Update On Narayana Hrudayalaya Ltd By Yes Securities
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Q3 FY21 call highlights
* Consolidated net debt of Rs 5.3bn (Out of which, debt worth US$43mn is FC ).
* India business has recovered and has reached 80% of the pre‐covid level.
* Overseas facility at Cayman island has come back to pre‐covid level.
* Cayman islands is under lockdown currently, so there is inflow of high net worth customers coming to the hospitals as they could not go; can retain part of the customers once the lockdown is lifted.
* Revenue will not grow in Cayman island for 1‐2 quarters as there are not many people coming in from outside. once the oncology capex comes up, revenue to increase.
* Oncology block in Cayman‐ supposed to start construction last year but was delayed due to COVID‐19; confident of starting construction in next 2‐3 months and expect commercialization in next 12‐18 months.
* NCR‐Delhi facility‐ On account of border closures and farmer protest the volume numbers have slightly dipped during the current quarter.
* West Bengal has announced Swasth sathi scheme. if executed according to the government rules, then there might be a short‐term impact as the company does not have the number of beds to cater to the scheme.
* Capacity expansion in flagship facility in Kolkata‐ the process is very slow as the company is in talks with various people to purchase their property and expand the facility.
* In another facility in Kolkata, the company is going on with expansion of the hospital facility.
* Bangalore facility‐ the OPD footfalls have started to come back to normal.
* Mumbai facility is going to be a children hospital only and break‐even for the hospital will not be possible in the next few quarters.
* Medical Tourism‐ the recovery has not been great, as frequency of flights has not resumed.
* Cost side activities‐ Some of the supply chain activities cost due to supply chain disruption will prevail and will take time for the cost go down.
* There might be hike in doctor cost and which will be going back to pre‐covid level (there was cut in salary at the time when COVID‐19 had started in India).
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