M&A Project - Va

roject - Valuation of Govardhan P

N047 Ali Patel
N060 Kushagra Sharma
N070 Ananya Tyagi
N203 Smit Shah
N277 Advait Zore
ardhan Prasad Tantia Healthcare
ealthcare
 Profit and Loss statement

GPT Healthcare
Rs Lakhs Mar-21 Mar-22 Mar-23
Revenue from operations 24,275.30 33,741.50 36,103.71
Other income 611.00 498.80 569.36
Total Income (I+II) 24,886.30 34,240.30 36,673.07
% Growth YOY 38% 7%
Expenses 21,998.00 28,832.40 31,076.13
Cost of materials consumed 5,727.00 8,738.10 7,586.34
Employee benefits expense 4,166.20 5,378.40 6,203.79
Finance costs 1,374.60 1,115.40 916.39
Depreciation and amortisation expense 1,247.20 1,359.00 1,491.23
Other expenses 9,483.00 12,241.50 14,878.38
Gross Profit 19,159.30 25,502.20 29,086.73
Gross Profit Margin 74% 79%
EBITDA 5,510.10 7,882.30 8,004.56
EBITDA Margins 23% 22%
Depreciation 1,247.20 1,359.00 1,491.23
EBIT 4,262.90 6,523.30 6,513.33
Interest 1,374.60 1,115.40 916.39
Interest Coverage(Times) 0.48 0.21 0.16
Profit before tax (PBT) 2,888.30 5,407.90 5,596.94
% Growth YOY 87% 3%
PBT Margin 12% 16% 15%
Tax 779.00 1,241.60 1,696.18
Actual Tax Rate 27% 23% 30%
Net profit 2,109.30 4,166.30 3,900.76
% Growth YOY 98% -6%
Net Profit Margin 8% 12% 11%
EPS 2.64 5.21 4.88
% Growth YOY 97% -6%

Number of shares in lacs 799.33606557

d Loss statement

Healthcare
Mar-24 Mar-25 Mar-26 Mar-27 Mar-28 Mar-29
40,019.30 52931.98 66560.33 82171.90 104728.79 133477.75
529.14 767.31 964.87 1191.17 1518.16 1934.91
40,548.44 53,699.29 67,525.20 83,363.07 106,246.95 135,412.66
11% 32% 26% 23% 27% 27%
33,744.10 45,076.82 56,465.65 69,725.35 89,023.16 113,898.36
8,296.24 12,039.25 15,138.99 18,689.81 23,820.32 30,359.20
6,893.47 8,909.49 11,203.41 13,831.14 17,627.91 22,466.92
710.50 570.38 457.89 367.58 295.09 236.89
1,798.19 1,798.19 1,798.19 1,798.19 1,798.19 1,798.19
16,045.70 21,759.51 27,867.17 35,038.63 45,481.66 59,037.16
32,252.20 41,660.03 52,386.21 64,673.26 82,426.63 105,053.45
80% 78% 78% 78% 78% 78%
9,313.03 10,991.03 13,315.62 15,803.49 19,317.06 23,549.37
23% 20% 20% 19% 18% 17%
1,798.19 1,798.19 1,798.19 1,798.19 1,798.19 1,798.19
7,514.84 9,192.84 11,517.43 14,005.30 17,518.87 21,751.18
710.50 570.38 457.89 367.58 295.09 236.89
0.10 0.07 0.04 0.03 0.02 0.01
6,804.34 8,622.46 11,059.55 13,637.72 17,223.79 21,514.29
22% 27% 28% 23% 26% 25%
17% 16% 16% 16% 16% 16%
2,027.44 2586.7386079 3317.8641107 4091.3156014 5167.1360495 6454.2873977
30% 30% 30% 30% 30% 30%
4,776.90 6,035.72 7,741.68 9,546.40 12,056.65 15,060.00
22% 26% 28% 23% 26% 25%
12% 11% 11% 11% 11% 11%
5.96 7.55 9.69 11.94 15.08 18.84
22% 27% 28% 23% 26% 25%
Other income 1% of Revenue from operations

Expenses as a % of sales
22%
17%
-20%
Balance Sheet

GPT Healthcare
Rs Lakhs Mar-23 Mar-24
Assets
Non-Current Assets
Property, Plant & Equipment 20,370.49 20,106.83
Capital Work-in-Progress 260.84 639.97
Intangible Assets 39.16 84.69
Non-Current Investments 516.73 1,916.92
Other Non-Current Assets 3,361.57 3,788.74
Total Non-Current Assets 24,548.79 26,537.15
Current Assets
Inventories 892.08 815.49
Trade Receivables 2,067.66 2,428.48
Cash & Bank 255.93 169.32
Other Current Assets 4,910.29 4,602.41
Total Current Assets 8,125.96 8,015.70
Total Assets 32,674.75 34,552.85
Equity & Liabilities
Equity
Equity Share Capital 7,990.43 8,205.48
Reserves & Surplus 8,545.82 13,643.55
Total Equity 16,536.25 21,849.03
Liabilities
Non-Current Liabilities 7,955.03 4,982.01
Borrowings 1,534.94
Current Liabilities 8,184.48 7,720.81
Borrowings 879.66
Total Liabilities 16,139.51 12,702.82
Total Equity & Liabilities 32,675.76 34,551.85
Year Mar-24 Mar-25 Mar-26 Mar-27 Mar-28
Rooms 561 711 851 1000 1213
growth 27% 20% 18%
Available Bed Days 204765 259515 310615 365000 442790
Occupany 59% 59% 60% 61% 63%
Occupied bed days 120811 153114 186928 224050 277237
ARPOB 32950 33939 34957 36005 37086
ALOS 3.95 3.95 3.95 3.95 3.95
Calculated Revenue in La 43079.18 56235.60 70714.54 87300.46 111265.19
Adjusted revenue in lakhs 40,548.44 52,931.98 66,560.33 82,171.90 104,728.79

Other Expenses per bed in 28.60 30.60 32.75 35.04 37.49

Other expenses total in lakhs 21759.51 27867.17 35038.63 45481.66
 Mar-29 Growth for march 28 and 29 21%
1472
Occupany Rate 59%
537160 Occupany rate decay -2%
64% ARPOB Growth 3%
343049
38198 Adjustment Factor 6%
3.95
141808.45 Other expenses growth 7%
133,477.75

40.12
59037.16
 FCFF

GPT Healthcare
Rs Lakhs Mar-23 Mar-24 Mar-25 Mar-26 Mar-27
EBIT 6,513.33 7,514.84 9,192.84 11,517.43 14,005.30
Tax Rate (%) 30% 30% 30% 30% 30%
Tax on EBIT 1973.90 2239.14 2757.85 3455.23 4201.59
NOPAT 4,539.43 5,275.70 6,434.99 8,062.20 9,803.71
Depreciation & Amortization 1,491.23 1,798.19 1,798.19 1,798.19 1,798.19
Change in Working Capital 353.41 353.41 353.41 353.41
CapEx -263.66 0.00 0.00 0.00
FCFF 6,984.14 7,879.77 9,506.98 11,248.49
 Mar-28 Mar-29
17,518.87 21,751.18
30% 30%
5255.66 6525.35
12,263.21 15,225.83
1,798.19 1,798.19
353.41 353.41
0.00 0.00
13,707.99 16,670.61
 Cost of equity Cost of Debt Particulars
Beta 1.1 Debt 2,414.60 Capital
Risk Free rate 6.83% Interest 710.50 Equity
Market returns 11.70% Tax rate 30% Debt

Ke 12.19% Kd 21% WACC

Rs in Lakhs Weightage
10,620.08 100%
8,205.48 77%
2,414.60 23%

14%
 Particulars
Discount rate 14%

Period(t) Mar-24 Mar-25 Mar-26 Mar-27 Mar-28

Year 1 2 3 4
FCFF 6,984.14 7,879.77 9,506.98 11,248.49 13,707.99

Discount rate 14% 14% 14% 14% 14%

PV 6906.1 7302.6 7572.6 8088.0

Sum of PV 38489.9

Terminal Value Fair price per share

Terminal Growth Rate 9% Shares (Lakhs) 799.34
5th Year FCF x (1+g) 18170.96 Equity Value 220515.81
Terminal value 356345.6 Per share Value 275.87
PV of TV 184271.2

Enterprise Value 222761.1

Net Debt
Debt 2,414.60
Less: Cash 169.32
Net debt 2,245.28

DCF Value (Equity value) 220515.81

 Mar-29
5
16,670.61

14%
8620.6
 Gpt Healthcare
Relative Valuation

Company Global health LimitedKrishna Intsitute of medicalJupiter Life line Yatharth

EV/EBITDA 31.9 35.1 35.5 22.6
PE 59.2 71.2 56.7 39.5
Market Cap/ARPOB 0.46 0.62 0.17 0.17
EV/Revenue 8.73 10.13 10.62 7.80

EV in Cr 28583.00 25296.00 9674.00 4951.00

Revenue in Cr 3275.00 2498.00 911.00 635.00
ARPOB 62,140 38,263 57700 30,597
Market Cap in Cr 28,877 23,590 9,918 5,105
Price 1,075 590 1,513 595

Valuation for GPT

Market cap lakhsShare Price
Ebitda 9,313.03 241,362.69 239,117.41 299.15
ARPOB 32950 969,912.23 1213.40
PE 5.96 299.09
Revenue 40,548.44 305,031.12 302,785.84 378.80

Excluding ARPOB Multiple Fair Value 325.68

n

Kovai Shalby Average

15.1 15.3 25.92
28.4 46.1 50.18
0.28 0.06 0.29
4.83 3.03 7.52

5897.00 2832.00
1220.00 934.00
20,173 38,779
5,732 2,406
5,339 223
INCOME Mar-23
Revenue from operations 26 36,103.71
Other income 27 569.36
Total Income (I+II) 36,673.07
EXPENSES
Cost of materials consumed 28 7,586.34
Employee benefits expense 29 6,203.79
Finance costs 30 916.39
Depreciation and amortisation expense 31 1,491.23
Other expenses 32 14,878.38
Total Expenses (IV) 31,076.13
Profit/(Loss) Before Tax (III-IV) 5,596.94
Tax expense
a) Current tax 33 975
b) Deferred tax (including MAT Credit entitlement) 33 722.64
c) Income tax for earlier year -1.46
Total Tax expenses 1,696.18
Profit for the year (V-VI) 3,900.76
Other Comprehensive Income
A. Items that will not be reclassified to profit or loss
a) Remeasurement of defined benefit plan 18.93
b) Income tax relating to above -5.52
B. Items that will be reclassified to profit or loss -
Other Comprehensive Income for the year 13.41
Total Comprehensive Income for the year (VII+VIII) 3,914.17
Earnings per equity share 34
Basic earnings per share (₹) 4.88
Diluted earnings per share (₹) 4.88
 Mar-24 Particulars March
March 31,
31, 2021
2022
40,019.30 INCOME
529.14 Revenue from operations ###
###
40,548.44 Other income ###
###
Total Income ###
###
8,296.24 EXPENSES
6,893.47 Cost of materials consumed ###
###
710.5 Employee benefits expense ###
###
1,798.19 Finance costs ###
###
16,045.70 Depreciation and amortization expense ###
###
33,744.10 Other expenses ###
###
6,804.34 Total Expenses ###
###
Profit before Exceptional Items & Tax ###
###
1,189.00 Exceptional Items --
838.44 Profit Before Tax ###
###
- Tax Expense
2,027.44 a) Current Tax ###
###
4,776.90 b) Deferred Tax ###
###
c) Income tax for earlier years ###
###
Profit for the Year ###
###
2.26 Other Comprehensive Income
-0.66 Items not reclassified to profit or loss
- - Remeasurement of defined benefit plan ###
###
1.6 - Income tax relating to above ###
###
4,778.50 Other Comprehensive Income for the Year ###
###
Total Comprehensive Income for the Year ###
###
5.96 Earnings Per Equity Share (₹)
5.96 Basic Earnings Per Share ###
###
Diluted Earnings Per Share ###
###
March 31, 2022March 31, 2021 March 31, 2022

24,275.30 33,741.50
611.00 498.80
24,886.30 34,240.30

5,727.00 8,738.10
4,166.20 5,378.40
1,374.60 1,115.40
1,247.20 1,359.00
9,483.00 12,241.50
21,998.00 28,832.40
2,888.30 5,407.90
-
2,888.30 5,407.90

503.00 942.00
283.20 290.30
-7.20 9.30
2,109.30 4,166.30

2.80 -17.30
-0.80 5.00
2.00 -12.30
2,111.30 4,154.00

2.64 5.21
2.64 5.21