Narayana Hrudayalaya Q1 FY22 PAT turnaround to Rs 76 cr

Narayana Hrudayalaya jumped 6.22% to Rs 534.80 after the company's consolidated net profit stood at Rs 76.24 crore in Q1 June 2021 (Q1 FY22) as compared to a net loss of Rs 119.76 crore in Q1 June 2020 (Q1 FY21).

Consolidated net sales soared 118.5% to Rs 859.80 crore in Q1 FY22 from Rs 393.50 crore in Q1 FY21. Pre-tax profit was at Rs 77.11 crore in Q1 FY22 as against a pre-tax loss of Rs 153.45 crore in Q1 FY21. The Q1 earnings were declared post trading hours yesterday, 5 August 2021.

Consolidated EBITDA stood at Rs 140.40 crore during the quarter, reflecting a margin of 16.3% as against loss of Rs 86.30 crore in Q1 FY21. As on 30 June 2021, the total borrowings less cash and bank balance was Rs 428 crore representing a net debt to equity ratio of 0.36. (out of which, debt worth $37.3 million is foreign currency denominated).

Commenting on the Q1 performance, Dr Emmanuel Rupert, the managing director (MD) and group chief executive officer (CEO) of Narayana Hrudayalaya, stated: "With the impact of the devastating second wave of the pandemic playing out for much of the period in the quarter gone by, our Indian operations were affected on expected lines. Our flagship heart hospital at Health City, Bengaluru bore the brunt of the effect given its pre-eminence in the cardiac sciences based elective domain as well as higher reliance on out-of-station domestic and international patients. However, we are encouraged by the traction being demonstrated by our other units building upon the momentum over the previous few quarters. While the India business profitability was materially impacted as our hospitals were overwhelmed with COVID-19 patients with significant erosion in our high-end elective work, we are pleased that our overseas Cayman Island facility continued to deliver solid consistent performance in the quarter gone by."

"Looking ahead, we remain vigilant over recent developments taking place across some nations with respect to a fresh wave. Notwithstanding the near term COVID-19 related uncertainties, with vaccination rollout program picking up pace, we remain confident about our business prospects by continuing to focus on delivering quality affordable healthcare to all. Lastly, we do share the grief of all the affected and pledge to support our communities in these times."

Narayana Hrudayalaya operates a chain of multi specialty, tertiary and primary healthcare facilities.

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