Q3FY24 &9MFY24 Quarterly Result Announced for Medi Assist Healthcare Services Ltd.
Healthcare services company Medi Assist Healthcare Services announced Q3FY24 & 9MFY24 results: Financial Highlights for Q3FY24: Total Income was Rs 169.8 crore, a growth of 29.2% with respect to Q3FY23. Revenue from contracts with customers (“Operating Revenue”) was Rs 165.9 crore, a growth of 32.3% with respect to Q3FY23. Adjusted Earnings Before Interest Taxes, Depreciation and Amortization excluding Other Income (“Operating EBITDA”) was Rs 33.9 crore, a growth of 10.4% with respect to Q3FY23. EBITDA margin calculated as Operating EBITDA divided by Operating Revenue was 20.4% for the quarter. Profit for the period was Rs 21.3 crore, flat over the corresponding period of the previous year Profit margin as a percentage of Total Income was 12.5%. Financial Highlights for 9MFY24: Total Income was Rs 481.9 crore, a growth of 26.9% over the corresponding period of the previous year. Revenue from contracts with customers (“Operating Revenue”) was Rs 467.9 crore, a growth of 26.8% over the corresponding period of the previous year. Earnings Before Interest Taxes Depreciation and Amortization excluding Other Income (“Operating EBITDA”) was Rs 96.3 crore, a growth of 8.6% over the corresponding period of the previous year. EBITDA margin calculated as Operating EBITDA divided by Operating Revenue was 20.6% for the period. Profit for the period excluding exceptional item was Rs 66.6 crore, a growth of 14.3% over the corresponding period of the previous year. Profit margin as a percentage of Total Income was 13.8%. The net cash balance in the books of the company was Rs 167.7 crore. Net worth was Rs 439.3 crore, return on net worth was 10.3%, and Return on Capital employed was 16.2% from continuing operations. Operational Highlights for 9MFY24: Total premiums under management for the company was Rs 14,163 crore, a growth of 35.7% over the corresponding period of the previous year. Premiums under management for the company with respect to the Group segment was Rs 12,352 crore, a growth of 34.5% over the corresponding period of the previous year. Premiums under management for the company with respect to the Retail segment was Rs 1,811 crore, a growth of 45% over the corresponding period of the previous year. Share of Total Industry health insurance premiums for the company with respect to the Group and Retail segment was 20.0%, a growth of 230bps over the corresponding period of the previous year. Share of industry health insurance premiums for the company with respect to the Group segment was 29.3%, a growth of 300bps over the corresponding period of the previous year. Share of industry health insurance premiums for the company with respect to the Retail segment was 6.3%, a reduction of 110bps over the corresponding period of the previous year. Commenting on the results, Satish Gidugu, CEO & whole-time Director, Medi Assist Healthcare Services said, “Our resilient performance in a growing health insurance market, demonstrates the strength of our business model. Our strategy as a company has been to focus on driving retention and growth, while successfully integrating the acquisitions. We see continued interest in our technology enabling ‘NHCX integration’ and ‘cashless anywhere’ towards driving innovation in the health insurance ecosystem.” Result PDF13-02-2024