Medi Assist Healthcare Services Limited Reports Q4 & FY24 Results
Operating Revenue grew by 26%, Profit after tax* grew by 23% for FY24 y-o-y Board of Directors recommend final dividend of INR 4 per share
Bengaluru, 16th May 2024 : Medi Assist Healthcare Services Ltd. (“Medi Assist” / “Company”), is India’s leading health benefits administrator working with insurers, group/retail policyholders and beneficiaries of government schemes across in-patient and out-patient healthcare providers globally.
Operational Highlights: FY2024
Total Premium under Management (PUM) administered is INR 19,050 crores as on 31st March 2024, a growth of 30.7% y-o-y
o Group PUM is INR 16,709 crs, a growth of 30.4% y-o-y
o Retail PUM is INR 2,341 crs, a growth of 33.2% y-o-y
Market share of health insurance premiums (Group + Retail) is 19.6%, a growth of 186 bps y-o-y
o Group segment is 30.4%, a growth of 229bps y-o-y
o Retail segment is 5.5%, a growth of 50bps y-o-y
Business Highlights: FY2024
Maintained retention of Group accounts at 94.7% for Medi Assist
Processed 3.6mn+ out-patient (“OP”) claims and improved cashless utilization in OP
Technology Highlights: FY2024
Emerged as the leaders for NHCX integration and successfully completed all use cases for multiple insurers
Won ‘Best use of AI in healthcare’ award for proprietary Fraud Detection Engine (FDE); continue
to invest in preventing Fraud, Waste & Abuse (FWA) towards delivering savings to the ecosystem
Building an in-house team of data scientists towards better data security, analytics and use cases for all stakeholders
Financial Highlights: Q4 – FY24
Total Income is INR 171.1 crores, a growth of 22.9% over the corresponding quarter of the previous year
Revenue from contracts with customers excluding other income (“Operating Revenue”) is
INR 166.8 crores, a growth of 22.6% over the corresponding quarter of the previous year
Revenue from contracts with customers included:
o 11.4% from Government business
o 5.2% from International benefits business
EBITDA excluding Other Income (“Operating EBITDA”) is INR 37.0 crores
o a growth 20.7% y-o-y over the corresponding quarter of the previous year
o a margin of 22.2% on Operating Revenue
Profit after tax is INR 25.7 cr, at 15% Margin on Total Income
o a growth of 50.6% y-o-y over the corresponding quarter of the previous year
o a margin improvement of 277bps y-o-y
Financial Highlights: 2024
Total Income is INR 653.1 crores, a growth of 25.8% over the previous year
Revenue from contracts with customers excluding other income (“Operating Revenue”) is
INR 634.7 crores, a growth of 25.7% over the previous year
Revenue from contracts with customers included:
o 10.1% from Government business
o 5.8% from international benefits business
EBITDA excluding Other Income (“Operating EBITDA”) is INR 133.3 crores
o a growth of 11.7% y-o-y over the previous year
o a margin of 21.0% on Operating Revenue
Profit for the period (adjusting for exceptional item) is INR 92.3 cr
o a growth of 22.6% over the previous year
o a margin of 14.1% on Total Income
Key Balance sheet and operating metrics for FY24 are as follows:
o Net cash balance in the books is INR 245 cr
o Net Worth is INR 481 cr, Return on Net Worth is 19.2%
o Return on Capital employed is 20.4%
o Revenue per average headcount (on non-government contracts) is INR 1.38mn
Satish Gidugu, CEO, said, “Medi Assist has delivered another year of strong growth, with a 3 year revenue CAGR of over 25%, backed by the trust we continue to enjoy from our customers. Our organic growth clubbed with successful integration of acquisitions stand testament to our performance.”
About Medi Assist Healthcare Services –
Medi Assist Healthcare Services provides third party administration services to insurance companies through its wholly owned subsidiaries, Medi Assist TPA and Raksha TPA (from 25th August 2023). As a third party administrator, the Company acts as a facilitator between (a) insurance companies and their policyholders, (b) insurance companies and healthcare providers (such as hospitals), and (c) the Government and beneficiaries of public health schemes. The Company also facilitates other healthcare and ancillary services such as hospitalization services, call centre services, customer relations and contract management services, billing services and claims processing services through our Company and our other Subsidiaries. Medi Assist is listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
