InCred Equities - Metropolis Healthcare Ltd.

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	12,077	13,312	16,509	18,575
Operating EBITDA (Rsm)	2,826	3,030	3,988	4,674
Net Profit (Rsm)	1,278	1,450	2,033	2,451
Core EPS (Rs)	25.0	28.3	39.3	47.4
Core EPS Growth	(10.5%)	13.4%	38.8%	20.6%
FD Core P/E (x)	66.20	58.38	41.86	34.89
DPS (Rs)	4.0	4.0	4.0	7.3
Dividend Yield	0.24%	0.24%	0.24%	0.44%
EV/EBITDA (x)	29.52	27.60	20.61	17.04
P/FCFE (x)	88.50	142.24	31.99	31.16
Net Gearing	(11.3%)	(7.8%)	(22.2%)	(34.0%)
P/BV (x)	7.72	6.36	5.65	4.93
ROE	12.3%	11.9%	14.3%	15.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	12,077	13,312	16,509	18,575
Gross Profit	9,651	10,625	13,104	14,757
Operating EBITDA	2,826	3,030	3,988	4,674
Depreciation And Amortisation	(945)	(1,087)	(1,200)	(1,350)
Operating EBIT	1,881	1,943	2,788	3,324
Financial Income/(Expense)	(225)	(186)	(200)	(210)
Pretax Income/(Loss) from Assoc.	(6)	(5)	(10)	(10)
Non-Operating Income/(Expense)	91	151	100	125
Profit Before Tax (pre-EI)	1,740	1,903	2,678	3,229
Exceptional Items
Pre-tax Profit	1,740	1,903	2,678	3,229
Taxation	(462)	(453)	(645)	(777)
Exceptional Income - post-tax
Profit After Tax	1,278	1,450	2,033	2,451
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,278	1,450	2,033	2,451
Recurring Net Profit	1,278	1,450	2,033	2,451
Fully Diluted Recurring Net Profit	1,278	1,450	2,033	2,451

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	2,826	3,030	3,988	4,674
Cash Flow from Invt. & Assoc.
Change In Working Capital	55	(157)	(142)	(500)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	91	100	50	50
Net Interest (Paid)/Received	(225)	(186)	(200)	(210)
Tax Paid	(105)	(211)	(555)	(702)
Cashflow From Operations	2,641	2,576	3,141	3,311
Capex	(638)	(666)	(550)	(550)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments		(1,308)
Other Investing Cashflow	(257)
Cash Flow From Investing	(894)	(1,974)	(550)	(550)
Debt Raised/(repaid)	(791)	(8)	69	(17)
Proceeds From Issue Of Shares	0	0
Shares Repurchased
Dividends Paid	(983)		(207)	(207)
Preferred Dividends
Other Financing Cashflow	(39)
Cash Flow From Financing	(1,812)	(7)	(138)	(224)
Total Cash Generated	(66)	595	2,453	2,538
Free Cashflow To Equity	956	595	2,660	2,745
Free Cashflow To Firm	1,972	788	2,791	2,971

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	1,243	1,183	3,585	6,113
Total Debtors	1,263	1,479	1,816	2,229
Inventories	387	478	578	743
Total Other Current Assets	266	319	330	464
Total Current Assets	3,158	3,459	6,309	9,549
Fixed Assets	7,224	3,605	2,955	2,155
Total Investments	18	18	18	18
Intangible Assets	4,547	10,864	10,864	10,864
Total Other Non-Current Assets	528	727	729	729
Total Non-current Assets	12,316	15,214	14,566	13,766
Short-term Debt		89	89	89
Current Portion of Long-Term Debt
Total Creditors	994	1,259	1,428	1,638
Other Current Liabilities	684	1,596	1,731	1,734
Total Current Liabilities	1,679	2,943	3,249	3,461
Total Long-term Debt		53	121	105
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	2,803	2,331	2,331	2,331
Total Non-current Liabilities	2,803	2,384	2,452	2,435
Total Provisions
Total Liabilities	4,482	5,327	5,701	5,897
Shareholders Equity	10,962	13,310	15,127	17,362
Minority Interests	31	37	47	57
Total Equity	10,993	13,346	15,174	17,418

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	5.2%	10.2%	24.0%	12.5%
Operating EBITDA Growth	(2.0%)	7.2%	31.6%	17.2%
Operating EBITDA Margin	23.4%	22.8%	24.2%	25.2%
Net Cash Per Share (Rs)	24.26	20.31	65.20	114.36
BVPS (Rs)	213.99	259.81	292.26	335.42
Gross Interest Cover	8.35	10.46	13.94	15.83
Effective Tax Rate	26.6%	23.8%	24.1%	24.1%
Net Dividend Payout Ratio	11.8%	10.8%	7.7%	11.8%
Accounts Receivables Days	37.50	37.60	36.43	39.74
Inventory Days	62.66	58.78	56.62	63.13
Accounts Payables Days	145.60	153.03	144.03	146.57
ROIC (%)	15.2%	15.5%	19.1%	23.6%
ROCE (%)	17.3%	15.9%	19.3%	20.1%
Return On Average Assets	12.9%	12.2%	14.6%	15.6%

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

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Market Data

Source: Bloomberg