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Max Healthcare Q4 PAT jumps 77% YoY to Rs Rs 123.73 cr
Profit before tax (PBT) rose 47.78% year-on-year to Rs 154.39 crore in Q4 March 2022.
Total expenses rose 11.44% to Rs 809.12 crore. Cost of pharmacy, drugs, consumables and implants stood at Rs 195.02 crore (up 13.81%); employee benefits expenses stood at Rs 169.35 crore (down 8.39%); and professional and consultancy fee expense was at Rs 218.86 crore (up 30.81%).
Net cash from operating activities stood at Rs 748.49 crore in the year ended 31 March 2022, higher than Rs 117.86 crore in the year ended March 2021.
Max Healthcare Institute (MHIL) is one of India's largest hospital chain (considering only income from healthcare services) in fiscal 2021. MHIL has major concentration in North India consisting of a network of 17 healthcare facilities.
The Max network includes all the hospitals and medical centres owned and operated by the company and its subsidiaries, partner healthcare facilities and managed healthcare facilities. These include tertiary and quaternary care hospitals in Delhi NCR and one each in Mumbai, Mohali, Bathinda and Dehradun, secondary care hospital in Gurgaon and Day Care Centres at Noida and in Delhi NCR and one in Punjab. The hospitals in Mohali and Bathinda are under PPP arrangement with the Government of Punjab.
The Network gross revenue stood at Rs 1,298 crore during the fourth quarter reflecting a growth of 12% YoY. The Network Operating EBITDA stood at Rs 304 crore compared to Rs 263 crore in corresponding quarter last year (Q4 FY21) and Rs 364 crore in the previous quarter (Q3 FY22). The Operating EBITDA margin stood at 24.8% for the quarter, compared to 24.1% in the corresponding period in FY21 and 27.6% in Q3 FY22. The Operating EBITDA per bed grew by 21% YoY. Profit after tax for the quarter stood at Rs 172 crore higher than Rs 109 crore in Q4 last year and lower than Rs 252 crore in Q3 FY22.
Average Revenue Per Occupied bed (ARPOB) increased to Rs 63500 in Q4 FY22 vs. Rs 56100 in Q4 FY21.
The company said that performance in Q4 was impacted by the Omicron wave and unlike in the past, it did not lead to Covid-19 related hospitalisations, yet the non-Covid admissions reduced substantially. Consequently, the first half of the quarter witnessed reduction in electives. However, the second half of the quarter witnessed a strong recovery, which was partly fuelled by the international medical tourism bouncing back to about 90% of the pre-covid levels in March 22.
For FY22, the Network gross revenue stood at Rs 5,509 crore representing a growth of about 42% over FY21. This includes revenue of Rs 236 crore from Covid-19 vaccination and related antibody tests. The Network Operating EBITDA more than doubled during the fiscal, and stood at Rs 1,390 crore. This includes EBITDA of about Rs 85 crore from Covid-19 vaccination and related antibody tests. The Operating margin for FY22 was 26.6%, a sharp improvement from 17.5% in FY21.
Dr. Abhay Soi, chairman and MD, Max Healthcare Institute, said: Overall, FY22 has been an eventful year where despite numerous challenges, there is a marked improvement in the Network performance. We closed FY22 with the Network Operating EBITDA of INR 1,390 Cr, which is more than double of INR 636 Cr in FY21. In addition, as part of our inorganic growth strategy, we have announced four transactions, including purchase of two prime land parcels in Gurugram. These will have a combined potential to add ~2,200 beds in the coming years in addition to the ongoing brownfield expansions. As we step into the new fiscal year, we are confident of continuing our robust performance and becoming the most well regarded healthcare provider in India committed to the highest standards of clinical excellence and patient care.
The company's cash from operations stood at Rs 179 crore in Q4 FY22 and net debt stood at Rs 441 crore.
Shares of Max Healthcare Institute fell 3.30% to Rs 353 on the BSE.
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