Global Health (MEDANTA) Q4 22/23 earnings summary

Executive summary

• FY23 delivered strong growth: consolidated total income rose 25.1% to ₹27,592mn, EBITDA increased 38.3% to ₹6,771mn and PAT grew 66.2% to ₹3,261mn.

• Operations expanded by 293 beds to 2,697; IPD volume rose 32% and OPD volume 15.4% YoY, while average length of stay fell 13.6% to 3.3 days.

• Lucknow and Patna gained scale, while Noida construction and an asset-light Indore project advanced the capacity pipeline.

Financial highlights

• Consolidated revenue from operations was ₹26,942.5mn and total income ₹27,591.6mn, versus ₹21,673.0mn and ₹22,058.2mn in FY22.

• EBITDA reached ₹6,771mn, up 38.3% YoY; EBITDA margin expanded 230 bps to 24.5%.

• PAT was ₹3,261mn, up 66.2%; PAT margin rose 290 bps to 11.8%, while PBT grew 60.1% to ₹4,493mn.

• Consolidated basic EPS was ₹12.58 versus ₹7.78 in FY22; net cash surplus at March 2023 was ₹4,692mn.

• International-patient revenue rose 68% to ₹1,564mn; outpatient pharmacy revenue increased 58% to ₹850mn.

Outlook and guidance

• Planned capacity expansion includes ~700 beds over the next 2–3 years; broader plans target more than 1,300 additional beds across existing and new facilities.

• Noida’s 550-bed hospital is under construction, with operations expected to start with 300 beds by end-FY25; Indore’s partner-built 300-bed asset-light facility is expected in FY27.

• India’s healthcare delivery market is forecast to grow 10–12% CAGR from FY22 to FY27, supporting demand for tertiary and quaternary care.