Max Healthcare Q1 Results: PAT rises 27% YoY to Rs 291 crore

Max Healthcare on Tuesday reported a 27% year-on-year (YoY) jump in net profit to Rs 291 crore in Q1FY24 led by led increased capacity and higher occupancy levels. The hospital chain reported a net profit of Rs 229 crore during the corresponding period of the previous year.

Gross revenue rose 17% to Rs 1,719 crore during Q1FY24 compared to Rs 1,393 crore previous year. On a quarter-on-quarter (QoQ) basis the net profit dropped 9% and gross revenues grew 5%.

The earnings before interest, tax, depreciation and ammortisation (EBITDA) increased 18% YoY to Rs 436 crore. The EBITDA margin improved 30 basis points YoY to 26.8%.

The bed occupancy in Q1FY24 stood at 74%. The average revenue per occupied bed (ARPOB) improved to Rs 74,800 in Q1FY24 versus Rs 66,000 in Q1FY23. In Q1FY23, the share of international patient revenues grew 31% YoY and stood at 9%.

Max said the installed capacity increased by 4% on YoY basis during Q1FY24. Price revisions including increase in CGHS tariff by Union Health Ministry along with disparate growth in key specialty revenue including Oncology, Orthopaedics & Cardiology contributed to YoY growth in ARPOB.

“I am happy that despite the traditionally weak Q1, we could deliver our highest ever quarterly revenue and improve profitability at bed level,” said Abhay Soi, chairman and managing director, Max Healthcare.

“In the past year, we have significantly strengthened our projects and digital teams to reinforce our thrust in both these areas, which is intrinsic to our growth going forward,” Soi added.

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