Aster DM Healthcare consolidated net profit declines 56.78% to Rs 46.21 crore | The Financial Express

Aster DM Healthcare consolidated net profit declines 56.78% to Rs 46.21 crore

The healthcare company also announced that during the quarter the Operational Revenue increased by 12 percent Y-o-Y to Rs. 2,816 Crs. compared to Rs. 2,504 Crs. in Q2 FY 22.

Aster DM Healthcare consolidated net profit declines 56.78% to Rs 46.21 crore
Choudhary also emphasised that the MedTech industry expected more from the previous Union budget than it yielded. (File)

Aster DM Healthcare on Friday announced its financial results for the quarter that ended on September 30, 2022. The company announced that the consolidated revenue from operations was up 12 percent YoY to Rs. 2,816 Crores.

Meanwhile, EBITDA (excluding other income) was at Rs. 319 Crs. as compared to Rs. 343 Crore in Q2 FY 22. Excluding losses due to new hospitals, EBITDA stands at Rs. 342 Crores, the company stated.

“In Q2, we had a revenue growth of 12% on a consolidated basis. Revenue in the GCC increased 9% over the last year while strong growth momentum in India continued, with revenues growing 24% over Q2 FY 22. In the GCC region, we have inaugurated the 101- bed Aster Hospital in Sharjah in October 2022, the soft launch of which was done in May 2022. The hospital has a team of experienced doctors with proven clinical excellence and support staff to offer exceptional patient care and medical outcomes. The newest facility has all the core specialties like Obstetrics and Gynaecology, Orthopedics, Neurology, Cardiology, Paediatrics, General Surgery, and Urology. The plan is to add many tertiary care treatments to the bouquet of services in the future,” Dr. Azad Moopen, Founder Chairman and Managing Director, Aster DM Healthcare, said in a statement.

Dr. Moopen also announced that in Oman, they had a soft launch of the 181 bedded multispeciality hospital Aster Royal Hospital in Muscat, located next to the Aster Al Raffah Hospital.

“We entered into a Hospital Operation and Management Agreement (O&M) with Narayanadri Hospitals and Research Institute Private Limited (NHRI), Tirupati, Andhra Pradesh recently. It is a 150-bedded multi–Specialty hospital situated at Tirupati, Andhra Pradesh. With this addition, we have added 290 beds on O&M asset-light model in the current financial year. We expect to add another 2 to 3 hospitals of around 300 to 400 beds before the end of the current financial year. While this is a low-margin business, this has also very low capex and shall help in increasing our ROCE. It will also help to increase the referral of cases to our flagship hospital,” Dr. Moopen said.

The healthcare company also announced that during the quarter the Operational Revenue increased by 12 percent Y-o-Y to Rs. 2,816 Crs. compared to Rs. 2,504 Crs. in Q2 FY 22.

Aster DM Healthcare also reported the details of FY23 H1. According to the company, Operational Revenue increased by 12% Y-o-Y to Rs. 5,478 Crs. compared to Rs. 4,876 Crs. in H1 FY 22. Moreover, EBITDA (excluding other income) was at Rs. 611 Crore as compared to Rs. 624 Crores in H1FY 22 and excluding losses due to new hospitals, EBITDA stands at Rs. 654 Crores, it stated.

“Aster DM Healthcare has launched its pharmacy operations in Saudi Arabia through a tie up with the Al Hokair Holding Group. The partners will create a network of 250 plus Aster pharmacies in the Kingdom in the next 5 years. The partnership plans to open in high-street locations, communities and malls beginning with Riyadh. As Phase 2, the aim is to set up pharmaceutical manufacturing in the Kingdom,” Alisha Moopen, Deputy Managing Director, Aster DM Healthcare, said in a statment on Friday.

ALSO READ | Aster DM Healthcare Q2 net profit jumps to Rs 128 crore for quarter ended September

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First published on: 11-11-2022 at 12:59 IST