Motilal Oswal's research report on Apollo Hospitals
Apollo Hospitals (APHS) delivered in-line 1QFY25 performance. The hospital business was largely driven by higher volume of in-patients/out-patients, while AHLL continued to post healthy sales/profitability across diagnostics, primary and secondary care segments. APHS continued to reduce operational costs at Healthco. However, GMV growth moderated. We raise our FY25 earnings estimate by 4%, factoring in better profitability in AHLL and reduced opex in Apollo 24/7.
Outlook
We value APHS on SOTP basis (30x 12M fwd EV/EBITDA hospital business, 12M fwd EV/EBITDA for AHLL, 22x 12M fwd EV/EBITDA for front end pharmacy) to arrive at a TP of INR7,940.
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