Max Healthcare Institute Ltd. on Thursday announced Q3FY23 results that ended on December 2022. According to the hospital chain, its net profit 7 percent year-on-year to Rs. 269 crore.
The company’s average revenue per operating bed improved to Rs 66,800 from Rs 61,000, and its bed occupancy stood at 77% in the third-quarter, Max Healthcare stated on Thursday.
According to its statement, network gross revenue increased to INR 1,559 Cr, reflecting a growth of 13% YoY on a like-to-like basis2. Increase in ARPOB (+10% YoY) and occupied beds (+3% YoY) contributed to the revenue growth.
“Network Operating EBITDA was at its highest ever at Rs. 419 Crore compared to Rs. 364 Crore in the corresponding quarter last year (Q3 FY22) and Rs. 410 Crore in the previous quarter (Q2 FY23). This reflects a growth of 15% YoY and 2% QoQ. The Operating EBITDA margin grew to 28.3% for the quarter, compared to 27.8% in Q3 FY22 and 27.7% in Q2 FY23. EBITDA per bed during the quarter improved to INR 66.9 lakhs, registering a growth of 12% YoY and 4% QoQ,” the hospital group stated on Thursday.
The hospital group also announced that Profit after tax (PAT) for the quarter stood at Rs. 269 Crore compared to Rs. 252 Crore in Q3 FY22 and Rs. 267 Crore in Q2 FY23, despite an increase in ESOP (Equity-settled Scheme) expenses by approximately Rs. 8 Crore consequent to a grant of 81.84 lakh ESOPs to 271 eligible employees in Nov 2022. PAT accordingly, grew by 7% over the corresponding quarter last year.
“By virtue of focus on healthcare infrastructure, research and skilling as well as ground breaking policies such as National Digital Healthcare Mission, Heal In India and Heal By India, the Government has established a solid foundation to enable the private sector players in India to cater to both domestic and global requirements at affordable prices. As a leading player in this sector we are excited about the future,” Abhay Soi, Chairman and MD, Max Healthcare Institute Ltd., said in a statement on Thursday.