HealthCare Global Enterprises’ Recovery Continues As Expected: ICICI Securities
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ICICI Securities Report
HealthCare Global Enterprises Ltd.’s Q3 FY21 performance was broadly in-line with our estimates driven by continued sequential recovery in occupancy that improved to 43.6% versus 41.4% QoQ.
Q3 FY21 revenues declined 1.4% YoY and Ebitda margin dropped 270 basis points to 13.8%, but improved 170bps QoQ as revenue recovered.
We expect the recovery trend to continue and normalcy to be achieved by Q1 FY22E.
Recent capital infusion has removed the key overhang of high leverage with repayment of debt from the fund raising exercise.
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