Max Healthcare Institute Q3 Results: Profit Down 6.5% To Rs 316 Crore
Network gross revenue in the quarter under review stood at Rs 2,381 crore against Rs 1,779 crore in the year-ago period, the company said.
.png?auto=format%2Ccompress&fmt=avif)
(Source: Company website)
Max Healthcare Institute Ltd. on Thursday reported a 6.5% decline in profit after tax at Rs 316 crore in the December quarter, impacted by a one-time payment to authority for changing shareholding in its acquired entity Jaypee Healthcare Ltd. The company had posted profit of Rs 338 crore in the corresponding quarter previous fiscal, Max Healthcare Institute said in a statement.
Network gross revenue in the quarter under review stood at Rs 2,381 crore against Rs 1,779 crore in the year-ago period, the company said.
A one-time cost of Rs 74 crore was incurred for charges paid to the Yamuna Expressway Industrial Development Authority to secure permission for a change in Jaypee Healthcare Ltd's shareholding prior to acquisition has been treated as an exceptional item, it added.
On June 14, 2024, the company agreed to acquire a 100% stake in JHL which was undergoing a corporate insolvency resolution process. As part of this acquisition, the company acquired a 63.65% stake in JHL on Oct. 4, 2024, and the remaining 36.35% stake was acquired on Nov. 11, 2024.
Max Healthcare Institute Chairman and Managing Director Abhay Soi said in the third quarter, the company 'delivered a robust growth of 34% in revenue and 32% in operating Ebitda'.
"Over the course of this year we have been able to demonstrate remarkable operating efficiencies in all formats of inorganic growth namely greenfield, acquisitions and brownfield. We have achieved Ebitda break-even within a record time of six months from launch at our greenfield hospital in Dwarka," he added.
The company said its board has approved execution of agreement-to-lease with VR Konkan Pvt Ltd. for setting up a 500-bed hospital at Thane in Maharashtra. The hospital is expected to be commissioned in 2028.
An addendum to the previously executed agreement for a built-to-suit hospital in Mohali has been approved by the Board, increasing bed capacity from 250 to 400 to meet anticipated demand and enhance operational efficiency, it added.
On the outlook, Soi said, "...with significant brownfield bed additions being commissioned within 6 months, we are poised for an exciting phase of accelerated growth."
