Aster DM Healthcare Q3 and 9M FY24 results

Aster DM Healthcare announced its financial results for the quarter and nine months ended December 31, 2023.

Key highlights for the quarter

• Operational revenue grew 16% YoY to Rs. 3,711 Crs. Vs. Rs. 3,192 Crs. in Q3 FY23.
• Operating EBITDA grew 28% YoY to Rs. 583 Crs. Vs. Rs. 456 Crs. in Q3 FY23.
• PAT (excluding losses from new hospital and non-recurring costs) grew 53% YoY to Rs. 213 Crs Vs. 139 Crs in Q3 FY23

Key highlights for the nine months period

• Operational revenue grew 18% YoY to Rs. 10,243 Crs. Vs. Rs. 8,671 Crs. in 9M FY23.
• Operating EBITDA grew 28% YoY to Rs. 1,375 Crs. Vs. Rs. 1,076 Crs. in 9M FY23.
• PAT (excluding losses from new hospitals and non-recurring costs) grew 45% YoY to Rs. 335 Crs. Vs. Rs. 231 Crs. in 9M FY23

Commenting on GCC & India segregation and performance for Q3 FY24, Dr Azad Moopen, Founder, Chairman and Managing Director, Aster DM Healthcare, said:
“We extend our heartfelt gratitude to our shareholders for their resounding endorsement of our decision to segregate our GCC operations. This overwhelming support fuels our drive to enhance and expand our operations in India, reaffirming our commitment to the trust they have placed in our strategic vision.

In Q3 FY24, our India business showcased 23% YoY revenue growth, surging to Rs. 949 Crore. This growth was catalyzed by the expansion of over 750 beds within the past year. Through diligent cost optimization initiatives and leveraging operational efficiencies, we achieved 37% YoY increase in Operating EBITDA in Q3FY24, elevating our hospitals’ Operating EBITDA margins to 19.8% and contributing to more than doubling the Net Profit after taxes for the quarter.

I am also glad to mention that our flagship Aster Medcity hospital has been recognized as the No.1 ‘Best Multi-specialty Hospital Emerging’ by The Week-Hansa Research 2023, a testament to our unwavering commitment towards excellence.

As we continue our journey, we remain steadfast in our pursuit of growth, with plans to increase our capacity beds to 6,600, showcasing our dedication towards further strengthening our strong position among India’s leading healthcare providers.”

Commenting on Aster’s GCC Business and New Business Initiatives, Alisha Moopen, Deputy Managing Director, Aster DM Healthcare, said:
“Our overall GCC business achieved 14% YoY revenue growth in Q3FY24, reaching Rs. 2,761 Crore marked with strong revenue growth across Hospital, Pharmacy and Clinics business respectively.

We have witnessed robust improvement in our occupancy rates, reaching 58% during Q3 FY24 from 50% in Q3 FY23.

GCC business’s operating EBITDA surged by 24% YoY to Rs. 415 Crore during the quarter. The notable growth reflects the strong performance from hospital and retail vertical, cost optimisation initiatives and operational leverage.”
MB Bureau