Q4FY22 Preview: Apollo Hospitals: Revenues seen at Rs36,715 million, PAT at Rs2,089 million

23 May 2022 , 11:30 AM

Result date: 25^th May, 2022
Recommendation: Buy
Target price: Rs5,400

Apollo Hospitals Enterprise (Apollo) could post 68% bed occupancy rates for the March 2022 quarter. With volumes of inpatient and outpatient segments growing 17% and 20%, respectively over the year-ago quarter; average revenue per occupied bed (ARPOB) could improve 10%. Pharma and hospital business could post robust revenue growth, taking overall growth in topline to 28%.

The Company’s EBITDA margin could inch up 84 basis points over the year-ago quarter. However, sequentially, this metric could decline 93 basis points to 15.2% amid lower non-COVID occupancies following the third wave of the pandemic.

Profit After Tax (PAT) could surge 46% over the year-ago quarter.

Important management insights to watch out for:
·         Growth outlook across all business segments
·         Breakeven of 24×7
·         Margin drivers in the future
 

Rs Million	March 2022 estimates	YoY change	QoQ change
Revenue	36,715	28%	1%
EBITDA	5,581	36%	(5)%
Profit After Tax	2,089	46%	(9)%

Source: IIFL Research