Q4FY24 Quarterly & FY24 Annual Result Announced for Rainbow Childrens Medicare Ltd.
Healthcare Facilities company Rainbow Childrens Medicare announced Q4FY24 & FY24 results: Board recommends final dividend of 30% per Equity Share of Face Value Rs 10 amounting to Rs 304.5 million [Dividend Rs 3 per equity share] Project Status update: Development of the spoke hospital at Hennur, Bengaluru (~60 beds) and the regional spoke hospital at Rajahmundry (~100 beds) is progressing well and will be completed in the next 12 months. Both the hospitals are likely to commence operations in Q4FY25. For the regional spoke hospital at Coimbatore, the project work has just started and is expected to commence operations in 24 months. The company has received the possession letter for the land parcels at Gurugram at sector 44 and 56 respectively. The company expects the ground breaking in next 3-4 months. The company continued to have strong balance sheet and have cash & cash equivalent, fixed deposits and mutual fund investments aggregating to Rs 5,159 million as of March 31, 2024, which will be deployed for the ongoing capex plan of the company. Based on the present cash flow and expected internal accrual in the coming years, the company expects to complete all the planned capex with internal accruals and balance IPO funds. During the quarter, company has spent Rs 504 million for the capex. Commenting on the performance for Q4FY24 Dr. Ramesh Kancharla, Chairman & Managing Director, Rainbow Children’s Medicare said, “We had a significant quarter with three new hospitals commissioned in a span of three months. Our project and operations team have worked exceedingly well to ensure that all the projects were commissioned on time. With major expansion completed, we are solely focused on building and strengthening operations at newly commissioned hospitals and add services at existing units to propel them to new areas of growth” Result PDF20-05-2024