Global Health Ltd., the parent company of Hospital chain Medanta, has published its financial results for the March quarter where the company saw its profits grow five-fold annually.

For the quarter ended in March 2023, the company’s revenues for the quarter stood at Rs 703.42 crores, up 53% when compared to Rs 521 crores reported in the corresponding quarter last year. Other incomes more than doubled during the quarter as Total Income surged 37% to Rs 731.82 crores. Expenses did not grow in proportion with revenues as net profit stood at Rs 101 crores during the year.

For FY23, the total revenues grew 24% to Rs 2,694 crores while other incomes improved by 77% to 65 crores. Total income for FY23 grew 25% to Rs 2,759 crores. Expenses spiked significantly during the year as consultants’ fees grew the most: up 42% YoY! Material and employee costs and purchases were the highest expenses which grew 12% & 49% respectively.

Profit for the year came in at Rs 326 crores, up 66% when compared to Rs 196 crores reported in FY22.

According to disclosures, the company, which recently listed on the Indian bourses, has not utilized the funds it raised for debt repayment. Moreover, the company has also decided to set up a new hospital in Indore

The stock of Global Health closed at Rs 594.70 per share on Monday, up 0.8% today and up 48% since listing.