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Max Healthcare Institute Ltd on Wednesday said its consolidated net profit surged by 12% to Rs 229 crore for the June quarter driven by annual price revision and normalisation of patient footfalls.
Max Healthcare Institute Ltd on Wednesday said its consolidated net profit surged by 12% to Rs 229 crore for the June quarter driven by annual price revision and normalisation of patient footfalls, according to a PTI report. The healthcare provider had reported a net profit of Rs 205 crore in the June quarter of last fiscal.
The shares of the company reacted negatively to the news. The stock of Max Healthcare witnessed a dip of 2.53% to close at Rs 371 apiece on BSE. The 52-week high of the stock is Rs 472 apiece and 52-week low is 279 apiece.
Net revenue during the period under review rose to Rs 1,393 crore as compared with Rs 1,322 crore in the April-June quarter of the last fiscal, added the PTI report.
"Q1FY23 performance reflects normalisation of revenues and operating EBITDA post Omicron wave in the previous quarter," Max Healthcare Institute Chairman and MD Abhay Soi said in a statement.
The quarter saw improvement in all operational and financial parameters, he added. "With well laid out plan for distilling payor mix and expansion plans currently underway, we expect to further build on this performance in the coming years," Soi noted.
The company seeks to employ its deleveraged balance sheet towards inorganic growth in the near term, he added.
Max Healthcare Institute Limited ("Max Healthcare") is one of India's largest healthcare organizations. It operates 17 healthcare facilities (3400+ beds) across the NCR Delhi, Haryana, Punjab, Uttarakhand and Maharashtra. Almost 85% of its bed capacity is in Metro/Tier 1 cities. It has a market capitalization of Rs 36,051 crore.
