Narayana Hrudayalaya Q1 net profit slips 36% to Rs 11 crore

Mumbai: Narayana Hrudayalaya Ltd reported a 36 per cent decline in net profit at Rs 10.9 crore in the first quarter ended June 30 from Rs 17.2 crore in the same period last year.

The net profit after minority interest and share of loss in associates stood at Rs 10.9 crore as compared to Rs 17.2 crore in Q1 FY17, the healthcare service provider said in a release here.

Consolidated total operating income was Rs 521.1 crore in Q1 FY18 as against Rs 452 crore in Q1 FY17, reflecting an increase of 15.3 per cent. Consolidated EBITDA stood at Rs 55.6 crore, reflecting a margin of 10.7 per cent as against Rs 55.9 crore in Q1 FY17, the release said.

As on June 2017, the consolidated net debt was Rs 283.9 crore representing a net debt to equity ratio of 0.29.

The company has commissioned 207-bedded SRCC Narayana Hospital at Haji Ali in Mumbai which is a one-of-its kind paediatric facility. It has also acquired a near-complete 230- bedded hospital in Gurugram which is expected to be commissioned in the next seven months, it said.

"Our performance this quarter is in line with our expectation amidst the unpredictable and challenging regulatory environment whose effects we foresee to continue over the near to medium term.

"While there has been an impact due to curb on cardiac stent pricing along with commissioning of our new facility in Mumbai, we remain on-track to deliver affordable quality healthcare to all with our business model," said Narayana Hrudayalaya managing director Ashutosh Raghuvanshi.

"Overall, we believe that our long-term growth potential remains intact as Indian healthcare sector is undergoing a major overhaul providing us with plethora of opportunities," Raghuvanshi said.