InCred Equities - Metropolis Healthcare Ltd.

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	11,482	12,077	13,708	16,863
Operating EBITDA (Rsm)	2,883	2,826	3,440	4,082
Net Profit (Rsm)	1,428	1,278	1,680	2,114
Core EPS (Rs)	27.9	25.0	32.8	40.8
Core EPS Growth	(29.5%)	(10.5%)	31.4%	24.6%
FD Core P/E (x)	55.74	62.30	47.42	37.87
DPS (Rs)	8.0	4.0	4.0	4.0
Dividend Yield	0.51%	0.26%	0.26%	0.26%
EV/EBITDA (x)	27.53	27.76	22.72	18.71
P/FCFE (x)	107.48	83.29	130.81	27.02
Net Gearing	(2.7%)	(11.3%)	(11.4%)	(26.8%)
P/BV (x)	8.06	7.27	5.88	5.21
ROE	15.2%	12.3%	13.7%	14.6%
% 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	13,708	16,863
Gross Profit	8,950	9,651	10,980	13,283
Operating EBITDA	2,883	2,826	3,440	4,082
Depreciation And Amortisation	(892)	(945)	(1,090)	(1,100)
Operating EBIT	1,991	1,881	2,350	2,982
Financial Income/(Expense)	(268)	(225)	(200)	(200)
Pretax Income/(Loss) from Assoc.	(6)	(6)	(8)	(10)
Non-Operating Income/(Expense)	152	91	100	50
Profit Before Tax (pre-EI)	1,869	1,740	2,242	2,822
Exceptional Items
Pre-tax Profit	1,869	1,740	2,242	2,822
Taxation	(441)	(462)	(563)	(708)
Exceptional Income - post-tax
Profit After Tax	1,428	1,278	1,680	2,114
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,428	1,278	1,680	2,114
Recurring Net Profit	1,428	1,278	1,680	2,114
Fully Diluted Recurring Net Profit	1,428	1,278	1,680	2,114

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	2,883	2,826	3,440	4,082
Cash Flow from Invt. & Assoc.
Change In Working Capital	71	55	(203)	100
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	152	91	100	50
Net Interest (Paid)/Received	(268)	(225)	(200)	(200)
Tax Paid	(367)	(105)	(471)	(568)
Cashflow From Operations	2,471	2,641	2,667	3,464
Capex	(526)	(638)	(700)	(500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	929		(1,358)
Other Investing Cashflow	65	(257)
Cash Flow From Investing	468	(894)	(2,058)	(500)
Debt Raised/(repaid)	(2,198)	(791)
Proceeds From Issue Of Shares	2	0
Shares Repurchased
Dividends Paid	(619)	(983)	(205)	(207)
Preferred Dividends
Other Financing Cashflow	(107)	(39)
Cash Flow From Financing	(2,923)	(1,812)	(205)	(207)
Total Cash Generated	16	(66)	404	2,757
Free Cashflow To Equity	741	956	609	2,964
Free Cashflow To Firm	3,207	1,972	809	3,164

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	1,063	1,243	1,547	4,154
Total Debtors	1,219	1,263	1,480	1,855
Inventories	446	387	452	590
Total Other Current Assets	300	266	329	337
Total Current Assets	3,027	3,158	3,809	6,936
Fixed Assets	6,660	7,224	9,302	8,702
Total Investments	18	18	18	18
Intangible Assets	4,742	4,547	4,547	4,547
Total Other Non-Current Assets	500	528	528	530
Total Non-current Assets	11,920	12,316	14,394	13,796
Short-term Debt	504
Current Portion of Long-Term Debt
Total Creditors	941	994	1,086	1,436
Other Current Liabilities	586	684	736	1,006
Total Current Liabilities	2,031	1,679	1,822	2,442
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	4,625	5,245
Shareholders Equity	9,882	10,962	13,539	15,439
Minority Interests	25	31	39	49
Total Equity	9,907	10,993	13,578	15,488

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	(6.5%)	5.2%	13.5%	23.0%
Operating EBITDA Growth	(15.9%)	(2.0%)	21.7%	18.7%
Operating EBITDA Margin	25.1%	23.4%	25.1%	24.2%
Net Cash Per Share (Rs)	5.31	24.26	30.20	80.25
BVPS (Rs)	193.01	213.99	264.29	298.27
Gross Interest Cover	7.43	8.35	11.75	14.91
Effective Tax Rate	23.6%	26.6%	25.1%	25.1%
Net Dividend Payout Ratio	21.9%	11.8%	9.1%	7.3%
Accounts Receivables Days	40.91	37.50	36.52	36.10
Inventory Days	68.96	62.66	56.15	53.15
Accounts Payables Days	142.17	145.60	139.19	128.59
ROIC (%)	17.0%	15.2%	18.7%	20.1%
ROCE (%)	18.0%	17.3%	19.1%	20.5%
Return On Average Assets	14.2%	12.9%	14.5%	15.5%

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

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Market Data

Source: Bloomberg