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.