Metropolis Healthcare firms up after healthy Q2 update

Metropolis Healthcare spurted 6.08% to Rs 1,897 after the company said it achieved highest ever quarterly revenue in Q2 September 2020.

The revenue for Q2 September 2020 (Q2FY21) has nearly doubled from Q1 June 2020 (Q1FY21) and has grown by about 25% from Q2 September 2019 (Q2FY20) levels.

In September 2020, revenue growth stood at approximately 40% compared with September 2019.

The number of patient visits for Q2FY21 stood at approximately 2.41 million compared to 1.37 million in Q1FY21 and 2.66 million in Q2FY20. The number of tests for Q2FY21 stood at approximately 4.35 million compared to 2.65 million in Q1FY21 and 5.17 million in Q2FY20.

The company has reached about 85% of last year levels in Q2FY21 for non-covid business and in comparison to 71% in Q1FY21. In September 2020, the company has achieved normalcy in non-covid business compared to September 2019.

"With scale-up of non-covid business, sustained cost management measures as well as operating leverage on-account of significant uptick in revenue, the EBITDA margins in Q2FY21 has improved over Q2FY20," the company said in a statement.

The company said it continues to be a net cash company with cash and cash equivalents of approximately Rs 300 crore at the end of 30 September 2020.

The scrip has zoomed 90.99% from its 52-week low of Rs 993.20 hit on 24 March 2020.

The medical diagnostics company's consolidated net profit slumped 89.3% to Rs 2.88 crore on 29.6% drop in net sales to Rs 143.13 crore in Q1 June 2020 over Q1 June 2019.

Metropolis Healthcare is a diagnostics company with presence across 19 states in the country. The company's network as of 31 March 2020 consists of 124 laboratories and 2,731 patient service centers.

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