India's Max Healthcare Institute reports 38% rise in Q2 pre-tax profit

Max Healthcare Institute

06/11/2023 10:20

(BENGALURU), Nov 6 (Reuters) - India's Max Healthcare Institute  MAXE.NS  on Monday reported a 38%
rise in its second-quarter profit before tax, as it earned more revenue per bed.
    The hospital and diagnostic services provider's consolidated profit before tax for the quarter ended
Sept. 30 stood at 3.66 billion rupees ($43.99 million) compared with 2.65 billion rupees a year ago.
    Max Healthcare's average revenue per occupied bed (ARPOB) was 74,600 rupees in the second-quarter, up
13% year-on-year.
    For further results highlights, click: (Full story)
        
    KEY CONTEXT
    Max Healthcare is the first to report the September-quarter results among its peer hospital chains,
with Fortis Healthcare  FOHE.NS , Apollo Hospitals Enterprise  APLH.NS  and Aster DM Healthcare  ATRD.NS 
due to announce results in the coming days this week.
    Analysts had expected higher occupancy and growth in average revenue per occupied bed for Max
Healthcare. The improvement in these operating parameters would also help towards capital allocation for
bed capacity expansion, per analysts. 
  
    
    PEER COMPARISON 
    
                                  Valuation (next    Estimates (next 12          Analysts' sentiment
                                     12 months)           months)         
                       RIC        PE      EV/EBITD  Revenue     Profit    Mean      # of      Stock to
                                          A         growth      growth    rating*   analysts  price
                                                                                              target**
 Max Healthcare         MAXE.NS    41.05     27.41    25.33      14.03    Buy             14      0.94
 Institute Ltd                                                                                
 Fortis Healthcare      FOHE.NS    34.04     18.55    11.51      24.31    Buy             12      0.87
 Ltd                                                                                          
 Apollo Hospitals       APLH.NS    53.62     26.22    16.91      39.16    Buy             21      0.93
 Enterprise Ltd                                                                               
 Aster DM Healthcare    ATRD.NS    24.86     10.94    11.41      71.93    Buy              6      1.06
 Ltd                                                                                          
 * Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is
trading above the PT
    
    JULY-SEPT STOCK PERFORMANCE
    
    
    
    
-- All data from LSEG
-- $1 = 83.1927 Indian rupees




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 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com;))