Healthcare Q3 Results Preview - Poised For A Steady Show: ICICI Securities

ICICI Securities Report

Hospitals under our coverage are likely to report Q3 FY24E revenue/Ebitda/profit after tax growth at 13%/15%/37% YoY, but the performance may not be comparable on a sequential basis due to the offset of festive season in Q3 FY24.

Better inflow of patient volumes, merger and acquisition and bed expansion plans chalk out a steady growth path for most listed hospitals.

Backed by volume growth of 9-10%, we expect diagnostic companies to report steady growth of 12%/22%37% YoY in revenue/Ebitda/PAT in Q3 FY24E.

Growth in diagnostic business is likely to improve as discounts offered by online competitors on preventive care test are reducing, non-Covid volumes are recovering and organised players are taking price increases (2-4%) in selective specialised tests.

Our top picks in healthcare space are Krishna Institute of Medical Sciences Ltd., Dr. Lal PathLabs Ltd. and Thyrocare Technologies Ltd.

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