Aster DM Healthcare's consolidated net profit declined 6% to Rs 139.39 crore despite a 20.5% rise in revenue from operations to Rs 3,192.14 crore in Q3 FY23 over Q3 FY22.
The company said that the core business without Covid testing and vaccination revenue has seen an increase of 30% in Q3 FY23 compared to Q3 FY22. Revenue of Q3 FY22 included Rs 207 crore of Covid testing and vaccination related revenue in gulf corporation council (GCC) which was a high margin business and contributed to 8% of total revenue in that quarter
Profit before tax in Q3 FY23 was at Rs 173.44 crore, down 4.4% from Rs 181.34 crore reported in the same period last fiscal.
Total expenses jumped 22.09% year on year to Rs 3,028.22 crore in Q3 FY23. Purchase of medicines and consumables stood at Rs 1,017.52 crore (up 32.4% YoY) and employee benefits expense was at Rs 10,42.99 crore (up 25.24% YoY).
EBITDA (excluding other income) was at Rs 449 crore in Q3 FY23, registering a growth of 13% YoY. Excluding losses due to new hospitals, EBITDA stood at Rs 468 crore.
During the quarter, the company's revenue from hospitals stood at Rs 1,807.55 crore (up 24.66% YoY), Retail pharmacies (including opticals) was at Rs 743.99 crore (up 34.91% YoY) while revenue from clinics came in at Rs 632.60 crore (down 1.74% YoY).
Dr. Azad Moopen, founder chairman and managing director of Aster DM Healthcare, said, Aster India continues to have excellent growth and is slated to grow further in the coming years. Some of our hospitals have reached almost full capacity and we are adding new beds in such areas. We are also setting up new hospitals in the geographies where Aster is the leading brand.
One of the strategies we adopted is to add more beds by O&M-Asset Light model to take healthcare to the suburban areas without incurring cost. In the last quarter we added 150 beds at Tirupathi, Andhra Pradesh and we are adding another 100 beds this quarter in G Madegowda Hospital in Mandya, Karnataka. The total number of beds added this FY in 3 asset light hospitals is 390 beds.
Alisha Moopen, deputy managing director of Aster DM Healthcare, said, "Aster Pharmacy, the retail arm of Aster DM Healthcare, has entered a strategic partnership with UAE's largest online food delivery and q-commerce platform Talabat to bring prescription medicines directly to the front door of patients in Dubai. The partnership is designed to save consumers time and money in line with Dubai's vision to provide the highest quality of specialized and accessible health care to its community members by pursuing efficiency, appropriate allocation and utilization of resources.
Aster DM Healthcare operates in various segments of the healthcare industry, which include hospitals, clinics and retail pharmacies, and provides healthcare services to patients across economic segments in various gulf corporation council (GCC) states through its various brands, such as Aster, Medcare and Access.
Shares of Aster DM Healthcare rose 1.44% to Rs 215 on the BSE.
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