For the
quarter ending March 2022, consolidated net sales (including other operating income) of Max Healthcare Institute has increased 17.08% to Rs 938.8 crore compared to quarter ended march 2021.
Operating profit margin has jumped from 20.96% to 22.40%, leading to 25.10% rise in operating profit to Rs 210.26 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 21.49% to 20.88%. Employee cost decreased from 23.19% to 18.13%. Other expenses rose from 34.24% to 38.48%. Consultancy Management service cost rose from 20.99% to 23.43%. Other income fell 13.84% to Rs 24.71 crore. PBIDT rose 19.43% to Rs 234.97 crore. Provision for interest fell 50.47% to Rs 22.15 crore. Loan funds declined from Rs 1,101.41 crore as of 31 March 2021 to Rs 913.38 crore as of 31 March 2022. Inventories rose to Rs 61.36 crore as of 31 March 2022 from Rs 53.80 crore as of 31 March 2021. Sundry debtors were higher at Rs 385.36 crore as of 31 March 2022 compared to Rs 365.89 crore as of 31 March 2021. Cash and bank balance declined from Rs 652.92 crore as of 31 March 2021 to Rs 499.31 crore as of 31 March 2022. Investments stood at Rs 0.51 crore as of 31 March 2022 to Rs 0.51 crore as of 31 March 2021. PBDT rose 39.99% to Rs 212.82 crore. Provision for depreciation rose 22.86% to Rs 58.43 crore. Fixed assets increased to Rs 4,714.04 crore as of 31 March 2022 from Rs 4,108.65 crore as of 31 March 2021. Intangible assets stood at Rs 2,454.66 crore. Profit before tax grew 47.78% to Rs 154.39 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 30.66 crore, compared to Rs 34.78 crore. Effective tax rate was 19.86% compared to 33.29%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 77.54% to Rs 123.73 crore. Equity capital increased from Rs 965.95 crore as of 31 March 2021 to Rs 969.61 crore as of 31 March 2022. Per share face Value remained same at Rs 10.00. Promoters’ stake was 50.64% as of 31 March 2022 ,compared to 70.46% as of 31 March 2021 . Promoters pledged stake was 51.15% as of 31 March 2022
Full year results analysis.
Net sales (including other operating income) of Max Healthcare Institute has increased 56.97% to Rs 3931.46 crore. Operating profit margin has jumped from 16.12% to 23.97%, leading to 133.39% rise in operating profit to Rs 942.56 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 23.31% to 23.62%. Employee cost decreased from 23.64% to 19.29%. Other expenses fell from 36.84% to 33.16%. Consultancy Management service cost fell from 21.40% to 20.55%. Other income rose 11% to Rs 127.36 crore. PBIDT rose 106.31% to Rs 1069.92 crore. Provision for interest fell 43.79% to Rs 100.87 crore. Loan funds declined from Rs 1,101.41 crore as of 31 March 2021 to Rs 913.38 crore as of 31 March 2022. Inventories rose to Rs 61.36 crore as of 31 March 2022 from Rs 53.80 crore as of 31 March 2021. Sundry debtors were higher at Rs 385.36 crore as of 31 March 2022 compared to Rs 365.89 crore as of 31 March 2021. Cash and bank balance declined from Rs 652.92 crore as of 31 March 2021 to Rs 499.31 crore as of 31 March 2022. Investments stood at Rs 0.51 crore as of 31 March 2022 to Rs 0.51 crore as of 31 March 2021. PBDT rose 185.74% to Rs 969.05 crore. Provision for depreciation rose 27.01% to Rs 221.12 crore. Fixed assets increased to Rs 4,714.04 crore as of 31 March 2022 from Rs 4,108.65 crore as of 31 March 2021. Intangible assets stood at Rs 2,454.66 crore. Profit before tax grew 353.15% to Rs 747.93 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 133.85 crore, compared to Rs 45.85 crore. Effective tax rate was 18.11% compared to negative 50.00%. Minority interest was nil in both the periods. Equity capital increased from Rs 965.95 crore as of 31 March 2021 to Rs 969.61 crore as of 31 March 2022. Per share face Value remained same at Rs 10.00. Promoters’ stake was 50.64% as of 31 March 2022 ,compared to 70.46% as of 31 March 2021 . Promoters pledged stake was 51.15% as of 31 March 2022 Cash flow from operating activities increased to Rs 748.49 crore for year ended March 2022 from Rs 117.86 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 561.31 crore, compared to Rs 118.42 crore during the year ended March 2021.
Other Highlights
In Q4
FY22, Network gross revenue grew 12%, on YoY basis.
Bed occupancy
in Q4 FY22 stood at 68%, which included 7% of total occupied beds for Covid-19 patients.
International
patient footfalls normalised to 90% of pre-Covid levels in March 2022, post
resumption of regular flights.
During the
quarter, the Company executed two inorganic growth transactions which will add
700+ beds to its Network capacity in the next few years in the highly
attractive micro-markets of Delhi NCR.
In Q4 FY22,
Cash generated from operations (after interest, tax and replacement capex) was
RS 179 Crore.
During the
quarter, Rs 328 Crore was invested towards growth initiatives/capacity expansion
projects, of which Rs 138 Crore is recognised under Put Option Liability (for
Eqova Healthcare transaction).
In Q4
FY22, Surgical and Medical revenue mix stood at 52% and 48% respectively.
In Q4
FY22, oncology contributed 22.9% of total revenue, Cardiac sciences 13.1%,
Neuro sciences 10.1%, Orthopedics 9.3%, Renal sciences 9.5%, Liver and biliary
sciences 4.2%, Internal medicine 8.1%, OBGY and pediatrics 4.6%, MAS and
general surgery 4.7%, Pulmonology 4.5% and Others 9%.
For FY22,
oncology contributed 20.8% of total revenue, Cardiac sciences 11.7%, Neuro
sciences 9.3%, Orthopedics 8.3%, Renal sciences 8.7%, Liver and biliary
sciences 3.3%, Internal medicine 12.4%, OBGY and pediatrics 4.9%, MAS and
general surgery 4.9%, Pulmonology 7% and Others 8.7%.
Management Comments :
Dr. Abhay Soi, Chairman and MD, Max Healthcare Institute
Ltd., said: “Overall, FY22 has been an eventful year where despite numerous
challenges, there is a marked improvement in the Network performance. We closed
FY22 with the Network Operating EBITDA of INR 1,390 Cr, which is more than
double of INR 636 Cr in FY21. In addition, as part of our inorganic growth
strategy, we have announced four transactions, including purchase of two prime
land parcels in Gurugram. These will have a combined potential to add ~2,200
beds in the coming years in addition to the ongoing brownfield expansions. As
we step into the new fiscal year, we are confident of continuing our robust
performance and becoming the most well regarded healthcare provider in India
committed to the highest standards of clinical excellence and patient care.”
| Max Healthcare Institute : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 938.80 | 801.86 | 17.08 | 3,931.46 | 2,504.67 | 56.97 | | OPM (%) | 22.40 | 20.96 | 144 bps | 23.97 | 16.12 | 785 bps | | OP | 210.26 | 168.07 | 25.10 | 942.56 | 403.86 | 133.39 | | Other Inc. | 24.71 | 28.68 | -13.84 | 127.36 | 114.74 | 11.00 | | PBIDT | 234.97 | 196.75 | 19.43 | 1,069.92 | 518.60 | 106.31 | | Interest | 22.15 | 44.72 | -50.47 | 100.87 | 179.46 | -43.79 | | PBDT | 212.82 | 152.03 | 39.99 | 969.05 | 339.14 | 185.74 | | Depreciation | 58.43 | 47.56 | 22.86 | 221.12 | 174.09 | 27.01 | | PBT | 154.39 | 104.47 | 47.78 | 747.93 | 165.05 | 353.15 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | -23.05 | - | | PBT before EO | 154.39 | 104.47 | 47.78 | 747.93 | 142 | 426.71 | | EO Income | 0 | 0 | - | -9.03 | -233.7 | 96.14 | | PBT after EO | 154.39 | 104.47 | 47.78 | 738.9 | -91.7 | LP | | Taxation | 30.66 | 34.78 | -11.85 | 133.85 | 45.85 | 191.93 | | PAT | 123.73 | 69.69 | 77.54 | 605.05 | -137.55 | LP | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 123.73 | 69.69 | 77.54 | 605.05 | -137.55 | LP | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 123.73 | 69.69 | 77.54 | 605.05 | -137.55 | LP | | EPS (Rs)* | 1.28 | 0.72 | 77.54 | 6.32 | 0.99 | 536.96 | | | * EPS is on current equity of Rs 969.63 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 |
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