Medanta hospital operator, Global Health Ltd posted its fiscal first quarter profit at Rs 102.01 crore, up 73.8 per cent as against Rs 58.71 crore during the same period last year. It posted revenue from operations at Rs 773.04 crore, up 25.2 per cent in comparison to Rs 617.45 crore during the corresponding quarter of FY23. The company EBITDA stood at Rs 199.30 crore, up 40.7 per cent on-year. The company posted the highest ever quarterly total income during the quarter at Rs 794.50 crore, up 26.8 per cent as against Rs 626.54 crore. However, total expenses during the quarter ended June 2023 stood at Rs 653.46 crore, up 21.1 per cent in comparison to Rs 539.51 crore during the year-ago quarter.
The average occupied bed days was up 16.2 per cent on-year, representing an occupancy of 58.1 per cent in Q1FY24 on increased bed capacity. Global Health stated that while ARPOB grew by 7.1 per cent YoY, in-patient volume increased by 19.4 per cent and out-patient volume increased by 17.5 per cent on-year. Further, revenue share by developing hospitals (Medanta Lucknow and Medanta Patna) increased from 23.4 per cent in Q1FY23 to 28.9 per cent in Q1FY24 amounting to Rs 229.70 crore. EBITDA share increased from 22.6 per cent in Q1FY23 to 31.4 per cent in Q1FY24 amounting to Rs 72 crore. Also, revenue from international patients increased by 45 per cent on-year to Rs 47.70 crore driven by increased volume and realization. In-house out-house business continued to register strong growth with revenue up 43 per cent YoY to Rs 26.60 crore in Q1FY24.
Additionally, the company also announced that Global Health and DLF Group have entered into an understanding for forming a company to launch a ~400-bed multi-super specialty hospital in Delhi’s in Greater Kailash-I. Both Medanta and DLF will own 50-50 equity in the new company. DLF will be a strategic investor and Medanta will run the hospital and have operational control.
“We are excited to partner with DLF to build a new 400 bed multi-super specialty hospital in South Delhi. This hospital will allow us to serve patients across the entire NCR belt by seamlessly linking our facilities in Gurgaon, Delhi and Noida. We are also pleased to report our Q1 FY24 financial performance. The Company continues to deliver strong year-on-year and sequential growth driven by higher patient volumes and improvement in realization,” said Pankaj Sahni, Group CEO and Director, Global Health Ltd.