Max Healthcare Q2 Results Review


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Prabhudas Lilladher Report

Max Healthcare Institute Ltd. reported Ebitda of Rs 4 billion (up 9% QoQ) versus our estimate of Rs 3.9 billion.

Overall occupancy stood at 78% versus 74% in Q1 on seasonality, while average revenue per occupied bed remained steady QoQ at Rs 66,000 due to medical mix obligation.

The company became net cash positive by Rs 420 million versus Rs 2.1 billion of net debt in Q1. Operational efficiency has also been commendable, especially in competitive markets like national capital region.

Max Healthcare has shown phenomenal growth in past two years and we expect this momentum to continue given-

  1. strong expansion plans,

  2. improving payor mix and

  3. scale up in labs.

Our FY23E and FY24E Ebitda broadly remains unchanged. We expect 17% Ebitda compound annual growth rate over FY22-25E.

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