Max Healthcare Institute Q4 Results: Profit Flat, Misses Estimates
Max Healthcare posted a profit of Rs 252 crore in the quarter-ended March, in comparison with Rs 251 crore in the year-ago period, and an estimate of Rs 353.71 crore.
Max Healthcare Institute Ltd.'s consolidated net profit was flat in the fourth quarter of fiscal 2024 due to lower effective tax rate in the same quarter last year, and it missed analysts' estimates.
The company posted a profit of Rs 252 crore in the quarter-ended March, in comparison with Rs 251 crore in the year-ago period, according to an exchange filing on Wednesday. Analysts tracked by Bloomberg had estimated a profit of Rs 353.71 crore.
Max Healthcare Q4 FY24 Highlights (Consolidated, YoY)
Revenue up 17% to Rs 1,423 crore versus Rs 1,215 crore (Bloomberg Estimate: Rs 1,796.26 crore).
Ebitda up 12% to Rs 382 crore versus Rs 340 crore (Bloomberg Estimate: Rs 501.71 crore).
Margin at 27% versus 28% (Bloomberg Estimate: 27.90%).
Net profit up 0.2% to Rs 252 crore versus Rs 251 crore (Bloomberg Estimate: Rs 353.71 crore).
Key Highlights
On a like-to-like basis, occupancy stood at 75% in Q4 FY24, as compared with 77% in the same quarter last year and 73% in Q3 FY24. New units reported an average occupancy of 61% for the relevant period.
Institutional patients' bed share was at 29.1% in Q4 FY24, as against 29.2% in Q4 FY23 and 29.5% in Q3 FY24.
International patient revenue was Rs 158 crore in Q4 FY24, as compared with Rs 138 crore in Q4 FY23 and Rs 157 crore in Q3 FY24, reflecting a growth of +14% YoY and +1% QoQ; accounting for ~9% of the hospital revenue.
Average revenue per occupied bed on a like-to-like basis for Q4 FY24 stood at Rs 78,000, as compared with Rs 71,000 in Q4 FY23 and Rs 77,000 in Q3 FY24, reflecting growth of +10% YoY and +2% QoQ. ARPOB, including new units, stood at Rs 77,000.
Improvement in ARPOB YoY was mainly driven by growth in oncology, liver transplants and renal sciences, and price revisions including those for the institutional segment.
Free cash from operations was Rs 412 crore in Q4 FY24. During the quarter, Rs 1,341 crore was spent on acquisition of two hospitals, Rs 176 crore was deployed towards ongoing capacity expansion projects and Rs 168 crore was spent towards purchase of land at Shaheed Path, Lucknow. In addition, net cash as on March 31, 2024, stood at Rs 22 crore.
Note: The company has three partner healthcare facilities, namely Balaji Society, GM Modi Society (Hospital)and Devki Devi Society, whose financials are not included in the consolidated financial statements. After considering the above three financials, the revenue for the whole entity stands at Rs 1,791 crore and net profit will be Rs 311 crore.
Shares of the company closed 0.012% higher at Rs 835.10 apiece on the NSE, as compared with a 0.31% gain in the benchmark Nifty 50.
