Mumbai, August 16, 2023: Aster DM Healthcare, one of the leading private healthcare service providers in GCC and in India, today announced its financial results for the first quarter of the financial year 2024.
Commenting on the performance for Q1 FY24, Dr. Azad Moopen, Founder Chairman and Managing Director, Aster DM Healthcare, said:
“During Q1 FY24, we achieved an impressive 21% YoY consolidated revenue growth, totaling INR 3,215 crores. Our performance during the quarter was shaped by not only the improvement in our realizations but also the increase in the number of beds at existing hospitals as well as at the new facilities to cater to growing demand. The strong growth across both India and GCC regions and various cost improvement initiatives enabled even higher improvement in our EBITDA performance which recorded a robust growth of 33% to Rs. 388 crores.
Our India business continued to grow faster, witnessing a substantial increase of 29% in revenues reaching to INR 838 crore and EBITDA increasing by 47% to Rs. 123 crores. While our project pipeline is advancing significantly, we are also building on our O&M-Asset Light strategy which has the potential to generate higher ROCE over a period. We are excited to announce our collaboration with PMF Hospital in Kollam, Kerala. With this we have added a total of 530 beds under the O&M Asset Light model in less than 2 years, making it a significant milestone.
Overall, our Q1 performance reflects our adaptability, strategic expansion, and unwavering commitment to providing quality healthcare services amidst evolving market dynamics.”
Commenting on Aster’s New Business Initiatives, Ms. Alisha Moopen, Deputy Managing Director, Aster DM Healthcare, said:
“Our Q1 FY24 performance in the GCC was remarkable, with revenue surging by 18% to INR 2,377 Crore. Our strategic projects and asset optimization played a key role in this success, resulting in significant growth across hospitals, clinics, and the pharmacy segments. EBITDA showed a substantial 27% increase, showcasing higher operational efficiency despite capacity expansion.
The quarter also saw a successful launch of Zest Pharmacy. Our digital initiatives continued to yield impressive outcomes, enhancing patient experiences and contributing to revenue growth. Looking forward, the Medcare Royal Hospital in Dubai is slated for opening later this year.
FY23’s strategic investments have set the stage for higher profitable growth in FY24. We’re set to maximize our assets, meet growing demand, and continue delivering exceptional healthcare experiences through digital innovation.”
While operational Revenue grew 21% Y-o-Y to Rs. 3,215 Crs. Vs. Rs. 2,662 Crs. in Q1 FY23; EBITDA grew 33% YoY to Rs. 388 Crs. Vs. Rs. 292 Crs. in Q1 FY23; Excluding New Hospitals and non-recurring exceptional items, Net profit after taxes grew 87% YoY to Rs. 84 Crs. The reported Net Profit after Taxes was at Rs. 5 Crs.
