Max Healthcare announces Q1 FY21 Performance

Max Healthcare Institute Ltd (MHIL) (NSE Scrip symbol: MAXHEALTH, BSE scrip code - 543220), one of India's leading provider of healthcare services in its board meeting held today, took note of network financial results based on management accounts for the first quarter ended June 30, 2020.

Financial and Operational Highlights:

Network performance overview - Q1 FY21 versus Q1 FY20 (Post IND AS 116)

- Q1 FY21 gross revenue was INR 610 Cr versus INR 1,059 Cr in Q1 FY20; (-42)% YoY; (-45)% versus trailing quarter

- Operating EBITDA for the period stood at INR (22) Cr versus INR 117 Cr in Q1 FY20; (-119)% YoY; (-114)% versus trailing quarter
- Q1 EBITDA margin of -3.9% versus 12.1% last year; 15.5% in trailing quarter

- Q1 FY21 PAT at INR (355) Cr versus INR 9 Cr in Q1 FY20; INR 47 Cr in trailing quarter. This includes impact of loss on fair valuation of Radiant's pre-merger holding of INR 204 Cr and other one-off items

- Despite Covid-19 impact, the company was able to maintain a stable cash position during the quarter largely on the back of collections from government debtors and tax refunds. The cash and cash equivalents at the end of the quarter stood at INR 371 Cr, while the gross debt was same as at start of the quarter

- Occupancy for Q1 FY21 was 45.1% versus 72.4% in Q1 FY20; 69.8% in trailing quarter; Gradual recovery visible with June occupancy at 59%
-Occupancy for Covid-19 patients' stood at 12.0%, while for non Covid-19 patients, it was 33.1%

- ALOS increased to 5.49 days in Q1 FY21 versus 4.34 days in Q1 FY20 and 4.46 days in trailing quarter

- Treated over 500 patients from the economically weaker section free of charge in Q1 FY21

Mr. Abhay Soi, Chairman and MD, Max Healthcare Institute Ltd, commented, "I am pleased to announce the results for Q1 (FY 20-21) that reflect how the organization weathered the challenges of a global pandemic.

Max Healthcare has been a front runner in combating the global pandemic. It volunteered a 200-bed hospital as a dedicated Covid-19 facility in Delhi and a 150 beds dedicated wing in the Mumbai hospital at the very early stages of the pandemic. This number grew to a capacity of 1,000 beds within few weeks. We have successfully treated close to 7,500 COVID-19 patients since April this year. We pioneered homecare services for COVID 19 patients and extended these to over 700 mild Covid-19 patients recovering at home. In addition, we have conducted over 90,000 RT-PCR tests, the first successful convalescent plasma treatment for Covid-19 in India and so far 500 units of plasma have been administered. On the academic front, we are conducting 40 research projects related to Covid-19.

On another note, these have been exciting times for the Max Healthcare starting with the merger of Radiant Life Care Private Limited with Max Healthcare followed by its listing and a new corporate brand identity that reflects the company's strategic vision, values and purpose of the new organization i.e. "To Serve, To Excel".

We intend to continue our efforts towards structural realignment, bring digital to our core, realise synergies and continue to walk on a growth trajectory".

Source : Equity Bulls

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