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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>The Q3FY25 earnings season was marked by a) Festival demand, 2) Sequential improvement in government spending, 3) Moderation in Urban consumption, 4) Some uptick in rural consumption, 5) Rising bond yields and 6) Currency tailwinds.</li><li>H1FY25 was challenging in terms of an overall reduction in government spending, credit tightening in unsecured lending, consumption slowdown especially in the urban area, extended monsoon, and inflation.</li><li>Collectively these factors have contributed to the slowdown in the corporate earnings during H1FY25. </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.

The Q3FY25 earnings season was marked by a) Festival demand, 2) Sequential improvement in government spending, 3) Moderation in Urban consumption, 4) Some uptick in rural consumption, 5) Rising bond yields and 6) Currency tailwinds.H1FY25 was challenging in terms of an overall reduction in government spending, credit tightening in unsecured lending, consumption slowdown especially in the urban area, extended monsoon, and inflation.Collectively these factors have contributed to the slowdown in the corporate earnings during H1FY25. 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.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>The India Pharma &amp; Healthcare sector is expected to maintain its growth momentum in Q2FY25E</li><li>We project sales/EBITDA growth of 11%/15% YoY for our coverage universe</li><li>Our assumptions are: (1) Pharma coverage is expected to see 11% YoY sales growth, driven by a 12% YoY increase in the India business, offset by a ~5% QoQ decline in the US</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.

The India Pharma &amp; Healthcare sector is expected to maintain its growth momentum in Q2FY25EWe project sales/EBITDA growth of 11%/15% YoY for our coverage universeOur assumptions are: (1) Pharma coverage is expected to see 11% YoY sales growth, driven by a 12% YoY increase in the India business, offset by a ~5% QoQ decline in the USContent 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.

Pharma and Healthcare (Q2FY25E Results Preview): Steady Q2, Revlimid to Normalise

Equity Bottom-Up

Max Healthcare Institute / Equity Bottom-Up

<ul><li>Strong Revenue Growth Driven by New Hospitals: Max Healthcare reported revenue of Rs 2,460 Cr, in line with our expectations, supported by flat ARPOB and contributions from new hospitals and steady occupancy.</li><li>Stable ARPOB and Improved Occupancy: ARPOB stood at Rs 78,000, flat YoY (Existing units +7% Growth YoY), while overall occupancy improved to 76% and Mature Hospitals reported 80%. Occupancy led to a 26% YoY growth in occupied bed days.</li><li>EBITDA Margins and Profitability: EBITDA margins compressed by 74 bps to 24.1% over the year, despite the addition of new assets.</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.

Strong Revenue Growth Driven by New Hospitals: Max Healthcare reported revenue of Rs 2,460 Cr, in line with our expectations, supported by flat ARPOB and contributions from new hospitals and steady occupancy.Stable ARPOB and Improved Occupancy: ARPOB stood at Rs 78,000, flat YoY (Existing units +7% Growth YoY), while overall occupancy improved to 76% and Mature Hospitals reported 80%. Occupancy led to a 26% YoY growth in occupied bed days.EBITDA Margins and Profitability: EBITDA margins compressed by 74 bps to 24.1% over the year, despite the addition of new assets.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.

Max Healthcare Institute Ltd - Growth Intact; Margins Under Pressure

<ul><li>Strong Revenue Growth Driven by New Hospitals: Max Healthcare reported revenue of Rs 2,326 Cr, in line with expectations, supported by steady ARPOB and contributions from new hospitals, despite a marginal drop in occupancy. </li><li>Stable ARPOB and Improved Occupancy: ARPOB stood at Rs 77,100, remaining flat YoY (Existing units +7% Growth YoY), while occupancy improved to 75% (up 300 bps YoY on a like-to-like basis), driven by a 30% YoY growth in occupied bed days. </li><li>EBITDA Margins and Profitability: EBITDA margins remained stable at 26.4% over the year, despite the addition of new assets. </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.

Strong Revenue Growth Driven by New Hospitals: Max Healthcare reported revenue of Rs 2,326 Cr, in line with expectations, supported by steady ARPOB and contributions from new hospitals, despite a marginal drop in occupancy. Stable ARPOB and Improved Occupancy: ARPOB stood at Rs 77,100, remaining flat YoY (Existing units +7% Growth YoY), while occupancy improved to 75% (up 300 bps YoY on a like-to-like basis), driven by a 30% YoY growth in occupied bed days. EBITDA Margins and Profitability: EBITDA margins remained stable at 26.4% over the year, despite the addition of new assets. 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.

Max Healthcare Institute Ltd - Expansion Accelerates; Profitability Strengthened

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Max Healthcare (MAXHEALT) has aggressively increased its bed capacity through both organic and inorganic routes over the past three years.</li><li>Going forward, MAXHEALT plans to add 2,400 beds to its total bed capacity of ~6,700, with a capex of INR40-45b over the next 3-4 years.</li><li>Despite heavy capex, the company has comfortably maintained its liquidity position.</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.

Max Healthcare (MAXHEALT) has aggressively increased its bed capacity through both organic and inorganic routes over the past three years.Going forward, MAXHEALT plans to add 2,400 beds to its total bed capacity of ~6,700, with a capex of INR40-45b over the next 3-4 years.Despite heavy capex, the company has comfortably maintained its liquidity position.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

Max Healthcare Institute Limited is a leading Indian for-profit private hospital chain that operates 21 healthcare facilities with over 6,000 beds across North India, including Delhi NCR, Haryana, Punjab, Uttarakhand, Maharashtra, Uttar Pradesh, and Odisha. The company provides a wide range of medical and healthcare services across more than 30 specialties, including oncology, cardiac sciences, neurosciences, and orthopedics. Additionally, it offers diagnostic services through Max Lab and home healthcare services via Max@Home. Headquartered in New Delhi, India, the company was founded in 2001.

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Max Healthcare Institute (MAXHEALT IN)

Q3FY25 - Consolidated Earnings Preview

The Q3FY25 earnings season was marked by a) Festival demand, 2) Sequential improvement in government spending, 3) Moderation in Urban consumption

Axis Direct

Pharma and Healthcare (Q2FY25E Results Preview): Steady Q2, Revlimid to Normalise

The India Pharma & Healthcare sector is expected to maintain its growth momentum in Q2FY25E. We project sales/EBITDA growth of 11%/15% YoY for our...

HDFC Securities

Max Healthcare Institute Ltd - Growth Intact; Margins Under Pressure

Max Healthcare reported revenue of Rs 2,460 Cr, in line with our expectations, supported by flat ARPOB and contributions from new hospitals and...

Axis Direct

Max Healthcare Institute Ltd - Expansion Accelerates; Profitability Strengthened

Max Healthcare reported revenue of Rs 2,326 Cr, in line with expectations, supported by steady ARPOB and contributions from new hospitals, despite...

Axis Direct

Max Healthcare - On an Expansion Spree

Max Healthcare (MAXHEALT) has aggressively increased its bed capacity through both organic and inorganic routes over the past three years.

Motilal Oswal

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