Aster DM Healthcare Limited — Investor Meet, 28-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Aster DM Healthcare reported FY25 revenue growth of 12% to INR 4,138 Cr, driven by higher inpatient volumes and ARPOB. Operating EBITDA rose 30% to INR 806 Cr with 19.5% margins, while normalized PAT surged 49% to INR 357 Cr, benefiting from operational leverage and GCC income. The Karnataka-Maharashtra cluster led with 28% revenue growth and strong margins. The ongoing merger with Blackstone-backed QCIL will create a combined entity with 38 hospitals and pro forma revenue over INR 8,100 Cr. Expansion includes 2,100+ new beds mainly in Bangalore and Kerala, funded internally while maintaining a net cash position of INR 739 Cr. Digital initiatives and exit from loss-making segments enhance efficiency. Management targets 23–24% EBITDA margin in 3–4 years with planned price hikes and expects Kerala cluster recovery and growth in medical value travel. Capex was INR 342 Cr with improved ROCE at 19.5%.