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News: Revenues de-grew 1.2 % QoQ to Rs 1128.2 crore. Business from hospitals in India declined 2.4% QoQ followed by decline in Cayman Island revenues, down 3.1 % QoQ. Therapy wise cardiac, oncology and gastro remained major contributors during the quarter. EBITDA grew 4.4% QoQ to Rs 254.4 crore. EBITDA margins grew 121 bps QoQ to 22.6%. Lower input costs supported the margins. Adjusted PAT was impacted by 8.9% QoQ to Rs 153.8 crore. ARPOB for Indian hospitals came at Rs 35,068 improved 4.1 % QoQ whereas Cayman Islands ARPOB was at $2.2mn, down 3 % sequentially
Views: NHL's numbers were in line with our estimates on the revenue front but beat our estimates on the margin front due to better ARPOB. Newer hospitals and a better payer mix were the driving forces behind this performance. Throughout the quarter, the contribution from foreign patient footfalls was unaffected. Despite the holiday season, its Cayman operation was still able to contribute to the total performance. On the basis of an asset-rights approach, a commitment to affordability, and confidence in the NHL's long-term growth potential, we continue to remain optimistic
Impact: Positive