Motilal Oswal's research report on Apollo Hospitals
Apollo Hospitals Enterprises (APHS) delivered largely in-line revenue for the quarter. It delivered better-than-expected EBITDA/PAT, led by improved profitability in the hospitals/Healthco business. APHS is focused on optimizing the CONGO/payor mix to ensure profitable growth at existing hospitals. Patient volume growth was soft for the quarter due to a higher base of medical admissions in the past year. Notably, CONGO specialties’ revenue grew 14% YoY.
Outlook
We value APHS on an SoTP basis (30x EV/EBITDA for the hospital business, 20x EV/EBITDA for retained pharmacy, 25x EV/EBITDA for AHLL, 23x EV/EBITDA for front-end pharmacy, and 2x EV/sales for Apollo 24/7) to arrive at our TP of INR9,015.
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