Excluding new hospitals and non-recurring exceptional items, net profit after taxes grew 87% YoY to Rs 84 crore, the company stated.
Revenue from operations jumped 20.8% year on year to Rs 3,215.37 crore in the quarter ended 30 June 2023.
Profit before tax for the quarter was at Rs 73.25 crore, down 14% as against Rs 85.22 crore recorded in Q1 FY23.
Total expenses spiked 20.29% YoY to Rs 3,144.01 crore in Q1 FY24. Purchase of medicines and consumables stood at Rs 1,075.65 crore (up 17.21% YoY) and employee benefits expense was at Rs 1,090.80 crore (up 16.12% YoY).
EBITDA (excluding other income) stood at Rs 388 crore in Q1 FY24, registering a growth of 33% YoY. EBITDA margin improved to 12.1% as compared to 11% reported in the corresponding quarter previous year.
During the quarter, the company's revenue from hospitals was at Rs 1,877.84 crore (up 23.56% YoY), retail pharmacies (including opticals) stood at Rs 724.55 crore (up 20.74% YoY) and revenue from clinics came in at Rs 603.52 crore (up 12.41% YoY).
Average revenue per occupied bed (ARPOBD) was at Rs 73,350 in Q1 FY24 as compared with Rs 69,250 reported in Q1 FY23.
Dr. Azad Moopen, founder chairman and managing director of Aster DM Healthcare, said, “Our performance during the quarter was shaped by not only the improvement in our realizations but also increase in the number of beds at existing hospitals as well as at the new facilities to cater to growing demand. The strong growth across both India and gulf corporation council (GCC) regions and various cost improvement initiatives enabled even higher improvement in our EBITDA performance which recorded a robust growth of 33% to Rs 388 crore.
Our India business continued to grow faster, witnessing a substantial increase of 29% in revenues reaching to Rs 838 crore and EBITDA increasing by 47% to Rs 123 crore. While our project pipeline is advancing significantly, we are also building on our O&M-Asset Light strategy that has potential to generate higher ROCE over a period. We are excited to announce our collaboration with PMF Hospital in Kollam, Kerala. With this we have added a total of 530 beds under O&M Asset Light model in less than 2 years, making it a significant milestone.”
Alisha Moopen, deputy managing director of Aster DM Healthcare, stated, “Our Q1 FY24 performance in the GCC was remarkable, with revenue surging by 18% to Rs 2,377 crore. Our strategic projects and asset optimization played a key role in this success, resulting in significant growth across hospitals, clinics, and the pharmacy segments. EBITDA showed a substantial 27% increase, showcasing higher operational efficiency despite capacity expansion.
FY23's strategic investments have set the stage for higher profitable growth in FY24. We're set to maximize our assets, meet growing demand, and continue delivering exceptional healthcare experiences through digital innovation.”
Aster DM Healthcare operates in various segments of the healthcare industry, which include hospitals, clinics and retail pharmacies, and provides healthcare services to patients across economic segments in various gulf corporation council (GCC) states through its various brands, such as Aster, Medcare and Access.
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