Max Healthcare Institute Ltd. Results

Q2FY25 Quarterly Result Announced for Max Healthcare Institute Ltd.

Healthcare Facilities company Max Healthcare Institute announced Q2FY25 results Gross Revenue stood at Rs 2,228 crore for Q2FY25, growth of +22% YoY & +10% QoQ. Network Operating EBITDA was Rs 591 crore excluding Rs 18 crore loss at MSSH Dwarka and Jaypee Hospital one-time transaction expenses of Rs 7 crore, a growth of +19% YoY. Operating Margin excluding loss at MSSH Dwarka and Jaypee Hospital one-time transaction expenses stood at 28.2% compared to 28.7% in Q2FY24 and 25.8% in Q1FY25. PAT stood at Rs 349 crore in Q2FY25 Vs Rs 338 crore in Q2FY24 and Rs 295 crore in Q1FY25. PAT excluding net loss of Rs 26 crore from MSSH Dwarka was Rs 375 crore. Free Cash from Operations was Rs 464 crore in Q2FY25. Of this, Rs 217 crore was deployed for the ongoing expansion plans and upgradation of facilities at New Units. Net Cash as on Sep 30, 2024 was Rs 313 crore. EBITDA per bed,* was Rs 74.5 lakh compared to Rs 75.0 lakh in Q2FY24 and Rs 70.9 lakh in Q1FY25 Abhay Soi, Chairman and Managing Director, Max Healthcare Institute, said: “With the successful launch of MSSH Dwarka and acquisition of Jaypee Hospital, Noida, we have significantly augmented our capacity and capabilities to deliver high quality patient centric care in NCR. We are encouraged by the enthusiastic response and strong community support to our healthcare offeringsin the new geographies, leading to exceptional performance at New Units. With the planned expansions coming on stream in FY26, we are set to further enhance our capabilities, widen our reach, and deepen our services to cater to the varied needs of our patients.”

Q1FY25 Quarterly Result Announced for Max Healthcare Institute Ltd.

Healthcare Facilities company Max Healthcare Institute announced Q1FY25 results: Started commercial operations of 303-bedded Max Super Specialty Hospital located in the heart of South West Delhi (Dwarka) on July 2 2024, (Max Dwarka) Executed agreement to lease for built-to-suit 250-bed hospital at Zirakpur (Mohali), to be developed as per Max specifications by FY28 Gross Revenue stood at Rs 2,028 crore for Q1FY25, growth of +18% YoY & +7% QoQ. Revenue from Existing Units grew to Rs 1,929 crore (+12% YoY and +4% QoQ) Network Operating EBITDA was Rs 499 crore, growth of +14% YoY. This is net off pre-start-up cost of Rs ~6 crore for Max Dwarka. EBITDA from Existing Hospitals stood at Rs 487 crore (+12% YoY) Operating Margin for Existing Units stood at 26.5% versus 26.8% in Q1FY24 and 28.4% in Q4FY24, New Units acquired in Q4FY24 reported 18% margin EBITDA per bed for Existing Units improved by +6% YoY to Rs 74.7 lakhs in Q1FY25, from Rs 70.4 lakhs in Q1FY24 and Rs 78.5 lakhs in Q4FY24. Overall EBITDA per bed was 70.0 Lakhs PAT stood at Rs 295 crore in Q1FY25 Vs Rs 291 crore in Q1FY24 and Rs 311 crore in Q4FY24 Free Cash from Operations5 was Rs 258 crore in Q1FY25. Of this, Rs 213 crore was deployed on the ongoing expansion plans & for upgradation of facilities at New Units. Net Cash6 as on Jun 30, 2024 stood at Rs 66 crore Bed occupancy for Existing Units was 76.6%, withOBDs up by ~5% YoY while New Units reported occupancy of 59%. During the quarter, overall OBDs grew by~14% YoY ARPOB for Existing Units improved by +7% YoY to Rs 80.1k in Q1FY25 vs. Rs 74.8k in Q1FY24 and Rs 78.1K in Q4FY24. New Units reported an ARPOB of Rs 45.3K Free treatment provided to 36,832 patients in OPD and 1,152 patients in IPD from the economically weaker sections Commenting on Q1 results, Abhay Soi, Chairman and Managing Director, Max Healthcare Institute, said: “With launch of Max Super Specialty Hospital, Dwarka, we have added over 900 beds to our capacity so far and have successfully supplemented the momentum of growth in revenues and profitability before augmentation of bed capacity through brown field expansion plans in FY26. In the meanwhile, consistent performance in existing hospitals and encouraging response to our offerings at new units is providing us with confidence to further pursue growth opportunities including newly entered builtto-suit arrangement in Mohali.”

Q4FY24 Quarterly Result Announced for Max Healthcare Institute Ltd.

Healthcare Facilities company Max Healthcare Institute announced Q4FY24 & FY24 results: Consummated transactions for 200 bedded Alexis Hospital, Nagpur and 550 bedded Sahara Hospital, Lucknow, and the results of these hospitals have been consolidated effective Feb 9, 2024 and March 7, 2024 respectively Gross Revenue stood at Rs 1,890 crore for Q4 FY24, growth of +15% YoY & +6% QoQ. This includes Rs 42 crore from two acquired hospitals. On a like-to-like basis, the Gross Revenue grew by +13% YoY and +4% QoQ Network Operating EBITDA was Rs 503 crore, growth of +15% YoY & +7% QoQ. This includes Rs 3 crore (net of deal expenses) from two new hospitals. Accordingly, Network Operating EBITDA from Existing Hospitals stood Rs 500 crore, +14% YoY & +6% QoQ Operating Margin3 on a like-to-like basis stood at 28.4% versus 28.2% in Q4 FY23 and 27.9% in Q3FY24 EBITDA per bed4 on a like-to-like basis improved by +12% YoY to Rs 78.5 lakhs in Q4 FY24, from Rs 70.3 lakhs in Q4 FY23 and Rs 75.6 lakhs in Q3 FY24 PAT stood at Rs 311 crore in Q4 FY24 Vs Rs 320 crore in Q4 FY23 and Rs 338 crore in Q3 FY24 Free Cash from Operations was Rs 412 crore in Q4 FY24. During the quarter, Rs 1,341 crore was spent on acquisition of two hospitals, Rs 176 crore was deployed towards ongoing capacity expansion projects & Rs 168 crore was spent towards purchase of land at Shaheed Path, Lucknow. In addition, Net Cash6 as on Mar 31, 2024 stood at Rs 22 crore Bed occupancy on a like-to-like basisin Q4FY24 stood at 75.1% largely owing to capacity constraints. OBDs were up by ~1% YoY on like-to-like basis and ~5% YoY on overall basis ARPOB on a like-to-like basis improved to Rs 78.1k in Q4 FY24 vs. Rs 70.7k in Q4FY23 and 76.8K in Q3FY24. New hospitals reported an ARPOB of 46.1K Free treatment provided to 35,224 patients in OPD and 1,190 patients in IPD from the economically weaker sections Gross Revenue for the year ended Mar 31, 2024 stood at Rs 7,215 crore, up +16%, Network Operating EBITDA in FY24 was Rs 1,907 crore, an increase of +17%. Operating Margin for FY24 stood at 27.8% Commenting on Q4 results, Abhay Soi, Chairman and Managing Director, Max Healthcare Institute Ltd., said: “We are happy to consummate two long drawn inorganic deals during the quarter. These transactions add significant capacity going forth and allow for additional brownfield opportunities in the fastgrowing markets of UP & Maharashtra. The existing hospital network is consistently improving its performance and generating stable cashflows, enabling us to look for more inorganic opportunities while we expand the existing capacities.”

Q3FY24 Quarterly Result Announced for Max Healthcare Institute Ltd.

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.”