Narayana Hrudayalaya Ltd. has informed the Exchange about Investor Presentation
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Narayana Hrudayalaya has filed a revised investor presentation detailing its 100% acquisition of UK-based Practice Plus Group (PPG) Hospitals Limited for approximately GBP 183 million, implying a 9.2x FY25E EV/EBITDA multiple. PPG is the 5th largest private healthcare network in the UK and 4th largest NHS service provider, with FY25E revenue of GBP 250 million and a 12% revenue CAGR over the past 5 years. The deal is largely debt-funded with about GBP 150 million raised through long-term debt with a 7-year tenor. The transaction requires no pre-closing regulatory approvals and is expected to close within a few days, supported by a 6-month transition services agreement. The company views this as a low-risk, value-accretive entry into the mature UK private healthcare market, leveraging its asset-light day-care model and NHS contracts.
Shareholders should view this as a significant international expansion that diversifies revenue beyond India, but the GBP 150 million debt component will increase leverage, even though the asset-light target offers clear deleveraging potential. Near-term stock reaction may depend on investor comfort with the 9.2x valuation multiple and integration execution.