Healthcare Sector — Q1 FY25 Earnings Overview

Incyte filed a preliminary injunction motion to block Leqselvi launch; outcome uncertain and could delay revenue contribution.

Goa facility received six 483 observations after U.S. FDA reinspection; official classification awaited, which could impact product approvals.

Bangladesh contributes ~30% of international patient revenue (2% of total revenue). Recent political issues have caused a drop in volumes, though management expects recovery.

ARPOB grew only 2% YoY due to a higher proportion of medical admissions. Management expects improvement but there is risk if surgical volumes do not pick up as anticipated.

Operationalization of four new hospitals (1,500 beds) over next five quarters could reduce EBITDA margins by 100-150bps from FY25 exit levels.