Paras Healthcare (PARASHLTH) Q4 24/25 earnings summary

Executive summary

• FY25 revenue from operations rose 14.62% YoY to INR 12,940.63 Mn; EBITDA was INR 1,564.60 Mn, with margin at 12.09% versus 13.68% in FY24.

• Network expanded to 8 hospitals and 2,135 beds across five states and one union territory; new Srinagar and Kanpur hospitals contributed to capacity growth.

• Consolidated results swung to a loss of INR 579.83 Mn from profit of INR 153.31 Mn in FY24, reflecting higher expenses, finance costs and depreciation.

Financial highlights

• Consolidated total income rose to INR 13,142.07 Mn from INR 11,510.23 Mn; revenue from operations increased to INR 12,940.63 Mn from INR 11,290.39 Mn.

• Consolidated PBT was a loss of INR 500.36 Mn versus profit of INR 66.30 Mn; net loss was INR 579.83 Mn versus INR 153.31 Mn, and EPS was -INR 5.94 versus -INR 1.57.

• EBITDA was INR 1,564.60 Mn versus INR 1,544.11 Mn; EBITDA margin declined to 12.09% from 13.68%.

• Finance costs rose 35.57% to INR 909.18 Mn; depreciation and amortisation increased 43.19% to INR 1,155.78 Mn, with Kanpur hospital capitalisation contributing to the increase.

Outlook and guidance

• Targeting 2,935 beds by FY29; a 300-bed second Gurugram hospital is planned for FY28 and a 500-bed Ludhiana hospital for FY29.

• Priorities include ramping occupancy at Srinagar, Kanpur, Ranchi and Udaipur, expanding advanced clinical programmes, improving length of stay and standardising procurement.

• DNB postgraduate training spans 14 specialties and up to 48 students annually; expansion to Udaipur and Panchkula is planned.