Brief Equities Bottom-Up: Max Healthcare Institute Ltd - Short-Term Disruptions; Multi-Year Growth Intact and more
In this briefing: Max Healthcare Institute Ltd - Short-Term Disruptions; Multi-Year Growth Intact KNR Constructions Ltd - Weak Revenue and Margin Visibility; SELL J Kumar Infraprojects Ltd - Execution Is Key for Pick-Up in Revenue Growth; Retain BUY Tata Steel Ltd - Q3: Largely Inline; Europe Policy Reset Structurally Supportive Aditya Birla Fashion & Retail Ltd. - New Businesses Offset Cyclical Softness; Maintain HOLD 1. Max Healthcare Institute Ltd - Short-Term Disruptions; Multi-Year Growth Intact Revenue Growth Moderates: Max Healthcare reported net revenue of Rs 2,484 Cr, up 9% YoY but down 3.7% QoQ, moderately below expectations. Performance was supported by stable ARPOB; however, revenues were impacted by (1) lower incidence of borne diseases affecting occupancy, (2) temporary substitution of Standalone Health Insurer (SAHI) patients with PSU beneficiaries due to disruption in cashless services (largely resolved toward quarter-end), and (3) discontinuation of high-value patented chemotherapy drugs following restrictive CGHS pricing guidelines.