Medi Assist Healthcare Services’ Q4 PAT jumps 51%, operating revenue rises 23%

Revenue from operations rose 23% YoY to ₹166.8 crore during the quarter while operating earnings before interest, tax, depreciation, and amortisation (EBITDA) grew 21% to ₹37 crore.

For the fiscal year 2024, revenue from operations grew 26% to ₹634.7 crore while operating EBITDA rose 12% to ₹133.3 crore. Net profit, excluding exceptional items, grew 23% to ₹92.3 crore during the year. The total premium under management (PUM) administered stood at ₹19,050 crore as of March 31, 2024, registering a growth of 30.7% YoY.

The firm’s market share of health insurance premiums (Group + Retail) stood at 19.6%, recording a growth of 186 basis points YoY.

The company’s net cash balance in the books stood at ₹245 crore and its revenue per average headcount on non-government contracts came in at ₹13.8 lakh.

Satish Gidugu, chief executive officer at Medi Assist Healthcare Services, said the firm has delivered another year of strong growth, with a 3-year revenue compounded annual growth rate (CAGR) of over 25%.

The board of directors has declared a final dividend of ₹4 per equity share. The board has also approved the appointment of Sandeep Daga as the chief financial officer of the firm with effect from May 17, 2024. Daga will replace Mathew George.

Medi Assist Healthcare Services is a health benefits administrator working with insurers, group/retail policyholders and beneficiaries of government schemes across in-patient and out-patient healthcare providers globally. The company also facilitates other healthcare and ancillary services such as hospitalisation services, call centre services, customer relations and contract management services, billing services and claims processing services.

The company came out with its initial public offering (IPO) in January 2024. Since then, shares of the firm have gained over 7%.