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ICICI Securities Report
Metropolis Healthcare Ltd. has reported decent performance during difficult times aided by Covid-19 tests. Ex-Covid volumes (no. of patients) dropped 44.7% and average realisation (revenue/patient) dropped 5.2% YoY.
Overall, revenue declined 29.6% YoY to Rs 1.4 billion (our estimate Rs 1.3 billion). Decline in number of tests stood at 41.7%, lower than patients drop.
Ebitda margin dropped 1,860 basis points to 8.5% due to lower revenue despite sharp reduction in selling general and administrative expenses.
Volumes are likely to remain muted in H1 FY21 due to lockdown but would improve Q3 FY21 onwards as situation normalises.
Aggressive network expansion with business to customer focus over the past few years would help Metropolis to improve volume growth going forward.
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