HealthCare Global Enterprises Ltd. reports Q2 & H1 FY24 results

Revenue for Q2 FY24 of INR 4,869 Million, a growth of 15.9% (y-o-y) and 5.7% (q-o-q)

and for H1 FY24 of INR 9,476 Million, a growth of 14.4% (y-o-y)

EBITDA for Q2 FY24 of INR 864 Million, a growth of 13.8% (y-o-y) and 13.1% (q-o-q)

and EBITDA for H1 FY24 of INR 1,629 Million, a growth of 8.6% (y-o-y)

Bengaluru, 9th November, 2023: HealthCare Global Enterprises Limited (“HCG”), the leader in India in speciality healthcare services focused on oncology and fertility today announced its financial results for the quarter (“Q2”) and half year ended FY24.

Highlights for quarter ended September 30th, 2023
§ Consolidated Income from Operations (“Revenue”) was INR 4,869 mn as compared to INR 4,200 mn in the corresponding quarter of the previous year, reflecting a year-on-year growth of 15.9%

§ Consolidated Profit Before Depreciation and Amortization, Finance Costs, Exceptional Items and Taxes (“Adjusted EBITDA”) was INR 864 mn, as compared to INR 760 mn in the corresponding quarter of the previous year, a growth of 13.8% year-on-year

§ Consolidated Profit Before Other Income, Depreciation and Amortization, Finance Costs, Exceptional Items and Taxes (“Reported EBITDA”), was INR 846 mn, as compared to INR 747 mn in the corresponding quarter of the previous year, a growth of 13.3% year-on-year

§ EBITDA for Existing centers was INR 832 mn, a growth of 7% year-on-year

§ EBITDA from New centers was INR 122 mn, as compared to INR 99 mn in the corresponding quarter of the previous year, a growth of 23%

§ Consolidated Profit after Taxes and Minority Interest (“PAT”) of INR 136 mn, as compared to INR 74 mn in the corresponding quarter of the previous year, a growth of 83.9%

INR million except earnings per share

Period ended Mar’23




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Adjusted EBITDA(1)




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(1) Adjusted EBITDA excluding ESOPs

(2) PAT after Minority Interest

Business Updates for Q2 FY24
Overall ARPOB stood at Rs. 42,054 vs. Rs. 36,914 in Q2 FY23
Overall AOR stood at 63.6% vs. 66.4% in Q2 FY23
RoCE (Q2FY24 Annualized)
RoCE for Mature centers stood at 21.2% vs. 21.8% in Q2FY23. RoCE pre-corporate allocations stands at 25.5%
RoCE for Emerging centers stood at -3.9% vs. -4.3% in Q2FY23. RoCE pre-corporate allocations stands at -0.8%
Several regions delivered high double-digit revenue growth on yearly basis
Markets like Kolkata and Mumbai grew by 42% and 41% YoY respectively
Nagpur, Ranchi & Rajkot grew by 60%, 48% and 38% YoY respectively
Our International operations grew at a robust growth rate of 175% YoY
Added 3 New LINAC machines
Added 3 Robotics surgery machines in Mumbai, Kolkata & Baroda

Commenting on the results, Dr. B.S. Ajaikumar, Executive Chairman, HealthCare Global Enterprises Ltd.


“Our performance for the quarter is yet another testimony of our consistent strides in moving up the value chain of outcome-driven cancer care. Led by our unique approach to treatment, path breaking clinical excellence, and intelligent technology adoption, we have deepened our understanding of the essence and progression of cancer and how it affects every patient differently. During the year, HCG Cancer Hospital Bengaluru initiated a ground-breaking pilot study for head and neck cancer patients with Low Dose Immunotherapy towards providing a cost-effective and safer therapy option. This study has the potential to be a game-changer in the sphere of head and neck cancer treatment and reflects HCG’s commitment to advancing research and academia in India.

On the corporate front, our acquisition of SRJ CBCC Cancer Hospital in Indore is another cherished milestone in our expanding cancer care footprint across India. Through our unique hub and spoke model, we will continue to adopt a holistic approach to cancer care to continuously improve patient outcomes and quality of life.

Today, cancer is fast becoming a chronic disease, and a sea change has occurred in the manner in which we stage cancer, how we adopt a multi-disciplinary approach to cancer care, and how we apply genomics and molecular diagnostics in this era of precision medicine to provide the right treatment the first time. Understanding the genomic correlation of response and resistance is helping us stratify patients and avoid the perils of under/over treatment.”

Mr. Raj Gore, CEO HealthCare Global Enterprises Ltd., added, “HCG’s unwavering commitment to expand patient outreach, bolstering capacity, and maximizing utilization, has resulted in remarkable performance for the 2nd quarter of fiscal year 2024. Our revenues witnessed a 16% growth on a year-on-year and stood at Rs. 486 crores. Additionally, our EBIDTA (excluding ESOP cost) amounted to Rs. 86 crores an increase of 14% Y-o-Y with margins standing at 17.8%.

We have embarked on our inorganic journey in the quarter gone by. After successful consummation of Nagpur and Indore hospital acquisition, we have initiated the process of integrating systems, processes & operations to be carried out the HCG way in these hospitals with an objective to enhance and extend our cancer care services throughout the state of Madhya Pradesh, meeting the urgent need for comprehensive, high-quality healthcare in the region.

We are optimistic of revenue uptick and margin expansion on the back of operational efficiencies, synergies and patient volume uptick on account of the promise brand HCG carries for cancer care across the country.

As we look forward, our vision extends beyond mere treatment; it’s about rewriting the narrative of cancer, making quality care accessible to all, irrespective of the challenges they face.”

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