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Research
Narayana Hrudayalaya - Q2FY21 Result Update - ICICI Securities
Posted On : 2020-11-04 10:32:23( TIMEZONE : IST )
The recovery in financial performance post Covid-19 was better than expected. Revenues grew 52.7% QoQ to Rs. 600.7 crore (down 26.9% YoY) due to strong recovery seen across mature and new hospitals. EBITDA margins were at 4.5% against -23.1% in Q1FY21 and 14.8% in Q2FY20, with sequential improvement in margins seen amid better operational leverage. Net loss for the quarter was at Rs. 3.4 crore against loss of Rs. 119.7 crore in Q1FY21 (profit of Rs. 45.3 crore in Q2FY20).
Valuations & Outlook
Despite Covid-related challenges, the company posted a substantial improvement in operational performance. Also, in September, the company's monthly consolidated revenues reached ~90% of pre-Covid (February 2020) levels. In view of significant near-term headwinds due to reduced overall occupancy levels amid Covid-19, the management has charted a path to reduce costs, increase efficiency and rationalise capex. New hospitals (SRCC, Gurugram, Dharamshila) continue to see a reduction in losses due to ramp up in occupancies. Notwithstanding Covid related impact, the improvement in numbers in the last few quarters is also on the back of judicious case mix identification (more focus on oncology, transplants and non-invasive procedures). We continue to believe in the long term prospects of the company on the back of asset-right model and affordability philosophy. We arrive at an SOTP target price of Rs. 405 by valuing matured hospitals and Cayman Islands at 11x FY23E EV/EBITDA, new hospitals & other business at 1x FY23E EV/sales.
For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_Narayana_Q2FY21.pdf
Shares of Narayana Hrudayalaya Ltd was last trading in BSE at Rs.333.4 as compared to the previous close of Rs. 328.3. The total number of shares traded during the day was 4202 in over 671 trades.
The stock hit an intraday high of Rs. 334.5 and intraday low of 301. The net turnover during the day was Rs. 1375403.
