Rainbow Children's Medicare Ltd.'s second-quarter profit rose 35% year-on-year on higher patient footfalls and improved bed occupancy.
The Hyderabad-based hospital chain reported a net profit of Rs 61 crore in the three months ended September, an increase of 35% over a year earlier, according to its exchange filing. Sequentially, profits rose 60%.
Q2 FY23 Highlights (YoY)
Revenue rose 18% to Rs 313 crore.
Ebitda was up 23% at Rs 110 crore.
Ebitda margin stood at 35% against 33.5%.
The company delivered its best‐ever quarterly performance, led by higher patient footfalls and improved occupancies across hospitals in every geography, said Dr. Ramesh Kancharla, chairman and managing director at the company, in the exchange filing.
"We commenced operations at the spoke hospital at OMR, Chennai in the current quarter and have seen good traction in the first month of operation."
He said that all the remaining projects, which are under execution, will commence operations within the targeted timelines.
"Over the next five years, the company plans to add 1,000 beds in its target markets of Hyderabad, Bengaluru, Chennai, the National Capital Region, and tier‐2 cities in Andhra Pradesh and Tamil Nadu."
The pediatric multi-specialty and perinatal care hospital chain's average revenue per operating bed for matured hospitals fell to Rs 47,110 from Rs 52,788. Overall, average revenue per operating bed stood at Rs 46,959 for the quarter.
Its bed occupancy improved to 67.82% in Q2 FY23 compared to 52.15% in Q2 FY22 from matured hospitals that have been operating for more than five years.
Shares of Rainbow Children's Medicare were trading 1.56% higher after the quarterly results were announced, compared with a 0.15% fall in the benchmark Sensex as of 3:15 p.m.
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