In a statement filed with the bourses today, Rainbow Children's Medicare announced that its latest hospital at Financial District, Hyderabad, Telangana has commenced operations.

With this development the company intends to further strengthen its presence, reaching a cumulative bed strength of 830 beds in Hyderabad. The new hospital has been envisaged as a large spoke hospital and will form an important part of the Rainbow network in Hyderabad.

This hospital will provide comprehensive pediatric and obstetrics services which includes consultant led 24X7 emergency care in pediatrics and obstetrics, outpatient services and level 3 neonatal and pediatric intensive care services.

As on date, the company along with its subsidiaries has an existing total bed capacity of 1,555 beds in India. The company's occupancy was 44.59% of its capacity during FY 2021-22 and 57.06% during Q3 FY 2022-23.

The new hospital at Financial District, will have 100 beds capacity, post this total bed capacity of the company shall be increased to 1,655 beds. The said hospital has been set up at a cost of Rs 60 crore and the same has been funded from the proceeds that were received by the company from its initial public offering (IPO).

The company's plan to add 1000 beds in the cities of Hyderabad, Bengaluru, Chennai, National Capital Region and Tier‐2 cities of Andhra Pradesh and Tamil Nadu over the next 5 years remains on track, RCML said.

Dr. Ramesh Kancharla, chairman & managing director, Rainbow Children's Medicare (RCML) said, “With the addition of our 7th hospital at Financial District, Rainbow Children's hospital has strengthened its presence in Hyderabad.

The hospital will further augment our hub and spoke model to offer superior care for children and women. In keeping with the brand ethos, the facility has been designed with child centric environment and soothing interiors to make it appealing to children.

This hospital will provide comprehensive pediatric and obstetrics services and complement the service offerings of our Hub hospital at Banjara Hills, which is already ranked as a premier hospital for pediatrics in the city of Hyderabad.”

Rainbow network comprises of 16 hospitals and 3 clinics in 6 cities, with a total bed capacity of 1,655 beds. The company's Pediatric services under "Rainbow Children's Hospital” include newborn and pediatric intensive care, pediatric multi‐ specialty services, pediatric quaternary care (including organ transplantation); whereas its women care services under "Birthright by Rainbow” offers perinatal care services which includes normal and complex obstetric care, multi‐ disciplinary fetal care, perinatal genetic and fertility care along with gynecology services.

The company's consolidated net profit rose 28.88% to Rs 57.92 crore on a 23.17% increase in sales to Rs 306.40 crore in Q3 FY23 over Q3 FY22.

The scrip fell 1.78% to currently trade at Rs 727.65 on the BSE.