Buy Jupiter Lifeline Hospital; target of Rs 1740: Anand Rathi

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Anand Rathi's research report on Jupiter Lifeline Hospital

In line with our estimates and consensus, Jupiter Lifeline Hospital reported healthy Q2 figures, with revenue/EBITDA/PAT up 23%/23%/53% y/y. Highlights: a) ARPOB in H1 was Rs57,700, up 9% y/y. b) Overall occupancy in H1 was 67% vs. 62% last year. c) Occupancy in the Thane unit was flat at 72%; Pune/Indore occupancies surged to 67%/59% vs. 61%/49% a year ago. d) Capacity expansions are on track (75 beds in Q4) for Indore and Dombivli hospitals. e) Net cash at endQ2 was Rs3bn.

Outlook

Further, the recent rate revision in insurance contracts for the Pune hospital and insurance tie-ups for the Indore one should boost ARPOB and occupancies. We value the stock at 25x EV/EBITDA on FY27e and recommend a Buy with a revised TP of Rs1,740 (Rs1,450 earlier).

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Jupiter Lifeline Hospital - 13112024 - anand