Max Healthcare Institute posted fiscal fourth quarter profit at Rs 250.92 crore, up 102.8 per cent from Rs 123.73 crore in the same quarter last year. Profit for the company grew primarily on account of improvement in the operating metrics in all the hospitals and reduction in finance costs, it said. It posted revenue from operations at Rs 1214.51 crore, up 29.6 per cent from Rs 937.09 in the fourth quarter of FY22. The Board also recommended a final dividend of Re 1 per equity share (10 per cent of face value of Rs 10 each), out of the profits of the financial year 2022-23.
Network gross revenue was Rs 1637 crore, up 26 per cent on-year, led by increase in ARPOB (+ 11 per cent on-year) and occupied beds (+14 per cent on-year). Network Operating EBITDA was at its highest ever at Rs 437 crore compared to Rs 304 crore in the corresponding quarter last year. Operating EBITDA margin stood at 28.2 per cent for the quarter. “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 reduction in accounts receivables, receipt of tax refunds and increase in trade payables. Net Cash surplus at the end of March 2023 stood at Rs 733 crore, compared to Rs 372 crore at the end of Dec 2022,” Max Healthcare said in regulatory filing.
In terms of new additions, Max Shalimar Bagh commissioned a new 92 beds oncology block in Mar 2023. During Q4 FY23, the overall occupancy at the hospital stood at 84 per cent. With this addition, MHIL is now a 3,500 beds hospital chain. International patient revenue grew by 43 per cent YoY. In Q4 FY23, the share of international patient revenues stood at 9.1 per cent of the hospital revenue.
Meanwhile, Max Lab (non-captive pathology vertical) reported gross revenue of Rs 31 crore during the quarter, recording a growth of 57 per cent YoY on a like to like basis1 (excluding Covid-19 related tests. Max@Home gross revenue during Q4FY23 was Rs 37 crore, up 26 per cent on-year. Max MyHealth downloads stood at ~150K, with monthly active user base touching ~50K, it said.
“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. In addition, we are actively but prudently evaluating inorganic growth opportunities,” said Abhay Soi, Chairman and Managing Director, Max Healthcare Institute Ltd. Max Healthcare has, till date, performed 2110+ liver transplants, ~3500 kidney transplants and 1650+ bone marrow transplants