GPT Healthcare Limited IPO

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The company stands as a leading regional corporate healthcare entity in Eastern India, distinguished by its number of beds and hospitals as of Fiscal Year 2023, as highlighted in a CRISIL Report. They manage a network of mid-sized, full-service hospitals under their brand, focusing on secondary and tertiary care. As of September 30, 2023, Their portfolio includes four multispecialty hospitals located in Dum Dum, Salt Lake, Howrah (West Bengal), and Agartala (Tripura), collectively offering 561 beds. Their services span over 35 specialties, including critical areas like internal medicine, nephrology, laparoscopic surgery, and more, ensuring comprehensive healthcare solutions.

Their hospitals not only provide a wide range of medical services but are also recognized for their quality, evidenced by accreditations from NABH and NABL, and certifications from international bodies like the Surgical Review Corporation, USA. This commitment to quality healthcare is further supported by their investments in medical technology and continuous professional development, ensuring the attract and retain top-tier medical talent.

They’ve also positioned themselves to benefit from the growth in India’s healthcare delivery market, projected to reach ₹9.2-9.3 trillion by FY 2028, with a significant increase in the share of treatments by private players. Their early-mover advantage, strategic locations, and understanding of the regional market dynamics place them in a prime position to capitalize on this growth.

Moreover, Their operations are well-diversified across various specialties and locations, with a significant portion of their revenue generated from private insurance and walk-in cash patients, indicating a strong preference for their services. Their hospitals’ strategic locations in densely populated areas of West Bengal ensure accessibility and convenience for patients, contributing to the efficient capital cost per bed and strong financial performance, including a healthy EBITDA and profit after tax growth.

They continue to innovate, with plans to launch a healthcare mobile application to enhance patient engagement and operational efficiency. Additionally, Their geographical position enables them to tap into the medical value travel market, attracting patients from neighboring countries seeking quality healthcare services in India.

Overall, Their company’s strategic focus on quality care, operational efficiency, and market understanding has established them as a key player in Eastern India’s healthcare sector, poised for continued growth and expansion.

Objects of the GPT Healthcare Limited IPO:

The company proposes to utilize the Net Proceeds towards funding the following objects: i. Repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company from banks and financial institutions; and ii. General corporate purposes. Total number of shares issues: - i. Fresh Issue is 2,150,537 shares, ii. Offer For Sale is 26,082,786 shares.
DRHP of GPT Healthcare Limited IPO
RHP of GPT Healthcare Limited IPO

GPT Healthcare Limited IPO Details:

Open Date: Feb 22 2024
Close Date: Feb 26 2024
Total Shares: 28,233,323
Face Value: ₹ 10 Per Equity Share
Issue Size: 525.14 Cr.
Lot Size: 80 Shares
Issue Price: ₹ 117 - 186 Per Equity Share
Listing At: NSE,BSE
Listing Date: Feb 29 2024

Promoters And Management:

Dwarika Prasad Tantia, the Chairman and Whole-time Director, has been pivotal to the Company since January 10, 2005. With a background from the University of Calcutta (1974) and over 41 years in infrastructure and healthcare, he's a founder of ILS Hospitals and leads international business development, project execution, and new ventures. He also serves as the Honorary Consul of the Republic of Ghana in Kolkata. Currently, he is in the process of obtaining a copy of his bachelor’s degree from the University of Calcutta, supported by an affidavit for disclosure purposes, due to the original being untraceable. Dr. Om Tantia, the Managing Director since January 10, 2005, is a co-founder of ILS Hospitals. As the Medical Director and head of the Minimal Access and Bariatric Surgery Department in Kolkata, he boasts over 40 years of medical experience. Holding an MBBS from the University of North Bengal and an MS in General Surgery from Sawai Man Singh Medical College, Jaipur, he is acclaimed for his expertise in laparoscopic surgery, recognized by the Surgical Review Corporation, USA. Dr. Tantia is a former president of the Association of Minimal Access Surgeons of India, an honorary professor by the Indian Medical Association, and a Fellow of the Association of Surgeons of India (FAIS). Anurag Tantia is the Whole-time Director of the Company. He has been associated with the Company since October 2, 2011. He holds a degree of Bachelor of Science in management with honours from the University of Illinois. He has more than 12 years of experience in healthcare management and looks after the day-to-day operations of the Company.

Financials of GPT Healthcare Limited IPO:

A. Balance Sheet
Particular (In Million) Mar-21 Mar-22 Mar-23
Equity Share Capital 579.41 799.04 799.04
Reserves 760 783 855
Borrowings 1,229 955 647
Trade Payables 259 289 334
Other Liabilities 345 406 633
Total Liabilities 1,833 1,650 1,614
Net Block 2,119 2,066 2,037
Capital Work in Progress 3 7 26
Investments 7 50 52
Other Assets 180 253 340
Total NC Assets 2,309 2,375 2,455
Receivables 173 134 207
Inventory 64 73 89
Cash & Bank 50 87 88
Other Assets 576 563 428
Face value 10 10 10
B. Profit & Loss Statement
Particular (In Million) Mar-21 Mar-22 Mar-23
Sales 2,428 3,374 3,610
Raw Material Cost 573 874 759
Employee Cost 417 538 620
Other Expenses 948 1,224 1,488
Other Income 61 50 57
Depreciation 125 136 149
EBITDA 551 788 800
EBITDA Margin 22.70% 23.36% 22.17%
Interest 137 112 92
Profit before tax 289 541 560
Tax 78 124 170
Net profit 211 417 390
NPM (%) 8.48% 12.17% 10.64%
C. Cash Flow Statement
Particular (In Million) Mar-21 Mar-22 Mar-23
Cash From Operating Activity
Profit From Operation 504 740 746
Receivable -6 36 -77
Inventory -1 -9 -16
Payable -58 33 52
Other WC Items -26 -6 62
Working Capital Changes -91 55 20
Direct Taxes 26 -135 -103
Net Cash Inflow from Operating Activity 439 660 664
Cash from Investing Activity
Fixed assets purchased -70 -73 -98
Fixed assets sold 9 2 15
Investments purchased 0 -339 -83
Investment sold 0 244 54
Other investing items -113 113 164
Net cash inflow from investing activities -174 -53 52
Cash from Financing Activity
Proceeds from borrowings 184 14 2
Repayment of borrowings -94 -289 -314
Intrest paid fin -138 -110 -79
Dividends paid -134 -173 -320
Other financing items -39 -14 -22
Net Cash Flow 44 35 -17

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
GPT Healthcare Limited 361 39 4.75 39.1 186 1,526
Global Health Limited 2694 326 12.16 82.4 1387 37,227
Krishna Institute of Medical Sciences Limited 2,198 366 42.03 52.6 2,222 17,782
Jupiter Life Line Hospitals Limited 787 107 18.97 66.3 1,401 9,188
Yatharth Hospital & Trauma Care Services Limited 478 66 10.04 44.2 481 4,132
Kovai Medical Center & Hospital Limited 1,020 116 105.8 27.7 3,998 4,374
Shalby Limited 805 68 6.27 40.0 301 3,252
* All the data is as per FY23.

Lead Manager of GPT Healthcare Limited IPO:

  1. JM Financial Consultants Private Limited

Registrar of GPT Healthcare Limited IPO:

  1. Link Intime India Private Limited

Company Address:

GPT Healthcare Limited GPT Centre, JC-25, Sector III, Salt Lake, Kolkata – 700106 Phone: + (91) 33 4050 7000 Email: ghl.cosec@gptgroup.co.in Website: https://www.gptgroup.co.in/gpt-healthcare/

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