Revenues were flat QoQ at Rs 207.1 crore amid high base with increase in In- patient count. EBITDA margins saw a QoQ decline of 149 bps due to 5% sequential decline in ARPOB. Subsequently, EBITDA de-grew 7.4% QoQ to Rs 37.1 crore. PAT declined 8.3% QoQ mainly on the back of high other expenditure and high employee costs.
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Q1 results were in line with our estimates on the revenue front but missed our estimates on the margin front due to change in the revenue mix, arthroplasty (~15% market share) in Q2FY23 contributed 39% of revenue vis-a-vis 44% in Q1FY23.
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