Aster DM Healthcare’s 1QFY20 revenue up by 14 percent to Rs 2029 crore

Aster DM Healthcare has announced its financial results for the quarter ended June 30, 2019. The company’s main focus was to deliver quality healthcare services through diversified healthcare offerings and enhanced efficiencies to continue to grow strongly. Effective from April 1, 2019, the Group adopted Ind AS 116 Leases, applied to lease contracts existing on April 1, 2019, using the modified retrospective method and has taken the cumulative adjustment to retained earnings, on the date of initial application. Accordingly, comparatives for the year ended March 31, 2019, have not been retrospectively adjusted. The effect of this adoption has resulted into several conditions including decrease in other expenses, increase in interest expenses, and an increase in depreciation and amortization expenses for continuing operations. The company recorded a net profit of Rs 24.7 crore for the quarter ending June 30, 2019 before the impact of Ind AS 116. This represents a year-on-year increase of 21 percent from a PAT of Rs 20.4 crore registered in the same quarter last year. Revenue from operations for 1QFY20 recorded an increase of 14.3 percent reaching Rs 2028.6 crore on sustained organic growth from its existing operations that includes 25 hospitals, 115 clinics, and over 231 pharmacies in 9 countries, including India.