BLUEJET · Healthcare
Blue Jet Healthcare Ltd. reported revenue of ₹208 cr for July to September 2024, +14.9% on the year and +27.6% on the quarter. It is the highest quarterly revenue in the last 6 quarters on record.
Operating profit (EBITDA) was ₹69.0 cr, a margin of 33.2%, −163 bps on the year and +618 bps on the quarter. Over the last 6 quarters the margin has ranged from 27.0% to 34.8%, averaging 31.6%. Operating costs grew +17.8%, faster than revenue at +14.9%, so operating profit grew less than sales.
Net profit was ₹58.0 cr, +20.8% on the year and +52.6% on the quarter, with earnings per share of ₹3.36. Profit before other income, one-offs and tax grew 16.1%, so 5 points of the headline growth came from outside the core business. The tax rate of 24% is in line with its recent average.
On earnings per share of ₹9.68 over the last four quarters, the stock at ₹518.95 trades at 53.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Depreciation fell while the business grew. Were asset lives changed?
Depreciation ₹5.0 cr, −16.7% on the year.
Source: Quarterly statements
Operating margin slipped on the year.
EBITDA margin 33.2%, −163 bps on the year (+618 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Finance cost rising, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹181 cr | ₹167 cr | ₹184 cr | ₹163 cr | ₹208 cr | ₹318 cr | ₹340 cr | ₹355 cr | ₹165 cr | ₹192 cr | ₹235 cr | ₹293 cr |
| YoY | — | — | — | −9% | +15% | +90% | +85% | +118% | −21% | −40% | −31% | −17% |
| EBITDA margin | 34.8% | 32.9% | 28.8% | 27.0% | 33.2% | 39.0% | 41.2% | 34.1% | 33.3% | 24.5% | 30.2% | 33.4% |
| Other income, % of PBT | 13% | −7% | 17% | 18% | 16% | 10% | 8% | 7% | 35% | 24% | 26% | 14% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 27% | 27% | 24% | 24% | 25% | 25% | 26% | 24% | 25% | 26% | 26% |
| Net profit | ₹48.0 cr | ₹32.0 cr | ₹40.0 cr | ₹38.0 cr | ₹58.0 cr | ₹99.0 cr | ₹110 cr | ₹91.0 cr | ₹52.0 cr | ₹40.0 cr | ₹64.0 cr | ₹78.0 cr |
| YoY | — | — | — | −14% | +21% | +209% | +175% | +139% | −10% | −60% | −42% | −14% |
| Core profit YoY | — | — | — | −25% | +16% | +153% | +200% | +188% | −31% | −66% | −53% | −21% |
| EPS | ₹2.76 | ₹1.85 | ₹2.29 | ₹2.18 | ₹3.36 | ₹5.71 | ₹6.35 | ₹5.26 | ₹3.01 | ₹2.32 | ₹3.71 | ₹4.51 |
| Flags | · | · | · | 1 | 1 | 2 | 1 | ✓ | 1 | 1 | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Blue Jet Healthcare Ltd. reported revenue of ₹208 cr (+14.9% on the year) and net profit of ₹58.0 cr (+20.8% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved +16.1% on the year, against +20.8% for reported profit.
1 check raised a question: Depreciation fell while the business grew. Were asset lives changed?
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