Max Healthcare says international patient volumes are back to pre-COVID levels

The international patient volumes are back to pre-COVID levels for Max Healthcare, said Chairman and MD Abhay Soi on Thursday, adding that the numbers are expected to grow further with Afghanistan, one of its main markets, coming back to normalcy.

“The international patient levels are back to pre-COVID levels. This is in spite of the fact that the main market for us, which is Afghanistan, hasn't come back to pre-COVID levels at present because a travel from that country has been limited and restricted because of geopolitical reasons... As soon as we see Afghanistan return to normalcy, you'll see this number going up even further," said Soi in an interview with CNBC-TV18.

Max Healthcare on Wednesday reported its first-quarter earnings with the consolidated net profit rising 12 percent year-on-year to Rs 229 crore from Rs 205 crore owing to normalisation of patient footfalls post COVID-19 and the annual revision of rates. Margins are steady around 26 percent.

Among the key highlights is the occupancy level, which has grown to 74 percent from 68 percent quarter-on-quarter, though down from 81 percent last year. Average revenue per occupied bed stands at Rs 66,000, up 28 percent YoY and 6 percent QoQ.

 

"Q1 FY23 performance reflects normalisation of revenues and operating EBITDA post Omicron wave in the previous quarter," Soi said in a statement.

On Prime Minister Narendra Modi's 'Heal in India' initiative, Max Healthcare said that the government is taking efforts to position India as a destination for global medical tourism.

"If we are getting this sort of support in creating the awareness and putting India as a preferred destination for medical tourism, then the sky is the limit," said Soi.

PM Modi is likely to announce the 'Heal in India' campaign on August 15, 75th Independence Day. Under this initiative, the government aims to take the medical tourism market to $15 billion over the next four years from $6 billion currently.

In June, the government chalked out a plan to augment the medical infrastructure in 17 cities that witness an inflow of many overseas patients for treatment and wellness therapies in order to boost medical travel as part of its ‘Heal in India’ initiative.

The health ministry is also working on easing medical visa norms and other requirements for patients as well as their companions from 44 countries that are identified based on the number of patients visiting India.

Max Healthcare stock closed 0.39 percent lower at Rs 370 per share on BSE.