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Healthcare Facilities company Global Health announced Q3FY24 results:

Financial Performance:

• Total Income: The consolidated total income for Global Health increased by 21% YoY to Rs 8,545 million in Q3FY24.
• EBITDA: The company's EBITDA saw a substantial rise of 36% YoY, reaching Rs 2,340 million, with EBITDA margins expanding significantly by 305 basis points to 27.4%.
• Net Profit: Net profit experienced remarkable growth, up by 53% YoY to Rs 1,235 million, while the PAT margins improved from 11.4% to 14.5%.

Operational Highlights:

• Bed Occupancy: The average occupied bed days increased by 15% YoY, which corresponds to an average occupancy rate of 64% for the quarter.
• Patient Volume: The company reported a 13% YoY increase in in-patient count and a 20% YoY increase in out-patient count.
• Average Revenue Per Occupied Bed (ARPOB): ARPOB saw a growth of 4% YoY, reaching Rs 60,571, primarily driven by higher realizations at the Gurugram unit.

Business Growth:

• Developing Hospitals Performance: Developing hospitals witnessed revenue growth of 33%, contributing Rs 2,742 million, which amounted to 32% of the total revenue share. Their EBITDA contribution increased from 37% to 41%, summing up to Rs 968 million.
• Matured Hospitals Performance: The matured hospitals also demonstrated strong performance, with a revenue increase of 17% and EBITDA growth of 37%, totaling Rs 5,875 million and Rs 1,484 million respectively.
• International Patients Revenue: Revenue from international patients rose by 6% YoY to Rs 473 million, owing to increased volume and realization.
• OPD Pharmacy Business: There was a 28% YoY increase in revenue from the OPD pharmacy business, up from Rs 224 million in Q3 FY23 to Rs 287 million in Q3 FY24.

Strategic Developments:

• Doctor Onboarding: Medanta onboarded a total of 253 doctors across their facilities during the first nine months of FY24, with 159 in matured hospitals and 94 in developing hospitals.
• Upcoming Hospital in Noida: Progress on the Medanta Noida hospital is well on track with the superstructure 82% complete and operations expected to start by the end of FY2025.
• New Joint Venture: Medanta and DLF formed a special-purpose vehicle company, GHL Hospital Limited, to construct and operate a super-specialty hospital in South Delhi.

Pankaj Sahni, Group CEO, and Director, said: "I am pleased to report that Medanta has delivered strong year-on-year performance during the quarter ended December 31, 2023. In Q3FY24, both our matured and developing units delivered robust revenue growth of 17% and 33% YoY respectively. This growth was primarily driven by increased in-patient volume and improved realization. Our commitment remains unwavering in building a sustainable long-term business model and providing the highest quality care across our key markets."

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