External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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Equity Bottom-Up

Jupiter Life Line Hospitals / Equity Bottom-Up

<ul><li>Jupiter Life Line Hospitals (JLHL) Q3 consolidated EBITDA grew by 21% YoY (flat QoQ) to Rs. 750mn; in line with our estimates aided by higher ARPOB and case mix.</li><li>JLHL’s operational efficiency has been strong in competitive markets of MMR.</li><li>The company reported Revenue/EBITDA CAGR of 24%/35% over FY21- 24.</li></ul>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.

Jupiter Life Line Hospitals (JLHL) Q3 consolidated EBITDA grew by 21% YoY (flat QoQ) to Rs. 750mn; in line with our estimates aided by higher ARPOB and case mix.JLHL’s operational efficiency has been strong in competitive markets of MMR.The company reported Revenue/EBITDA CAGR of 24%/35% over FY21- 24.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.

Jupiter Life Line Hospitals - Growth Levers Intact with Strategic Expansions

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

<ul>
<li>Park Medi World has filed for IPO to raise up to INR 9,200M. The company plans to sell 56.8M shares at between INR 154 and INR 162 per share.</li>
<li>Park Medi World is the second largest private hospital chain in North India with a capacity of 3,000 beds, and the largest private hospital chain in Haryana.</li>
<li>Valuation reasonable considering the fact that it lags behind on many fronts compared to its peers. Bullish on Indian hospital players, but we think investors can comfortably skip this issue.</li>
</ul>


Park Medi World has filed for IPO to raise up to INR 9,200M. The company plans to sell 56.8M shares at between INR 154 and INR 162 per share.
Park Medi World is the second largest private hospital chain in North India with a capacity of 3,000 beds, and the largest private hospital chain in Haryana.
Valuation reasonable considering the fact that it lags behind on many fronts compared to its peers. Bullish on Indian hospital players, but we think investors can comfortably skip this issue.


Park Medi World IPO: Ability To Maintain Margin Dicey, Avoid Parking Funds In This Issue

Max Healthcare Institute / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/max-healthcare-institute-ltd" target="_blank" data-smartkarma-citation="entities:35275:1" rel="noopener">Max Healthcare Institute (MAXHEALT IN)</a> completed the acquisition of Jaypee Healthcare in last November, thereby adding 700 beds. Jaypee added INR1,120M revenue with an operating EBITDA of INR230M in Q3FY25.</li>
<li>Max is setting up ~500 bedded hospital at Thane, Maharashtra on an asset-light built-to-suit basis. The proposed construction of hospital premises is expected to be completed by 2028.</li>
<li>Current expansion plan indicates significant capacity ramp-up (20%+) in FY26, and majority of which will come by Q1, thereby generating scope for revenue realization for most part of the year.</li>
</ul>



Max Healthcare Institute (MAXHEALT IN) completed the acquisition of Jaypee Healthcare in last November, thereby adding 700 beds. Jaypee added INR1,120M revenue with an operating EBITDA of INR230M in Q3FY25.
Max is setting up ~500 bedded hospital at Thane, Maharashtra on an asset-light built-to-suit basis. The proposed construction of hospital premises is expected to be completed by 2028.
Current expansion plan indicates significant capacity ramp-up (20%+) in FY26, and majority of which will come by Q1, thereby generating scope for revenue realization for most part of the year.


Max Healthcare (MAXHEALTH IN): Multi-Pronged Expansion Strategy Augurs Well for Sustainable Growth

<ul><li>Prabhudas Lilladher's research report onJupiter Life Line Hospitals Jupiter Life Line Hospitals (JLHL) Q4 consolidated EBITDA grew by 21% YoY (1% QoQ) to Rs.</li><li>623mn; in line with our estimates aided by higher ARPOB.</li><li>JLHL’s operational efficiency has been strong in competitive markets of MMR.</li></ul>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.

Prabhudas Lilladher's research report onJupiter Life Line Hospitals Jupiter Life Line Hospitals (JLHL) Q4 consolidated EBITDA grew by 21% YoY (1% QoQ) to Rs.623mn; in line with our estimates aided by higher ARPOB.JLHL’s operational efficiency has been strong in competitive markets of MMR.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.

Jupiter Life Line Hospitals - In-Line Quarter; Margins to Improve

Jupiter Life Line Hospitals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jupiter-life-line-hospitals-ltd" target="_blank" data-smartkarma-citation="entities:39814:1" rel="noopener">Jupiter Life Line Hospitals (0372574D IN)</a> has hit the market to raise INR8.7B via an IPO. The IPO is a combination of a fresh issue and an OFS portion.</li>
<li>The company is a multi-specialty tertiary and quaternary healthcare provider in the Mumbai Metropolitan Area and western region of India. It intends to use the IPO proceeds for debt repayment.</li>
<li>In FY23, revenue increased 22% YoY to INR8.9B, while EBITDA margin expanded 210bps to 23.45%. Ramping up of Indore facility and upcoming greenfield hospital in Maharashtra are major growth drivers.</li>
</ul>



Jupiter Life Line Hospitals (0372574D IN) has hit the market to raise INR8.7B via an IPO. The IPO is a combination of a fresh issue and an OFS portion.
The company is a multi-specialty tertiary and quaternary healthcare provider in the Mumbai Metropolitan Area and western region of India. It intends to use the IPO proceeds for debt repayment.
In FY23, revenue increased 22% YoY to INR8.9B, while EBITDA margin expanded 210bps to 23.45%. Ramping up of Indore facility and upcoming greenfield hospital in Maharashtra are major growth drivers.


Jupiter Life Line Hospitals (0372574D IN) IPO: A Niche Regional Play with Strong Track Record

India

Jupiter Life Line Hospitals Limited operates as a hospital. The Company offers cardiology, paediatrics, rehabilitation, organ transplant, haematology, surgical gastroenterology, internal medicine, and cancer care services. Jupiter Life Line Hospitals serves patients in India.

Jupiter Life Line Hospitals (0372574D IN)

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Jupiter Life Line Hospitals (0372574D IN)

Jupiter Life Line Hospitals - Growth Levers Intact with Strategic Expansions

Jupiter Life Line Hospitals (JLHL) Q3 consolidated EBITDA grew by 21% YoY (flat QoQ) to Rs. 750mn; in line with our estimates aided by higher ARPOB...

Prabhudas Lilladhar

Park Medi World IPO: Ability To Maintain Margin Dicey, Avoid Parking Funds In This Issue

Park Medi World launched IPO to raise INR 9.2B. Valuation reasonable but lags behind peers. Geographic, payor and specialties concentration are...

Tina Banerjee

Max Healthcare (MAXHEALTH IN): Multi-Pronged Expansion Strategy Augurs Well for Sustainable Growth

Max Healthcare acquired Jaypee Healthcare, adding 700 beds in Q3FY25. The company is also setting up a 500-bed hospital in Thane, Maharashtra....

Tina Banerjee

Jupiter Life Line Hospitals - In-Line Quarter; Margins to Improve

Prabhudas Lilladher's research report onJupiter Life Line Hospitals Jupiter Life Line Hospitals (JLHL) Q4 consolidated EBITDA grew by 21% YoY (1%...

Prabhudas Lilladhar