Medanta shares jump 14%, hit fresh 52-week high on strong Q3 show
Medanta hospital brand jumped 14% to hit a fresh 52-week high of Rs 1,448.45 on the NSE on Monday. They have extended gains to 20%, remaining unbeaten over five consecutive sessions.
The rally has been more pronounced since the company announced its December quarter earnings on Thursday where it reported a consolidated profit after tax (PAT) of Rs 123.50 crore which was up by 53% year-on-year (YoY). PAT margins increased from 11.4% in Q3 FY23 to 14.5% in Q3 FY24, the company filing said.
Total income grew by 21% YoY to Rs 854.50 crore in Q3FY24. The Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) grew by 36% YoY to Rs 234 million in Q3FY24. The EBITDA margins improved by 305 bps from 24.3% in Q3 FY23 to 27.4% in Q3 FY24.
The company's developing hospitals Medanta Lucknow and Medanta Patna witnessed a revenue share increase from 29% in Q3FY23 to 32% in Q3FY24 amounting to Rs 274.20 crore. Developing hospital EBITDA share increased from 37% in Q3FY23 to 41% in Q3FY24 amounting to Rs 96.80 crore. As for matured hospitals, revenue growth of 17% YoY and EBITDA growth of 37% YoY amounting to Rs 587.50 crore and Rs 148.40 crore.
Meanwhile, revenue from international patients increased by 6% YoY to Rs 47.30 crore, driven by increased volume and realisation.
In its post-earnings stock review note, JM Financial said that Medanta positively surprised the street, yet again. The key readout from 3Q was exceptional Patna performance with 60%+ occupancy on current operational beds and over 20% margin
