Global Health (MEDANTA) Q4 23/24 earnings summary

Executive summary

• FY 2023-24 delivered strong growth, with consolidated income up 21.4%, EBITDA up 29.0% and PAT up 46.6%, supported by higher patient volumes, occupied bed days and improved realizations.

• Five hospitals operated 2,823 beds across five states; the network added capacity and clinical services while developing Noida and planning further expansion.

Financial highlights

• Consolidated total income was ₹33,497.75 million, up 21.4% YoY; revenue from operations was ₹32,751.11 million versus ₹27,098.75 million.

• EBITDA rose to ₹8,737.40 million from ₹6,771.24 million; EBITDA margin increased 154 bps to 26.1%.

• PAT increased to ₹4,780.60 million from ₹3,260.79 million; PAT margin reached 14.3%, up 245 bps. Consolidated EPS was ₹17.80 basic and diluted.

• International patient revenue grew 24% to ₹1,935 million, ~6% of total revenue; outpatient pharmacy revenue grew 32% to ₹1,121 million.

Outlook and guidance

• FY 2024-25 plans include ~250 bed additions at existing hospitals: 50 in Gurugram, ~50 in Lucknow and ~100-150 in Patna.

• Noida’s 550-bed project is under construction; the initial 300 beds are expected to open by Q4 FY 2024-25 or Q1 FY 2025-26.

• Planned projects include 400 beds in South Delhi with DLF, 300 beds in Indore and a 500-bed hospital in Mumbai’s Oshiwara district.

• Strong demand, a balanced portfolio and ₹7,720 million net cash at March 31, 2024 support expansion plans.