Healthcare Sector Outlook 2022 - Business Recovering But Omicron Lurking: ICICI Securities
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ICICI Securities Report
We remain positive on the healthcare space amid secular growth and expect a healthy recovery in non-Covid-19 business, leading to potential margin improvement from cost-control initiatives and change in mix.
Sector companies under our coverage have seen steep appreciation in stock price over the last year (~50%) driven by both hospital and diagnostic companies. Key notable points for CY22:
occupancy level is expected to remain strong and recovery in international patients to improve mix for hospitals,
likely improvement in volume growth for diagnostic companies with shift from unorganised to organised players,
reducing contribution from Covid-19 business; however, Omicron variant may change assumptions and
Ebitda margin to sustain with improving business mix and continuation of cost-control initiatives.
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