Dr. Agarwal’s Health Care Limited IPO

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The Company offer a full spectrum of eye care services, including surgical, non-surgical, and retail offerings:

Surgical Services:-
i. Cataract Surgeries: Advanced options like small incision cataract surgery, phacoemulsification, robotic cataract surgery, and glued intraocular lens treatments.
ii. Refractive Surgeries: Procedures like LASIK, SMILE, implantable collamer lens treatment, and photo-refractive keratectomy to reduce or eliminate dependence on glasses and contact lenses.
iii. Other Surgeries: Specialized treatments such as retinal surgeries, corneal transplants, pinhole pupilloplasty, oculoplasty, and glaucoma surgeries.

Consultations and Non-Surgical Treatments:-
i. Doctor consultations and diagnostic services for eye disorders.
ii. Non-surgical treatments like retinal laser therapy and dry eye treatments.

Retail Products:-
i. Sale of opticals, contact lenses, and accessories, including glasses, lenses, and frames.
ii. Sale of eye care pharmaceutical products prescribed by in-house doctors.

Market Leadership and Reach

According to the CRISIL MI&A Report:
i. They captured a 25% market share of India’s total eye care service chain market in FY 2024.
ii. As of September 30, 2024, they operated the highest number of eye care facilities in India among listed and unlisted peers, with a network of 209 facilities.

Continuous Growth and Innovation

With a long-standing operational history, they remain committed to meeting patients’ eye care needs comprehensively. Leveraging advanced technology, specialized care, and retail offerings, they continue to lead the Indian eye care market, strengthening our position as a trusted provider of holistic eye care solutions.

Objects of the Dr. Agarwal’s Health Care Limited IPO:

The Company proposes to utilise the Net Proceeds from the Fresh Issue towards funding of the following objects: i. Repayment/prepayment, in part or full, of certain of the borrowings and ii. General corporate purposes and unidentified inorganic acquisition. Total number of share issue :- i. Fresh issue is 74,62,686 shares, ii. Offer for sale is 6,78,42,284 shares.

Dr. Agarwal’s Health Care Limited IPO Details:

Open Date: Jan 29 2025
Close Date: Jan 31 2025
Total Shares: 7,53,04,970
Face Value: ₹ 1 Per Equity Share
Issue Size: 3,027.26 Cr.
Lot Size: 35 Shares
Issue Price: ₹ 382 - 402 Per Equity Share
Listing At: NSE,BSE
Listing Date: Feb 05 2025

Promoters And Management:

Dr. Amar Agarwal, Promoter and Non-Executive Director of the Company, serves as the Chairperson of the Board. With a master’s in surgery from Gujarat University, he was formerly President of the International Society of Refractive Surgery and has been registered with the Tamil Nadu Medical Council since 1983. Associated with the Company since 2010, he also serves as a director for its subsidiaries, Aditya Jyot Eye Hospital Private Limited and Dr. Agarwal’s Eye Hospital Limited. Dr. Adil Agarwal, a Promoter, Whole-time Director, and CEO of the Company, holds a bachelor’s in medicine and surgery and a master’s in ophthalmology from Sri Ramachandra University, Chennai, as well as an MBA from Stanford University, California. Associated with the Company since 2010, he also serves as a director for several entities, including Aditya Jyot Eye Hospital, Dr. Agarwal’s Eye Hospital, Dr. Thind Eye Care, and Maatrum Technologies. With 12 years of experience in the healthcare industry, he plays a key role in driving the Company’s growth. Dr. Anosh Agarwal, a Promoter, Whole-Time Director, and COO of the Company, holds medical and ophthalmology degrees, an MBA from Harvard, and has 12 years of healthcare experience. Associated with the Company since 2010, he also serves as a director for several entities.

Financials of Dr. Agarwal’s Health Care Limited IPO:

(in Crores)
Particulars Sep 30, 2024 March 31, 2024 March 31, 2023 March 31, 2022
Revenue from Operations 820.06 1332.15 1017.98 696.07
Growth in Revenue 30.86% 46.25%
EBITDA 228.47 406.55 283.86 199.82
EBITDA Margins 27.27% 29.54% 27.52% 27.99%
PAT 39.56 95.05 103.23 43.16
PAT Margins 4.72% 6.91% 10.01% 6.05%
ROCE 14.61% 15.18% 15.02%
CFOA 201.97 345.95 233.10 164.32
Operating Cash Flow to EBITDA 88.40% 85.10% 82.12% 82.24%

Comparison With Peers:

Companies Revenue EBITDA Margins PAT Margins D/E Ratio MCap P/E
Dr. Agarwal's Health Care  (FY 2024) 1332.15 Cr. 29.54% 6.91% 0.24 12,698 Cr. 133
Apollo Hospitals Enterprise Limited (TTM) 20,469 Cr. 13% 5.98% 0.98 96,522 Cr. 81.60
Max Healthcare Institute (TTM) 6,008 Cr. 27% 17.62% 0.20 99,517 Cr. 94
Fortis Healthcare (TTM) 7,313 Cr. 20% 9.62% 0.15 44,743 Cr. 65
Global Health (TTM) 3,463 Cr. 23% 14.09% 0.22 27,325 Cr. 56
Narayana Hrudayalaya         (TTM) 5,224 Cr. 23% 14.91% 0.53 26,364 Cr. 33.9
Krishna Institute of Medical Sciences (TTM) 2,705 Cr. 26% 13.45% 0.89 23,626 Cr. 71.30
Aster DM Healthcare (TTM) 4,017 Cr. 17% 136% 0.56 24,214 Cr. 87.90
Rainbow Children's Medicare (TTM) 1,425 Cr. 33% 16.28% 0.57 14,042 Cr. 60.60

Recommendation on Dr. Agarwal’s Health Care Limited IPO:

Registrar of Dr. Agarwal’s Health Care Limited IPO:

  1. Kfin Technology Private Limited

Company Address:

Dr. Agarwal's Health Care Limited 1 st Floor, Buhari Towers No.4, Moores Road, Off Greams Road, Near Asan Memorial School, Chennai 600 006 Phone: +91 44 4378 7777 Email: secretarial@dragarwal.com Website: https://dragarwals.co.in/

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