The network gross revenue stood at Rs 1,473 crore, registering a growth of 6% year on year (YoY) and 14% quarter on quarter (QoQ).

On a like‐to‐like basis, gross revenue (excl. Covid‐19 vaccination and related antibody tests) for Q1 FY23 was at Rs 1,471 crore, reflecting a growth of 18% YoY.

The network operating EBITDA was at Rs 370 crore, rising 3% YoY and 22% QoQ. On a like‐to‐like basis, network operating EBITDA (excl. Covid‐19 vaccination and related antibody tests) grew by 23% YoY. Operating EBITDA margin ((excl. Covid‐19 vaccination and related antibody tests) for the quarter stood at 26.6% as compared with 25.3% in Q1 FY22 and 24.9% in Q4 FY22 on a like to like basis.

The growth in Q1 FY23 revenue and operating EBITDA was driven mainly by improvement in payor mix, annual price revision and normalisation of patient footfalls after the Omicron wave waned in mid of Feb'22. The international patient footfalls also reached pre‐Covid levels in the quarter.

Average Revenue Per Occupied bed (ARPOB) increased to Rs 66,000 in Q1 FY23 as against Rs 51,500 in Q1 FY22 and 63,500 in Q4 FY22. The increase in ARPOB was led by improvement in payor mix and surgical mix, normalisation of OPD footfalls and annual price revision.

Cash generated from operations (after interest, tax and replacement capex) was Rs 237 crore versus Rs 179 crore in Q4 FY22. Net debt reduced to Rs 217 crore as at the end of June 2022 from Rs 441 crore as on 31 March 2022.

Announcing Q1 results, Dr. Abhay Soi, chairman and MD of Max Healthcare Institute, said, "Q1 FY23 performance reflects normalisation of revenues and operating EBITDA post Omicron wave in the previous quarter. The quarter saw improvement in all operational and financial parameters. With well laid out plan for distilling payor mix and expansion plans currently underway, we expect to further build on this performance in the coming years. Moreover, we seek to employ our deleveraged Balance sheet towards inorganic growth in the near term."

Max Healthcare Institute (MHIL) is one of India's largest hospital chain (considering only income from healthcare services) in fiscal 2022. MHIL has major concentration in North India consisting of a network of 17 healthcare facilities.

The Max network includes all the hospitals and medical centres owned and operated by the company and its subsidiaries, partner healthcare facilities and managed healthcare facilities. These include tertiary and quaternary care hospitals in Delhi NCR and one each in Mumbai, Mohali, Bathinda and Dehradun, secondary care hospital in Gurgaon and Day Care Centres at Noida and in Delhi NCR and one in Punjab. The hospitals in Mohali and Bathinda are under PPP arrangement with the Government of Punjab.

Shares of Max healthcare were down 2.53% to settle at Rs 371.90 on the BSE.