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.
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