Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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> has entered into a share purchase agreement for acquisition of a 550-bedded Sahara Hospital in Lucknow, Uttar Pradesh for an enterprise value of INR9.4B (~$113M).</li>
<li>The Hospital currently serves ~2 lakh patients every year, with FY24 revenue run rate of INR2B. It has a renowned center of excellence for Neurosciences.</li>
<li>The Hospital has a potential to quickly ramp up beds in existing building and expand medical programs such as oncology, transplants, robotics, etc.  </li>
</ul>



Max Healthcare Institute (MAXHEALT IN) has entered into a share purchase agreement for acquisition of a 550-bedded Sahara Hospital in Lucknow, Uttar Pradesh for an enterprise value of INR9.4B (~$113M).
The Hospital currently serves ~2 lakh patients every year, with FY24 revenue run rate of INR2B. It has a renowned center of excellence for Neurosciences.
The Hospital has a potential to quickly ramp up beds in existing building and expand medical programs such as oncology, transplants, robotics, etc.  


Max Healthcare (MAXHEALTH IN): New Hospital Acquisition Expands Footfall in a New Populus City

<ul>
<li>In Q2FY24, <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> reported revenue growth of 17% YoY and 6% QoQ to INR18.3B, driven by higher ARPOB and occupied bed days.</li>
<li>EBITDA grew 21% YoY and 14% QoQ to INR4.5B, leading to a 100 basis point YoY and 190 basis point QoQ margin expansion to 28.7%.</li>
<li>MHIL expect greenfield 300 bed hospital in Dwarka, South-west Delhi will be commissioned in later half of Q4FY24. It was originally expected to be commissioned in Q2FY24.</li>
</ul>


In Q2FY24, Max Healthcare Institute (MAXHEALT IN) reported revenue growth of 17% YoY and 6% QoQ to INR18.3B, driven by higher ARPOB and occupied bed days.
EBITDA grew 21% YoY and 14% QoQ to INR4.5B, leading to a 100 basis point YoY and 190 basis point QoQ margin expansion to 28.7%.
MHIL expect greenfield 300 bed hospital in Dwarka, South-west Delhi will be commissioned in later half of Q4FY24. It was originally expected to be commissioned in Q2FY24.


Max Healthcare (MAXHEALTH IN): Robust Financial Performance in Q2; Expansion Projects Are On Track

<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> reported robust Q4 performance, with revenue and EBITA increasing 26% and 44%, YoY, respectively. Growth was driven by increase in ARPOB and occupied bed days.</li>
<li>Max commissioned new 92 beds oncology block at one of its network hospitals in March. New oncology block contributed positively to revenue and EBITDA in the first month of launch.</li>
<li>Max is on track to double its bed capacity in next 5–6 years. Apart from ongoing brownfield expansions, the company has land parcels with potential to add 1,000 beds.</li>
</ul>



Max Healthcare Institute (MAXHEALT IN) reported robust Q4 performance, with revenue and EBITA increasing 26% and 44%, YoY, respectively. Growth was driven by increase in ARPOB and occupied bed days.
Max commissioned new 92 beds oncology block at one of its network hospitals in March. New oncology block contributed positively to revenue and EBITDA in the first month of launch.
Max is on track to double its bed capacity in next 5–6 years. Apart from ongoing brownfield expansions, the company has land parcels with potential to add 1,000 beds.


Max Healthcare (MAXHEALTH IN): Record High Sales and Profitability in Q4; Expansion to Drive Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> reported stellar performance in 3Q23 exceeding expectations, with double-digit revenue and EBITDA growth, while PAT more than doubles on higher patient volumes and improved case mix.</li>
<li>To deliver profitable growth, IHH will continue its organic expansion, including adding close to 4,000 beds in the next five years to its existing 12,000 operational beds.</li>
<li>Notwithstanding the strong underlying demand for quality healthcare services driving operational and financial growth, IHH expects cost pressures from elevated inflation, and rising interest rates.</li>
</ul>



IHH Healthcare (IHH MK) reported stellar performance in 3Q23 exceeding expectations, with double-digit revenue and EBITDA growth, while PAT more than doubles on higher patient volumes and improved case mix.
To deliver profitable growth, IHH will continue its organic expansion, including adding close to 4,000 beds in the next five years to its existing 12,000 operational beds.
Notwithstanding the strong underlying demand for quality healthcare services driving operational and financial growth, IHH expects cost pressures from elevated inflation, and rising interest rates.


IHH Healthcare (IHH MK): Double-Digit Growth Across Key Metrics for Q3; Bed Expansion to Continue

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> reported 11% YoY revenue growth in its core hospital and healthcare business in 4Q22, mainly driven by higher inpatient admissions in most of the hospitals.  </li>
<li>In November 2022, India’s stock exchange regulator SEBI has advised IHH to proceed with the open offer for <a href="https://www.smartkarma.com/entities/fortis-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:881:1" rel="noopener">Fortis Healthcare (FORH IN)</a> to acquire 26.1% stake after obtaining court permission.</li>
<li>IHH is cautiously optimistic of robust growth from its core business with the return of local and foreign patients to its hospitals.</li>
</ul>



IHH Healthcare (IHH MK) reported 11% YoY revenue growth in its core hospital and healthcare business in 4Q22, mainly driven by higher inpatient admissions in most of the hospitals.  
In November 2022, India’s stock exchange regulator SEBI has advised IHH to proceed with the open offer for Fortis Healthcare (FORH IN) to acquire 26.1% stake after obtaining court permission.
IHH is cautiously optimistic of robust growth from its core business with the return of local and foreign patients to its hospitals.


IHH Healthcare (IHH MK): Core Business Recovery; Fortis Open Offer to Come Soon

India

Max Healthcare Institute Limited operates a chain of hospitals. The Hospital offers urology, oncology, orthopaedics, eye care, dermatology, lung transplant, nutrition and dietetics, dental care, ganstroenterology, and rehabilitation services. Max Healthcare Institute serves patients in India.

Max Healthcare Institute (MAXHEALT IN)

Max Healthcare (MAXHEALTH IN): New Hospital Acquisition Expands Footfall in a New Populus City

Max Healthcare is foraying in Lucknow by acquiring 550-bedded Sahara Hospital for INR 9.4B (~$113M). The Hospital currently serves ~2 lakh...

Tina Banerjee

Max Healthcare (MAXHEALTH IN): Robust Financial Performance in Q2; Expansion Projects Are On Track

Max Health reported Q2 revenue growth of 17% YoY and 6% QoQ to INR18.3B, driven by higher ARPOB and OBDs. EBITDA grew 21% YoY and 14% QoQ to...

Tina Banerjee

Max Healthcare (MAXHEALTH IN): Record High Sales and Profitability in Q4; Expansion to Drive Growth

In Q4, revenue and EBITA increased 26% and 44%, respectively. The company added a new oncology block at one of its network hospitals in March. Max...

Tina Banerjee

IHH Healthcare (IHH MK): Double-Digit Growth Across Key Metrics for Q3; Bed Expansion to Continue

IHH reported stellar performance in 3Q23, with 19% revenue and 26% EBITDA growth on higher patient volumes and improved case mix. The company plans...

Tina Banerjee

IHH Healthcare (IHH MK): Core Business Recovery; Fortis Open Offer to Come Soon

IHH reported 11% YoY and 7% QoQ revenue growth in hospital and healthcare business, driven by higher inpatient admissions. The company has got...

Tina Banerjee

Max Healthcare (MAXHEALTH IN): New Hospital Acquisition Expands Footfall in a New Populus City

​Max Healthcare is foraying in Lucknow by acquiring 550-bedded Sahara Hospital for INR 9.4B (~$113M). The Hospital currently serves ~2 lakh...

Tina Banerjee

Max Healthcare (MAXHEALTH IN): Robust Financial Performance in Q2; Expansion Projects Are On Track

​Max Health reported Q2 revenue growth of 17% YoY and 6% QoQ to INR18.3B, driven by higher ARPOB and OBDs. EBITDA grew 21% YoY and 14% QoQ to...

Tina Banerjee

Max Healthcare (MAXHEALTH IN): Record High Sales and Profitability in Q4; Expansion to Drive Growth

In Q4, revenue and EBITA increased 26% and 44%, respectively. The company added a new oncology block at one of its network hospitals in March. Max...

Tina Banerjee

IHH Healthcare (IHH MK): Double-Digit Growth Across Key Metrics for Q3; Bed Expansion to Continue

IHH reported stellar performance in 3Q23, with 19% revenue and 26% EBITDA growth on higher patient volumes and improved case mix. The company plans...

Tina Banerjee

IHH Healthcare (IHH MK): Core Business Recovery; Fortis Open Offer to Come Soon

IHH reported 11% YoY and 7% QoQ revenue growth in hospital and healthcare business, driven by higher inpatient admissions. The company has got...

Tina Banerjee

Max Healthcare is foraying in Lucknow by acquiring 550-bedded Sahara Hospital for INR 9.4B (~$113M). The Hospital currently serves ~2 lakh...

Max Health reported Q2 revenue growth of 17% YoY and 6% QoQ to INR18.3B, driven by higher ARPOB and OBDs. EBITDA grew 21% YoY and 14% QoQ to...