Metropolis Healthcare Q3 Review - Recovery Slow; Profitability Strong: ICICI Securities
Metropolis Healthcare laboratory. (Photo: Metropolis Healthcare website)

Metropolis Healthcare Q3 Review - Recovery Slow; Profitability Strong: ICICI Securities

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ICICI Securities Report

Metropolis Healthcare Ltd. reported Q3 FY21 performance better than estimates on margins, although the recovery in revenue growth remained slow.

Non-Covid-19 volumes (number of patients) dropped 3.6% but its average realisation (revenue/patient) improved 4.4% YoY.

Overall, revenue grew 23.3% YoY to Rs 2.7 billion (our estimate Rs 2.9 billion).

Ebitda margin improved 300 basis points to 31.5% led by the higher realisation and controlled costs.

Covid-19 related RT-PCR (reverse transcription-polymerase chain reaction) tests contributed approximately 19% of total sales.

The non-Covid-19 revenue saw recovery but below expectation and we expect normalcy to be achieved by Q1 FY22.

Click on the attachment to read the full report:

ICICI Securities Metropolis Q3FY21 Result Update.pdf

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