Shares of this smallcap healthcare stock opened at 3.8 percent up after the company announced strategic acquisition of SRJ CBCC hospital in Indore.
On 5th october, shares of Healthcare Global Enterprises Ltd opened at Rs. 376 per share which is 3.8 percent higher than previous close price of Rs. 362.20 per share, it closed marginally lower at Rs. 362 per share.
Such bullish price movements are observed after the company announced in a regulatory filing on Bombay stock exchange (BSE) that they are going to acquire 100 percent of SRJ CBCC Cancer Hospital which will mark HCG’s entry into Madhya Pradesh.
HCG plans to expand by adding a 100 beds state of art cancer diagnostic and treatment facility within an estimated operational timeline of 2 years. This is HCG’s entry into 10th state, HCG is now a network of 21 comprehensive cancer centres with 24 hospitals across India and Africa and 8 daycare centres.
Looking at the financial statements, the company’s revenue has increased by 12.9 percent to Rs. 460.68 crores in Q1FY24 from Rs. 408.05 crores in Q1FY23. In the same time period, net profit increased by 25.79 percent to Rs. 7.61 crores from 6.05 crores.
Talking about the financial ratios, the company reported return on equity (ROE) of 2.06 percent and return on capital employed (ROCE of 11.69 percent in the last financial year.
Headquartered in Bangalore, Healthcare global enterprises Ltd is India’s largest cancer care provider. It owns and manages a network of 21 cancer centres, 4 Multispecialty centres and 8 Day Care Centres nationwide. HCG also deals with clinical research and R&D.
Written by: Vinit Israni
