- 26 May 2023
- ICICIdirect Research
Aster reports in line numbers on all parameters
ASTERDM - 409 Change: 4.40 (1.09 %)News: Revenues grew 2.2% QoQ to Rs 3262 crore, supported by growth from India business, which came in at Rs 804 crore, up 9.4% QoQ. GCC business was impacted by 3.6% QoQ. The impact was largely from pharmacy business down -3.6%, hospitals improved 2.9% QoQ to Rs 1090 crore, clinics grew 3.3% QoQ to Rs 684 crore. EBITDA margins improved 144 bps QoQ to 15.5% while EBITDA grew 12.7% QoQ to Rs 505.6 crore. Subsequently, net profit increased 22.7% QoQ to Rs 171 crore
View: Few observations from the numbers- Significant improvement in GCC ARPOB which grew 11% QoQ. India ARPOB were flat. Inda EBITDA margins improved 170 bps to 15.8%. In GCC, while clinics and pharmacy margins improved, hospitals margins declined 260 bps due to write off Cayman capex. As the two entities will be separated in the future, we continue to monitor progress on the India front
Impact: Positive