Apollo Hospitals - Growth trajectory maintained... - ICICIDirect

Apollo's Q3FY13 numbers were more or less in line with expectations. Standalone income grew ~20% YoY to Rs.856 crore (I-direct estimate: Rs.878 crore) driven mainly by 29% growth (I-direct estimate: 31%) in standalone pharmacies. Healthcare services grew 15% (I-direct estimate: 18%).

EBITDA margins remained flat at 17.1% (I-direct estimate: 17%). PAT grew 25% to Rs.81 crore (I-direct estimate: Rs.76 crore) on the back of lower depreciation and improved profitability.

We have upgraded the target price based on a higher multiple, which is already factored in the price. We maintain HOLD recommendation on the stock.

Source : Equity Bulls

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