Max Healthcare Institute (MHIL) posted an after-tax profit of Rs 511 crore for the second quarter of FY 2022-23, as its revenue grew by 9% to Rs 1,567 crore. This is the highest gross income ever achieved by Max Healthcare.
Q2FY23 revenue and operating EBITDA growth was driven by higher occupancy and improved payer mix. International patient revenues increased 16% quarter-on-quarter and were around 110% of the pre-Covid average.
The PAT for the quarter stood at Rs 511 crore, compared to Rs 207 crore in the corresponding quarter of the previous financial year.
“This includes a one-time impact of Rs 244 crore due to the write-off of the deferred tax liability (net of capital gains tax) relating to intangible assets transferred to MHIL following the voluntary liquidation of Saket City Hospital Limited and the distribution of its business engagement in August. 2022,” the company explained.
PAT was up 29% from the same quarter last year on a like-for-like basis, he added. On a like-for-like basis, gross network revenue increased 17% year-over-year.
Abhay Soi, President and CEO of Max Healthcare Institute, said, “Performance for T2FY23 is in line with our expectations and reflects the focus on execution across the organization in line with our articulated strategy. He added that the The healthcare industry in general and Max Healthcare in particular are making significant investments over the next 4-5 years.
At the end of Q2FY23, net cash surplus stood at Rs 42 crore, compared to net debt of Rs 217 crore at the end of Q1FY23.
Network operating EBITDA amounted to Rs 410 crore compared to Rs 362 crore in the corresponding quarter of last year (Q2FY22) and Rs 370 crore in the previous quarter (Q1FY23).
“This reflects growth of 22% year-over-year and 11% quarter-on-quarter on a like-for-like basis,” MHIL said. As a result, operating EBITDA margin stood at 27.7% for the quarter, EBITDA per bed in the quarter improved to Rs 64 lakh, recording 17% year-on-year growth year-on-year and 4% quarter-on-quarter.
Max Lab (non-captive pathology vertical) added over 65 distribution partners during Q2FY23, bringing the total number of active customers to 920 across 34 cities. The vertical recorded gross revenue of Rs 30 crore in the quarter, recording 21% QoQ growth on a similar basis (excluding Covid-19 related testing).
For the half-year, the gross network revenue was Rs 3,040 crore, representing a growth of 17% on a like-for-like basis compared to the corresponding period of the prior fiscal year. Network operating EBITDA increased by 22% on a like-for-like basis in the first half of FY22 and stood at Rs 780 crore. Additionally, the operating margin for H1FY23 was 27.2%, compared to 26% in H1FY22 on a like-for-like basis.
