ICICI Securities: Aster DM Healthcare Logs Lesser Than Expected Covid-19 Impact

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.Aster DM Healthcare Ltd.’s Q1 FY21 performance, with better occupancy in Gulf Corporation Council (GCC) hospitals, was above our estimates as Covid-19 impact was lower than expected on occupancy.Overall occupancy was down by 9% YoY to 47% in Q1 FY21. Consolidated revenue declined 13.2% YoY to Rs 17.6 billion (our estimate Rs 14.7 billion) due to 19.2% drop in India hospitals and 26.3% drop in GCC Clinics.Ebitda margin dropped 290 basis points to 8.1% but was higher than estimated with effective cost control. The occupancy level has significantly improved from lows of April 20 and management expects double digit margin Q3 FY21 onwards.We believe the company’s approach of asset-light expansion and an improving margin trajectory (90 basis points over FY20-FY22E) would aid positive free cash flow generation..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

ICICI Securities: Aster DM Healthcare Logs Lesser Than Expected Covid-19 Impact

ICICI Securities: Aster DM Healthcare Logs Lesser Than Expected Covid-19 Impact

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