GPT Healthcare Limited
Financial Performance Highlights
Q2 FY27 Performance:
- Revenue from operations: ₹135.6 crores, representing 14.1% year-on-year growth
- EBITDA: ₹29.8 crores, growing 23.9% year-on-year
- EBITDA margin: 21.5% (expanded 150 basis points from 20.0% in Q2 FY26)
- Profit after tax: ₹15.4 crores, increasing 45.2% year-on-year
- PAT margin: 11.1% (expanded 230 basis points)
H1 FY27 Performance:
- Revenue from operations: ₹261.8 crores, representing 15.8% year-on-year growth
- EBITDA: ₹56.0 crores, growing 30.3% year-on-year
- EBITDA margin: 21.0% (expanded 221 basis points from 18.8% in H1 FY26)
- Profit after tax: ₹28.1 crores, increasing 53.9% year-on-year
- PAT margin: 10.5% (expanded 256 basis points)
Operational Metrics
Q2 FY27 Operational Performance:
- Average Revenue Per Occupied Bed (ARPOB): ₹40,721 (7.1% year-on-year growth)
- Network occupancy: 50.3% (compared to 47.4% in Q2 FY26)
- Mature hospitals occupancy (excluding Raipur): 59.8%
H1 FY27 Operational Performance:
- ARPOB: ₹41,490
- Network occupancy: 47.9% (compared to 44.7% in H1 FY26)
- Mature hospitals occupancy (excluding Raipur): 56.7%
Hospital-wise Performance Breakdown
ILS Salt Lake:
- H1 occupancy: 65.4%
- ARPOB: ₹43,284 (highest in network)
- Year-on-year growth: 12%
- Completed 850+ robotic surgeries
ILS Dum Dum:
- H1 revenue: ₹84.8 crores (largest network contributor)
- Occupancy: 69.4%
- ARPOB: ₹43,086
- Commenced cardiothoracic and vascular surgery unit
- Nephrology department contribution reduced to <15% from previous 30%
ILS Agartala:
- Year-on-year growth: 8.1% in H1 FY27
- ARPOB: ₹40,254
- Oncology program: 3,200+ radiation therapy procedures, 1,000+ PET scans
ILS Howrah:
- Revenue growth: 25% year-on-year in H1 FY27
- Occupancy: 45.8%
- Strengthened orthopedic capabilities with MAKO robotic knee surgery system
- Nearing 100 robotic procedures milestone
ILS Raipur (New Facility):
- Achieved NABH accreditation in first year
- Performed first TAVI procedure and liver transplant in Q2 FY27
- Completed 11 renal transplants in under one year
- Q2 FY27 losses: Approximately ₹9 crores
- H1 FY27 losses: ₹6.5 crores (in line with expectations)
Expansion and Capital Allocation
Jamshedpur Project:
- 155-bed tertiary care hospital
- Expected commissioning: March-April 2027
- Lease expense: Approximately ₹4 crores per year (similar to Raipur)
- Expected FY28 EBITDA loss: Approximately ₹10 crores
Brownfield Expansion Capacity:
- Agartala: Capability to add 100 beds
- Raipur: Capability to add 100 beds
Capital Structure and Liquidity
- Cash and equivalents: ₹45 crores in mutual funds
- Total borrowings: ₹35 crores
- Target ROE and ROCE: Approximately 25%
Management Guidance and Outlook
- FY27 growth target: 15-16% year-on-year
- Raipur breakeven timeline: Revised to Q1 FY28 (previously Q3 FY27) due to clinical talent attrition
- Raipur target breakeven occupancy: 35%
- Expansion strategy: Evaluating opportunities in Eastern India, both greenfield and acquisition
Q&A Session Key Points
Raipur Operations:
- Clinical talent attrition occurred due to new competition (Artemis hospital entry)
- Insurance empanelment: 70% completed, working on remaining providers
- Patient mix: Ayushman Bharat, corporate patients (SAIL, Coal India)
- Corporate ARPOB: Better than Ayushman rates, payment cycle within 90 days
Occupancy Targets:
- Optimal occupancy target: 70% across mature hospitals
- Maximum practical occupancy: 80% (difficult to exceed due to operational constraints)
- Current ALOS: Salt Lake (2.9-3 days), Dum Dum (4.3 days, reduced from 5.5)
International Patients:
- Bangladesh patient flow showing slow recovery
- Increased visa request letters indicating momentum improvement
Regulatory Environment:
- Monitoring Supreme Court judgment on trade margins for essential medicines (expected clarity in November 2nd week)
- Room rent capping discussions ongoing - service delivery comparable to Apollo/Fortis/Manipal with 10-15% discount
Oncology Segment:
- Current revenue contribution: 4%
- Expected stabilization: 10-15% in next 4 quarters