HCG Q3FY24 results: Net profit down 24%, revenue jumps 11%
Healthcare Global Enterprises Limited (HCG) announced its unaudited financial results for the third quarter and nine months of the financial year 2024.
Revenue was Rs 4699 million in Q3FY24, an increase of 11 percent from Q3FY23.
PAT was Rs 57 million in Q3FY24, a decrease of 24 percent from Q3FY23.
EBITDA was Rs 826 million in Q3FY24, an increase of 7 percent from Q3FY23.
“India is at the cusp of significant demographic change leading to doubling of population aged over 60 years by 2050. Cancer incidence is expected to increase by 77% during this period. HCG, with its network of 22 Cancer Centers and expansion plans is poised to play a dominant role in serving the diagnostic and treatment needs of the forecasted demand,” said Dr B.S. Ajaikumar, Executive Chairman, Health Care Global Enterprises Ltd.
“HCG’s performance for the quarter serves as evidence of its progress in advancing towards focused cancer care, where research and collaboration are the key drivers for improving patient outcomes. By leveraging these unique value propositions, we can provide targeted treatments such as adaptive radiotherapy and immunotherapy to our patients. Moreover, our integration of technology into patient care processes, including computational work and Al platforms, allows us to continuously be on the leading edge of the change, creating a differential in the way cancer has evolved.”
He said they have always embraced technology and innovation to be at the forefront of advancement in cancer care. “We have consistently adopted cutting-edge solutions to ensure that we provide the highest quality healthcare to our patients. Our ability to deeply connect with patients is built on a foundation of compassion and trust that is unmatched, which is what truly sets HCG apart from others in our field. We remain committed to continue making a meaningful difference in the lives of those we serve in making Cancer a chronic disease,” he said.
Raj Gore, CEO, HealthCare Global Enterprise, said the quarter performance showcased a standout 15% growth in ARPOB, a significant turnaround in Kolkata with over 50% growth, a commendable 17% growth in Mumbai, and revenue mix improvement due to the radiation business growth.
“The EBITDA in the quarter was driven by improved contribution margins, albeit partially offset by reduced operating leverage due to the festival impact in Q3. Recent acquisitions in Nagpur and Indore have progressed in line with our plan and are rightly placed to consolidate our position. Additionally, I am happy to Introduce our cancer care app “ HCG Care”—a one-stop solution for patients to navigate seamlessly from consultation to second opinions, diagnostics, pharmacy needs, homecare support, and post-discharge follow-ups, ensuring a smooth and personalized journey,” he said.
He said they are confident of offering quality healthcare to our patients through integrated physical and digital health systems accompanied by advanced technology and research and more importantly make quality healthcare accessible to all.”
MB Bureau
