Medanta operator Global Health delivers robust revenue growth and profitability in Q1FY24
Gurugram, August 15 th, 2023: Global Health Limited(NSE: Medanta, BSE: 543654), one of the largest private multi-specialty tertiary care providers operating in the North and East regions of India, today announced its unaudited consolidated financial results for the quarter ending 30th June, 2023.
Highlights of the Quarter Ended 30th June, 2023 (Q1 FY2024)
· Total income of Rs. 7,945 million; growth of 26.8% y-o-y
· EBITDA of Rs. 1,993 million; growth of 40.7% y-o-y
· EBITDA margins improved from 22.6% in Q1 FY23 to 25.1% in Q1 FY24
· Profit after tax was at Rs. 1,020 million; up by 73.7% y-o-y
· Average Occupied bed days increased by 16.2% y-o-y, representing an occupancy of 58.1% in Q1 FY24 on increased bed capacity
· ARPOB grew by 7.1% y-o-y to Rs 63,148; In-patient volume increased by 19.4% and Out-patient volume increased by 17.5% y-o-y
· Developing hospitals (Medanta Lucknow and Medanta Patna) revenue share increased from 23.4% in Q1 FY23 to 28.9% in Q1 FY24 amounting to Rs. 2,297 million. EBITDA share increased from 22.6% in Q1 FY23 to 31.4% in Q1 FY24 amounting to Rs. 720 million
· Revenue from international patients increased by 45% y-o-y to Rs. 477 million driven by increased volume and realization
· In-house out-patient pharmacy business continues to register strong growth. Revenue increased by 43% y-o-y from Rs. 186 million in Q1 FY23 to Rs. 266 million in Q1 FY24
Commenting on Q1 FY2024 results, Mr. Pankaj Sahni, Group CEO and Director said: “We are excited to partner with DLF to build a new 400 bed multi-super specialty hospital in South Delhi. This hospital will allow us to serve patients across the entire NCR belt by seamlessly linking our facilities in Gurgaon, Delhi and Noida. We are also pleased to report our Q1 FY24 financial performance. The Company continues to deliver strong year-on-year and sequential growth driven by higher patient volumes and improvement in realization.”
Key Developments – Q1 FY2024
· Medanta and DLF to develop ~400 beds super-specialty hospital in Delhi to further strengthen presence in NCR. GHL and DLF will form a new company, both will contribute equity in equal proportion (50:50)
· This new facility will strengthen Medanta’s presence in the National Capital Region of Delhi. Medanta will operate its Gurugram, Noida and Delhi facilities in a seamless manner linking its existing 1,391 bed flagship hospital in Gurugram and its upcoming Noida facility (550 beds) to the new hospital in South Delhi
· Medanta Lucknow launched Tele-ICU services with tie-ups across Jodhpur, Maharajganj and Praygraj cities
· Comprehensive Oncology program launched at Medanta Lucknow with installation and operationalization of Siemens Varian EDGE Radiosurgery Machine for Radiation Oncology
· Launched first multi-service out-of-hospital retail pharmacy in DLF Cyber Park, Gurugram, which offers doctor consultation with Medanta experts, medicine delivery and lab services to corporate employees
· 28 new beds were added at Patna facility, with this total bed capacity at the group level increased to 2,725 from 2,697 in Q4 FY23
· Medanta Gurgaon received FICCI’s Medical Value Travel Award for providing exceptional services to international patients