Max Healthcare Q1FY24 results: PAT up 27% to Rs 291 cr, revenue jumps 17%

Cash flow from operations stood at Rs 261 crore during the quarter, of which around Rs 38 crore were spent on capacity expansion projects

Max Healthcare Insititute Ltd on Monday reported a 27 per cent rise in its profit after tax (PAT) in the quarter that ended on June 30 to Rs 291 crore as compared to Rs 229 crore in the same quarter last year. As compared to Rs 320 crore in the quarter that ended on March 31, the PAT was down 9 per cent. 

The company's gross revenue during the quarter was up 17 per cent to its highest-ever figures of Rs 1,719 crore as compared to Rs 1,473 crore in the June quarter of 2022. Sequentially, the revenue was up 5 per cent from Rs 1,637 crore. 

The operating Ebitda of the company was up 18 per cent to Rs 436 crore as compared to Rs 370 crore last year. During the June quarter, its margin per cent was 26.8 per cent, marginally higher than 26.5 per cent last year. 

"I am happy that despite the traditionally weak first quarter, we could deliver our highest ever quarterly revenue and improve profitability at bed level. While our installed capacity increased by 4 per cent on a year-on-year (YoY) basis, we maintained our occupancy levels with higher occupied beds across the network. In the past year, we have significantly strengthened our projects and digital teams to reinforce our thrust in both these areas, which is intrinsic to our growth going forward," said Abhay Soi, chairman and managing director of Max Healthcare Institute Ltd. 

Cash flow from operations stood at Rs 261 crore during the quarter, of which around Rs 38 crore was spent on capacity expansion projects. As of June 30, the company's net cash stood at Rs 957 crore. 

Max Shalimar Bagh, which saw a capacity addition of 122 beds in recent months, reported a YoY revenue and Ebitda growth of 37 per cent and 43 per cent respectively, with an average occupancy of 77 per cent.

Its international patient revenue grew by 31 per cent YoY and 3 per cent quarter-on-quarter (QoQ). The share of international patient revenues stood at 9 per cent of the hospital revenue during the quarter.

Max Lab (non-captive pathology vertical) reported gross revenue of Rs 34 crore during the quarter, recording a growth of 39 per cent YoY (excluding Covid-19 related tests) and 10 per cent QoQ.

Max@Home gross revenue during the quarter was Rs 40 crore, a growth of 24 per cent YoY and 7 per cent QoQ.