External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

HealthCare Global Enterprises / Equity Bottom-Up

<ul><li>Healthcare Global Enterprises (HCG) reported revenue of Rs 487 Cr, up 15.9% YoY, which stood above our expectations.</li><li>Growth was primarily driven by ARPOB improvement to Rs 42,000, up 13.9% YoY.</li><li>The number of occupied bed days increased 1.1% YoY as occupancy improved by 100bps to 66.4% YoY.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Healthcare Global Enterprises (HCG) reported revenue of Rs 487 Cr, up 15.9% YoY, which stood above our expectations.Growth was primarily driven by ARPOB improvement to Rs 42,000, up 13.9% YoY.The number of occupied bed days increased 1.1% YoY as occupancy improved by 100bps to 66.4% YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthcare Global Enterprises Ltd - Margins Still Below Industry Levels; ARPOB Improves

<ul><li>Healthcare Global Enterprises (HCG) reported revenue of Rs 461 Cr, up 12.9% YoY, in line with our expectations.</li><li>Growth was primarily driven by ARPOB improvement to Rs 39,686, up 3.2% YoY.</li><li>The number of occupied bed days increased 4.6% YoY as occupancy improved by 230bps to 66.9%. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Healthcare Global Enterprises (HCG) reported revenue of Rs 461 Cr, up 12.9% YoY, in line with our expectations.Growth was primarily driven by ARPOB improvement to Rs 39,686, up 3.2% YoY.The number of occupied bed days increased 4.6% YoY as occupancy improved by 230bps to 66.9%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthcare Global Enterprises Ltd - Margins Still Below Industry Levels

Thematic (Sector/Industry)

<ul><li>Axis Top Picks basket outperformed the benchmark by a significant margin with its impressive return of 9.7% in FY23 as against the 0.6% decline posted by NIFTY 50 over the same period.</li><li>The basket, however, reported a flattish return (-0.3%) in a highly volatile Mar’23 which witnessed a rather mixed performance across sectoral, market cap, and style indices, indicating an underlying change in the market positioning.</li><li>Nonetheless, the basket has delivered an astounding return of 149% since its inception (May'20) which stands significantly higher than the 87% returns delivered by NIFTY 50 over the same period.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Axis Top Picks basket outperformed the benchmark by a significant margin with its impressive return of 9.7% in FY23 as against the 0.6% decline posted by NIFTY 50 over the same period.The basket, however, reported a flattish return (-0.3%) in a highly volatile Mar’23 which witnessed a rather mixed performance across sectoral, market cap, and style indices, indicating an underlying change in the market positioning.Nonetheless, the basket has delivered an astounding return of 149% since its inception (May'20) which stands significantly higher than the 87% returns delivered by NIFTY 50 over the same period.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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<li>ARPOB (Rs 37,000) stood flat YoY and the number of occupied bed days grew by 30% YoY for Q3FY23.</li>
<li>Over the last 4 quarters, the company’s EBITDA margins were flat (range 18.2%) despite a fall in other expenses as expenses are increasing in the Medical Consultancy segment.</li>
<li>We believe New centers' margins will improve fast in the upcoming quarters as hospitals have 35% variable cost and 65% fixed cost.</li>
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<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>






ARPOB (Rs 37,000) stood flat YoY and the number of occupied bed days grew by 30% YoY for Q3FY23.
Over the last 4 quarters, the company’s EBITDA margins were flat (range 18.2%) despite a fall in other expenses as expenses are increasing in the Medical Consultancy segment.
We believe New centers' margins will improve fast in the upcoming quarters as hospitals have 35% variable cost and 65% fixed cost.





Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<div><div><div><div><ul><li>In Q3FY23, the Pharma sector is expected to benefit from positive attributes such as currency depreciation, fall in raw material prices, low crude prices, and correction in shipping prices which would aid in revenue growth and improvement in gross margins.</li><li>We expect the Pharma universe under our coverage to report healthy aggregate Revenue/EBITDA/PAT growth of 7.4%/9.5%/9.1% YoY. 8% depreciation in the Indian currency (Rs) may majorly contribute to the overall growth of 7.4% for the last quarter.</li><li>Low single-digit growth in the US market (due to intense competition) and low double-digit growth in the India business after Covid-19 business has now stabilised. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

In Q3FY23, the Pharma sector is expected to benefit from positive attributes such as currency depreciation, fall in raw material prices, low crude prices, and correction in shipping prices which would aid in revenue growth and improvement in gross margins.We expect the Pharma universe under our coverage to report healthy aggregate Revenue/EBITDA/PAT growth of 7.4%/9.5%/9.1% YoY. 8% depreciation in the Indian currency (Rs) may majorly contribute to the overall growth of 7.4% for the last quarter.Low single-digit growth in the US market (due to intense competition) and low double-digit growth in the India business after Covid-19 business has now stabilised. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

HealthCare Global Enterprises Limited provides medical and surgical hospital services. The Hospital offers cancer care, chemotherapy, cyberknife surgery, surgical, radiation, and medical oncology services. HealthCare Global Enterprises operates worldwide.

HealthCare Global Enterprises (HCG IN)

Healthcare Global Enterprises Ltd - Margins Still Below Industry Levels; ARPOB Improves

Healthcare Global Enterprises (HCG) reported revenue of Rs 487 Cr, up 15.9% YoY, which stood above our expectations. Growth was primarily driven by...

Axis Direct

Healthcare Global Enterprises Ltd - Margins Still Below Industry Levels

Healthcare Global Enterprises (HCG) reported revenue of Rs 461 Cr, up 12.9% YoY, in line with our expectations. Growth was primarily driven by...

Axis Direct

Top Picks - Apr 2023

Axis Top Picks basket outperformed the benchmark by a significant margin with its impressive return of 9.7% in FY23 as against the 0.6% decline...

Axis Direct

Healthcare Global Enterprises Ltd - Margins Still Below Industry Levels

Over the last 4 quarters, the company’s EBITDA margins were flat (range 18.2%) despite a fall in other expenses as expenses are increasing in the...

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Pharma - Q3FY23 - Earnings Preview

Low single-digit growth in the US market (due to intense competition) and low double-digit growth in the India business after Covid-19 business has...

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