Paras Healthcare (PARASHLTH) Q4 23/24 earnings summary

Executive summary

• FY24 total income rose 23.0% to ₹11,510.23 Mn; consolidated net loss narrowed to ₹153.31 Mn from ₹427.92 Mn in FY23.

• Network capacity reached 2,135 beds across eight hospitals; OPD consultations grew 28.5% YoY to 569k+ and IPD admissions rose 15% to 81k+.

• Growth came with lower occupancy, higher debt and ongoing ramp-up costs at new hospitals; operating EBITDA improved on an adjusted basis excluding new-unit losses.

Financial highlights

• Consolidated operating revenue increased 23% to ₹11,290.39 Mn from ₹9,179.20 Mn; total income increased 22.97% to ₹11,510.23 Mn.

• Consolidated loss narrowed to ₹153.31 Mn from ₹427.92 Mn; standalone profit was ₹690.84 Mn versus ₹6.24 Mn in FY23.

• Adjusted operating EBITDA, excluding new-unit losses, rose to ₹1,565.53 Mn from ₹1,226.29 Mn; margin increased to 14.31% from 13.36%.

• Operating EBITDA growth reflected higher volumes, Srinagar operations and ramp-up at existing facilities; cardiac sciences, orthopaedics, neurosciences and oncology were key revenue drivers.

• Consolidated operating cash flow was ₹924.77 Mn versus ₹436.84 Mn; cash and cash equivalents ended FY24 at ₹154.58 Mn.

Outlook and guidance

• Signed letters of intent for multi-specialty hospitals in Gurugram and Ludhiana; plans include a 300-bed Gurugram unit and a 500-bed Ludhiana unit.

• Strategic goal is to become North India's largest private healthcare provider by 2031, with expansion focused on underserved regions and affordable tertiary care.

• Kanpur began receiving patients in April 2024 with 435 beds; FY24 expansion plans also included added specialty depth and technology investment.