CMP 1143.60 Target Price 1258.00 ISIN: INE437A01024 DECEMBER 24 th 2014 APOLLO HOSPITALS ENTERPRISE LTD Result Update (PARENT BASIS): Q2 FY15 BUY BUY BUY BUY Index Details Stock Data Sector Healthcare BSE Code 508869 Face Value 5.00 52wk. High / Low (Rs.) 1242.75/832.00 Volume (2wk. Avg.) 6464 Market Cap (Rs. in mn.) 159104.49 Annual Estimated Results (A*: Actual / E*: Estimated) YEARS FY14A FY15E FY16E Net Sales 38616.30 45181.07 50602.80 EBITDA 6363.20 7051.17 7878.13 Net Profit 3307.20 3563.98 3921.11 EPS 23.77 25.62 28.18 P/E 48.11 44.64 40.58 Shareholding Pattern (%) 1 Year Comparative Graph APOLLO HOSPITALS ENTERPRISE LTD S&P BSE SENSEX SYNOPSIS During Q2 FY15, Apollo Hospitals Enterprise Ltd Standalone Revenues were Rs. 11,529 mn compared to Rs. 9,751 mn in Q2 FY14, growing by 18%. EBITDA grew by 8% from Rs. 1,601 mn in Q2 FY14 to Rs. 1,726 mn in Q2 FY15. Net profit jumps to Rs. 915 mn in Q2 FY15 as against Rs. 870 mn in Q2 FY14, an increase of 5.17%. Overall healthcare services grew 13% yoy, aided by a 10% growth in volumes and a 3% increase from case‐mix and price. Chennai cluster showed a growth in occupancy of 949 beds (71% utilization on an increased capacity of 1,342 beds) in H1 FY15 as compared to 901 beds (73% utilisation) in H1 FY14. Hyderabad Cluster showed an occupancy of 608 beds (65% utilisation of 930 beds) in H1 FY15 as compared to 622 beds (67% utilisation). Revenue of Apollo Pharmacies increased by 29% from Rs. 3386.4 mn in Q2 FY14 to Rs. 4371.7 mn in Q2 FY15. During the quarter, the Company acquired Hyderabad‐based pharmacy chain Hetero Med Solutions Ltd (HMSL). Apollo has partnered with pharma multinational Sanofi to offer integrated diabetes management services. The company’s expansion plan is on track, rollout of 600 new beds in FY15 underway. Women & Child, OMR (45 beds) launched during the quarter. Nellore (200) and Chennai, OMR (170) to be commissioned in Q3. Women & Child ACH (60 beds) & North Bangalore (180 beds) also in FY15 pipeline Net Sales and PAT of the company are expected to grow at a CAGR of 15% and 9% over 2013 to 2016E respectively. PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%) Apollo Hospital Enterprise Ltd 1143.60 159104.49 23.77 48.11 5.37 115.00 Fortis Healthcare Ltd 102.30 47343.30 - - 1.28 0.00 Indraprastha Medical Corporation Ltd 55.20 5060.30 3.61 15.29 2.70 18.00 Opto Circuits India Ltd 22.45 5440.10 0.57 39.39 0.36 0.00
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APOLLO HOSPITALS ENTERPRISE LTD Q2 FY15 Detail Reportbreport.myiris.com/firstcall/APOHOSEN_20141224.pdf · During Q2 FY15, Apollo Hospitals Enterprise Ltd Standalone Revenues were
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CMP 1143.60
Target Price 1258.00
ISIN: INE437A01024
DECEMBER 24th
2014
APOLLO HOSPITALS ENTERPRISE LTD
Result Update (PARENT BASIS): Q2 FY15
BUYBUYBUYBUY
Index Details
Stock Data
Sector Healthcare
BSE Code 508869
Face Value 5.00
52wk. High / Low (Rs.) 1242.75/832.00
Volume (2wk. Avg.) 6464
Market Cap (Rs. in mn.) 159104.49
Annual Estimated Results (A*: Actual / E*: Estimated)
YEARS FY14A FY15E FY16E
Net Sales 38616.30 45181.07 50602.80
EBITDA 6363.20 7051.17 7878.13
Net Profit 3307.20 3563.98 3921.11
EPS 23.77 25.62 28.18
P/E 48.11 44.64 40.58
Shareholding Pattern (%)
1 Year Comparative Graph
APOLLO HOSPITALS ENTERPRISE LTD S&P BSE SENSEX
SYNOPSIS
During Q2 FY15, Apollo Hospitals Enterprise Ltd Standalone Revenues were Rs. 11,529 mn compared to Rs. 9,751 mn in Q2 FY14, growing by 18%.
EBITDA grew by 8% from Rs. 1,601 mn in Q2 FY14 to Rs. 1,726 mn in Q2 FY15.
Net profit jumps to Rs. 915 mn in Q2 FY15 as against Rs. 870 mn in Q2 FY14, an increase of 5.17%.
Overall healthcare services grew 13% yoy, aided by a 10% growth in volumes and a 3% increase from case‐mix and price.
Chennai cluster showed a growth in occupancy of 949 beds (71% utilization on an increased capacity of 1,342 beds) in H1 FY15 as compared to 901 beds (73% utilisation) in H1 FY14.
Hyderabad Cluster showed an occupancy of 608 beds (65% utilisation of 930 beds) in H1 FY15 as compared to 622 beds (67% utilisation).
Revenue of Apollo Pharmacies increased by 29% from Rs. 3386.4 mn in Q2 FY14 to Rs. 4371.7 mn in Q2 FY15.
During the quarter, the Company acquired Hyderabad‐based pharmacy chain Hetero Med Solutions Ltd (HMSL).
Apollo has partnered with pharma multinational Sanofi to offer integrated diabetes management services.
The company’s expansion plan is on track, rollout of 600 new beds in FY15 underway. Women & Child, OMR (45 beds) launched during the quarter. Nellore (200) and Chennai, OMR (170) to be commissioned in Q3. Women & Child ACH (60 beds) & North Bangalore (180 beds) also in FY15 pipeline
Net Sales and PAT of the company are expected to grow at a CAGR of 15% and 9% over 2013 to 2016E respectively.
PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND
Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
Apollo Hospital Enterprise Ltd 1143.60 159104.49 23.77 48.11 5.37 115.00