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ICICI Direct Report
Narayana Hrudayalaya Ltd. posted stable QoQ results, better than our estimates across all fronts.
Revenues grew 2.6% QoQ to Rs 859.8 crore.
On the Ebitda front, margins declined 133 basis points QoQ to 15.5% amid higher employee expenditure.
Subsequently, Ebitda de-grew 5.5% QoQ to Rs 133.7 crore.
Adjusted profit after tax for the quarter was at Rs 76.2 crore with 12% QoQ growth.
Despite Covid-19 related challenges, Narayana Hrudayalaya posted a steady operational performance.
New hospitals continue to see a reduction in losses due to ramp up in occupancies.
The improvement in numbers over the last few quarters is on the back of judicious case mix identification (more focus on oncology, transplants and non-invasive procedures).
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