Max Healthcare to nearly double capacity to 9,500 beds by 2028 after strong quarterly growth
Institute, India's largest healthcare chain by market cap, plans to nearly double its bed capacity to 9,500 in the next three years, Abhay Soi, chairman & managing director, told ET in an interaction on Wednesday.
'We increased our bed capacity by 35% from last year to 5,000. In the next 60 days, we will increase it to 6,000 through brownfield expansion. By 2028, it will go up to about 9,500,' said Soi.
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The company reported a 27% year-on-year growth in first quarter revenue to Rs 2,574 crore, led by an increase in occupied bed days (OBDs). Net profit for the quarter jumped 17% to Rs 345 crore, driven by higher occupancy and international patient inflow. Bed occupancy for the quarter was at 76%, with OBDs up by 26%.
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Operating EBITDA rose 23% to Rs 613 crore, with margins at 24.9%.
International patient revenue
climbed 32% to Rs 208 crore, contributing about 9% of hospital revenue.
During the quarter, the company completed a 160-bed tower at its Mohali hospital, signed a lease for a new 130-bed facility in Dehradun and agreed to sell two smaller hospitals in Bulandshahr and Anoopshahr for Rs 40 crore as part of its focus on
super-specialty care
in larger cities.
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Commenting on the growth levers, Soi said the biggest growth drivers today are the 'unsatiated' demand for quality healthcare and need for more capacity in the country, which will increase even further going ahead with an ageing population.
'Our sustained growth is a reflection of our strategy and execution capabilities,' said Soi.
'The commissioning of 160-bed brownfield tower at Max Mohali, along with additional brownfield capacities coming online at Max Smart and Nanavati-Max shortly, will significantly enhance clinical and financial performance of the network,' he added.
'In parallel, we are scaling up our clinical and support teams, while optimising our service mix to ensure rapid and effective utilisation of the new capacities,' he added.
Going ahead the company will focus on a combination of brownfield and greenfield expansion to widen its network and meet the rising need for quality healthcare, said Soi.
Shares of Max Healthcare Institute closed 0.44% up at Rs 1,267.60 apiece on the BSE on Wednesday. The company announced the earnings during market hours.
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