Metropolis Healthcare gains 2% as Q1 core business revenue grows 12%

Saurabh Mukherjea of Marcellus Investment Managers has also been consistently adding the stock in his Little Champs Portfolio, which focuses on investing in quality midcap and small-cap companies for a long term.

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Shares of Metropolis Healthcare rose over 2 percent in early trade on July 17 as the company recorded core business revenue growth of around 12 percent year-on-year for the April-June quarter.

According to the company filing on July 14, the core business excluded revenue contribution from COVID and related tests and PPP (Public Private Partnership) contracts. The company also saw 13 percent volume growth on year in the quarter under review.

Revenue per test for the core business increased 3 percent on year in Q1.

Moreover, revenue for the company’s business-to-consumer segment also rose 12 percent year-on-year.

At 09.24 am, shares of Metropolis Healthcare were trading 1.3 percent higher at Rs 1,455.50 on the National Stock Exchange.

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Aside from the core business growth, the diagnostic company’s total revenue from operations (including COVID and related tests and PPP contracts) for the quarter was marginally down as against the same quarter of the previous fiscal, mainly due to COVID contribution and business-to-government contracts.

The company has been on an expansion spree from the previous fiscal, increasing its product offerings, venturing into newer geographies and extending its digital presence as it aims to lift its non-COVID revenues.

Even though the diagnostics chain is facing some pricing pressure in the wellness segment from new-age online players, the management believes its strong brand name in the illness segment will safeguard its financials. The illness segment contributes over 90 percent of the company’s total revenue.

Saurabh Mukherjea, Founder and Chief Investment Officer of Marcellus Investment Managers is also positive on Metropolis Healthcare as he has been consistently adding the stock to his Little Champs Portfolio, which focuses on investing in quality midcap and small-cap companies for the long term.

“Going forward, growth for Metropolis will be led by further additions of more specialty tests to the test basket and accelerated B2C expansion led by network expansion, investments to augment home collection and hiring of relevant talent,” a note from Marcellus Investment Managers stated.

However, some analysts are also concerned about the stretching valuations of the stock and believe that it limits its upside potential.

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