In today’s briefing:
- Kotak Placement – Has Sold Before, Stock Has Run-Up Recently but It Has Still Underperformed
- Apollo Hospitals Enterprise (APHS IN): Hospitals Business Drove Q4 Result; Positive Outlook For FY24
- GMR Airports Infrastructure- Still a Work In Progress
Kotak Placement – Has Sold Before, Stock Has Run-Up Recently but It Has Still Underperformed
- CPPIB aims to raise around US$750m via selling a 1.6% stake in Kotak Mahindra Bank (KMB IN).
- This is not the first time that CPPIB will be selling down some of its stake, the previous deal held up well.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Apollo Hospitals Enterprise (APHS IN): Hospitals Business Drove Q4 Result; Positive Outlook For FY24
- Apollo Hospitals Enterprise (APHS IN) reported a 21% YoY growth in revenue in Q4FY23, mainly driven by 31% and 18% revenue growth in Apollo HealthCo and hospital business, respectively.
- For FY24, Apollo expects HCS segment revenue growth at 15% YoY, mainly driven by higher occupancy. The company aims to improve hospital occupancy to 70% by the end of FY24.
- Apollo 24/7 business is on track to achieve breakeven at an entity level in Q4FY24. GMV of Apollo 24/7 is expected to be double in FY24 compared to FY23 level.
GMR Airports Infrastructure- Still a Work In Progress
- GMR Airports Infrastructure (GMRI IN) saw pressure on its scrip after its results, that witnessed losses widening to INR-8.4 bn in F23 from INR -7.5 bn in F22 (continuing operations).
- The losses have further dented the balance sheet, that already looked fragile over a number of years.
- The company also faces cash generation problems on the back of debt burden, apart from severe contingent liabilities, that could further hamper the net-worth. Investors should remain cautious.
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