Global Health (MEDANTA) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 delivered strong year-over-year growth, with total income up 12.3% and PAT up 16%, driven by higher patient volumes, increased bed occupancy, and recognition of medical staff among the world's top 2% scientists.

• Both mature and developing hospitals contributed to revenue and EBITDA growth, with international patient revenue rising 14.3% year-on-year.

• Expansion initiatives included commissioning advanced robotic surgery in Lucknow, a new neurointervention in Gurugram, and a long-term lease for a new 110-bed hospital in Ranchi.

• Board approved unaudited standalone and consolidated financial results for Q3 and nine months ended December 31, 2024, and re-appointed Ms. Praveen Mahajan as Independent Director for a second term.

• Strategic expansion underway with new clinics, bed additions, and technology investments across multiple locations.

Financial highlights

• Q3 FY25 total income was INR 9,595 million, up 12% year-on-year; EBITDA rose 8% to INR 2,538 million with a margin of 26.5%; PAT grew 16% to INR 1,429 million with a 14.9% margin.

• Consolidated Q3 FY25 revenue from operations: ₹9,434.36 million; nine-month revenue: ₹27,610.68 million.

• Inpatient volumes increased 13% year-on-year to 44,856; outpatient volumes rose 9%; ARPOB was INR 61,307, up 1.3%.

• Average occupied bed days grew 10.5% year-on-year with occupancy at 64%.

• Out-patient pharmacy revenue grew 21.4% year-on-year.

Outlook and guidance

• Management expects continued growth in occupied bed days and volumes, supported by ongoing bed additions and strong demand, especially in Patna and Lucknow.

• Approximately 2,900 bed additions are planned over the next five years, with major greenfield projects in Mumbai, Pitampura (Delhi), South Delhi, and Indore underway.

• Noida hospital (550 beds) is expected to commence operations by mid-2025/Q2 FY26; Ranchi hospital (110 beds) expected by end of Q1 FY26.

• Break-even for new facilities is typically assumed within a couple of years.