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Aster DM Healthcare, a chain of multi-specialty hospitals, recorded a 92.75 per cent decline in its net profit amounting to ₹5 crore for the quarter concluding in June. This figure falls considerably short of the market projection of ₹39.2 crore.
In comparison, the company posted net profit of ₹69 crore in the same quarter of the prior year. “Excluding new hospitals and non-recurring exceptional items, the net profit after taxes grew 87 per cent y-o-y to ₹84 crore,” the company said.
Its revenue from operations for the quarter marginally beat the estimate and stood at ₹3,215.37 crore, an increase of 20.78 per cent compared to 2,662.12 crore in June 2022. While EBITDA grew 33 per cent y-o-y to ₹388 crore compared to ₹292 crore a year ago.
“Our performance during the quarter was shaped by not only the improvement in our realisations but also the increase in the number of beds at existing hospitals and at the new facilities to cater to growing demand. The strong growth across both India and the GCC regions and various cost improvement initiatives enabled even higher improvement in our EBITDA performance as well,” said Azad Moopen, Founder, Chairman, and Managing Director, Aster DM Healthcare.
Its India business witnessed an increase of 29 per cent in revenues reaching ₹838 crore, and EBITDA increased by 47 per cent to ₹123 crore. While its Q1 FY24 performance in the GCC was grew by 18 per cent to ₹2,377 crore.
Overall, the Q1 performance reflects adaptability, strategic expansion, and an unwavering commitment to providing quality healthcare services amidst evolving market dynamics, it added.
strategic investments
The quarter also saw the launch of Zest Pharmacy. Going forward, the Medcare Royal Hospital in Dubai is slated to open 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,” said Alisha Moopen, Deputy Managing Director, Aster DM Healthcare.
Net profits attributed to the owners of the company are considered.
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