InCred Equities - Metropolis Healthcare Ltd.

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	11,482	12,077	13,747	15,525
Operating EBITDA (Rsm)	2,883	2,826	3,498	4,014
Net Profit (Rsm)	1,428	1,278	1,791	2,220
Core EPS (Rs)	27.9	25.0	35.0	43.3
Core EPS Growth	(29.5%)	(10.5%)	40.1%	24.0%
FD Core P/E (x)	72.43	80.96	57.80	46.62
DPS (Rs)	8.0	4.0	50.0	50.0
Dividend Yield	0.40%	0.20%	2.47%	2.47%
EV/EBITDA (x)	35.80	36.20	28.76	25.06
P/FCFE (x)	139.67	108.24	51.66	37.85
Net Gearing	(2.7%)	(11.3%)	(23.4%)	(24.2%)
P/BV (x)	10.47	9.44	8.25	8.49
ROE	15.2%	12.3%	15.2%	18.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Net Revenues	11,482	12,077	13,747	15,525
Gross Profit	8,950	9,651	10,860	12,327
Operating EBITDA	2,883	2,826	3,498	4,014
Depreciation And Amortisation	(892)	(945)	(1,000)	(950)
Operating EBIT	1,991	1,881	2,498	3,064
Financial Income/(Expense)	(268)	(225)	(200)	(200)
Pretax Income/(Loss) from Assoc.	(6)	(6)	(8)	(10)
Non-Operating Income/(Expense)	152	91	100	110
Profit Before Tax (pre-EI)	1,869	1,740	2,390	2,964
Exceptional Items
Pre-tax Profit	1,869	1,740	2,390	2,964
Taxation	(441)	(462)	(600)	(743)
Exceptional Income - post-tax
Profit After Tax	1,428	1,278	1,791	2,220
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,428	1,278	1,791	2,220
Recurring Net Profit	1,428	1,278	1,791	2,220
Fully Diluted Recurring Net Profit	1,428	1,278	1,791	2,220

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	2,883	2,826	3,498	4,014
Cash Flow from Invt. & Assoc.
Change In Working Capital	71	55	(187)	(26)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	152	91	100	110
Net Interest (Paid)/Received	(268)	(225)	(200)	(200)
Tax Paid	(367)	(105)	(508)	(663)
Cashflow From Operations	2,471	2,641	2,704	3,234
Capex	(526)	(638)	(700)	(500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	929
Other Investing Cashflow	65	(257)
Cash Flow From Investing	468	(894)	(700)	(500)
Debt Raised/(repaid)	(2,198)	(791)
Proceeds From Issue Of Shares	2	0
Shares Repurchased
Dividends Paid	(619)	(983)	(205)	(2,624)
Preferred Dividends
Other Financing Cashflow	(107)	(39)
Cash Flow From Financing	(2,923)	(1,812)	(205)	(2,624)
Total Cash Generated	16	(66)	1,799	110
Free Cashflow To Equity	741	956	2,004	2,734
Free Cashflow To Firm	3,207	1,972	2,204	2,934

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	1,063	1,243	2,942	2,962
Total Debtors	1,219	1,263	1,485	1,708
Inventories	446	387	454	543
Total Other Current Assets	300	266	330	310
Total Current Assets	3,027	3,158	5,210	5,523
Fixed Assets	6,660	7,224	6,924	6,474
Total Investments	18	18	18	18
Intangible Assets	4,742	4,547	4,547	4,547
Total Other Non-Current Assets	500	528	528	528
Total Non-current Assets	11,920	12,316	12,016	11,566
Short-term Debt	504
Current Portion of Long-Term Debt
Total Creditors	941	994	1,100	1,242
Other Current Liabilities	586	684	745	870
Total Current Liabilities	2,031	1,679	1,844	2,112
Total Long-term Debt	286
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	2,722	2,803	2,803	2,803
Total Non-current Liabilities	3,009	2,803	2,803	2,803
Total Provisions
Total Liabilities	5,040	4,482	4,647	4,915
Shareholders Equity	9,882	10,962	12,539	12,188
Minority Interests	25	31	39	49
Total Equity	9,907	10,993	12,579	12,237

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	(6.5%)	5.2%	13.8%	12.9%
Operating EBITDA Growth	(15.9%)	(2.0%)	23.8%	14.7%
Operating EBITDA Margin	25.1%	23.4%	25.4%	25.9%
Net Cash Per Share (Rs)	5.31	24.26	57.43	57.82
BVPS (Rs)	193.01	213.99	244.80	237.94
Gross Interest Cover	7.43	8.35	12.49	15.32
Effective Tax Rate	23.6%	26.6%	25.1%	25.1%
Net Dividend Payout Ratio	21.9%	11.8%	107.2%	86.4%
Accounts Receivables Days	40.91	37.50	36.47	37.53
Inventory Days	68.96	62.66	53.14	56.89
Accounts Payables Days	142.17	145.60	132.38	133.62
ROIC (%)	17.0%	15.2%	19.9%	24.7%
ROCE (%)	18.0%	17.3%	21.2%	24.7%
Return On Average Assets	14.2%	12.9%	15.8%	18.4%

(91) 22 4161 1566 yogesh.soni@incredresearch.com

(91) 22 4161 1552 praful.bohra@incredresearch.com

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Market Data

Source: Bloomberg