Krishna Institute of Medical Sciences’ (KIMS) Q2FY24 was a tad better than our expectations. EBITDA margin at 27.2% was better than expected as commercialisation of new hospital under Sunshine was postponed to Nov’23 (Aug’23 earlier). Rise of 10.6% QoQ in-patient footfall fuelled 600bps surge in occupancy to 76.4%, while ARPOB was down 2% QoQ due to change in case mix.