Max Healthcare posts 58% jump in Q4 net at Rs 172 cr; revenue rises 12%

Max Healthcare Institute on Wednesday said its profit after tax increased by 58 per cent to Rs 172 crore for the fourth quarter ended March 2022.

The company had reported a net profit of Rs 109 crore for the January-March quarter of 2020-21 fiscal.

Gross revenue rose to Rs 1,298 crore for the period under review as compared with Rs 1,161 crore in the year-ago period, Max Healthcare Institute said in a regulatory filing.

For the year ended March 31, 2022, the healthcare provider posted a net profit of Rs 837 crore. It had reported a net loss of Rs 95 crore in FY21 fiscal.

"Overall, FY22 has been an eventful year where despite numerous challenges, there is a marked improvement in the network performance," Max Healthcare Institute Chairman and MD Abhay Soi said in a statement.

As part of the company's inorganic growth strategy, it has announced four transactions, including purchase of two prime land parcels in Gurugram, he noted.

"These will have a combined potential to add 2,200 beds in the coming years in addition to the ongoing brownfield expansions. As we step into the new fiscal year, we are confident of continuing our robust performance and becoming the most well regarded healthcare provider in India," Soi said.

The performance in the fourth quarter was impacted by the Omicron wave and unlike the past, it did not lead to Covid-19-related hospitalisations, yet the non-Covid admissions reduced substantially, the healthcare provider stated.

"Consequently, the first half of the quarter witnessed reduction in electives.

However, the second half of the quarter witnessed a strong recovery, which was partly fuelled by the international medical tourism bouncing back to 90 per cent of the pre-Covid levels in Mar'22," it added.

On Wednesday, shares of the company closed 3.3 per cent down at Rs 353 apiece on the BSE.