Network gross revenue was Rs 1,719 crore, reflecting a growth of 17% YoY. Increase in ARPOB (up 13% YoY) and occupied beds (up 3% YoY) majorly contributed to the revenue growth.

Price revisions (including increase in CGHS tariff by Union Health Ministry) along with disparate growth in key specialty revenue including Oncology, Orthopaedics & Cardiology contributed to YoY growth in ARPOB (average revenue per occupied bed).

Network Operating EBITDA stood at Rs 436 crore compared to Rs 370 crore in the corresponding quarter last year. This reflects a growth of 18% YoY and operating EBITDA margin of 26.8%, compared to 26.5% in Q1 FY23. EBITDA per bed during the quarter improved to Rs 70.4 lakhs, registering a growth of 14% YoY.

Cash flow from operations stood at Rs 261 crore during the quarter, of which Rs 38 crore was spent on capacity expansion projects. Further, the cash generation was impacted by increase in accounts receivables and expediting of routine capex for the year. Net cash surplus at the end of Jun 2023 stood at Rs 957 crore, compared to Rs 733 crore at the end of March 2023.

Abhay Soi, chairman and managing director, Max Healthcare Institute Ltd., said: “I am happy that despite the traditionally weak Q1, we could deliver our highest ever quarterly revenue and improve profitability at bed level.

While our installed capacity increased by 4% on y-o-y basis, we maintained our occupancy levels with higher occupied beds across the Network. In the past year, we have significantly strengthened our projects and digital teams to reinforce our thrust in both these areas, which is intrinsic to our growth going forward.”

Max Healthcare Institute (MHIL) is one of India's largest hospital chains (considering only income from healthcare services) in fiscal 2023. MHIL has major concentration in North India consisting of a network of 17 healthcare facilities.

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