Aster DM Healthcare clocks Rs 27 cr PAT in Q2

Kochi | Updated on November 13, 2019

Aster DM Healthcare, one of the largest private healthcare service providers, has registered a profit after tax of Rs 27 crore in Q2 of FY20. This represents a year-on-year increase of 118 per cent from a PAT of Rs 13 crore registered in the same quarter last year.

The revenue from operations recorded an increase of 14 per cent reaching Rs 2,087 crore on sustained organic growth from its existing operations that includes 25 hospitals, 116 clinics and over 238 pharmacies in nine countries, including India. A strong focus on delivering quality healthcare through diversified healthcare offerings and enhanced efficiencies saw Aster DM Healthcare continue to grow strongly, the company said in a statement.

Effective April 1, 2019, the Group adopted Ind AS 116 'Leases', applied to lease contracts existing on April1, 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 have not been retrospectively adjusted. The effect of this adoption has resulted in decrease in other expenses, increase in interest expenses (included under finance cost) and an increase in depreciation and amortization expenses for continuing operations.

According to Azad Moopen, Chairman, Aster DM Healthcare, the company has endeavoured to strengthen its operations and rationalise costs while maintaining emphasis on quality healthcare. The efforts to strengthen the India business continues wholeheartedly with a focus on Tier 1 cities. Post the launch of the Aster RV hospital in the first quarter, the company has also signed two new leases for hospitals in Bengaluru this quarter, he added.

Published on November 13, 2019

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