Krishna Institute of Medical Sciences (KIMS) Q3 24/25 earnings summary

Executive summary

• Gross revenue for Q3 FY25 reached INR 790 crore, up 29.7% year-over-year and 1% quarter-on-quarter, with EBITDA at INR 205 crore, up 36.4% year-over-year but down 8.1% sequentially.

• PAT for Q3 FY25 was INR 93 crore, compared to INR 77 crore in Q3 FY24 and INR 121 crore in Q2 FY25.

• Consolidated EPS for nine months was INR 7.1, up 15.6% year-over-year, adjusted for share split.

• Major expansion in Kerala, Maharashtra, and Bangalore, with new hospitals and bed additions planned.

• Notable clinical and technological achievements, including South Asia's first MRI-guided focused ultrasound and advanced robotic surgeries.

Financial highlights

• Consolidated revenue from operations for Q3 FY25 was INR 772 crore, up 27.5% year-over-year; nine-month revenue was INR 22,655 million, up 20.9% year-over-year.

• EBITDA margin improved to 25.9% in Q3 FY25 from 24.7% in Q3 FY24, but down from 28.5% in Q2 FY25.

• Average revenue per operating bed (ARPOB) increased 25.2% year-over-year and 0.5% sequentially.

• Average revenue per patient rose 12.2% year-over-year and 2.8% sequentially.

• IP volume grew 13.8% year-over-year but declined 3.1% sequentially; occupancy dropped to 50.7% in Q3 FY25 from 61.6% in Q3 FY24.

Outlook and guidance

• Expansion plans include new units in Bangalore, Mumbai (Thane), Srikakulam, Ongole, Anantapur, Kondapur, and Rajahmundry, with phased openings from Q1 FY26 to Q4 FY27.

• Nashik hospital expected to break even within one year of commencement.

• Loss funding for Thane and two Bangalore hospitals projected at INR 10-15 crore each in FY 2026.

• AP cluster margins expected to reach 30% in two to three years as oncology and mother & child services ramp up.

• ARPOB growth in Telangana and Andhra Pradesh expected to continue, with efforts to reduce ALOS further.