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Max Healthcare Institute Limited — Investor Meet, 13-11-2024: Analysts/Institutional Investor Meet/Con. Call Updates
**Financial Performance:** Max Healthcare Institute reported strong results for Q2 and H1 FY25. Network revenue was ₹2,228 crore, a 22% year-on-year rise, with operating EBITDA at ₹566 crore (19% growth year-on-year). Excluding extraordinary items, EBITDA reached ₹591 crore, reflecting a 17% quarter-on-quarter increase. Profit after tax (PAT) was ₹349 crore, up from ₹338 crore YoY, rising to ₹383 crore when adjusted for extraordinary expenses. Average occupancy improved to 81%, with a 12% increase in international patient revenue to ₹178 crore.
**Future Outlook and Growth Drivers:** Management highlighted plans to drive growth through strategic acquisitions and capacity expansions. The recent acquisition of Jaypee Hospital is expected to enhance their presence in NCR, with plans to expand operational capacity rapidly from 376 to over 480 beds by December 2025.
**Order Book and Operational Updates:** Max Lucknow and Max Nagpur have achieved significant integration, contributing combined revenues of ₹130 crore for Q2. Max Dwarka is expected to achieve breakeven ahead of schedule due to high occupancy rates.
**Analyst Q&A Insights:** Analysts raised concerns about profitability and operational challenges. Management maintained confidence in improving profitability through enhanced clinical programs and operational leverage, particularly in Lucknow and Nagpur.
**Market or Regulatory Updates:** TPA empanelment for Dwarka is underway, with expectations to increase revenue contribution significantly after certifications are completed.
**Strategic Focus Areas:** The call underscored a strategic focus on upgrading medical infrastructure and expanding clinical capabilities to optimize occupancy and ARPOB.
**Investor Insight:** Given the robust financials and growth trajectory, with ample cash flow and strategic expansion plans, the outlook appears positive, suggesting a favorable position for those considering an investment.