Company Update : Global health Ltd By Motilal Oswal Financial Services Ltd
Steady growth with in-line revenue; one-time cost impacts PAT
* In 4QFY25, sales grew 15.2% YoY to INR9.3b. (vs our est: INR9.1b).
* EBITDA margin grew 50bp YoY to 24.1% due to lower employee expenses as a % of sales (-130bp YoY).
* EBITDA rose 17.6% YoY to INR2.2b (vs our est: INR2.1b).
* Medanta reported a one-time expense of INR499m due to the merger of MHPL (Lucknow entity) with Global Health.
* Adjusting for the one-time expense, PAT grew 9.4% YoY to INR1.4b (vs our est: INR1.5b).
* FY25 revenue/EBITDA/PAT grew 13%/9%/11% to INR37b/INR8.9b/INR5.3b.
* In 4QFY25, revenue/PAT outperformed Bloomberg estimates by 0.5%/0.6%. However, EBITDA missed the estimates by 2.3%.
Other highlights
* Mature hospitals’ revenue (69% of total revenue) grew 4.5% YoY to INR6.4b. EBITDA was INR1.5b in 4Q, while margins contracted 90bp YoY to 24%.
* Developing hospitals’ revenue (31% of total revenue) grew 24.2% YoY to INR2.8b. EBITDA was INR0.9b with margin expansion of 350bp YoY to 31%.
* In 4QFY25, ARPOB was stable YoY at INR63.6k.
* IPD/OPD volumes increased 15.9%/12.9% YoY for the quarter.
* Occupancy stood at 61.2% (vs. 59% in 4QFY24 and 63.6% in 3QFY25).
* ALOS stood at 3.19 days (vs. 3.2 days in 4QFY24/3QFY25).
* OPD Pharmacy revenue increased 27.3% YoY to INR340m.
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