HealthCare Global Enterprises Ltd. reports Q4 & FY24 results

Bengaluru, 30th May, 2024: HealthCare Global Enterprises Limited (“HCG”), the leader in India in speciality healthcare services focused on oncology and fertility today announced its audited financial results for the quarter (“Q4”) and full year ended FY24.

Highlights for quarter ended March 31st, 2024

  • Consolidated Income from Operations (“Revenue”) was INR 4,946 mn as compared to INR 4,417 mn in the corresponding quarter of the previous year, reflecting a year-on-year growth of 12%
  • Consolidated Profit Before Depreciation and Amortization, Finance Costs, Exceptional Items and Taxes (“Adjusted EBITDA”) was INR 941 mn, as compared to INR 778 mn in the corresponding quarter of the previous yeara growth of 21% year-on-year
  • Consolidated Profit Before Other Income, Depreciation and Amortization, Finance Costs, Exceptional Items and Taxes (“Reported EBITDA”), was INR 920 mn, as compared to INR 763 mn in the corresponding quarter of the previous year, a growth of 21% year-on-year
  • EBITDA for Established centers was INR 844 mn, a growth of 9% year-on-year
  • EBITDA from Emerging centers was INR 176 mn, as compared to INR 81 mn in the corresponding quarter of the previous year, a growth of 117%
  • Consolidated Profit after Taxes and Minority Interest (“PAT”) of INR 213 mn, as compared to INR 84 mn in the corresponding quarter of the previous year, growing by 154% year-on-year

INR million except earnings per share

Period ended Mar’24 Q4-FY24 Q4-FY23(1) Growth
Income from Operations 4,946   4,417   12%
Adjusted EBITDA(2) 941   778   21%
Margin (%) 19.0%   17.6%  
Reported EBITDA 920   763   21%
Margin (%) 18.6%   17.3%  
PBT 282   131   115%
PBT margin % 5.7%   3.0%  
PAT (3) 213   84   154%
PAT margin % 4.3%   1.9%  
Earnings per share (EPS) 1.5   0.6    



(1)      Q4 FY23 includes Revenue & EBITDA from discontinued MSR operations, adjusted Revenue growth stands at 14% &

EBITDA growth stands at 23%

(2)      Adjusted EBITDA excluding ESOPs and Onetime Expense

(3)      PAT after Minority Interest

Business Updates for Q4 FY24

  • Overall ARPOB stood at Rs. 41,802 vs. Rs. 38,042 in Q4 FY23, a growth of 10%
  • Overall AOR stood at 64.2% vs. 65.4% in Q4 FY23
  • RoCE (Q4FY24 Annualized)
  • RoCE for Established centers stood at 20.6% vs. 20.9% in FY23. RoCE pre-corporate allocations stands at 25.0%
  • RoCE for Emerging centers stood at -2.9% vs. -4.9% in FY23. RoCE pre-corporate allocations stands at -0.8%
  • Several regions delivered high double-digit revenue growth on yearly basis
  • Markets like South Mumbai and Kolkata grew by 37% and 20% YoY respectively
  • Nagpur, Baroda & Vizag grew by 48%, 26% and 23% YoY respectively

Commenting on the results, Dr. B.S. Ajaikumar, Executive Chairman, HealthCare Global Enterprises Ltd. said,

“We experience a deep sense of fulfilment to report a consistent benchmark-beating performance across all fronts for the quarter and the fiscal year ending FY24. Year after year, HCG has achieved sustainable cancer care outcomes comparable to premier centers in the world, thanks to our unique value-based care model and focused factory approach providing patients with the right treatment at the right time, using best in class talent, knowledge, technology, and infrastructure.

Given the mounting incidence of cancer in recent years, India has prudently enhanced its cancer diagnosis and treatment processes in the guiding light of visionary crusaders like HCG. We prioritize a deep engagement in academics and research alongside an unflinching focus on patient outcomes. In the past year, we have made significant triumphs, including the successful completion if comprehensive genomic profiling for over 1,000 cancer patients, executing complex surgeries, and launching our all-in-one mobile application, among other feats.

Our extensive presence in 18 regions across nine states, with one-third of our centers located in tier-II and tier-III cities, underscores our sterling commitment of providing affordable and quality cancer care for every cancer patient across India. Our ability and agility to build heartfelt relationships with patients is built on a rock-solid foundation of compassion and trust, which truly sets us apart in this crucial sector. As we get ready to lock horns with new challenges and keep pace with the evolving paradigms of tomorrow, we earnestly resolve to make a bigger difference in the lives of patients, our most valued stakeholders.”

 Mr. Raj Gore, CEO HealthCare Global Enterprises Ltd., added, “We are delighted to report that our revenues grew by 12% for Q4FY24 on Y-o-Y basis. Our Adjusted EBIDTA (excl. ESOP cost) for Q4FY24 stood at Rs. 94 crs, a growth of 21% Y-o-Y, with margins standing at 19.0%, an increase of 140 bps compared to the same period last year.

Over the year, we have taken multiple steps to enhance our operations and improve our profitability. After consistently achieving organic growth for 3-4 years, we’re now poised to expedite HCG’s expansion through strategic acquisitions. In addition to our expansion efforts in Indore, we are committed to further strengthening our presence in Bangalore. We are currently in the process of establishing two hospitals with 125 beds in North Bangalore and White field area, slated to be operational within the next 12 to 15 months. These state-of-the-art facilities will enhance our capacity to cater to the growing cancer care needs of the region.

Alongside, to enhance the patient experience and streamline access to healthcare services, we have introduced the ‘HCG CARE’ smart app suite. This innovative platform provides patients with seamless access to their medical records and treatment information with just one click. The app would also help us consistently engage with patients post treatments, to continue monitor adherence to treatment and follow up to improve outcome. Already, the app has benefited over 56,000 outpatients, with active participation from 300 consulting doctors on the digital platform. Our patient-centric vision continues to guide us in making a meaningful difference in the lives of those we serve by redefining healthcare through global innovation. We pledge to uphold our commitment to “Adding Life to Years” in the coming financial years as well.”