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Informist, Tuesday, May 20, 2025

By Gopika Balasubramanium

MUMBAI – Max Healthcare Institute Ltd.'s consolidated net profit for the March quarter missed analysts' estimates, even though the profit grew the most in seven quarters. The company's top line grew 34% but its expenses grew over 37% and, as a result, the net profit rose only 27%.  

The company's consolidated net profit for the March quarter rose nearly 27% to INR 3.19 billion. Analysts had expected the company to report a consolidated net of INR 4.21 billion. The company's consolidated revenues rose a little over 34% on year to INR 19.10 billion but missed analysts' expectations. The company's total net profit, including its partner healthcare facilities, was INR 3.76 billion for the March quarter and the combined revenues were INR 23.02 billion. 

Max Healthcare's total expenses for the quarter rose over 37% to INR 15.54 billion, which was higher than the 34% growth in revenue. The company purchased drugs, consumables, and implants worth INR 4.10 billion, nearly 38% higher than INR 2.97 billion in the same quarter a year ago. The company's expenses on professional and consultancy fees were INR 4.06 billion, up 39%. This is the second-largest item of expenses for the company.

Max Healthcare's average revenue per occupied bed was INR 77,100 per bed for the March quarter, up from INR 76,800 per bed in the year-ago quarter. The company's consolidated operating EBITDA for the March quarter was INR 6.32 billion, up over 26% from the year-ago quarter. The operating margin was 27.2%, down 80 basis points on year. 

During the reporting quarter, the company's inpatient volume rose over 35% on year to 78,685 and its outpatient consultancies rose nearly 34%. During the quarter, operational bed capacity was up by 188 beds, mainly at Lucknow, Dwarka, and BLK Max Hospitals. Overall bed occupancy for the quarter was 75%, slightly up from 74% in the same quarter a year ago. 

Max Heathcare's revenue from international patients was INR 2.02 billion in the March quarter, up from INR 1.58 billion in the same quarter a year ago. This accounted for nearly 9% of the hospital's revenue, the company said. The company's free cash from operations for the reporting quarter was INR 4.22 billion, up 2% on year.

The company's board approved the addition of 100 beds at the Max Super Speciality Hospital, Nagpur, to the existing 186 beds. This will be executed by the construction of two additional floors on the existing building. The Nagpur arm is run and operated by Alexis Multi-Speciality Hospital Pvt. Ltd., a wholly-owned subsidiary of Max Healthcare.

The board also approved the divestment and sale of the company's stake in Sandhya Hydro Power Projects Balargha Pvt. Ltd., to its promoter, Skyzen Infrabuild Pvt. Ltd. after terminating the power purchase agreement both parties had signed. The company will sell the stake for INR 1.28 million. 

For the full financial year ended Mar. 31, the company reported a net profit of INR 10.76 billion, up 2% on year. Its consolidated revenues from operations rose 30% on year to INR 70.28 billion. The company will pay a dividend of INR 1.50 per share. Shares of the company closed 2% lower at INR 1,164.70. 

Edited by Deepshikha Bhardwaj

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