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Global Health Ltd. (Medanta), incorporated on August 13, 2004, at New Delhi, is one of the largest private multi-speciality hospital chains operating in the North and East regions of India. As per the CRISIL report, its key specialties are cardiology and cardiac science, neurosciences, oncology, digestive and hepatobiliary sciences, orthopaedics, liver transplant, and kidney and urology. Medanta has a network of five hospitals currently in operation (Gurugram, Indore, Ranchi, Lucknow and Patna) and one hospital under construction (Noida). As of June 30, 2022, Medanta provides healthcare services in over 30 medical specialties and engages over 1,300 doctors, spanning an area of 4.7mn sq. ft. with 2,467 installed beds. The Indian healthcare industry is expected to clock a healthy CAGR of 13-15% and reach Rs. 8.3 trillion by FY26, driven by increasing affordability for healthcare services, schemes launched by the Govt. of India like Ayushman Bharat, the national health insurance, etc.

Valuation and Outlook

At the upper price band of Rs.336, Medanta is available at a P/E of 46x (FY22 EPS), which is in-line compared to its peers. Considering its strong brand value, new hospital addition, rise in ARPOB, pick up in medical tourism, increasing affordability for healthcare services and promising industry outlook, we assign a “Subscribe” rating on a short to medium term basis.

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03112022 - Global Health -IPO - geo