In today’s briefing:
- Aster DM and Quality Care India: A Deep Dive into the Merger
- Bajaj Finance (BAF): Mixed Q2 But Growth Remains Robust
Aster DM and Quality Care India: A Deep Dive into the Merger
- Aster DM Healthcare Ltd (ASTERDM IN) and Quality Care India are merging to form India’s third-largest hospital chain with over 10,150 beds.
- This merger combines two major players, generating significant scale, diversification, and financial strength. The merged entity will benefit from synergies and plans to expand to over 13,000 beds by FY27.
- The merged entity is expected to be EPS accretive and expected to increase EBITDA by 10-15% through synergies
Bajaj Finance (BAF): Mixed Q2 But Growth Remains Robust
- Q2FY25 performance was mixed with good growth in AUM and volumes, however, loan losses were elevated. AUM growth came in at 29% YoY and 5.5%+ QoQ in Q2.
- Asset quality deteriorated led by retail and SME segments. GNPA worsened to 1.06% in Q2FY25 vs 0.86% QoQ. Credit cost has been around 2.1% vs 1.75%-1.85% guided.
- BAF successfully listed its housing finance subsidiary, BHFL, on Sep 16 2024. Its shareholding in BHFL is down to 88.75% from 100%.
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