Metropolis Healthcare Ltd : Latest Quarterly Results Analysis

Metropolis Healthcare announced Q4FY23 & FY23 results:

• Core Business Revenue (Excl. Covid & Covid Allied, PPP Contract & Hi-tech) growth stood at Rs 245 crore up 15% for Q4FY23 & 15% for FY23 on YoY basis
• Profit after Tax at Rs 33.5 crore
• Core Business Volume growth for Q4FY23 stood at 15% & 13% for FY23 on YoY basis
• EBIDTA before Network Expansion for Q4FY23 stood 26.9%
• Premium Wellness segments grew by 43% for Q4FY23 & by 45% for FY23 indicating strong Brand Equity Consumer’s Trust on Metropolis Brand. Contribution of premium wellness stood at 15% of the non-covid revenues
• Non-Covid Revenue from North grew by ~30% for Q4FY23 on YoY basis
• B2C revenue growth for Q4FY23 in Mumbai grew by 18% & Pune grew 23% on account of our strong brand presence & dense network
• B2C revenue for Q4FY23 in other cities grew by 30% indicating our strong execution & penetration in the newer geographies

“Our Core business revenue grew by 15% for Q4FY23 & FY23 on YoY basis. We have been witnessing continuous uptick in our core business revenues over the last 4 quarters with volumes growing across markets. Our revenues from North grew by ~30% for Q4FY23 strengthening our presence in non-core geographies & expanding our reach on Pan-India basis.

Revenue contribution from our premium wellness segment increased to 15% in Q4FY23 & witnessed a healthy growth of 43% YoY, a testimony to our on-ground efforts and the acceptance of Metropolis Brand in the minds of consumers.

Going forward, we focus on our network expansion, growing our specialised & wellness segments and upgrading our IT infrastructure for enhancing the consumer experience.

We believe Metropolis is rightly placed to attain higher market share across geographies & outperform the industry growth." Commented Ameera Shah, Promoter and Managing Director, Metropolis Healthcare Ltd

Result PDF

Metropolis Healthcare announced Q3FY23 results:

• Q3FY23 & 9MFY23:
  • Non-Covid growth stood at 13% for Q3FY23 & 15% for 9MFY23 on YoY basis (excl. revenues for PPP Contracts & Hi-tech acquisition)
  • Volume growth for Q3FY23 stood at 10% & RPP growth stood at 3% on a YoY basis (excl. volumes for PPP Contracts & Hi-tech acquisition)
  • Operating EBIDTA for Q3FY23 stood at 28.3%, dilution of ~120 bps on account of Lab addition & Network expansion. New Network has contributed ~3% of Revenues for Q3FY23. EBIDTA margin (before CSR & ESOP) stood at 27.1%
  • Revenue from North & East combined grew by 29% for Q3FY23 on a YoY basis
  • Revenue growth for B2C in focus cities stood at 16% for Q3FY23 & 25% for 9MFY23 on a YoY basis; Mumbai & Pune are growing at a faster pace indicating our strength & market share penetration in the core geographies
  • Our Specialized & Wellness segments are the fastest growing segment for Q3FY23 indicating strong Brand Equity & Doctor’s Trust in Metropolis Brand
  • The board has declared an interim dividend of Rs 8 per equity share of Face value of Rs 2 each to equity shareholders of the company.

“We are delighted to report 20% YoY growth in Non-Covid revenues for Q3FY23. We have delivered consistent growth in Non-Covid revenues for the last 4 quarters on the back of strong on-ground execution, our scientific approach to diagnostics, and the steady industry shift of volumes from unorganised sector to organised sector.

The growth was across parameters – volume, core geographies, non-Core geographies, wellness segments thus indicating the brand equity & quality of services across the country. Revenues for North & East grew ~29% YoY in Q3FY23. We remain confident of sustaining this growth going forward. Revenue contribution from wellness segment increased to 13% in Q3FY23 & witnessed a healthy growth of 30% YoY.

Metropolis is a diagnostic specialist and our strategy of faster growth in Specialised & wellness segment continues to remain on track.” Ameera Shah, Promoter and Managing Director, Metropolis Healthcare Ltd.

Result PDF

Metropolis Healthcare announced Q2FY23 results:

• Q2FY23:
  • Wellness revenue increased by 40% YoY to Rs. 33 crore
  • EBITDA margin at Rs. 83 crore (Before CSR & ESOP) stood at 27.6%
  • Specialized tests contributed 40% to the Non-Covid revenue
  • Total Revenues grew by 12.4% YoY
  • Specialized tests revenues grew by 15% YoY
  • Wellness tests revenues grew by 36% YoY
  • Patient & Tests volumes grew by 10% YoY
  • Rs. 41 crore Profit After Tax
  • Rs. 83 crore EBITDA
  • Rs. 288 crore Covid Revenue

Ameera Shah, Promoter and Managing Director, Metropolis Healthcare Ltd, said: “I am extremely pleased to share that we have recorded highest ever quarterly revenue with 16% growth on year-on-year basis. With accelerated shift from the unorganised to the organised sector coupled with increased health awareness amongst customers and a trusted scientific image with medical fraternity, we expect the revenues growth to improve and margins to sustain at the precovid levels

We have seen growth in our volumes & patient count and with increased investments in digital & marketing, manpower & customer experience initiatives, we are optimistic of sustaining the growth going forward.

Our revenue contribution from wellness segment has increased to 12% in Q2FY23 & has witnessed a healthy growth of 40% on YoY basis; a testimony to our on-ground efforts and the acceptance of Metropolis Brand in the minds of consumers and medical fraternity."

Result PDF

 Metropolis Healthcare announced Q1FY23 Result :

• Non-Covid Home Visits revenue increased by 30% YoY Rs. 23 Crs
• Specialized tests contributed 42% to the Non-Covid revenue
• EBITDA margin (Before CSR & ESOP) stood at 25.6%
• Metropolis Healthcare Ltd. records 26% YoY growth in non-covid revenue for Q1FY23 to Rs. 262 Crs
• Total B2C Revenue grew by 28% YoY in Q1FY23

“I am extremely pleased to share that we have recorded 26% growth on a year-on-year basis for non-covid business inspite of the challenging business environment. Covid and Covid allied revenue witnessed a sharp fall as expected in line with the drop in number of covid cases. Going ahead, we expect the non-covid revenue to revert back to the sustainable growth rates recorded in pre-covid days. We at Metropolis will continue to build our scientific capabilities, expand our network of labs and patient collection centres, build a superior customer experience, and will also focus on wellness and chronic testing segment. We are excited about the differentiation we have been able to create over the years and believe our company has a long runway of growth.” Ameera Shah, Promoter and Managing Director, Metropolis Healthcare Ltd

Result PDF

Metropolis Healthcare declares Q4FY22 result:

• Metropolis Healthcare Ltd. recorded highest ever Revenue, EBITDA & PAT in FY22
• Patient visits increased by 37% on YoY basis to 13.4 Mn in FY22
• No. of tests increased by 35% on YoY basis to 25.7 Mn in FY22
• Non-Covid Home Visits revenue increased by 23% YoY Rs. 98 Crs.
• Rs.1,228 Crs. Revenue up 23% YoY
• Rs. 362 Crs. EBITDA (Before CSR, ESOP & One-time acquisition cost) 20% YoY
• 29.4% EBITDA Margin (Before CSR, ESOP & Onetime acquisition cost)

“I am extremely pleased to share that inspite of all the challenges faced on account of covid led supply chain disruptions, we were able to record our highest ever Revenue, EBITDA & PAT in FY22. Strong performance was on the back of robust growth in the sustainable non-covid business.

During the year, we have made significant investments in digital, marketing, widening of leadership team and expansion of service network. These investments we make now will enable us to create a backbone for the next level of growth that we envisage in the business and help us safeguard our margins keeping in view the increased competitive intensity in coming times.

Going ahead, we will continue to build the brand on scientific basis, invest in core focus areas and on the acquisition front, drive the synergies at Hitech through quick & smooth integration.” Ameera Shah, Promoter and Managing Director, Metropolis Healthcare Ltd.

Result PDF

Metropolis Healthcare declares Q3FY22 result:

• Metropolis Healthcare Ltd. posts 7% YoY growth in Revenue to Rs. 293 crores
• Non-Covid revenue grew by 9% YoY to Rs. 244 crores
• Patient visits increased by 22% on YoY basis to 3.3 Mn in Q3FY22
• No. of tests increased by 24% on YoY basis to 6.3 Mn in Q3FY22
• Home-Visits test services now covered in more than 100 locations
• Declared interim dividend of Rs. 8 per share
• 27.5% EBITDA Margin (Before CSR, ESOP & Onetime acquisition cost)
• 25% YoY B2C Revenue Growth (Non-Covid)
• Rs. 41.2 Crs. Reported PAT

“During Q3FY22, we are pleased to share that we have been able to grow our non-covid revenue despite sharp drop in volumes from a government contract. We have made increased investments in digital& marketing, manpower& customer experience initiatives in order to strengthen our brand. This has impacted margins which we believe is a shortterm phenomenon. Our focused cities performance and B2C contribution continues to witness healthy growth and is a testimony to our on-ground efforts and the acceptance of Metropolis Brand in the minds of consumers.

We have also been able to successfully complete the acquisition of Hitech Diagnostics during Q3 which will enable us to scale up our business, improve the B2C revenue contribution and tap the value end of the market.” Ameera Shah, Promoter and Managing Director, Metropolis Healthcare Ltd.

Result PDF

Highlights:

• Metropolis Healthcare Ltd. continues the strong business momentum with recording Rs. 303 Crs. revenue in Q2FY22
• Non-Covid revenue grows 38% YoY to Rs. 260 Crs
• Patient visits increased by 25% on YoY basis to 3.3 Mn.
• No. of tests increased by 29% on YoY basis to 6.2 Mn.
• Non-Covid Home Visits Revenue increased by 17% on YoY basis to Rs. 26 Crs.
• Revenue contribution from specialised tests (non-covid) increased to 43% in Q2FY22 from 39% in Q2FY21

“We are pleased to share that we have continued the strong business momentum with recording robust revenue along with profitability during Q2FY22. This strong performance has been on the back of growth in sustainable non-covid revenue, increased patient visits & tests and increased contribution from specialized tests. With economy now strongly recovering from the pandemic, we expect our non-covid business to continue grow sustainably. Our recently acquired Hitech Diagnostics will further enable us to scale up our business, improve the B2C revenue contribution and increase our market penetration by catering to the value segment of the market.”  Ameera Shah, Promoter and Managing Director, Metropolis Healthcare Ltd

Result PDF

Metropolis Healthcare Ltd records strong growth in Q1FY22 Revenue, EBITDA & PAT

• Recorded highest ever quarterly patient visits at 3.5 Mn & number of tests at 6.5 Mn
• Patient visits grew by 11% and number of tests grew by 1% on QoQ basis
• Revenue from home visits business increased by 19% QoQ to Rs. 37 Crores in Q1FY22

Ameera Shah, Promoter and Managing Director, Metropolis Healthcare Ltd. 

We take immense pleasure in announcing that we have successfully continued from our last quarter and have delivered our highest ever quarterly revenue supplemented strongly, by both our COVID and non-COVID revenues. Metropolis Healthcare Ltd. continues to work and support our government and healthcare fraternity in the fight against COVID-19, even as we march on in our tireless efforts to grow exponentially as a brand, provide incremental value to our shareholders, and the best in quality to our customers. Digital transformation remains focal for us, in our relentless pursuit of worldclass customer experience. We always have, and will continue to, prioritize safety, quality, and hygiene.

While the pandemic still lurks over our shoulder, we have seen a strong acceptance to brand Metropolis which is visible in our growth across the board.

Result PDF