Company Update : Dr. Agarwal`s Health Care Ltd By Motilal Oswal Financial Services Ltd
Operationally in-line quarter
* DAHL’s 4QFY25 revenue grew 31.9% YoY to INR4.6b (our est: INR4.5b).
* The India business grew 34.2% YoY to INR4.1b.
* Mature Facilities grew 28.9% YoY to INR3.3b.
* EBITDA margin contracted 180bp YoY to 28.9% (our est: 29.7%), largely due to higher opex (employee costs/other expenses rose 70bp/160bp YoY as % of sales).
* As a result, EBITDA grew 24.2% YoY to INR1.3b (in-line).
* DAHL had impairment related to goodwill on a business combination worth INR30m.
* Adjusting for the same, PAT declined 7.4% YoY INR358m.
* During FY25, its revenue/EBITDA grew 28.4%/25.1% YoY to INR17b/INR4.5b. PAT was INR830m, flat YoY.
Other highlights
* While the interest cost was higher for the quarter, the debt repayment from IPO proceeds is expected to lower the interest cost going forward.
* As of Mar’25, the company had 236 facilities.
* During 4QFY25, the company added 17 facilities.
* During FY25, 59 new facilities were added. Of these, 52 were new facilities and seven were acquired facilities.
* During FY25, the company witnessed 28% YoY growth in surgeries (to 282,326).
* The sale of services contributed 79%, and the sale of products contributed 21% to its revenue from operations in FY25.
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