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18 Apr 2019

SHARE MARKET-- Kauvery Group Of Hospitals/A Micro mini company/it shows multibagger share-

Kauvery Group Of Hospitals started its journey in healthcare in 1999 and over the past 19 years, has //become a highly reputed clinical institution. Kauvery Hospital has grown across 5 cities of Tamil Nadu to become a reputed secondary & tertiary care hospital with a bed capacity of 1200, offering multi-specialty healthcare services with global standards and treating 5,00,000 outpatients and 50,000 inpatients each year.
Kauvery Hospital is known globally for its multidisciplinary services at all its Centres of Excellence, and for its comprehensive, latest technology, especially in diagnostics and remedial care in heart diseases, transplantation, vascular and neurosciences medicine.
With a patient centred care approach to & international service standards, Kauvery has earned a distinguished reputation as an ethical healthcare group offering high quality services. As a referral centre for complex surgeries/treatment in the areas of Cardiology, Orthopaedics & Joint Replacement , Hepatology – Liver & Pancreas, Gastroenterology, Cardio-Thoracic  and Neuro Sciences. Kauvery has a number of clinical breakthroughs to its credit in the areas of Organ transplantation, Complex heart surgeries including Paediatric heart Surgeries,Advanced Neurosurgery and Joint replacements. Located in the heart of Trichy (Tennur, Royal Road and Alexandria Road -Cantonment), Chennai (Alwarpet), Hosur, Salem and Karaikudi, the hospitals also render adult and paediatric trauma care.

·         1999 - Started in Trichy as a 30-bed Kaveri Medical Centre
·         2002 - KMC Speciality hospital has renamed as Kauvery Hospital[3]
·         2004 - First Cardiac centre opened in Trichy[4]
·         2008 - In February 2008, the company acquired Seahorse Hospital[5]
·         2011 - Kauvery Hospital was launched in Chennai
·         2014 - Kauvery Medical Centre, Karaikudi was inaugurated
·         Platinum Medal & Certification for the Best Practices in 5S in Large & Medium Scale Industries
·         Quality Certification from National Accreditation Board for Hospitals (NABH)
·         Best IT Users Award- 2007
·         Best Cancer, Heart & Trauma Care Hospital Award - 2006
·         Best Heart & Cancer Care Hospital Award - 2005
·         Best Accident and Emergency Care Hospital Award - 2003
·         Best Multi-Specialty Hospital Award -2001
·         5S - Award from ABK-AOTS - 2017
·         IDC Insights Awards 2017 - a pioneering initiative under Excellence in Operations using digital platform
·         Pioneer in Healthcare in Tamil Nadu by FICCI Group - 2017
·         Big 50 CISO Award - TRESCON, Trichy - 2017
·         DL SHAH awards - Quality Council of India, Delhi - 2017
·         Best Private hospital award from FICCI TNSC  with Ministry of Health &Family Welfare, Government of Tamil Nadu - 2016
·         Hospitals in Tamil Nadu
·         Hospitals in Chennai
·         Hospitals in Tiruchirappalli
·         Health care companies of India
·         Hospital networks in India
·         1999 establishments in India

Key Rating Drivers Strengths • Long track record of operations and experienced management KMC, incorporated in 1982 is led by Dr. S Chandrakumar (Managing Director) who possesses over two decades of experience in managing multi-specialty hospitals. He is joined by Dr. S Manivannan (Joint Managing Director), was is a senior consultant anesthesiologist with over two decades of experience. The hospital has about 20 active doctors supported by nursing staff and others of 660. The hospital specialises in pediatrics and neurology. Over the period, with healthy consultants and Doctors, the occupancy levels have improved to 70 percent in FY2018 from 57 percent in FY2016. The same has resulted in growth in revenues at a CAGR of about 29 percent from Rs.42.57 crore in FY2016 to Rs.70.67 crore in FY2018. For the 4MFY2019 (April-July), the company reported revenues of Rs.26.74 crore. Acuité believes that KMC’s revenue profile is expected to improve at about 20-25 percent over the medium term supported by the increasing occupancy levels, vintage Doctor team and the services they offer. Acuité Ratings & Research Limited (erstwhile SMERA • Healthy financial risk profile Financial risk profile of the company is healthy marked by strong gearing (debt to Equity ratio) and total outside liabilities to total networth (TOL/TNW), debt protection metrics and comfortable debt service coverage ratio (DSCR). Gearing is strong at 0.44 times as on 31 March, 2018 as against 0.26 times as on 31 March, 2017; marginal deterioration in the gearing is attributed to moderate debtfunded capex of about Rs.17.00 crore for purchase of land for expansion, and for medical equipment with term loan of Rs.9.43 crores. KMC has plans to expand by construction of a new 30 bed facility for neuro department in the land purchased. The capex is likely to cost about Rs.10-12 crores and propose to fund at debt-to-equity of 60:40. TOL/TNW is healthy at 0.60 times as on 31 March, 2018 as against 0.37 times as on 31 March, 2017. Debt protection metrics of interest coverage ratio and net cash accruals to total debt are robust at 14.95 times and 0.78 times respectively for FY2018. DSCR is comfortable at 2.97 times in FY2018 as against 2.13 times in FY2017. KMC reported cash accruals of Rs.10.52 crores in FY2018 and they are likely to be in the range of Rs.13.0 – 17.0 crores over the medium term; and against which its repayment obligations are around Rs.4.0 crores per annum. Acuité believes that though KMC has debt-funded capex plans, however healthy cash accruals are expected to keep the financial risk profile at similar levels over the medium term.( Listed in Bombay Stock Exchange asKMC Speciality Hospitals India Ltd

BOM: 524520, price Rs. 15/-)

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