HYDERABAD, OCTOBER 30, 2023 (GPN): Rainbow Children’s Medicare Limited (RCML), India’s leading pediatric multi-specialty and perinatal care hospital chain, announced its financial results for the second quarter and the first half ended September 30, 2023.

The company recorded its highest ever Revenue and EBIDTA, despite a delayed onset of the monsoon and overall deficit in seasonal rainfall, showcasing robust progress in operational performance.

The current quarter, Q2 FY24, differs significantly from the same period last year due to the distinctive circumstances of Q2 FY23. In Q2 FY23, which marked the first year of post-COVID-19 normalcy, many children experienced acute pneumonia as they transitioned out of a protective environment after approximately two years. In that context, the current quarter has demonstrated a noteworthy level of resilience, which the company believes is likely to be more sustainable in the long term.

The company is happy to share that the newly established branch in Hyderabad’s Financial District has garnered substantial interest and is progressing in accordance with expectations.

In terms of clinical excellence, RCML is delighted to announce that OMR Hospital in Chennai has achieved NABH accreditation within first year of commencing its operations.

The coming five months of the current financial year are set to be a period of heightened activity for the company, as it is preparing to commission three new hospitals and an additional block at an existing hospital during this time.

Financials and operational highlights are as follows:

Financial Highlights:

Operational Highlights:

Key Developments
• The company received NABH accreditation for OMR Hospital, Chennai which commenced operations in Sep last year.
• Project Status update:
o A new outpatient block which includes modern IVF infrastructure adjoining the LB Nagar spoke hospital,
Hyderabad commenced operations recently.
o The new hospital in Hyderabad central city, at Himayat Nagar with 60 beds is ready to commence operations in Q3 FY24.
o The expansion for an additional block in Hydernagar with 50 beds in addition to the existing 110 beds is nearing
completion. It is expected to commence operations in Q3 FY24.
o  New hospitals in Anna Nagar, Chennai (~80 beds) and Sarjapur, Bangalore (~80 beds) are in the final stages of development and are expected to commence operations in Q4 FY24.
o Development of the spoke hospital at Hennur, Bangalore (~60 beds) and the regional spoke hospital at
Rajahmundry (~100 beds) is progressing well and will be completed in the next 15-18 months.
• In the last quarter, the company completed 100% payment to HSVP (Haryana Shahri Vikas Pradhikaran) and received allotment letters for 2 land parcels in Gurgaon in Sector 44 and Sector 56 respectively. The company is working with the government agencies to take possession of these land parcels.
• The company remainsfocused on growing opportunities in medical tourism, having recently signed a MOU with the Government of Tanzania on health cooperation. The company expects significant patients to come to Rainbow Hospitals for treatment under Pediatric super specialty care, especially in the areas of Pediatric cardiac surgery, Pediatric neuro surgery, Pediatric Transplants – Liver and BMTs and complex pediatric surgeries.
• The Company continued to have strong balance sheet and have cash & cash equivalent, fixed deposits and mutual fund investments aggregating to Rs. 4,719 Mn. as of September 30, 2023, which will be deployed for the ongoing
capex plan of the company. Based on the present cash flow and expected internal accrual in the coming years, we expect to complete all the planned capex with internal accruals and balance IPO funds. During the quarter,
company has spent Rs. 555 Mn. for the capex.

Commenting on the performance for Q2 FY2024 Dr. Ramesh Kancharla, Chairman & Managing Director, Rainbow Children’s Medicare Limited (RCML) said, “I’m delighted to announce that our company has showcased a strong performance this quarter. The revenues for Q2 FY24 was Rs. 3,326.8 mn, which is a growth of 6.3% compared to Rs. 3,130.5 mn in Q2 FY23. The EBIDTA for Q2 FY24 was Rs.
1,175.6 mn, which is a growth of 7.3% compared to Rs. 1,095.2 mn in Q2 FY23 and the PAT for Q2 FY24 was Rs. 631.6 mn, which is a growth of 2.7% compared to Rs. 615.1 mn in Q2 FY23.
This quarter’s impressive performance is a testament to our combined efforts and adaptability. We’ve managed to adapt to normalcy while maintaining our commitment to delivering unparalleled value to our patients. We remain dedicated to the timely execution and initiation of our projects.
The company continues its unwavering dedication to its mission: to provide outstanding multi-disciplinary pediatric and perinatal care. We are constantly refining our services to serve our patients.” Ends