MEDANTA · Healthcare
Global Health Ltd. reported revenue of ₹943 cr for October to December 2024, +12.8% on the year and −1.5% on the quarter.
Operating profit (EBITDA) was ₹238 cr, a margin of 25.2%, −60 bps on the year and +141 bps on the quarter. Over the last 7 quarters the margin has ranged from 21.6% to 25.8%, averaging 23.9%. Operating costs grew +13.7%, faster than revenue at +12.8%, so operating profit grew less than sales.
Net profit was ₹143 cr, +15.3% on the year and +9.2% on the quarter, with earnings per share of ₹5.32. Profit before other income, one-offs and tax grew 12.3%, so the profit growth came from the business itself. The tax rate of 24% is in line with its recent average.
A hospital chain grows by filling beds and lifting revenue per bed. New hospitals dilute margins in their first years, so a margin dip during expansion is not on its own a sign of weakness. The quarterly statements do not carry occupancy, revenue per occupied bed and new beds added; those come with the filing read.
On earnings per share of ₹18.89 over the last four quarters, the stock at ₹1,427.10 trades at 75.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, 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.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹836 cr | ₹809 cr | ₹861 cr | ₹957 cr | ₹943 cr | ₹931 cr | ₹1,031 cr | ₹1,099 cr | ₹1,121 cr | ₹1,159 cr | ₹1,304 cr | ₹1,469 cr |
| YoY | — | — | +10% | +13% | +13% | +15% | +20% | +15% | +19% | +24% | +26% | +34% |
| EBITDA margin | 25.8% | 22.1% | 21.6% | 23.8% | 25.2% | 24.2% | 24.0% | 21.0% | 19.4% | 21.1% | 22.0% | 25.2% |
| Other income, % of PBT | 10% | 19% | 15% | 10% | 8% | −20% | 10% | 10% | −13% | 20% | 10% | 8% |
| Exceptional items | — | — | — | — | — | — | — | ₹16.0 cr | — | — | — | — |
| Tax rate | 28% | 11% | 26% | 28% | 24% | 24% | 24% | 21% | 21% | 24% | 26% | 26% |
| Net profit | ₹124 cr | ₹127 cr | ₹106 cr | ₹131 cr | ₹143 cr | ₹101 cr | ₹159 cr | ₹158 cr | ₹95.0 cr | ₹142 cr | ₹157 cr | ₹219 cr |
| YoY | — | — | +4% | +5% | +15% | −20% | +50% | +21% | −34% | +41% | −1% | +38% |
| Core profit YoY | — | — | −3% | +9% | +12% | +38% | +54% | +1% | −22% | −6% | +2% | +65% |
| EPS | ₹4.61 | ₹4.74 | ₹3.96 | ₹4.87 | ₹5.32 | ₹3.78 | ₹5.92 | ₹5.89 | ₹3.54 | ₹5.36 | ₹5.91 | ₹8.21 |
| Flags | · | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | 1 | 2 | ✓ | ✓ |
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.
Global Health Ltd. reported revenue of ₹943 cr (+12.8% on the year) and net profit of ₹143 cr (+15.3% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +12.3% on the year, against +15.3% for reported profit.
None of the 7 checks that could run raised a question.
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