This is a note for Max Healthcare. The stock has nearly 7x from 2020 listing levels, backed by some excellent performance metrics, like ARPOB, Bed capex, cash flows, etc, under able leadership of Abhay Soi.
Key Highlights of Q3 Performance
• Gross Revenue stood at INR 1,779 Cr for Q3 FY24, +14% growth YoY
• Network Operating EBITDA was INR 471 Cr, growth of +12% YoY
• Operating Margin stood at 27.9% versus 28.3% in Q3 FY23 and 28.7% in Q2 FY24
• EBITDA per bed improved to INR 75.6 lakhsin Q3 FY24, from INR 66.9 lakhs in Q3 FY23 and INR 75.0 lakhs in Q2 FY24
• PAT grew by 26% YoY to INR 338 Cr in Q3 FY24 Vs INR 269 Cr in Q3 FY23 and INR 338 Cr in Q2 FY24
• Cash from Operations was INR 226 Cr in Q3 FY24, of this INR 137 Cr was spent towards ongoing capacity expansion projects & INR 97 Cr was paid as dividend; Net Cash4 as on Dec 31, 2023 stood at INR 1,295 Cr
• Bed occupancy in Q3 FY24 stood at 73% and OBD’s were lower by ~1% YoY
• ARPOB improved to INR 76.8k in Q3 FY24 vs. INR 66.8k in Q3 FY23 and 74.6K in Q2 FY24
• Free treatment provided to 36,695 patients in OPD and 1,249 patients in IPD from the economically weaker sections
• YoY growth in EBITDA was impacted due to movement in provision for doubtful debts, reversal of provision for Phantom Stock Plan in Q3 FY23, GST costs on variable fees and one-time litigation costs, with overall impact of ~INR 25 Cr on like-to-like basis
Link to Conf Call Transcript: 8d528467-3384-4cf8-b1e5-5175f5c4c037.pdf (bseindia.com)
Link to Q3 Presentation: 3c35594c-b44e-4a92-aedc-bda4ad8db4dc.pdf (bseindia.com)
@adminph2, @Administrator - Can a separate thread be created for Max Healthcare? or let me know the criteria for spinning a separate thread and will try to work on it.
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