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Healthcare Facilities company Max Healthcare Institute announced Q3FY24 results:
- Gross Revenue stood at Rs 1,779 crore for Q3FY24, 14% growth YoY
- Network Operating EBITDA was Rs 471 crore, growth of 12% YoY
- Operating Margin stood at 27.9% versus 28.3% in Q3FY23 and 28.7% in Q2FY24
- EBITDA per bed improved to Rs 75.6 lakhs in Q3FY24, from Rs 66.9 lakhs in Q3FY23 and Rs 75.0 lakhs in Q2FY24
- PAT grew by 26% YoY to Rs 338 crore in Q3FY24 Vs Rs 269 crore in Q3FY23 and Rs 338 crore in Q2FY24
- Cash from Operations was Rs 226 crore in Q3FY24 of this Rs 137 crore was spent towards ongoing capacity expansion projects & Rs 97 crore was paid as dividend; Net Cash as of Dec 31, 2023, stood at Rs 1,295 crore
- Bed occupancy in Q3FY24 stood at 73% and OBDs were lower by ~1% YoY
- ARPOB improved to Rs 76.8k in Q3FY24 vs. Rs 66.8k in Q3FY23 and 74.6K in Q2FY24
- Free treatment provided to 36,695 patients in OPD and 1,249 patients in IPD from the economically weaker sections
- YoY growth in EBITDA was impacted due to movement in provision for doubtful debts, reversal of provision for Phantom Stock Plan in Q3FY23, GST costs on variable fees and one-time litigation costs, with an overall impact of ~Rs 25 crore on a like-to-like basis
Commenting on Q3 results, Abhay Soi, Chairman, and Managing Director, Max Healthcare Institute, said: “We continue to witness positive trends on all parameters like ARPOB, EBITDA per bed, etc. even during this quarter, translating into revenue and profitability growth, despite expected softness in occupancies due to festive season. Further, our entry into central UP through the acquisition of Sahara Hospital will strengthen our presence in Northern India and will act as a stepping stone in growing Max Healthcare’s presence in the region.”
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