Aster DM Healthcare announces Q3 FY2019 results, delivers strong performance
Aster DM Healthcare, one of the largest private healthcare service providers in multiple GCC states and an emerging healthcare player in India, today announced its financial results for the quarter & nine months ended December 31, 2018. The Company's strong growth is a reflection of its focus on quality healthcare, the strength of its diversified healthcare offerings and a strong thrust on enhancing efficiencies.
Financial Performance Highlights
Performance Review for Q3FY19 vs. Q3FY18
• Revenue from operations improves by 19% to Rs. 2,150 crore compared to Rs. 1,814 crore
• EBITDA (excluding other income) increases by 54% Y-o-Y to Rs. 263 crore compared to Rs. 172 crore
• PAT (adjusted for exceptional income in previous year) increases to Rs. 100 crore compared to Rs. 71 crore Performance Review for 9MFY19 vs. 9MFY18
• Revenue from operations improves by 17% to Rs. 5,762 crore compared to Rs. 4,937 crore
• EBITDA (excluding other income) grew by 47% Y-o-Y to Rs. 513 crore compared to Rs. 350 crore
• PAT (adjusted for exceptional income in previous year) increases to Rs. 125 crore compared to loss of Rs. 6 crore
Commenting on the performance for Q3 & 9MFY19, Dr. Azad Moopen, Chairman, Aster DM Healthcare, said: "We are happy with our performance growth in a quarter wherein seasonality plays to our advantage. We have done well both sequentially and on a corresponding quarter basis.
Our business in India is growing well and we are making progress here. Our expansion in our brand across geographies will definitely help our global foot print. Our strategy here is to work on setting up two hospital every year and gradually increasing the capacity utilization. Over a period of time we also strongly believe that the Ayushman Bharat scheme will give opportunities for some of our businesses in tier 2 cities.
The GCC businesses also holds strong especially with majority of the geographies moving towards mandatory insurance. With major part of the financial year gone by and our performance positively reflected in our results, we are confident on ending the year on a strong note with a strong focus on clinical excellence and expansion."
Aster DM Healthcare's Hospital network consists of 10 hospitals in GCC states and 11 multi-specialty hospitals in India. Our hospitals in India are located in Kochi, Calicut, Kottakkal, Wayanad, Bengaluru, Kolhapur, Vijayawada, Guntur, Hyderabad & Ongole and are generally operated under the "Aster", "MIMS", "Ramesh" or "Prime" brands.
Revenues increased by 21% to Rs. 2,877 crore in 9MFY19 from Rs. 2,386 crore in 9MFY18. EBITDA (excluding other income) increased by 54% from Rs. 226 crore in 9MFY18 to Rs. 347 crore in 9MFY19. The EBITDA margin was at 12% in 9MFY19 compared to 10% in 9MFY18. This performance was driven by addition of new specialties, services and increase in beds.
We are one of the largest and most widespread network of clinics across the Middle East. The Aster DM network has 113 clinics in total with 105 clinics in GCC states and 8 clinics in India.
Revenues for GCC clinics increased by 14% to Rs. 1,454 crore in 9MFY19 from Rs. 1,278 crore in 9MFY18. EBITDA for GCC clinics increased 35% from Rs. 144 crore in 9MFY18 to Rs. 195 crore in 9MFY19. The EBITDA margin was at 13.4% in 9MFY19 compared to 11.3% in 9MFY18. This performance was driven by ramp up in new clinics set up in GCC states in the recent past and increase in footfalls from existing clinics.
We are the largest pharmacy chain in the GCC with 219 retail stores including 186 in UAE, 7, 12, 6, 6 and 2 in Kuwait, Jordan, Qatar, Oman and Bahrain respectively. An improving product mix combined with exclusive tie ups and strong associations with various pharma companies have all resulted in a healthy profitability profile. Revenues increased by 20% to Rs. 1,553 crore in 9MFY19 from Rs. 1,297 crore in 9MFY18. EBITDA increased 22% from Rs. 106 crore in 9MFY18 to Rs. 129 crore in 9MFY19.
Medical Excellence Highlights
Since inception, Aster DM Healthcare has been in continuous pursuit to push boundaries of excellence in health care and cater to the needs of patients, thereby setting global benchmarks in the field of medicine and patient care. It has accomplished numerous milestones and performed several surgeries that were "firsts". Mentioned below are some of the significant achievements, in the quarter under review, that are a testament to our clinical excellence:
• Aster CMI Hospital has performed Ace Split liver transplant for a 32-month-old baby
• Citizen of Iraq weighing 212 kg with BMI of 90 who was previously operated in Germany underwent revision Sleeve and MGB under the Department of Bariatric surgery at Aster CMI hospital
• Aster CMI has performed 4 Robotic surgeries in Urology COE conducted in Dec 2018
• For the first time in Dubai, a Single Incision Colorectal Laparoscopic Surgery was performed in Aster Hospital, Al Qusais
Milestones and introductions
• Aster Medcity has launched a separate dedicated area for Physical Medicine and Rehabilitation consisting of 16 beds
• Aster Medcity commenced a CRITICAL CARE PROJECT, a series of session with IMA and local GP's showcasing Aster ED and critical care dept excellence in handling critical cases
• STEMI PROJECT initiated project to divert STEMI cases to Aster Medcity by contacting periphery hospitals within 15KM range from Aster Medcity
Awards and Service Excellence Highlights
The Company has received several endorsements; some of which were:
• Alisha Moopen, CEO - GCC Hospitals & Clinics, won the Woman Game Changer of the Year Award at the Global Women in Leadership Economic Forum 2018. She has also won the Woman of the Year Award in the Achiever's Category from Emirates Women Magazine Aster Volunteers named Merit Awardee at IHF Excellence Award for CSR in 2018
(With inputs from agencies.)
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