India's Rainbow Children's Medicare posts profit jump on strong occupancy rates

Rainbow Childrens Medicare

09/02/2023 09:50

BENGALURU, Feb 9 (Reuters) - India's Rainbow Children's
Medicare Ltd  RAIB.NS  reported a nearly 29% jump in
third-quarter profit on Thursday, helped by strong occupancy
rates and higher revenue per patient.
    The pediatric hospital chain offers end-to-end services for
women and children and has been looking to add more hospitals to
tap into the growing market for pediatric care in India, where a
large part of the population is made up of children. 
    Rainbow's consolidated profit rose to 582.4 million rupees
($7.06 million) in the quarter ended Dec. 31 from 452 million
rupees a year earlier.
    It plans to add 1,000 beds over the next five years in its
target market of large metropolitan and tier-2 cities, said Dr.
Ramesh Kancharla, chairman and managing director in an exchange
filing. 
    The average revenue per occupied bed per day in hospital
rose 6.9% to 48,744 rupees, with occupancy rates rising to 57.1%
from 51.5% a year earlier. 
    The company's revenue from operations climbed 23.2% to 3.06
billion rupees.  
($1 = 82.4900 Indian rupees)
 (Reporting by Dimpal Gulwani; Editing by Janane Venkatraman)
 ((Dimpal.Gulwani@thomsonreuters.com;))