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Niva Bupa Health Insurance Company Ltd. (formerly Max Bupa Health Insurance) is a joint venture between the UK-based Bupa Group and Fettle Tone LLP, a True North-controlled entity. With a vision to empower Indians with the confidence to access quality healthcare, Niva Bupa offers a range of health insurance products through a holistic health ecosystem.
Dr. Reddy beat our revenue estimates (+3.7%) due to strong double-digit across geographies. EBITDA was largely in-line with our estimate (+2.4%). However, Adj. PAT missed our estimate due to higher-than-expected finance cost and tax expenses.