Max reflected a growth of 52% year-on-year and 4% quarter-on-quarter. “This includes Rs 91 crore from Covid-19 vaccinations and related antibody tests during the quarter, compared to Rs 136 crore in Q1 FY22. Gross revenue excluding vaccination & related antibody tests, thus, grew by 8% over Q1 FY22,” it said in a statement.
The Network Operating EBITDA was recorded the highest ever, improving to Rs 362 crore as compared to Rs 143 crore in the corresponding quarter last year and Rs 360 crore in the previous quarter (Q1 FY22).
“This is the highest ever quarterly Operating EBITDA and represents a fourth consecutive quarter of EBITDA growth. The Operating EBITDA margin stood at 26.8% for the quarter, up from 16.2% in the corresponding period in FY21,” it said.
“I am proud of our outstanding performance in H1 FY22. It is more satisfying to note that our teams battled the second wave of Covid-19 in Ncrore- which was ground zero, valiantly and treated 37,000+ Covid patients, conducted ~7.3 lakh RTPcrore tests and administered ~20.2 lakh vaccination doses till date. We also provided care to ~56,200 patients free of cost and yet delivered Operating EBITDA of Rs 722 crore in H1FY22, which is significantly higher than any past full-year EBITDA and translates to a ROCE of 30%,” Abhay Soi, Chairman and MD, Max Healthcare Institute, said in a statement.
The company, however, saw a drop in revenue from Covid vaccination and related tests than the previous quarter.
The Operating EBIDTA per bed grew by 21% QoQ.
“The financial performance improved over the trailing quarter despite a drop in occupancy by ~565 bps, lower revenue from Covid-19 vaccination and fewer international patients. Higher ARPOB, improved OPD footfalls, marked increase in the number of surgical procedures and ongoing strengthening of medical programs in the Network Hospitals contributed significantly to the improved performance,” it further said.
The revenue from international medical tourism remained low and stood at Rs 46 crore during the quarter – a decline of 14% over Q1 FY22, following restrictions on air travel.
The company also saw a decline in Covid-19 related admissions and vaccinations. The volumes dropped significantly during the quarter, it said.
Non-covid admissions, however, ramped up considerably across all major specialities to surpass pre-Covid levels.
“Q2 saw the normalisation of revenues post the second wave of COVID-19 infections and while occupancy and vaccination-related revenues were lower than the previous quarter, this was more than compensated by growth in ARPOB post return of elective surgeries and improved OPD footfalls. Medical tourism, however, continues to be at 1/3rd of pre-COVID levels and we expect this to normalise in the coming quarters,” added Soi.
