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

<ul><li>Narayana Hrudayalaya (NARH) reported EBITDA of Rs3.1bn (up 10% YoY) in Q3FY25, 9% above our estimates due to sharp ramp up in Cayman units.</li><li>The Cayman business reported profitability of Rs1.3bn, up 8% YoY and 37% QoQ.</li><li>India business reported healthy EBITDA adjusted for NHIC losses, up 15% 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>

Narayana Hrudayalaya (NARH) reported EBITDA of Rs3.1bn (up 10% YoY) in Q3FY25, 9% above our estimates due to sharp ramp up in Cayman units.The Cayman business reported profitability of Rs1.3bn, up 8% YoY and 37% QoQ.India business reported healthy EBITDA adjusted for NHIC losses, up 15% 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.

Narayana Hrudayalaya - Good Start to New Cayman Unit

<ul><li>We hosted Mr. Viren Shetty (Executive Chairman) and Dr. Anesh Shetty (CEO – HCCI Cayman) of Narayana Hrudayalaya (NARH) for NDR at Mumbai.</li><li>The management reiterated its aggressive capex plan and commitment towards growing throughput over the next 3-4 years through debottlenecking, refurbishment and better bed mix.</li><li>In the medium term, NARH intends to add 1,500 beds through greenfield expansion across Bengaluru, Kolkata and Raipur, benefits of which will be seen from FY28/29. </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>

We hosted Mr. Viren Shetty (Executive Chairman) and Dr. Anesh Shetty (CEO – HCCI Cayman) of Narayana Hrudayalaya (NARH) for NDR at Mumbai.The management reiterated its aggressive capex plan and commitment towards growing throughput over the next 3-4 years through debottlenecking, refurbishment and better bed mix.In the medium term, NARH intends to add 1,500 beds through greenfield expansion across Bengaluru, Kolkata and Raipur, benefits of which will be seen from FY28/29. 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.

Narayana Hrudayalaya - India Business to Drive Growth

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>Astral: We maintain our REDUCE rating on Astral with a revised TP of INR 2,180/sh (34x its Dec-23E consolidated EBITDA, implying 53x P/E)</li><li>Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL) with a target price of INR 1,380/share</li><li>Aditya Birla Capital: We maintain BUY on ABCL with a revised SOTP-based TP of INR157 and initiate coverage on ABSLAMC with a target price of INR720</li></ul><div class="content-highlight"><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></div>

Astral: We maintain our REDUCE rating on Astral with a revised TP of INR 2,180/sh (34x its Dec-23E consolidated EBITDA, implying 53x P/E)Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL) with a target price of INR 1,380/shareAditya Birla Capital: We maintain BUY on ABCL with a revised SOTP-based TP of INR157 and initiate coverage on ABSLAMC with a target price of INR720Content 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.

HSIE Results Daily: Astral, Aarti Industries , Aditya Birla Capital, Narayana Health, Radico...

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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>NHL operates a chain of multispecialty, tertiary &amp; primary healthcare facilities that initially focused on cardiac &amp; renal</li><li>NHL network comprises 22 hospitals (including two managed hospitals), five heart centres, 19 primary care facilities (including clinics and information centres) and a multi-speciality hospital in Cayman Islands)</li><li>We value Narayana at SOTP of Rs 650 by valuing matured India &amp; Cayman hospitals at 16x FY23E EV/EBITDA, new hospitals at 2x and other business at 1x FY23E EV/sales.</li></ul><div class="content-highlight"><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></div>

NHL operates a chain of multispecialty, tertiary &amp; primary healthcare facilities that initially focused on cardiac &amp; renalNHL network comprises 22 hospitals (including two managed hospitals), five heart centres, 19 primary care facilities (including clinics and information centres) and a multi-speciality hospital in Cayman Islands)We value Narayana at SOTP of Rs 650 by valuing matured India &amp; Cayman hospitals at 16x FY23E EV/EBITDA, new hospitals at 2x and other business at 1x FY23E EV/sales.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.

Narayana Hrudayalaya: Rebound in Elective Surgeries Picking Up

<p>We increase our EBITDA estimates for FY22/23e by 2%/8% to factor in healthy recovery trends in India. However, at the CMP of INR505/sh., the stock is trading at ~15x FY23e EV/EBITDA, which limits the scope of further re-rating. Downgrade to ADD. Narayana Health (NH) Q4 results were strong with EBITDA at INR1.4bn (+48% YoY, +34% QoQ) vs. our expectation of INR1.1bn. The beat was largely driven by strong recovery in India business (pick-up in elective surgeries, lower COVID contribution) and continued momentum in Cayman Islands (40.5% EBITDA margins vs.</p><div class="content-highlight"><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></div>

We increase our EBITDA estimates for FY22/23e by 2%/8% to factor in healthy recovery trends in India. However, at the CMP of INR505/sh., the stock is trading at ~15x FY23e EV/EBITDA, which limits the scope of further re-rating. Downgrade to ADD. Narayana Health (NH) Q4 results were strong with EBITDA at INR1.4bn (+48% YoY, +34% QoQ) vs. our expectation of INR1.1bn. The beat was largely driven by strong recovery in India business (pick-up in elective surgeries, lower COVID contribution) and continued momentum in Cayman Islands (40.5% EBITDA margins vs.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.

Narayana Health (4QFY21): India recovery trends  a key monitorable. Downgrade to ADD

India

Narayana Hrudayalaya Ltd. operates a network of multi-specialty and tertiary healthcare facilities, providing advanced medical care across specialties such as cardiac sciences, oncology, neurosciences, and renal sciences. The company manages hospitals and heart centers, offering services including medical, surgical, and diagnostic support. It is headquartered in Bengaluru, India, and was founded in 2000.

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Narayana Health (NARH IN)

Narayana Hrudayalaya - Good Start to New Cayman Unit

Narayana Hrudayalaya (NARH) reported EBITDA of Rs3.1bn (up 10% YoY) in Q3FY25, 9% above our estimates due to sharp ramp up in Cayman units.

Prabhudas Lilladhar

Narayana Hrudayalaya - India Business to Drive Growth

In the medium term, NARH intends to add 1,500 beds through greenfield expansion across Bengaluru, Kolkata and Raipur, benefits of which will be...

Prabhudas Lilladhar

HSIE Results Daily: Astral, Aarti Industries , Aditya Birla Capital, Narayana Health, Radico...

Prince Pipes: We maintain our BUY rating on Prince Pipes, with an unchanged target price of INR 940/sh (18.5x its Dec-23E EBITDA, implying 31x P...

HDFC Securities

Narayana Hrudayalaya: Rebound in Elective Surgeries Picking Up

NHL operates a chain of multispecialty, tertiary & primary healthcare facilities that initially focused on cardiac & renal.

ICICI Securities Limited

Narayana Health (4QFY21): India recovery trends a key monitorable. Downgrade to ADD

We increase our EBITDA estimates for FY22/23e by 2%/8% to factor in healthy recovery trends in India. However, at the CMP of INR505/sh., the stock...

HDFC Securities

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