Artemis Hospital on Thursday announced its Q3 FY23 ended Dec 2022 results. According to the company’s statement, the net revenue from operations increased by 30 percent to Rs. 1875 million from Rs. 1440 million.
The hospital chain reported an EBITDA increase of 43 percent to Rs 268 million from Rs 187 million, with a margin of 14.3 percent. Meanwhile, profit after tax (PAT) increased by 61 percent to Rs 103 million from Rs 64 million, with a margin of 5.5 percent. The Artemis Hospital, Gurgaon, reported that bed capacity utilization, including the new tower, stood at 68 percent. Moreover, revenues from overseas patients for the quarter increased by 94 percent to Rs 502 million, from Rs 259 million, contributing 24 percent to net revenue.
The hospital also reported an increase in patient footfall stood at 85,407, an increase of 11 percent. Meanwhile, the number of surgeries performed during the quarter 3,187, increased by 16 percent. With respect to 9MFY23 Consolidated Performance yoy, the net revenue from Operations stood at Rs 5,421 mn showing an uptick of 34 percent.
We are pleased to announce the strong performance of the company in Q3 FY23. This success can be attributed to our continued and conscious effort towards improving both the top-line and bottom line while prudently increasing capacity. This further reinforces our growth strategy and stands as proof of our commitment to serving patients, doctors, medical staff, and society at large. Both our in-situ growth plan and asset-light strategy have started showing results. The capacity expansion in the current unit has resulted in increased efficiency while the asset-light strategy is enabling us to expand our network at a rapid pace. During the quarter, the company established its third luxury birthing center under the brand ‘Daffodils by Artemis’ in East of Kailash, New Delhi,” Dr. Devlina Chakravarty, Managing Director said in a statement on Thursday.
Dr. Chakravarty also stated that similar to the centers in Gurugram and Jaipur, the New Delhi center will also provide end-to-end mother and child-care services including gynae surgical care and specialized pediatric services.
“The specialized care offered by Daffodils has received positive feedback, with the initial centers reaching maturity quickly. The company has also recently signed an MoU for an upcoming ~100 bedded facility in an asset-light model, which will be the 1st Children’s Hospital in Haryana (Delhi NCR) to be operational in FY25. Additionally, we have announced the agreement to open a cardiac care center in Chennai under the joint venture with Philips Medical Systems. This will be operational by Q1 FY24 and will be added to the nine existing cardiac care centres across the country. Lastly, we like to reiterate our focus on expansion across all our brands where we see significant opportunities for growth,” she added.