quarter under consideration. It was Rs 2,760.72 crore for the same period a year ago, it added.
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The stock was trading at Rs 5,108.10, up Rs 439.15, or 9.41 percent, at 11.25 am. It touched an intraday high of Rs 5,133 and an intraday low of Rs 4,786.
The scrip was trading with volumes of 78,518 shares, compared to its five -day average of 22,258 shares, an increase of 252.76 percent.
The company’s board has approved the appointment of Rama Bijapurkar as an additional director with effect from November 12, 2021, to hold office as its independent director, the filing said.
The firm through its subsidiary, Assam Hospitals Ltd, entered into definitive agreements for the acquisition of a 64 percent majority stake in Asclepius Hospitals and Healthcare Pvt Ltd, which runs a 180-bed multispeciality hospital in Guwahati under the name of Excelcare Hospital, the company said in a BSE filing.
“The acquisition would be for an enterprise value of Rs 210 crore and would be funded by Assam Hospitals Ltd, primarily through its reserves,” it added.
Elara Capital believes that the 24/7 initiative will help Apollo Hospitals to have end-to-end connect with patients, a strategic advantage over peers. It has headroom to achieve accelerated growth, without a further large-scale investment and the hospital segment is set to achieve an EBITDA of Rs 2,000 crore in FY22E.
“We expect an EBITDA CAGR at 30 percent over FY20-23E adjusted for IND AS-116. We recommend buy with a target of Rs 5,700, ascribing 25x EV/EBITDA to hospitals, 30x EV/EBITDA to AHLL, 35x EV/EBITDA to pharmacy and Rs 300 per share to its 24×7 app,” it said. ?
According to research firm Yes Securities, Apollo has surprised with solid delivery in the core hospitals business, especially on the Average Revenue Per Occupied Bed (ARPOB) which drove recovery in mature hospitals margin.
Management indicated it expects ARPOB to sustain even as sensitivity to change in ARPOB is quite meaningful. Factoring such elevated ARPOB would imply assuming case-mix remains similar to what it has been during the pandemic.
Given the sharp rise in ARPOB in H1, we raise realisation estimates resulting in around 40 percent rise in FY22 EPS (ex?exceptional gain), though FY23/24 estimates undergo a relatively modest change. Given the near term strength in ARPOB, raise EV/EBIDTA multiple for hospital business to 13x but retain sell with a revised target of Rs 3,030 (earlier Rs 2,750), it added.
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