Aster DM Healthcare Q4 Review - India Recovers; GCC Recovery Remains Slow: ICICI Securities
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ICICI Securities Report
Aster DM Healthcare Ltd.’s Q4 FY21 performance was broadly in-line with our estimates, though margin was lower due to higher selling, general and administration expenses, particularly related to Covid-19 patients which would normalise.
Overall occupancy improved marginally YoY and QoQ to 58% during Q4 FY21.
Consolidated revenue grew 4.8% YoY to Rs 23.9 billion (our estimate: Rs 23.2 billion), India hospitals witnessed healthy recovery with 19.7% YoY growth.
Ebitda margin declined 370 basis points YoY to 14.0% (our estimate:15.7%) due to significant rise in other expenses.
We expect overall business to stabilise in FY22 and expect strong 15.3% revenue compound annual growth rate over FY21-FY23E.
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