Thursday, Feb 22 2024 | Time 19:32 Hrs(IST)
Business Economy

KIMS Q2 revenue up 37 pc to Rs 564.1 crore in current fiscal

Hyderabad, Nov 12 (UNI) Krishna Institute of Medical Sciences Limited (“KIMS Hospitals”) on Saturday a 37 per cent increase in consolidated revenue from operations to Rs 564.1 crores for the second quarter ended September 30,2022 against Rs 411.7 crore in the corresponding period of the previous year.
From September 2, 2022, M/s SPANV Medisearch Lifesciences Private Limited (“Kingsway Hospital, Nagpur”) has become a subsidiary of KIMS Hospitals, post-acquisition of a 51 per cent stake.
It will be the first operating hospital of the group outside Telangana and Andhra Pradesh.
Consolidated Adjusted EBITDA (Excluding Other Income, INDAS adjustments, and an old case of Luxury Tax payment) grew by 14.5 percent on a QoQ basis to Rs. 150.2 crore, Ex Nagpur grew by 13.4 per cent to Rs. 148.8 crore, Hyderabad KIMS hospitals said in a statement here..
Consolidated Adjusted EBITDA Margin stands at 26.6 per cent, Ex Nagpur stands at 27.1 per cent (QoQ improvement of 0.6%).
The group continues to have a very strong balance sheet along with healthy operating cash flow and has built a strong financial foundation for the next phase of growth, it said.
During H1 FY 23, the company has added 951 beds (Sunshine: 602 beds, Nagpur: 334 Beds, Rajahmundry: 15 Beds).
Projects undertaken at Nashik (Greenfield project) and Bangalore (Semi Brownfield) is progressing well and expected to be operational by March 24.
All operational parameters (IP, OP volume, ARPOB) have shown improvements at the group level on a YoY basis, the statement said.
Commenting on the performance, Dr. B. Bhaskara Rao, Chairman & Managing Director said: It has been a very productive quarter for us. We set foot in Nagpur with the acquisition of Kingsway Hospitals (renamed now as KIMS-Kingsway Hospitals). Our continuous commitment to provide the best medical technology to our patients saw us acquire 2 advanced robotic machines for Orthopedics, a state of the art OCT machine and a Cardiac laser for the benefit of Cardiac patients and an EVIS X1 endoscopy unit with AI for Gastroenterology Centre.
We are confident that we will be able to meet the expectations set for FY 23. We now have a strength of over 1600 doctors, he added.
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