Max Healthcare's PAT Nearly Doubles In Q4FY23, Records Revenue At Rs 1,637 Cr
Max Healthcare, the Indian healthcare provider headquartered in New Delhi has reported its earnings for the quarter that ended on 31st March 2023, the hospital chain has registered a rise of 26 per cent year on year in its consolidated revenue to be recorded at Rs 1,637 crores in the Quarter Four of Financial Year 2023(Q4FY23) up from Rs 1,296 crores in the corresponding quarter last year.
The healthcare company recorded a 5 per cent jump in its revenues compared with the previous quarter (Q3FY23) where the company posted revenue of Rs 1,559 crores. The company stated in a statement that the revenues were aided by an increase in Average Revenue Per Operating Bed (ARPOB) which was up by 11 per cent YOY and occupied beds which were up by over 14 per cent YoY.
Max Healthcare's consolidated revenue for the financial year 2023 stood at Rs 6,234 crores, a rise of 18 per cent when compared with the revenues of last year which stood at Rs 5,272 crores.
The healthcare provider's net profit jumped by 85 per cent year on year (YoY) in Q4FY23, the company recorded a net profit of Rs 320 crores in the March quarter. The company saw an increase of Rs 148 crores from the earnings of the same quarter last year which stood at Rs 172 crores. The company said that the profits for the quarter were supported primarily on account of improvement in the operating metrics in all the hospitals and reduction in finance costs.
The company's net profit for FY23 came in at Rs 1,328 crores against Rs 752 crores in FY22, a jump of 77 per cent year on year.
Max Healthcare's Operating EBITDA was at its highest ever seeing a 44 per cent rise YoY in Q4FY23 to be recorded at Rs 437 crore against Rs 304 crore reported in the corresponding quarter last year. The hospital chain's EBITDA for FY23 came in at Rs 1,635 crores, a growth of 25 per cent YoY compared with Rs 1,305 crores recorded in FY22.
The company's EBITDA margins for the March quarter came in at 28.2 per cent improving from 24.9 per cent recorded in the same quarter of the previous year. The company's margins for FY23 stood at 27.7 per cent against 26.2 per cent in FY22.
Max Healthcare stated that its cash flow from operations stood at Rs 425 crore during the quarter, of which Rs 65 crore was spent on capacity expansion projects. Further, the cash generation was aided by a reduction in accounts receivables, receipt of tax refunds and an increase in trade payables. Net Cash surplus at the end of Mar 2023 stood at Rs 733 crores, compared to Rs 372 crores at the end of Dec 2022.
“The Q4 results are in line with our plan and reflect the flawless execution of our strategy by the team on the ground. I am happy that we could deliver the first brownfield expansion on time and it has started to make positive addition to EBITDA and demonstrate operating leverage from the very first month. As other planned bed additions start to roll-in, we expect significant operating leverage," stated Abhay Soi, Chairman and Managing Director, Max Healthcare Institute.
Soi further said that the Indian healthcare provider major is actively but prudently evaluating inorganic growth opportunities. "While we continue to see great investment opportunities in the sector, happy to announce that Board has recommended a maiden dividend of 10 per cent for the financial year ended Mar 31, 2023," Soi added.
