For the
quarter ending Dec 2021, consolidated net sales (including other operating income) of Max Healthcare Institute has increased 22.44% to Rs 974.16 crore compared to quarter ended Dec 2020.
Operating profit margin has jumped from 20.13% to 25.24%, leading to 53.52% rise in operating profit to Rs 245.83 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 24.01% to 21.23%. Employee cost decreased from 21.80% to 19.26%. Other expenses rose from 34.04% to 34.18%. Consultancy Management service cost rose from 21.13% to 21.76%. Other income rose 23% to Rs 48.61 crore. PBIDT rose 47.48% to Rs 294.44 crore. Provision for interest fell 45.92% to Rs 25.06 crore. PBDT rose 75.71% to Rs 269.38 crore. Provision for depreciation rose 14.09% to Rs 55.24 crore. Profit before tax grew 104.16% to Rs 214.14 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 23.29 crore, compared to Rs 14.53 crore. Effective tax rate was 10.93% compared to 13.85%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 109.99% to Rs 189.75 crore. Promoters’ stake was 60.68% as of 31 December 2021 ,compared to 75.25% as of 31 December 2020 . Promoters pledged stake was 42.69% as of 31 December 2021
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Max Healthcare Institute has increased 75.75% to Rs 2992.66 crore. Operating profit margin has jumped from 13.82% to 24.47%, leading to 211.15% rise in operating profit to Rs 732.30 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 24.16% to 24.47%. Employee cost decreased from 23.85% to 19.65%. Other expenses fell from 38.09% to 31.50%. Consultancy Management service cost fell from 21.59% to 19.65%. Other income rose 18.67% to Rs 102.65 crore. PBIDT rose 159.42% to Rs 834.95 crore. Provision for interest fell 41.58% to Rs 78.72 crore. PBDT rose 304.16% to Rs 756.23 crore. Provision for depreciation rose 28.58% to Rs 162.69 crore. Profit before tax grew 879.76% to Rs 593.54 crore. Share of profit/loss were nil in both the periods. Extraordinary items were increased to Rs -9.03 crore. Provision for tax was expense of Rs 103.19 crore, compared to Rs 11.07 crore. Effective tax rate was 17.65% compared to negative 5.64%.Minority interest was nil in both the periods. Promoters’ stake was 60.68% as of 31 December 2021 ,compared to 75.25% as of 31 December 2020 . Promoters pledged stake was 42.69% as of 31 December 2021
Full year results analysis.
Net sales (including other operating income) of Max Healthcare Institute has increased 136.51% to Rs 2504.67 crore. Operating profit margin has jumped from 8.84% to 16.12%, leading to 331.57% rise in operating profit to Rs 403.86 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 21.41% to 23.31%. Employee cost increased from 21.49% to 23.64%. Other expenses fell from 48.36% to 36.84%. Consultancy Management service cost fell from 23.06% to 21.40%. Other income rose 138.64% to Rs 114.74 crore. PBIDT rose 266.09% to Rs 518.6 crore. Provision for interest rose 115.59% to Rs 179.46 crore. Loan funds rose to Rs 1,078.13 crore as of 31 March 2021 from Rs 853.18 crore as of 31 March 2020. Inventories rose to Rs 53.80 crore as of 31 March 2021 from Rs 26.80 crore as of 31 March 2020. Sundry debtors were higher at Rs 365.89 crore as of 31 March 2021 compared to Rs 96.09 crore as of 31 March 2020. Cash and bank balance rose to Rs 652.92 crore as of 31 March 2021 from Rs 119.57 crore as of 31 March 2020. Investments declined from Rs 2,182.06 crore as of 31 March 2020 to Rs 0.51 crore as of 31 March 2021. PBDT rose 480.52% to Rs 339.14 crore. Provision for depreciation rose 281.44% to Rs 174.09 crore. Fixed assets increased to Rs 4,108.65 crore as of 31 March 2021 from Rs 460.92 crore as of 31 March 2020. Intangible assets increased from Rs 417.58 crore to Rs 2,454.66 crore. Profit before tax grew 1,191.47% to Rs 165.05 crore. Provision for tax was debit of Rs 45.85 crore, compared to credit of Rs 0.13 crore. Effective tax rate was negative 50.00% compared to negative 0.22%. Minority interest was nil in both the periods. Equity capital increased from Rs 537.24 crore as of 31 March 2020 to Rs 965.95 crore as of 31 March 2021. Per share face Value remained same at Rs 10.00. Promoters’ stake was 70.46% as of 31 March 2021 Cash flow from operating activities increased to Rs 117.86 crore for year ended March 2021 from Rs 77.09 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 118.42 crore, compared to Rs 90.09 crore during the year ended March 2020.
Other Highlights
In Q3
FY22, Network gross revenue grew 20%, on YoY basis.
Bed occupancy
in Q3 FY22 stood at 74.3%, which included 1% of total occupied beds for
Covid-19 patients.
The
revenue from international medical tourism improved to Rs 77 Crore during the
quarter which is a rise of 68% over Q2 FY22.
The
Company recently executed two transactions as part of its inorganic growth
strategy, which will add 700+ beds to its Network capacity in next few years.
In Q3
FY22, Surgical and Medical revenue mix stood at 51% and 49% respectively.
In Q3
FY22, oncology contributed 21.3% of total revenue, Cardiac sciences 12.7%, Neuro
sciences 9.8%, Orthopedics 9.5%, Renal sciences 9%, Liver and biliary sciences
3.6%, Internal medicine 10.5%, OBGY and pediatrics 5.8%, MAS and general
surgery 5.2%, Pulmonology 4.2% and Others 8.4%.
For 9M
FY22, oncology contributed 20.2% of total revenue, Cardiac sciences 11.2%, Neuro
sciences 9%, Orthopedics 8%, Renal sciences 8.4%, Liver and biliary sciences
3.1%, Internal medicine 13.8%, OBGY and pediatrics 4.9%, MAS and general
surgery 4.9%, Pulmonology 7.8% and Others 8.6%.
Management Comments :
Dr. Abhay
Soi, Chairman and MD, Max Healthcare Institute Ltd., said: “We are pleased to
report our best performance thus far with Q3 FY22 EBITDA of ~INR 364 Cr and
ROCE of 32%, despite it being a seasonally lean quarter. Post initial decline
in occupancies due to the Omicron wave during December-January period, we are
now starting to see a bounce back. With the medical tourism slated to return to
pre-covid levels and other performance improvement measures being taken, we
expect to maintain the momentum in the near future. Given our strong balance
sheet and robust free cash flows from operations, we continue to focus equally
on value additive inorganic growth opportunities and have already announced
three transactions in this year which will enable augmentation of bed capacity
by ~35% in the coming years.”
| Max Healthcare Institute : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
|---|
| Net Sales (including other operating income) | 974.16 | 795.60 | 22.44 | 2,992.66 | 1,702.81 | 75.75 | 2,504.67 | 1,059.03 | 136.51 | | OPM (%) | 25.24 | 20.13 | 511 bps | 24.47 | 13.82 | 1,065 bps | 16.12 | 8.84 | 729 bps | | OP | 245.83 | 160.13 | 53.52 | 732.30 | 235.35 | 211.15 | 403.86 | 93.58 | 331.57 | | Other Inc. | 48.61 | 39.52 | 23.00 | 102.65 | 86.50 | 18.67 | 114.74 | 48.08 | 138.64 | | PBIDT | 294.44 | 199.65 | 47.48 | 834.95 | 321.85 | 159.42 | 518.60 | 141.66 | 266.09 | | Interest | 25.06 | 46.34 | -45.92 | 78.72 | 134.74 | -41.58 | 179.46 | 83.24 | 115.59 | | PBDT | 269.38 | 153.31 | 75.71 | 756.23 | 187.11 | 304.16 | 339.14 | 58.42 | 480.52 | | Depreciation | 55.24 | 48.42 | 14.09 | 162.69 | 126.53 | 28.58 | 174.09 | 45.64 | 281.44 | | PBT | 214.14 | 104.89 | 104.16 | 593.54 | 60.58 | 879.76 | 165.05 | 12.78 | 1,191.47 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | -23.05 | - | -23.05 | 46.08 | PL | | PBT before EO | 214.14 | 104.89 | 104.16 | 593.54 | 37.53 | 1,481.51 | 142 | 58.86 | 141.25 | | EO Income | -1.1 | 0 | - | -9.03 | -233.7 | 96.14 | -233.7 | 0 | - | | PBT after EO | 213.04 | 104.89 | 103.11 | 584.51 | -196.17 | LP | -91.7 | 58.86 | PL | | Taxation | 23.29 | 14.53 | 60.29 | 103.19 | 11.07 | 832.16 | 45.85 | -0.13 | PL | | PAT | 189.75 | 90.36 | 109.99 | 481.32 | -207.24 | LP | -137.55 | 58.99 | PL | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 189.75 | 90.36 | 109.99 | 481.32 | -207.24 | LP | -137.55 | 58.99 | PL | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 189.75 | 90.36 | 109.99 | 481.32 | -207.24 | LP | -137.55 | 58.99 | PL | | EPS (Rs)* | 1.97 | 0.93 | 111.08 | 5.04 | 0.27 | 1,747.17 | 0.99 | 0.61 | 62.99 | | | * EPS is on current equity of Rs 969.59 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
|