Conference Call with Max Healthcare Institute Management and Analysts on Q1FY25 Performance and Outlook. Listen to the full earnings transcript.
Healthcare Facilities company Max Healthcare Institute announced Q1FY25 results: Started commercial operations of 303-bedded Max Super Specialty Hospital located in the heart of South West Delhi (Dwarka) on July 2 2024, (Max Dwarka) Executed agreement to lease for built-to-suit 250-bed hospital at Zirakpur (Mohali), to be developed as per Max specifications by FY28 Gross Revenue stood at Rs 2,028 crore for Q1FY25, growth of +18% YoY & +7% QoQ. Revenue from Existing Units grew to Rs 1,929 crore (+12% YoY and +4% QoQ) Network Operating EBITDA was Rs 499 crore, growth of +14% YoY. This is net off pre-start-up cost of Rs ~6 crore for Max Dwarka. EBITDA from Existing Hospitals stood at Rs 487 crore (+12% YoY) Operating Margin for Existing Units stood at 26.5% versus 26.8% in Q1FY24 and 28.4% in Q4FY24, New Units acquired in Q4FY24 reported 18% margin EBITDA per bed for Existing Units improved by +6% YoY to Rs 74.7 lakhs in Q1FY25, from Rs 70.4 lakhs in Q1FY24 and Rs 78.5 lakhs in Q4FY24. Overall EBITDA per bed was 70.0 Lakhs PAT stood at Rs 295 crore in Q1FY25 Vs Rs 291 crore in Q1FY24 and Rs 311 crore in Q4FY24 Free Cash from Operations5 was Rs 258 crore in Q1FY25. Of this, Rs 213 crore was deployed on the ongoing expansion plans & for upgradation of facilities at New Units. Net Cash6 as on Jun 30, 2024 stood at Rs 66 crore Bed occupancy for Existing Units was 76.6%, withOBDs up by ~5% YoY while New Units reported occupancy of 59%. During the quarter, overall OBDs grew by~14% YoY ARPOB for Existing Units improved by +7% YoY to Rs 80.1k in Q1FY25 vs. Rs 74.8k in Q1FY24 and Rs 78.1K in Q4FY24. New Units reported an ARPOB of Rs 45.3K Free treatment provided to 36,832 patients in OPD and 1,152 patients in IPD from the economically weaker sections Commenting on Q1 results, Abhay Soi, Chairman and Managing Director, Max Healthcare Institute, said: “With launch of Max Super Specialty Hospital, Dwarka, we have added over 900 beds to our capacity so far and have successfully supplemented the momentum of growth in revenues and profitability before augmentation of bed capacity through brown field expansion plans in FY26. In the meanwhile, consistent performance in existing hospitals and encouraging response to our offerings at new units is providing us with confidence to further pursue growth opportunities including newly entered builtto-suit arrangement in Mohali.” Result PDF
