Conference Call with Max Healthcare Institute Management and Analysts on Q2FY24 Performance and Outlook. Listen to the full earnings transcript.
Max Healthcare Institute announced Q2FY24 & H1FY24 results: Q2FY24: Gross Revenue stood at Rs 1,827 crore for Q2FY24, +17% growth YoY & +6% growth QoQ Network Operating EBITDA was Rs 497 crore, growth of +21% YoY and+14% QoQ Operating Margin stood at 28.7% versus 27.7% in Q2FY23 and 26.8% in Q1FY24 EBITDA per bed improved to Rs 75.0 lakhs in Q2FY24, from Rs 64.3 lakhs in Q2FY23 and Rs 70.4 lakhs in Q1FY24 PAT stood at Rs 338 crore in Q2FY24 versus Rs 267 crore in Q2FY23 and Rs 291 crore in Q1FY24 Free Cash from Operations stood at Rs 436 crore in Q2FY24, of this Rs 90 crore was spent towards ongoing capacity expansion projects; Net Cash surplus as of Sep 30, 2023, was Rs 1,303 crore Bed occupancy in Q2FY24 stood at 77% and Occupied Bed Days (OBD) grew by +3% YoY ARPOB improved to Rs 74.6k in Q2FY24 vs. Rs 66.0k in Q2FY23 and 74.8k in Q1FY24, growth of +13% YoY & flat QoQ Free treatment provided to 38,972 patients in OPD and 1,295 patients in IPD from the economically weaker sections H1FY24: For H1FY24 the Network gross revenue stood at Rs 3,546 crore representing a growth of ~17% over H1FY23, driven by growth in ARPOB and an increase in OBDs. The Network Operating EBITDA grew by 20% over H1FY23, and stood at Rs 933 crore. Further the Operating margin for H1FY24 was 27.8%, compared to 27.1% in H1FY23. PAT for H1FY24 stood at Rs 628 crore, representing a growth of 27% on a like-to-like basis Commenting on Q2 results, Abhay Soi, Chairman and Managing Director, Max Healthcare Institute, said, “Q2 results are in line with our expectations and reflect the continuous focus on execution at the grass root level. We are well-poised to absorb the addition to network bed capacity in the coming years, while we evaluate M&A; targets for inorganic growth. I am happy to note that Max Dwarka has applied for an occupancy certificate and we look forward to operationalising the hospital in Q4FY24. We continue to see attractive opportunities for significant investments in the sector.” Result PDF