Max Healthcare Q1 FY21 Performance

• Max Healthcare plays a significant role in combating Covid 19 in Delhi and Mumbai. Treats over 8,000 Covid patients, pioneers Plasma Therapy for Covid 19 in the country. Over 40 Covid related Research projects initiated.
• Revenues slid during the first quarter (FY 20-21) owing to the Covid 19 pandemic – revenues lower by (-)42% compared to Q1 (FY 19-20)
• Q1 network operating EBITDA at INR (22) Cr versus INR 117 Cr in Q1 last year
• Q1 FY21 ARPOB stood at INR 47,200 versus INR 49,700 in Q1 FY20; (-5)% YoY; and (-13)% versus trailing quarter
• Treated over 500 patients, from the economically weaker section, free in Q1 FY21
• Company listed on the stock exchanges viz. BSE Limited and National Stock Exchange of India Limited (collectively, the “Stock Exchanges”) on August 21, 2020.
• Unveiled new brand identity

Mumbai, September 04, 2020: Max Healthcare Institute Ltd (MHIL) (NSE Scrip symbol: MAXHEALTH, BSE scrip code – 543220), one of India’s leading provider of healthcare services in its board meeting held today, took note of network financial results based on management accounts for the first quarter ended June 30, 2020.

Financial and Operational Highlights:

Network performance overview – Q1 FY21 versus Q1 FY20 (Post IND AS 116)

• Q1 FY21 gross revenue was INR 610 Cr versus INR 1,059 Cr in Q1 FY20; (-42)% YoY; (-45)% versus trailing quarter
• Operating EBITDA for the period stood at INR (22) Cr versus INR 117 Cr in Q1 FY20; (-119)% YoY; (-114)% versus trailing quarter

‒Q1 EBITDA margin of -3.9% versus 12.1% last year; 15.5% in trailing quarter

• Q1 FY21 PAT at INR (355) Cr versus INR 9 Cr in Q1 FY20; INR 47 Cr in trailing quarter. This includes impact of loss on fair valuation of Radiant’s pre-merger holding of INR 204 Cr and other one-off items
• Despite Covid-19 impact, the company was able to maintain a stable cash position during the quarter largely on the back of collections from government debtors and tax refunds. The cash and cash equivalents at the end of the quarter stood at INR 371 Cr, while the gross debt was same as at start of the quarter
• Occupancy for Q1 FY21 was 45.1% versus 72.4% in Q1 FY20; 69.8% in trailing quarter; Gradual recovery visible with June occupancy at 59%

‒Occupancy for Covid-19 patients’ stood at 12.0%, while for non Covid-19 patients, it was 33.1%

• ALOS increased to 5.49 days in Q1 FY21 versus 4.34 days in Q1 FY20 and 4.46 days in trailing quarter
• Treated over 500 patients from the economically weaker section free of charge in Q1 FY21

Mr. Abhay Soi, Chairman and MD, Max Healthcare Institute Ltd, commented, “I am pleased to announce the results for Q1 (FY 20-21) that reflect how the organization weathered the challenges of a global pandemic.

Max Healthcare has been a front runner in combating the global pandemic. It volunteered a 200- bed hospital as a dedicated Covid-19 facility in Delhi and a 150 beds dedicated wing in the Mumbai hospital at the very early stages of the pandemic. This number grew to a capacity of 1,000 beds within few weeks. We have successfully treated close to 7,500 COVID-19 patients since April this year. We pioneered homecare services for COVID 19 patients and extended these to over 700 mild Covid-19 patients recovering at home. In addition, we have conducted over 90,000 RT-PCR tests, the first successful convalescent plasma treatment for Covid-19 in India and so far 500 units of plasma have been administered. On the academic front, we are conducting 40 research projects related to Covid-19.

On another note, these have been exciting times for the Max Healthcare starting with the merger of Radiant Life Care Private Limited with Max Healthcare followed by its listing and a new corporate brand identity that reflects the company’s strategic vision, values and purpose of the new organization i.e. “To Serve, To Excel”.

We intend to continue our efforts towards structural realignment, bring digital to our core, realise synergies and continue to walk on a growth trajectory”

Other updates: 

Clinical update:

• Conducted world’s first successful ABO incompatible liver transplant from recovered Covid- 19 positive donor
• First of its kind RVOT stenting in 3 days female child with Tricuspid Atresia with VSD with Severe PS
• World’s second iVAC 2L Pulse Cath Hemodynamic support in Human assisted PCI
• Completed 100 cases of using 3-D printed models for complex facial reconstruction–one of the largest series in India

Research and academics: 

• Recognized as a WHO SOLIDARITY trial site for Covid-19
• Important strategic partnership with Institute of Genomics and Integrative Biology, Delhi to look at cutting edge Covid – 19 research to identify genetic sequences and their behaviours in the Indian population
• 82 national and international publications with top 5 being in oncology, urology, cardiology and rheumatology departments
• Prestigious phase II clinical trial for SARS-COV-2 treatment sponsored by Astrazeneca initiated in Saket
• 10 Royal College IMT students joined for the 3rd year in a row, total of 23 students at Max Healthcare

Corporate Comm India (CCI Newswire)