NEW DELHI : Max Healthcare on Wednesday announced its financial results for the three months ended June. The company’s gross turnover was ₹1,473 Cr during the first quarter, reflecting growth of 18% year-on-year (YoY) and 14% quarter-on-quarter (QoQ).
Max Healthcare said EBITDA was ₹370 crore compared to ₹360 crore in the corresponding quarter of last year (Q1 FY22) and ₹304 crores in the previous quarter (Q4 FY22).
“This reflects growth of 23% year-on-year and 22% quarter-on-quarter on a like-for-like basis2. As a result, the operating EBITDA margin was 26.6% for the quarter, compared to 25.3% in Q1 FY22 and 24.9% in Q4 FY22. EBITDA per bed in the quarter was ₹62 lakhs, recording growth of 36% YoY and 10% QoQ,” Max Healthcare said in a statement.
Announcing the first quarter results, Dr. Abhay Soi, President and CEO of Max Healthcare Institute, said, “First quarter FY23 performance reflects the normalization of revenue and operating EBITDA following the Omicron wave of the previous quarter. The quarter saw an improvement in all operational and financial metrics. With a well-laid plan to distill the payer mix and expansion plans currently underway, we expect to continue to build on this performance in the years to come. Additionally, we seek to use our deleveraged balance sheet toward inorganic near-term growth.”
“After-tax profit for the quarter was ₹229 crore compared to ₹205 crore in the first quarter of last year and ₹172 crore in Q4 FY22. As a result, the net debt position has improved for ₹217 crore (including the liability of the put option of ₹141 crore),” the statement read.
The company’s revenue and operating EBITDA growth in the first quarter of FY23 was primarily driven by improved payer mix, annual pricing review and normalization of footfall. patients after the Omicron wave waned in mid-February 22. International patient footfall also reached pre-Covid levels in the quarter.
According to the release, Max Lab (a non-captive pathology vertical) added 90 distribution partners in the first quarter of FY23, bringing the total number of active customers to more than 850 across 32 cities.
“The vertical continued to grow and gross revenue reached INR 26 Cr in the quarter, growing 50% YoY and 24% QoQ on a similar basis (excluding Covid-19 related testing) “, did he declare.
Max@Home’s gross revenue in the quarter was ₹32 crore, up 10% from Q4 FY22 and 18% from Q1 FY22.
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