Q3 2025 Max Healthcare Institute Ltd Earnings Call Transcript
Key Points
- Max Healthcare Institute Ltd (BOM:543220) reported over 30% year-on-year growth in revenue, EBITDA, and occupied bed days, driven by recent acquisitions.
- The company achieved EBITDA breakeven within six months for its greenfield hospital in Dwarka, showcasing operational efficiency.
- Max Lucknow and Max Nagpur demonstrated significant year-on-year growth in revenue and EBITDA, with Lucknow showing a 58% revenue increase and Nagpur a 50% EBITDA increase.
- The acquisition of Jaypee Healthcare Limited contributed to the network's growth, with Jaypee Noida reporting a gross revenue of INR112 crore and an operating EBITDA margin of 21%.
- The company is expanding its footprint in the Mumbai metropolitan region with a new 500-bed hospital in Thane, expected to be commissioned in 2028, as part of its asset-light growth strategy.
- The greenfield hospital in Dwarka reported an EBITDA loss of INR5 crore in Q3, indicating initial operational challenges.
- Despite overall growth, the average revenue per occupied bed remained relatively flat year-on-year and quarter-on-quarter.
- The company faced contraction in patient footfalls from Bangladesh and Yemen due to political unrest, impacting international patient revenue.
- An exceptional item of INR74 crore was recorded for charges related to the acquisition of Jaypee Healthcare Limited, affecting profit after tax.
- The net debt for the network increased to INR1,608 crore by the end of December 2024, following significant investments in acquisitions and expansions.
Ladies and gentlemen, good morning, and welcome to the Max Healthcare Institute Limited earnings conference call. (Operator Instructions) Please note that this conference is being recorded. I now hand the conference over to Mr. Suraj Digawalekar from CDR India. Thank you, and over to you, sir.
Thank you, Ryan. Good morning, everyone, and thank you for joining us on Max Healthcare's Q3 and nine-months FY25 earnings conference call. We have with us Mr. Abhay Soi, Chairman and Managing Director; Mr. Yogesh Sareen, Senior Director and Chief Financial Officer; and Mr. Keshav Gupta, Senior Director, Growth, M&A and Business Planning. We will begin the call with opening remarks from the management, following which we will have the forum open for an interactive Q&A session.
Before we begin, I would like to point out that some statements made in today's call may be forward-looking in nature, and a disclaimer to this effect has been included in the earnings presentation shared with you
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