Max Healthcare Q3 PAT rises 7% YoY to Rs 269 cr

The healthcare services company's network PAT rose 7% to Rs 269 crore on 13% increase in network net revenue to Rs 1,478 crore in Q3 FY23 over Q3 FY22.

On a like‐to‐like basis, network gross revenue for Q3 FY23 was at Rs 1,559 crore, reflecting a growth of 13% YoY. Increase in ARPOB (up 10% YoY) and occupied beds (up 3% YoY) contributed to the revenue growth, said the company.

The network operating EBITDA was at Rs 419 crore, rising 15.1% YoY and 2.2% QoQ. The operating EBITDA margin grew to 28.3% for the quarter, compared to 27.8% in Q3 FY22 and 27.7% in Q2 FY23.

Average Revenue Per Occupied bed (ARPOB) increased to Rs 66,800 in Q3 FY23 as against Rs 61,000 in Q3 FY22 and 66,000 in Q2 FY23. The YoY growth in ARPOB and Operating EBITDA was driven by improvement in payer mix, case mix, increase in OP footfalls and annual price revisions, complemented by efficient cost management.

Cash flow from operations increased to Rs 332 crore during the quarter, of which Rs 102 crore was spent on capacity expansion projects. Net Cash surplus at the end of December 2022 stood at Rs 372 crore, compared to Rs 42 crore at the end of September 2022.

Commenting on Q3 results, Abhay Soi, chairman and MD, Max Healthcare Institute, said: By virtue of focus on healthcare infrastructure, research and skilling as well as ground breaking policies such as National Digital Healthcare Mission, Heal In India and Heal By India, the Government has established a solid foundation to enable the private sector players in India to cater to both domestic and global requirements at affordable prices. As a leading player in this sector we are excited about the future.

Meanwhile, the company's board approved raising of funds upto Rs 4,200 crore through issuance of listed/ unlisted, secured/ unsecured, redeemable non-convertible debentures (NCDs) or such other debt securities, in one or more tranches /series, on a private placement basis.

Max Healthcare Institute (MHIL) is one of India's largest hospital chain (considering only income from healthcare services) in fiscal 2022. 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.

Shares of Max healthcare were up 0.07% at Rs 441.70 on the BSE.

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