Metropolis Healthcare Q1 Review - In-Line Quarter; Expansion Plan On Track: Dolat Capital
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Dolat Capital Report
Metropolis Healthcare Ltd.’s Q1 FY22 revenue growth of 12% QoQ was 12% above estimate aided by Covid-19 growth while non-Covid-19 business registering a 5% QoQ growth was in-line.
Higher cost (network expansion and incentives to front-line workers) restricted margins at 31%, in-line with estimates.
Reversal of provision made against global hospitals of Rs 1.6 billion aided profit after tax. Adjusted profit after tax at Rs 590 million was in-line.
Management is mulling options post the fall-out of Hitech deal.
Network expansion will impact Ebitda margins by 0.75- 1% to be offset by cost saving measures.
As organized players benefit from higher traction in home collection and enhanced brand recognition, Metropolis is progressing well towards rapid expansion in new regions to deepen presence in core areas and fill gaps in non-core regions.
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