Yatharth Hospital & Trauma Care Services (YATHARTH) Q3 24/25 earnings summary

Executive summary

• Achieved 32% YoY revenue growth to INR 6,487 million for 9M FY25, with EBITDA up 22% and PAT up 21% YoY; Q3 FY25 revenue grew 31% YoY to INR 2,192 million, EBITDA up 18% YoY, and PAT up 3% YoY.

• Occupancy improved to 61% in 9M FY25 (up 7% YoY); ARPOB rose 8% YoY to INR 30,614.

• Completed acquisitions in New Delhi and Faridabad, expanding bed capacity by 700 and market presence; both to be operational by Q1 FY26.

• Successfully raised INR 6,250 million via QIP to fund acquisitions, equipment, and debt repayment.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2024, were approved by the Board and reviewed by auditors with unmodified opinions.

Financial highlights

• Q3 FY25 revenue reached INR 2,192 million, up 31% YoY; 9M FY25 revenue grew 32% YoY to INR 6,487 million.

• Q3 FY25 EBITDA was INR 549 million, up 18% YoY; EBITDA margin at 25.1% (down from 27.8% YoY) due to operational losses at Greater Faridabad.

• Net profit for Q3 FY25 was INR 305 million, up 3% YoY; 9M FY25 net profit up 21% YoY to INR 911 million.

• Net cash position at INR 5,605 million as of Q3 FY25, bolstered by QIP proceeds.

• Finance cost for 9M FY25 decreased 28% YoY to INR 65 million.

Outlook and guidance

• Sustained 10% YoY ARPOB growth expected, driven by super-specialty and oncology expansion.

• New Delhi and Faridabad hospitals expected to break even in 18–24 months and achieve payback in 4–5 years.

• Revenue growth of 20%+ YoY targeted for FY2026, with margin sustainability as new hospitals ramp up.

• Targeting bed capacity expansion to ~3,000 by FY28, with new hospitals operational by Q1 FY26.

• The company expects no significant tax liability from ongoing income tax department searches and continues to cooperate fully.