Yatharth Hospital & Trauma Care Services (YATHARTH) Q2 24/25 earnings summary

Executive summary

• Revenue for Q2 FY25 rose to Rs. 2,178 million, up 27% year-over-year, with H1 FY25 revenue at Rs. 4,296 million, up 32% year-over-year.

• PAT for Q2 FY25 grew to Rs. 310 million, up 12% year-over-year; H1 FY25 PAT reached Rs. 613 million, up 32% year-over-year.

• Major capacity expansion underway, including acquisitions in Delhi and Faridabad, targeting ~3,000 beds by FY28.

• Occupancy improved to 61% in H1 FY25, with ARPOB rising 10% year-over-year to Rs. 30,597.

• Board approved raising up to Rs. 700 crore via equity or other eligible securities for growth and expansion, subject to approvals.

Financial highlights

• Q2 FY25 EBITDA was Rs. 546 million, up 20% year-over-year; H1 FY25 EBITDA reached Rs. 1,083 million, up 25% year-over-year.

• Q2 FY25 EBITDA margin at 25.1%, H1 FY25 EBITDA margin at 25.2%, both slightly down year-over-year.

• Net cash position of Rs. 1,541 million as of Q2 FY25; cash and cash equivalents increased to Rs. 1,560.70 million as of September 30, 2024.

• Working capital cycle at 104 days in H1 FY25.

• Net debt/EBITDA at -1.0x, reflecting strong liquidity.

Outlook and guidance

• Bed capacity to expand to ~3,000 by FY28, with new hospitals in Delhi and Faridabad operational by Q1 FY26.

• Focus on increasing share of super specialties, oncology, and robotic surgeries to drive ARPOB.

• Board approved raising up to Rs. 700 crore through QIP or other eligible securities to support growth and expansion.