Earnings Review
Max Health Jul-Sept numbers miss Street's estimates
This story was originally published at 06:00 IST on 6 November 2024
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--Max Health Jul-Sept consol net profit INR 2.82 bln
--Analysts saw Max Health Jul-Sept consol net profit INR 3.64 bln
--Max Health Jul-Sept consol net profit INR 2.82 bln vs INR 2.77 bln yr ago
--Max Health Jul-Sept consol revenue INR 17.07 bln vs INR 13.63 bln year ago
--Max Health Apr-Sept consol net profit INR 5.18 bln vs INR 5.17 bln yr ago
--Max Health Apr-Sept consol revenue INR 32.50 bln vs INR 26.48 bln year ago
--Max Health: Board OKs up to INR 1 bln fincl assistance to Muthoot Hospitals
--Max Health: Board OKs up to INR 2 bln fincl assistance to arm Jaypee Health
--Max Health: Board OKs INR 1.50 bln guarantee for arm Hometrail Buildtech
By Jahanvi Kothari
MUMBAI – Max Healthcare Institute Ltd. Tuesday posted lower-than-expected earnings for the September quarter. The company's consolidated net profit rose almost 2% to INR 2.82 billion from INR 2.77 billion a year ago. Analysts expected the company's bottom line to be INR 3.64 billion.
Revenue from operations rose 25% to INR 17.07 billion from INR 13.63 billion a year ago. Analysts had expected the company's top line to be INR 20.84 billion. Sequentially, the net profit was up 19.3% and revenue was up 10.7%. The company's other income for the quarter fell 10% on year to INR 408 million.
For Apr-Sept, the company reported a consolidated net profit of INR 5.18 billion, largely unchanged on year. For the half year, the company reported a consolidated revenue of INR 32.50 billion, up 23% from INR 26.48 billion a year ago.
In Jul-Sept, the company's total expenditure was INR 13.8 billion compared with INR 10.4 billion a year ago. Finance cost was INR 335 million, almost triple the INR 85 million reported a year ago. The cost of drugs, consumables, and implants purchased by the company in the September quarter was INR 3.6 billion, up 25% from INR 2.8 billion in the previous year. The company's professional and consultancy fees were INR 3.55 billion, up 28% on year. The company spent INR 2.84 billion on employee benefits, up 20% on year. Other expenses of the company were INR 2.70 billion, up 47% from a year ago.
The company's operating earnings before interest, taxes, depreciation, and amortisation was INR 5.7 billion. The average revenue per occupied bed during the quarter was INR 76,100, up 2% from INR 74,600 a year ago. The tax outgo for the September quarter was INR 919 million, up 2.4% from INR 897.4 million a year ago.
The company's board has agreed to provide financial assistance of up to INR 2 billion to its subsidiary Jaypee Healthcare Ltd. to meet its long-term strategic business plans and funding requirements. The board has also agreed to guarantee INR 1.50 billion for its wholly-owned subsidiary, Hometrail Buildtech Pvt. Ltd., to meet its shortfall in debt servicing. The board has also agreed to provide financial assistance of up to INR 1 billion to Muthoot Hospitals for its operational and capital expenditure requirements in relation to Max Super Speciality Hospital, Dwarka, the company said.
On Tuesday, shares of Max Healthcare ended at INR 1,044.60 on the National Stock Exchange, up 0.8% from the previous close. End
Edited by Ashish Shirke
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