Healthcare Services company Medi Assist Healthcare Services announced Q4FY24 & FY24 results: Q4FY24 Financial Highlights: Total Income is Rs 171.1 crore, a growth of 22.9% over the corresponding quarter of the previous year Revenue from contracts with customers excluding other income (“Operating Revenue”) is Rs 166.8 crore, a growth of 22.6% over the corresponding quarter of the previous year Revenue from contracts with customers included: 11.4% from Government business 5.2% from International benefits business EBITDA excluding Other Income (“Operating EBITDA”) is Rs 37.0 crore a growth 20.7% YoY over the corresponding quarter of the previous year a margin of 22.2% on Operating Revenue Profit after tax is Rs 25.7 crore, at 15% Margin on Total Income a growth of 50.6% YoY over the corresponding quarter of the previous year a margin improvement of 277bps YoY FY24 Financial Highlights: Revenue from contracts with customers excluding other income (“Operating Revenue”) is Rs 634.7 crore, a growth of 25.7% over the previous year Revenue from contracts with customers included: 10.1% from Government business 5.8% from international benefits business EBITDA excluding Other Income (“Operating EBITDA”) is Rs 133.3 crore a growth of 11.7% YoY over the previous year a margin of 21.0% on Operating Revenue Profit for the period (adjusting for exceptional item) is Rs 92.3 crore a growth of 22.6% over the previous year a margin of 14.1% on Total Income Key Balance sheet and operating metrics for FY24 are as follows: Net cash balance in the books is Rs 245 crore Net Worth is Rs 481 crore, Return on Net Worth is 19.2% Return on Capital employed is 20.4% Revenue per average headcount (on non-government contracts) is Rs 1.38 million Satish Gidugu, CEO, said, “Medi Assist has delivered another year of strong growth, with a 3 year revenue CAGR of over 25%, backed by the trust we continue to enjoy from our customers. Our organic growth clubbed with successful integration of acquisitions stand testament to our performance.” Result PDF
Conference Call with Medi Assist Healthcare Services Management and Analysts on Q3FY24 Performance and Outlook. Listen to the full earnings transcript.
Healthcare services company Medi Assist Healthcare Services announced Q3FY24 & 9MFY24 results: Financial Highlights for Q3FY24: Total Income was Rs 169.8 crore, a growth of 29.2% with respect to Q3FY23. Revenue from contracts with customers (“Operating Revenue”) was Rs 165.9 crore, a growth of 32.3% with respect to Q3FY23. Adjusted Earnings Before Interest Taxes, Depreciation and Amortization excluding Other Income (“Operating EBITDA”) was Rs 33.9 crore, a growth of 10.4% with respect to Q3FY23. EBITDA margin calculated as Operating EBITDA divided by Operating Revenue was 20.4% for the quarter. Profit for the period was Rs 21.3 crore, flat over the corresponding period of the previous year Profit margin as a percentage of Total Income was 12.5%. Financial Highlights for 9MFY24: Total Income was Rs 481.9 crore, a growth of 26.9% over the corresponding period of the previous year. Revenue from contracts with customers (“Operating Revenue”) was Rs 467.9 crore, a growth of 26.8% over the corresponding period of the previous year. Earnings Before Interest Taxes Depreciation and Amortization excluding Other Income (“Operating EBITDA”) was Rs 96.3 crore, a growth of 8.6% over the corresponding period of the previous year. EBITDA margin calculated as Operating EBITDA divided by Operating Revenue was 20.6% for the period. Profit for the period excluding exceptional item was Rs 66.6 crore, a growth of 14.3% over the corresponding period of the previous year. Profit margin as a percentage of Total Income was 13.8%. The net cash balance in the books of the company was Rs 167.7 crore. Net worth was Rs 439.3 crore, return on net worth was 10.3%, and Return on Capital employed was 16.2% from continuing operations. Operational Highlights for 9MFY24: Total premiums under management for the company was Rs 14,163 crore, a growth of 35.7% over the corresponding period of the previous year. Premiums under management for the company with respect to the Group segment was Rs 12,352 crore, a growth of 34.5% over the corresponding period of the previous year. Premiums under management for the company with respect to the Retail segment was Rs 1,811 crore, a growth of 45% over the corresponding period of the previous year. Share of Total Industry health insurance premiums for the company with respect to the Group and Retail segment was 20.0%, a growth of 230bps over the corresponding period of the previous year. Share of industry health insurance premiums for the company with respect to the Group segment was 29.3%, a growth of 300bps over the corresponding period of the previous year. Share of industry health insurance premiums for the company with respect to the Retail segment was 6.3%, a reduction of 110bps over the corresponding period of the previous year. Commenting on the results, Satish Gidugu, CEO & whole-time Director, Medi Assist Healthcare Services said, “Our resilient performance in a growing health insurance market, demonstrates the strength of our business model. Our strategy as a company has been to focus on driving retention and growth, while successfully integrating the acquisitions. We see continued interest in our technology enabling ‘NHCX integration’ and ‘cashless anywhere’ towards driving innovation in the health insurance ecosystem.” Result PDF