Executive Summary
Asarfi Hospital Ltd reported a robust QQ4 2024, underscoring a clear revenue upcycle and favorable margin structure in a growing Indian healthcare market. Revenue for the quarter was INR 328.9 million, up 49.2% year over year, with gross profit of INR 257.1 million and a gross margin of 78.2%. EBITDA stood at INR 78.48 million, yielding an EBITDA margin of 23.9%, while operating income reached INR 39.05 million (operating margin 11.9%). Net income was INR 26.85 million, translating to a net margin of 8.16% and basic EPS of INR 1.36.
From a cash-flow perspective, the company generated INR 4.16 million of operating cash flow and reported free cash flow of INR 3.37 million. Capital expenditure was modest at INR -0.79 million, suggesting early-stage capacity/digital investments are being absorbed without compromising liquidity. The balance sheet shows a total asset base of INR 1.541 billion against liabilities of INR 0.837 billion and shareholders’ equity of INR 0.704 billion. Net debt stood at INR 143.17 million, with a healthy cash balance of INR 175.96 million, supporting liquidity headroom. Financing activities were cash outflows mainly from debt repayments and a modest share repurchase (INR -17.51 million), contributing to a net cash outflow of INR 22.38 million in the period.
Overall, QQ4 2024 demonstrates credible top-line momentum and healthy profitability metrics, underpinned by solid gross margins and controlled operating costs. The primary questions for investors relate to sustaining patient volumes, managing cost inflation, and the trajectory of capex and financing activities as the company scales. Management commentary (where available) would be critical to assess cadence of expansion, payer mix evolution, and any near-term capex plans that could influence cash flow dynamics and leverage.
Key Performance Indicators
Key Insights
Revenue: INR 328.90 million in Q4 2024, YoY growth 49.22%, QoQ 0.00%. Gross Profit: INR 257.09 million; Gross Margin: 78.17%. EBITDA: INR 78.48 million; EBITDA Margin: 23.86%. Operating Income: INR 39.05 million; Operating Margin: 11.87%. Net Income: INR 26.85 million; Net Margin: 8.16%. EPS: INR 1.36; Diluted EPS: INR 1.36; Weighted Avg Shares: 19.741 million. Cash Flow: Net cash provided by operating activities INR 4.16 million; Capex INR -0.79 million; Free Cash Flow INR 3.37 million. Financi...
Financial Highlights
Revenue: INR 328.90 million in Q4 2024, YoY growth 49.22%, QoQ 0.00%. Gross Profit: INR 257.09 million; Gross Margin: 78.17%. EBITDA: INR 78.48 million; EBITDA Margin: 23.86%. Operating Income: INR 39.05 million; Operating Margin: 11.87%. Net Income: INR 26.85 million; Net Margin: 8.16%. EPS: INR 1.36; Diluted EPS: INR 1.36; Weighted Avg Shares: 19.741 million. Cash Flow: Net cash provided by operating activities INR 4.16 million; Capex INR -0.79 million; Free Cash Flow INR 3.37 million. Financing: Net cash used in financing activities INR -24.83 million; Share repurchases INR -17.51 million. Balance Sheet: Total assets INR 1.541 billion; Total liabilities INR 0.837 billion; Stockholders’ equity INR 0.704 billion. Net debt INR 143.17 million; Cash and cash equivalents INR 175.96 million. Current ratio ~1.13 (Current assets INR 467.52 million vs. current liabilities INR 414.80 million).
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
328.90M |
49.22% |
0.00% |
| Gross Profit |
257.09M |
100.52% |
0.00% |
| Operating Income |
39.05M |
119.27% |
0.00% |
| Net Income |
26.85M |
156.55% |
0.00% |
| EPS |
1.36 |
216.28% |
0.00% |
Management Commentary
Transcript not provided in the input data. Unable to extract management quotes or transcript themes for QQ4 2024. If you can share the earnings call transcript, I will extract key themes (strategy, operations, market conditions) and provide quote-based highlights.
Transcript data not provided.
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Transcript data not provided.
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Forward Guidance
Management did not publish explicit forward-looking guidance in the provided data. Inferences from the QQ4 2024 results suggest reliance on topline momentum and margin resilience. Investors should monitor: (1) sustainability of revenue growth drivers (patient volumes, occupancy, service mix, and medicinal sales uplift), (2) cadence of cost containment and any inflationary pressures on operating expenses, (3) capex plans and their impact on free cash flow, and (4) financing/tax implications affecting net debt trajectory. Given the current net debt position and financing outflows in QQ4 2024, the company’s ability to fund growth without pressuring liquidity will be a key watch item. Consider downside risk if volumes decelerate or if regulatory/payer dynamics tighten reimbursement. Potential upside if expansion drives occupancy and ancillary revenue (pharmacy/services) meaningfully improve.