Artemis Medicare’s shares up 2% on strong quarterly results

Artemis Medicare’s quarterly net profit rose 18 percent YoY to Rs 9.8 crore, while its revenue increased 25.3 percent to Rs 209.5 crore. The operating profit (EBITDA) was up 35.4 percent to Rs 29.4 crore

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Artemis Medicare’s shares gained 2.3 percent on August 9 after the company reported a strong set of June quarter earnings.

At 12:21 pm, the stock was quoting at Rs 127.10.

Artemis Medicare‘s quarterly net profit rose 18 percent year-on-year (YoY) to Rs 9.8 crore, while revenue increased 25.3 percent to Rs 209.5 crore. The operating profit (EBITDA) was up 35.4 percent to Rs 29.4 crore. The company said its quarterly gross revenues and operating profit were the highest ever to date.

The average revenue per occupied bed (ARPOB) of the Artemis Hospital at Gurgaon increased from Rs 67,000 in the previous year to Rs 76,000. While the operating revenue from the hospital increased 20.1 percent YoY to Rs 19.29 crore. Patient footfall also rose by 10.7 percent from the previous year to 95,323. Bed capacity utilisation at the hospital stood at 68 percent as the hospital opened a new tower at the end of FY22.

The company plans to add a third tower, which is expected to get operationalised by early FY25, it said in a press release. The company added that they opened the first of the two hospitals in Mauritius under the O&M agreement. They have also started a new hospital in Gurgaon under the Artemis Lite Brand.