<ul><li>The India Pharma and Healthcare sector is expected to see steady growth and margin improvement during Q4 FY25E, says HDFC Securities.</li><li>HDFC Securities foresees strong performances from Lupin, Ipca Labs, and Apollo Hospital, while Aurobindo and Max Healthcare may show muted results.</li><li>The hospital business is projected to grow by 18% YoY, supported by steady average revenue per occupied bed and merger and acquisitions (Max Healthcare).</li><li>Ebitda margin expansion is expected for Apollo Hospital, while Max Healthcare may see a margin decline due to integration impact of acquired hospitals.</li></ul>

Pharma, Healthcare Q4 Results Preview: FY25 To End With Steady Growth, Better Margin, Says HDFC Securities

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