Max Healthcare Institute Ltd (MHIL, ‘The Company’), one of the largest private sector healthcare services company in India, announced results for the three months ended December 31, 2020, today.
The gross revenues rose to INR 1160 Cr during the third quarter reflecting a growth of6% YoY and 24% QoQ.
The network EBITDA rose to INR 253 Cr versus INR 160 Crin Q3 last year and INR 143 Cr in the previous quarter (Q2 FY 21).This is the highest ever quarterly EBITDA achieved by the company.
The company also announced a significant improvement in EBITDA margins, which stood at 23.2% for the quarter, up from 15.8% in the corresponding quarter in FY 20. The EBITDA margin for the previous quarter was16.2%.
The PAT grew to INR 135 Cr from INR 36 Cr, an increase of276% QoQ.
The Net debt (including put option liabilities) reduced by INR 121 Cr during the quarter and stood at INR 1867 Cr on Dec 31st 2020 as against INR 1988 Cr on Sept 30th, 2020.
This financial performance was driven by an increase in footfalls of OPD patients, IPD occupancy and improved ARPOB. The network saw occupancy relating to COVID-19 decline in the latter half of the quarter and an increase in the surgical cases in key specialities. The significant improvement in EBITDA was also underpinned by long term structural cost savings program initiated in the previous financial year and followed up with additional initiatives in the current financial year.
The revenue from international medical tourists witnessed an uptick during the quarter and grew by 2.3 times of Q2 FY 21, reaching ~40% of pre-Covid levels. In order to increase focus on international medical tourism business, the Board has approved to establish a subsidiary in UAE, which will focus on reaching out to a greater number of patients and capturing a higher market share from Africa, West Asia and Eastern Europe.
The company continued to invest in technology and clinical talent. Max Vaishali is in advanced stage to commission its TomoTherapy® System which will offer a revolutionary radiotherapy for cancer treatment. With a view to enhance top-notch clinical talent, network hospitals hired more than 20 senior consultants during the quarter.
Announcing the Q3 results, Abhay Soi, Chairman and MD, Max Healthcare Institute Ltd, commented, “We are pleased with our Q3 results, which reflect continued best in class operating performance underpinned by strong fundamentals. These results also demonstrate the resilience of our clinical and non-clinical teams to serve the communities during challenging times. We are committed to highest standard of clinical excellence and patient care supported by latest technology”.
Treated over 20,000 COVID-19 patients at hospitals and ~2,000 patients at home/extended care facilities till December 2020
~2.80L RT-PCR tests done as of December 31st,2020
Successfully treated India’s first case of Lung Decortication of a COVID-19 recovered patient
India’s first Esophagus Y tracheal stent and a “stent on stent” – double stenting / double Y stenting done in a 77 yea- old male k/c/o squamous cell carcinoma
Successfully diagnosed and treated a rare case of Steroid Responsive Encephalopathy Associated With Autoimmune Thyroiditis (SREAT): Hashimoto’s encephalopathy in a 49-year-old male
Prevented exenteration (removal of eyeball) on post COVID-19 patient with orbital mucormycosis and lost vision adopting the latest techniques
Successfully performed cadaveric transplant involving both liver and kidney transplantation
Research and Academics:
85 national and international publications, with top-3 being from the oncology, nephrology and urology departments
30 studies and trials on COVID-19 indications and 45 non-COVID-19 clinical trials ongoing across MHC
Ongoing IMT program at Max Healthcare, with a total of 25 doctors enrolled
NABH accreditation for Ethics committee at Max Saket (East block) under clinical trial program
70 allied health internship, 17 observership and 3 fellowship students joined
DNB accreditation approval in 25 specialties; 5 DNB specialties applied for renewal accreditation; total strength of DNB residents across Max network at 429 currently
About Max Healthcare:
Max Healthcare Institute Limited (MHIL) is one of India’s second largest hospital chain operator (considering only income from healthcare services) in fiscal 2020. It is committed to the highest standards of medical and service excellence, patient care, scientific and medical education.
MHIL has major concentration in north India consisting of a network of 16 healthcare facilities. Out of the total network, eight hospitals and four medical centres are located in Delhi and the NCR and the others are located in the cities of Mumbai, Mohali, Bathinda and Dehradun. The Max network includes all the hospitals and medical centres owned and operated by the Company and its subsidiaries, partner healthcare facilities and managed healthcare facilities. These include state-of-the-art tertiary and quaternary care hospitals at Saket, Patparganj, Vaishali, Rajendra Place, and Shalimar Bagh in NCR Delhi and one each in Mumbai, Mohali, Bathinda and Dehradun, secondary care hospital in Gurgaon and Day Care Centres at Noida, Lajpat Nagar and Panchsheel Park in NCR Delhi. The hospitals in Mohali and Bathinda are under PPP arrangement with the Government of Punjab.
In addition to its core hospital business, MHIL has two SBUs – Max@Home and MaxLab. Max@Home is a platform that provides health and wellness services at home and MaxLab offers diagnostic services to patients outside its network.
Max Healthcare has taken agile actions during the COVID-19 pandemic. The Company voluntarily dedicated COVID-19 facility in Delhi. The infrastructure was redesigned to support treatment of COVID- 19 patients. Approximately 1,200 bedsdedicated for the treatment of COVID-19 patients as on December 31, 2020. Approximately 20000 patients were treated at the hospitals and approximately 900 at homearound 400 at extended COVID-19 hospitals. In addition, the company conducted over 2.8 lakh tests. Max Hospital, Saketwas the first private hospital in successfully treating a COVID – 19 infected patient using plasma therapy in India. On the academic front, during the COVID-19 pandemic, the company undertook approximately more than 30 research initiatives related to the virus, including sero-epidemiological studies, investigator driven work and sponsored drug and clinical trials.