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Q2 results: Aster’s India revenue up 24%

Aster DM Healthcare, one of the largest private healthcare service providers in GCC and in India, today announced its financial results for the quarter ended September 30, 2022.

Key highlights of the quarter

  • Operational Revenue increased by 12% Y-o-Y to Rs. 2,816 Crs. compared to Rs. 2,504 Crs. in Q2 FY 22
  • EBITDA (excluding other income) was at Rs. 319 Crs. as compared to Rs. 343 Crs in Q2 FY 22. Excluding losses due to new hospitals, EBITDA stands at Rs. 342 Cr.
  • PAT (Pre- Non-Controlling Interest) was at Rs. 54 Crs. compared to Rs. 128 Crs. in Q2 FY 22. Adjusting for losses due to new hospitals, PAT (Pre- Non-Controlling Interest) was at Rs. 96 Crs.

Key highlights of the period (FY23 H1)

  • Operational Revenue increased by 12% Y-o-Y to Rs. 5,478 Crs. compared to Rs. 4,876 Crs. in H1 FY 22
  • EBITDA (excluding other income) was at Rs. 611 Crs. as compared to Rs. 624 Crs in H1 FY 22. Excluding losses due to new hospitals, EBITDA stands at Rs. 654 Cr.
  • PAT (Pre- Non-Controlling Interest) was at Rs. 134 Crs. compared to Rs. 187 Crs. in H1 FY 22. Adjusting for losses due to new hospitals and one-time other income, PAT (Pre- Non-Controlling Interest) was at Rs. 184 Crs.

Commenting on the performance for Q2 FY23, Dr Azad Moopen, Founder Chairman and Managing Director, Aster DM Healthcare, said:
“In Q2, we had a revenue growth of 12% on a consolidated basis. Revenue in the GCC increased 9% over last year while strong growth momentum in India continued, with revenues growing 24% over Q2 FY 22.

In the GCC region, we have inaugurated the 101- bed Aster Hospital in Sharjah in October 2022, the soft launch of which was done in May 2022. The hospital has a team of experienced doctors with proven clinical excellence and support staff to offer exceptional patient care and medical outcomes. The newest facility has all the core specialties like Obstetrics and Gynaecology, Orthopedics, Neurology, Cardiology, Paediatrics, General Surgery, and Urology. The plan is to add many tertiary care treatments to the bouquet of services in future. In Oman, we had a soft launch of the 181 bedded multispeciality hospital Aster Royal Hospital in Muscat, located next to the Aster Al Raffah Hospital.

We entered into a Hospital Operation and Management Agreement (O&M) with Narayanadri Hospitals and Research Institute Private Limited (NHRI), Tirupati, Andhra Pradesh recently. It is a 150-bedded multi–Specialty hospital situated at Tirupati, Andhra Pradesh. With this addition, we have added 290 beds on O&M asset-light model in the current financial year. We expect to add another 2 to 3 hospitals of around 300 to 400 beds before the end of the current financial year. While this is a low margin business, this has also very low capex and shall help in increasing our ROCE. It will also help to increase the referral of cases to our flagship hospitals.”

Commenting on Aster’s New Business Initiatives, Alisha Moopen, Deputy Managing Director, Aster DM Healthcare, said:
“Aster DM Healthcare has launched its pharmacy operations in Saudi Arabia through a tie up with the Al Hokair Holding Group. The partners will create a network of 250 plus Aster pharmacies in the Kingdom in the next 5 years. The partnership plans to open in high-street locations, communities and malls beginning with Riyadh. As Phase 2, the aim is to set up pharmaceutical manufacturing in the Kingdom.

Medcare announced its expansion into the premium wellness and beauty care segment with the acquisition of 60 % share in Skin 111 Clinics. Skin111 Clinics is an award-winning premium chain of aesthetic and wellness centres. This acquisition will accelerate Medcare’s plans to emerge as an international hub for health, beauty, and wellness adding to its existing network in the UAE. With this agreement, Skin111 Clinic’s unique offerings will be incorporated into Medcare service portfolio giving it an edge in the aesthetics and wellness segments, a key driver of the UAE’s growing medical tourism sector.”
MB Bureau

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