- 10 Nov 2022
- ICICIdirect Research
Narayana reports strong numbers in Q2FY23 with beat on marginsNH - 778 Change: 4.40 (0.57 %)
Revenues grew 10 % QoQ to Rs 1142 crore, QoQ growth as hospitals in India grew 11.2% QoQ followed by Cayman Island, which grew 28% QoQ. EBITDA grew 26.9% QoQ to Rs243.7 crore. EBITDA margins grew 277 bps QoQ to 21.3%. Margins improved as Indian hospitals' EBITDA margins grew 370 bps QoQ to 19.9%. Adjusted PAT increased 52.7 % YoY to Rs169 crore.
Narayana numbers were in line with our estimates on the revenue front but beat our estimates on the margin front due to better operating leverage in Indian hospitals, as well as increase in International patients mix. Cayman Islands also delivered strong performance with highest ever quarterly sales at Rs232 crore. We continue to believe in the long term prospects of the company on the back of an asset-right model and affordability philosophy