Profit before tax declined by 12.19% to Rs 48.11 crore in Q2 FY24 as compared with Rs 54.79 crore in Q2 FY23.

Reported EBITDA declined 7.6% to Rs 74.9 crore in Q2 FY24 as compared with Rs 81.1 crore posted in same quarter last year. Reported EBITDA margin stood at 24.3% in Q2 FY24 as against 27% in Q2 FY23.

EBIDTA before network expansion & one time impact on account of Provision for Doubtful debts (PDD) stood at 26.6%.

During the quarter, Core Business revenue (excluding revenue from Covid & Covid Allied, PPP Contracts) stood at Rs 302 crore, up 13.4% YoY with 10.4% patient volume growth & 3% RPP growth.

Premium Wellness segments revenue grew by 27% & volumes rose 21% indicating strong brand equity & consumer’s trust on metropolis and the contribution of premium wellness stood at 14%.

B2C revenue growth in Mumbai stood at 23% & volume growth of 27% on account of our strong brand presence & dense network.

On half year basis, the company’s consolidated net profit slipped 7.71%YoY to Rs 64.64 crore in H1 FY24. Revenue from operations stood at Rs 585.59 crore in H1 FY24, marginally higher as compared with Rs 580.20 crore in H1 FY23.

Ameera Shah, promoter and managing director, Metropolis Healthcare, said, “In Q2FY24, the core business revenues grew by 13.4% Y-o-Y, reflecting a consistent trend of double-digit growth over the past six quarters for our core revenues. The volume growth currently is trending higher than the pre-covid level of 9%. Company remains optimistic about scaling up revenue in the upcoming quarters, indicating positive operating leverage play. Total Revenues for Q2FY24 were up by 3% primarily on account of a large B2G contract in sourced by Government.

Metropolis has witnessed growth across test mix in B2C markets with B2C Specialised tests growing at 18% and Wellness segments growing at 27% respectively on a YoY basis. Revenues from Hi-tech grew by 17% on YoY basis with volume growth of 14% and expanded EBIDTA margins.

Going forward, we remain committed to our key pillars of growth under Metropolis 3.0 Strategy of network expansion, increasing doctor connects, growing specialised & wellness segments and upgrading IT infrastructure for enhancing the consumer experience. Additionally, we have significantly strengthened our talent pool across organisational hierarchy led by a competent CXO team. With the combined expertise and experience of our team, we are confident in our ability to reach new heights of success.”

Meanwhile, the company's board has declared an interim dividend of Rs 4 per equity share for the financial year 2023-24. The record date is fixed as on 17 November 2023.

Further, the board has also approved execution of the settlement agreement with equity shareholder of Star Health Services Middle East LLC - Dubai, an associate company. The settlement agreement will enable the company to liquidate the associate as per the applicable laws. The said agreement execute within 6 months.

Metropolis Healthcare is a diagnostics company, with presence in 20 states & 220 cities. Internationally, the company has presence in South Asia, Africa, and the Middle East. It offers a comprehensive range of 4,000 plus tests and profiles that include advanced tests in diagnosis of cancer, neurological disorders, infectious diseases, and an array of genetic abnormalities. The company has a network of over 187 labs, 3,934 collection centres and over 10,000 touch points.

Shares of Metropolis Healthcare were higher 5.71% to 1,556.30 on the BSE.