Max Healthcare's stock rises after announcement of September quarter results

3 Nov 2022 , 09:08 AM

After the business reported strong operational results for the September quarter, Max Healthcare Institute shares surged 5% on the BSE and reached a record high of Rs482.50 on Wednesday (Q2FY23). The private sector healthcare services company’s shares rose above the previous record high of Rs472.60 that it had attained on September 16, 2021.

Max Healthcare posted the highest gross revenue ever in the second quarter of FY23, at Rs1,567 crore, up 9% year over year (YoY) and 6% quarter over quarter (QoQ). According to the corporation, like-to-like comparisons show a 17% YoY increase in gross sales for the quarter.

In comparison to the same quarter last year (Q2FY22) and the prior quarter, the Network Operating EBITDA was Rs410 crore as opposed to Rs362 crore and Rs370 crore, respectively (Q1FY23). Operating EBITDA margin increased by 100 bps YoY and 110 bps QoQ to 27.7% during the quarter. Compared to Rs207 crore in the same quarter last fiscal year, the profit after tax for the period was Rs511 crore.

The management said that over the next 4-5 years, Max Healthcare in particular and the healthcare sector as a whole will make large investments that will create a lot of new jobs and have a multiplier effect on GDP. According to the management, the government’s focus on healthcare and the Heal in India initiatives will provide the sector a boost and mark a turning point.