Aster DM's Q1 Profit falls 93% On New Hospital Losses

India's Aster DM Healthcare reported a nearly 93 per cent fall in its first-quarter profit on Monday, its fourth straight quarterly profit fall, dragged by losses from its new hospitals and a one-time tax expense. 

The company's consolidated net profit fell to Rs 4.9 crore (nearly USD 590,000) for the quarter ended June 30, compared with Rs 68.5 crore a year earlier.

Aster DM's new hospitals, including Aster Royal Hospital Muscat and Aster Narayanadri Tirupati, reported losses of Rs 29 crore rupees for the June quarter, the company said. Additionally, it had a deferred tax expense of Rs 44 crore rupees during the quarter.

The company's profit before tax fell 14 per cent to Rs 73.2 crore as a nearly 20 per cent rise in its expenses weighed. Revenue from the hospital segment rose 23.5 per cent to Rs 1,878 crores during the quarter. 

This is Aster's biggest segment, accounting for more than 58 per cent of its total revenue. Revenue from operations rose 21 per cent to Rs 3,215 crores. While EBITDA grew 33 per cent YoY to Rs 388 crore Vs Rs  292 crore in Q1FY23.