Healthcare facilities company Artemis Medicare Services announced Q1FY24 results:
- Net revenue from operations increased by 25.3% to Rs 2,095 million from Rs 1,672 million
- EBITDA increased by 35.4% to Rs 292 million from Rs 215 million with a margin of 13.9%
- PBT increased by 23.5% to Rs 131 million from Rs 106 million with a margin of 6.3%
- Net debt of Rs 2,105 million as on June 30, 2023; net debt/shareholder’s Equity of 0.50x
Announcing the results, Dr. Devlina Chakravarty, Managing Director of Artemis Medicare Services, commented, “We are delighted to announce the financial results of Q1FY24. This is one of the best-ever quarterly performances and gives a promising start to the new fiscal year, despite it being a seasonally weak quarter. Our efforts for improving revenue realisations, finetuning efficiencies, and optimizing costs are showing results in both revenues and profitability.
Occupancy has successfully ramped up in the new tower which was operationalised towards the end of FY22. We look forward to the third tower, which will operationalise by early FY25 as per plan, as it will enhance our performance further.
During the quarter we have added a new hospital in Gurgaon under the Artemis Lite brand. The positive response that we have received for this hospital in a short period yet again stands as testimony to the concept of neighbourhood multi-specialty hospitals which we introduced last year.
Additionally, we have started the first of the two hospitals in Mauritius under the O&M agreement. In India, our subsidiary, Artemis Cardiac Care, and the homecare vertical, Solace by Artemis, both continue to make their impact beyond the main hospital footprint.
Overall Artemis continues its pursuit of long-term sustainable growth in the Delhi NCR region, through the combination of asset-light developments and acquisitions.”