Max Healthcare Reports Strong Q3 2023 Financial Performance With 17% YoY Revenue Growth

Max Healthcare, a healthcare service provider, announced strong financial performance for the third quarter ending on September 30, 2023, the company informed in a press statement. The network's total revenue surged by 17 per cent compared to the previous year, and by 6 per cent when compared to the previous quarter, reaching INR 1,827 Crores. 

This growth was driven by an increase in the average revenue per occupied bed (ARPOB) across all hospitals, resulting in an impressive 13 per cent year-on-year expansion, the company stated.

The company's Network Operating EBITDA stood at INR 497 Crores, reflecting a 21 per cent year-on-year(YoY) and 14 per cent Quarter-on-quarter growth(QoQ). This resulted in an operating EBITDA margin of 28.7 per cent. 

Max Healthcare also saw a growth in EBITDA per bed to INR 75.0 lakhs, up by 17 per cent YoY and 7 per cent QoQ.

Profit after tax (PAT) for the quarter reached INR 338 Crores, a significant increase from INR 267 Crores in the same quarter the previous year. The company reported a net cash surplus of INR 1,303 Crores at the end of September 2023, compared to INR 957 Crores in June 2023.

Max Shalimar Bagh reported a YoY revenue growth of 41 per cent and a YoY EBITDA growth of 48 per cent. International patient revenue also saw strong growth, increasing by 25 per cent YoY and 11 per cent QoQ.

For the six months ending September 2023, the company reported a network gross revenue of INR 3,546 Crores, representing a 17 per cent growth compared to the same period the previous fiscal year. The Network Operating EBITDA for this period grew by 20 per cent compared to H1 FY23, amounting to INR 933 Crores. The operating margin for H1 FY24 was 27.8 per cent, an increase from 27.1 per cent in H1 FY23.

Chairman and Managing Director of Max Healthcare, Abhay Soi, highlighted the company's ability to absorb additional bed capacity in the future and its evaluation of merger and acquisition opportunities for further growth.

The healthcare institute has also signed a memorandum of understanding with Intuitive to establish Southeast Asia's first Total Program Observation Centre, aimed at enhancing patient care using robotic-assisted surgery.