Metropolis Healthcare Q4 Review - Strong Recovery With Margin Expansion: ICICI Securities

A technician wearing a face mask analyses a blood sample in a lab in New Delhi, India. (Photographer: T. Narayan/Bloomberg).

Metropolis Healthcare Q4 Review - Strong Recovery With Margin Expansion: ICICI Securities

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ICICI Securities Report

Metropolis Healthcare Ltd. reported Q4 FY21 performance better than estimates on margins and recovery in revenue growth was as per budgeted numbers provided earlier.

Non-Covid-19 volumes (number of patients) grew 11.2% and average realisation (revenue/patient) improved 10.0% YoY.

Overall, revenue grew 41.0% YoY to Rs 2.9 billion (our estimate: Rs 2.9 billion).

Ebitda margin improved 820 basis points to 33.0% (our estimate: 31.0%) led by higher realisation and controlled costs.

Covid-19 related RT-PCR tests contributed ~14% of total sales. The non-Covid-19 revenue saw decent recovery, though volume growth was below estimate.

Click on the attachment to read the full report:

ICICI Securities Metropolis Q4FY21 Results Update.pdf

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