Yatharth Hospital & Trauma Care Services Ltd. share price target

Bed addition to drive growth

Bed addition to drive growth

Eying the untapped potential in NCR

Issue Snapshot: Issue Open: Jul 26 Jul 28, 2023 Price Band: Rs. 285 300 *Issue Size: 2,28,85,023 eq sh (Fresh Issue of Rs 490 cr + Offer for sale of 6,551,690 eq sh) Reservation for: QIB upto 50% eq sh Non-Institutional atleast 15% eq sh ((including 1/3rd for applications between Rs.2 lakhs to Rs.10 lakhs)) Retail atleast 35% eq sh Face Value: Rs 10 Book value: Rs 27.93 (March 31, 2023) Bid size: - 50 equity shares and in multiples thereof 100% Book built Issue IPO Note - Yatharth Hospital & Trauma Care Services Limited

Yatharth Hospital and Trauma Care Services Limited (“Yatharth”) was incorporated on February 28, 2008. Yatharth (i.e., Noida Extension Hospital and Greater Noida) is the 8th and 10th largest private hospital in the National Capital Region of Delhi (“Delhi NCR”), respectively, in terms of number of beds in Fiscal 2023.

The company is equipped with high-end machines and devices. Noida Extension Hospital and Greater Noida are the 8th and 10th largest private hospitals in Delhi NCR, respectively, as of FY23. The company is led by a highly qualified and experienced
management team.

Considering the FY23 EPS of Rs 7.66 on a post issue basis, the company is going to list at a P/E of 39.16x with a market cap of Rs.25,755mn whereas its peers Apollo Hospitals Enterprise Limited, Fortis Healthcare Limited, Narayana Hrudalaya Limited, Max Healthcare Institute Limited, Krishna Institute of Medical Sciences Limited, Healthcare Global Enterprises Limited, Global Health Limited are trading at a P/E of 92.0x, 48.2x, 35.2x, 53.5x, 46.9x, 253.0x, 59.1x.

YHTCL is among the leading super specialty hospital in Delhi-NCR region with diverse specialty and payer mix. The company has advanced and high end medical equipment and technology.

Yatharth’s hospital chains are well-equipped with machines and devices with sophisticated technology. The hospitals have well-equipped modular and other operation theatres with three-stage air filtration and laminar flow to ensure patient safety, as well as operating microscopes, image intensifiers, and laparoscopic equipment.

Hospitals (i.e., Noida Extension Hospital and Greater Noida) are the eighth and 10th largest private hospital in the National Capital Region of Delhi (“Delhi NCR”), respectively, in terms of number of beds in Fiscal 2023 (Source: CRISIL Report). They believe use of compassionate patient care, technology, and experienced medical practitioners enable them to offer patients comprehensive patient care services with individualized attention.

Yatharth Hospital & Trauma Care Services Ltd. (Yatharth) is a private super-speciality hospital chain established in 2008 and located in the National Capital Region of Delhi. The company operates three super-speciality hospitals in the Delhi NCR, specifically in Noida, Greater Noida, and Noida Extension, Uttar Pradesh.

Yatharth Hospital & Trauma Care Services Ltd (“Yatharth”) (i.e., Noida Extension Hospital and Greater Noida) is the 8th and 10th largest private hospital in the National Capital Region of Delhi (“Delhi NCR”), respectively, in terms of number of beds in Fiscal 2023. Currently, they operate 3 super specialty hospitals in Delhi NCR, i.e., at Noida, Greater Noida and Noida Extension, Uttar Pradesh (“UP”).

Major Player in the Northern Region YHTCSL’s Noida Extension hospital with 450 beds is one of the largest hospitals in the Noida Extension, Uttar Pradesh region. Its Greater Noida, Noida and Noida Extension hospitals had an overall average bed utilization of around 50%.

IPO NOTE