Shares of Max Healthcare Institute hit a record high of Rs 482.50 as it rallied 5 per cent on the BSE in Wednesday’s intra-day trade after the company reported a healthy operational performance in September quarter (Q2FY23). The stock of the private sector healthcare services company surpassed its previous high of Rs 472.60, which it had touched on September 16, 2021.
In Q2FY23, Max Healthcare reported highest-ever gross revenue of Rs 1,567 crore, up 9 per cent year-on-year (YoY) and 6 per cent quarter-on-quarter (QoQ). On a like-to-like basis, the gross revenue for the quarter reflects a growth of 17 per cent YoY, the company said.
The Network Operating EBITDA stood at Rs 410 crore compared to Rs 362 crore in corresponding quarter last year (Q2FY22) and Rs 370 crore in the previous quarter (Q1FY23). Operating EBITDA margin during the quarter improved 100 bps YoY and 110 bps QoQ to 27.7 per cent. Profit after tax for the quarter stood at Rs 511 crore, compared to Rs 207 crore in the corresponding quarter last fiscal.
The growth in Q2FY23 revenue and operating EBITDA were driven by higher occupancies, improved payor mix, and increased ARR in OPD. International patient revenue grew by 16 per cent QoQ and reflected around 110 per cent of pre-Covid average, Max Healthcare said.
The management said healthcare sector in general and Max healthcare in particular are making significant investments over the next 4-5 years leading to huge employment opportunities and a multiplier effect on GDP. The impetus provided by the government through its focus on healthcare and Heal in India initiatives will provide a watershed moment for the industry, the management added.