Max Healthcare Institute Ltd on Friday announced a 52% year-over-year increase in gross revenue to ??1,434 crore for the quarter ended September (Q2). Sequentially, revenues increased by 4%.
Revenues from covid-19 vaccinations and related antibody tests during the quarter under review amounted to ??91 crore compared to ??136 crore in the first quarter of fiscal 22. Gross sales, excluding vaccination and associated antibody tests, increased 8% sequentially, the company said.
Network operating EBITDA improved to ??362 crores ??143 crore in the corresponding quarter of last year and ??360 crore in April-June. EBITDA represents earnings before interest, taxes, depreciation and amortization.
“This is the highest quarterly operating EBITDA on record and represents the fourth consecutive quarter of EBITDA growth. The operating EBITDA margin was 26.8% for the quarter, compared to 16.2% for the corresponding period of fiscal 21, “Max Healthcare said in a statement.
This is, however, a 45 basis point drop quarter-over-quarter, mainly due to a drop in revenue from the covid-19 vaccination and related testing, he said. said, adding that operating EBITDA per bed had increased by 21% QoQ. Financial performance, the company said, improved in the last quarter despite a 565 basis point drop in occupancy, lower income from vaccinations and fewer international patients.
“A higher ARPOB, better OPD attendance, a marked increase in the number of surgeries and the continued strengthening of medical programs in network hospitals have significantly contributed to the improvement in performance. The continued focus on cost line management and structural cost initiatives implemented over the past 2 years have also helped network hospitals report steadily improving operating margin and better results. financials in their class, ”the company said.
“We also provided free care to 56,200 patients while delivering an operational EBITDA of ??722 crore in the first half of fiscal 22, which is significantly higher than any EBITDA of the previous year and translates into a ROCE of 30%, ”said Abhay Soi, president and CEO of Max Healthcare Institute Ltd.
The company added that the second quarter saw revenue normalization after the second wave of covid infections and that occupation and vaccination-related revenue was lower than in the previous quarter, which was more than compensated by the growth of ARPOB after the return of elective surgeries and the improvement in attendance of the OPD. Medical tourism, however, has remained at one-third of pre-covid levels and this is expected to normalize over the next few quarters, he said.
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