Aster DM Healthcare (ASTERDM) Q4 24/25 earnings summary

Executive summary

• Achieved 12% revenue growth in FY25, reaching INR 4,138 crore, with strong double-digit growth in key clusters and improved clinical protocols reducing ALOS by 6%.

• Operating EBITDA rose 30% to INR 806 crore, with margin expansion to 19.5% (up 270 bps YoY), reflecting operational excellence and cost discipline.

• Normalized PAT (excluding NCI and one-offs) increased 49% to INR 357 crore, aided by operational leverage and GCC restructuring income.

• Merger with Quality Care India Limited (QCIL) completed, expanding operations and equity base, and expected to create one of India's top three hospital networks with 38 hospitals and over 10,300 beds.

• Board approved audited results for FY25 with unmodified auditor opinions and recommended a final dividend of INR 1 per share.

Financial highlights

• FY25 revenue: INR 4,138 crore (+12% YoY); Q4 FY25 revenue: INR 1,000 crore (+2% YoY).

• FY25 operating EBITDA: INR 806 crore (+30% YoY); Q4 FY25: INR 193 crore (+16% YoY); margin at 19.5%.

• Standalone revenue for FY25: INR 8,059.15 crore, up from INR 2,320.48 crore in FY24, reflecting GCC business separation.

• Consolidated net profit for FY25: INR 5,405.78 crore, up from INR 257.98 crore in FY24, mainly due to discontinued operations gain.

• Exceptional items include INR 5,569.96 crore dividend and INR 1,828.52 crore preference share redemption from GCC business.

Outlook and guidance

• Plans to add over 2,100 new beds, targeting ~7,300 total capacity by FY27, with major greenfield and brownfield expansions underway.

• Integration with QCIL expected to deliver 10-15% near-term EBITDA synergies and further upside from scale and best practices.

• Board approved incorporation of three new wholly owned subsidiaries to support future growth.