BWR has upgraded the ratings of Yashoda Hospital & Research Centre Limited to BWR A-.
The upgradation of ratings reflects the successful track record of the hospitals run by the
company for over three decades now. The rating draws strength from the consistent growth in the
company’s revenue year-on-year (average growth of ~25% in the last three financial years), a
strong Tangible Networth of Rs.118.44 Crore as on 31 March 2019, robust and consistent
profitability margins (for FY19, operating margin of 21.42% & net margin of 12.01%) and a
strong financial risk profile i.e. gearing, ISCR, DSCR etc. The rating also factors the strong
reputation enjoyed by the two hospitals of YHRCL in Ghaziabad city of Delhi NCR region.
The rating is, however, constrained by the geographical concentration of operations, a moderate
average bed occupancy rate, a highly competitive healthcare industry in Delhi and NCR region
with the presence of