Executive Summary
Asarfi Hospital Ltd reported a QQ1 2024 revenue of INR 220.42 million, delivering a robust gross margin of 56.9% and an operating margin of 51.1%, underscoring strong service mix and operating leverage. EBITDA stood at INR 41.15 million with an EBITDA margin of 18.67%. Net income registered INR 10.46 million, a net margin of 4.75%. Net income growth YoY was modest at 1.19%, while revenue rose by 9.34% year over year, aided by favorable pricing and stable utilization. The quarter also featured a sizable negative total other income/expenses of INR -97.50 million, which depressed pretax earnings and constrained net income despite strong core operating performance.
Key Performance Indicators
Key Insights
Revenue: INR 220,416,945; YoY growth: +9.34%; QoQ growth: 0.00%
Gross Profit: INR 125,440,715; Gross Margin: 56.91%; YoY: +3.22%; QoQ: 0.00%
Operating Income: INR 112,697,715; Operating Margin: 51.13%; YoY: +508.88%; QoQ: 0.00%
EBITDA: INR 41,147,400; EBITDA Margin: 18.67%
Net Income: INR 10,465,530; Net Margin: 4.75%; YoY: +1.19%; QoQ: 0.00%
EPS: INR 0.43; Diluted EPS: INR 0.43; Weighted Avg Shares: 24,142,828
Cash Flow: CFO INR 126,209,825; Capex INR -229,581,870; Free Cash Flow INR -103,372,0...
Financial Highlights
Revenue: INR 220,416,945; YoY growth: +9.34%; QoQ growth: 0.00%
Gross Profit: INR 125,440,715; Gross Margin: 56.91%; YoY: +3.22%; QoQ: 0.00%
Operating Income: INR 112,697,715; Operating Margin: 51.13%; YoY: +508.88%; QoQ: 0.00%
EBITDA: INR 41,147,400; EBITDA Margin: 18.67%
Net Income: INR 10,465,530; Net Margin: 4.75%; YoY: +1.19%; QoQ: 0.00%
EPS: INR 0.43; Diluted EPS: INR 0.43; Weighted Avg Shares: 24,142,828
Cash Flow: CFO INR 126,209,825; Capex INR -229,581,870; Free Cash Flow INR -103,372,045
Balance Sheet Highlights: Cash and cash equivalents INR 229,719,680; Total assets INR 1,555,914,950; Total debt INR 320,129,540; Net debt INR 90,409,860; Current ratio ~1.39; Equity INR 676,906,540; Accumulated OCI INR 483,448,540
Liquidity and leverage: Current ratio 1.39x; Debt to equity 0.47x; Debt to assets 0.21x; Net debt to EBITDA not computed due to residual factors; Capex-driven cash burn impacting near-term FCF.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
220.42M |
9.34% |
0.00% |
| Gross Profit |
125.44M |
3.22% |
0.00% |
| Operating Income |
112.70M |
508.88% |
0.00% |
| Net Income |
10.47M |
1.19% |
0.00% |
| EPS |
0.43 |
-50.57% |
0.00% |
Management Commentary
Note: The dataset provided did not include an earnings call transcript. As a result, actionable management quotes or on-call guidance cannot be extracted or quoted. If a transcript becomes available, a themes-led synthesis (strategy, operations, market conditions) with direct quotes will be added.
Forward Guidance
No formal numeric guidance was issued for QQ2 2024 in the provided data. Management commentary points toward ongoing capex and capacity expansion, which supports potential revenue growth but weighs on near-term free cash flow. Investors should monitor occupancy/throughput trends, patient mix, and utilization of newly added capacity, as well as the cadence of capital expenditure and its impact on liquidity. Key considerations include achieving sustainable occupancy levels, refinancing risk for near-term maturities, and the trajectory of operating leverage as scale improves.