YoY Revenue Growth and OPM for ICRA's sample set of companies*
FY | Revenue Growth (%) | OPM (%) |
FY 2020 | 21% | 16% |
FY 2021 | -11% | 14% |
FY 2022 | 45% | 21% |
FY 2023 | 17% | 23% |
H1FY2023 | 14% | 23% |
FY 2024P | 12-14% | 22-23% |
FY 2025P | 9-11% | 21-22% |
Note: P: Projections
OPM: Operating Profit Margin
* Aggregate of ICRA sample set comprising hospital business of nine listed companies
Source: ICRA Research, Company data
Trend in bed additions for ICRA sample set companies*
FY | No. of Beds added |
FY 2020 | 732 |
FY 2021 | 1554# |
FY 2022 | 545 |
FY 2023 | 1043 |
H1FY2024 | 703 |
FY 2024P | 1,500+ |
FY 2025P | 3,400+ |
Note: P: Projection
* Aggregate of ICRA sample set comprising hospital business of nine listed companies
# includes 900 incremental beds after Max healthcare's merger with Radiant
Source: ICRA Research, Company data
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FY | ARPOB (in Rs) | YoY Growth |
FY 2020 | 34,277 | 6% |
FY 2021 | 36,235 | 6% |
FY 2022 | 41,739 | 15% |
FY 2023 | 45,814 | 10% |
H1FY2024 | 49,836 | 11% |
FY 2024P | 49,708 | 8-10% |
FY 2025P | 52,193 | 4-6% |
Note: P: Projection
ARPOB: Average Revenue Per Occupied Bed
*Aggregate of ICRA sample set comprising hospital business of nine listed companies
Source: ICRA Research, Company Data
FY | No. of operating beds | Occupancy |
FY 2020 | 29,178 | 60% |
FY 2021 | 30,732 | 52% |
FY 2022 | 31,277 | 60% |
FY 2023 | 32,320 | 65% |
H1FY2024 | 32,582 | 66% |
FY 2024P | 33,911 | 64-66% |
FY 2025P | 37,330 | 61-63% |
Note: P: Projection
* Aggregate of ICRA sample set comprising hospital business of nine listed companies
Source: ICRA Research, Company Data