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Q2 Results: Max Healthcare Registers 27% Growth In Net Profit At 511 Cr
Net profit for the September quarter stood at Rs 511 Cr compared to INR 207 Cr in the second quarter last year and Rs 229 Cr in Q1 FY23
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Max Healthcare announced its financial results for the second quarter on Wednesday, the hospital network company's gross revenue stood at Rs 1,567 Cr during the second quarter reflecting a growth of 17 per cent YoY and 6 per cent quarter on quarter for the quarter ended in September, the company said in a statement on Wednesday.
The company's operating EBITDA stood at Rs 410 Cr compared to Rs 362 Cr in the corresponding quarter last year (Q2 FY22) and Rs 370 Cr in the previous quarter (Q1 FY23), reflecting a growth rate of 22 per cent year on year and 11 per cent quarter on quarter.
Correspondingly, the Operating EBITDA margin stood at 27.7 per cent for the second quarter of the financial year 2023, compared to 26.7 per cent in Q2 FY22 and 26.6 per cent in Q1 FY23.
Net profit for the September quarter stood at Rs 511 Cr compared to INR 207 Cr in the second quarter last year and Rs 229 Cr in Q1 FY23. This includes one-time impact of Rs 244 Cr due to reversal of deferred tax liability (net of capital gains tax) relating to Intangible Assets transferred to MHIL pursuant to voluntary liquidation of Saket City Hospital Limited and distribution of its business undertaking in August 2022.
The company's profit after tax(PAT) thus, grew by 29 per cent over the corresponding quarter last year. At the end of Q2 FY23, the Net Cash surplus stood at Rs 42 Cr, compared to Net Debt of Rs 217 Cr at the end of Q1 FY23, the company's statement read.
“The performance for Q2 FY23 is as per our expectations and reflects the focus on execution across the organisation in line with our articulated strategy. Healthcare Sector in general and Max healthcare in particular are making significant investments over the next 4-5 years leading to huge employment opportunities and a multiplier effect on GDP. The impetus provided by the government through its focus on healthcare and Heal in India initiatives will provide a watershed moment for the industry,” said Abhay Soi, Chairman and MD, Max Healthcare Institute Ltd.