Rainbow Children's Hospital's (RCML) Strong Performance Continues: Q1 Sees 21.1% YoY Growth

HYDERABAD, India, Aug. 10, 2023 /PRNewswire/ -- Rainbow Children's Medicare Limited (RCML), a leading multi-specialty pediatric and perinatal care hospital chain in India, announces its financial results for the first quarter of fiscal year 2023–24, ending on June 30th, 2023. The company shows robust operational and financial performance throughout the first quarter of fiscal year FY23–24, with sustained progress, as demonstrated by growth in key operational metrics such as outpatient footfalls, inpatient volumes, and delivery numbers. This momentum builds on the successes achieved during the previous fiscal year, which ended on March 31st, 2023.

Speaking on the performance of the company for Q1, FY2023–24, Dr Ramesh Kancharla, the Chairman and Managing Director, Rainbow Children's Medicare Ltd., said, "First quarter of the fiscal year 2023–24 saw revenues of Rs. 2,871.7 mn, which is a growth of 21.1% compared to Rs. 2,371.5 mn in Q1 FY23. Additionally, The EBIDTA for Q1 FY24 was Rs. 877.0 mn, which is a growth of 6.8% compared to Rs. 820.9 mn in Q1 FY23, and the PAT for Q1 FY24 was Rs. 414.9 mn, which is a growth of 7.0% compared to Rs. 387.6 mn in Q1 FY23."

"It is an overwhelming moment that The Joint Commission International (JCI) has awarded its prestigious 'Gold Seal of Quality Approval' to the hub hospital in Banjara Hills, Hyderabad. As a result, the company now has two hospitals that have JCI accreditation. The accreditation recognizes the hospital's dedication to delivering exceptional healthcare services to global quality and safety standards," added, Dr Ramesh.

On the project expansion, he says, "Project work for new hospitals at Central Hyderabad (~60 beds), Sarjapur, Bengaluru (~80 Beds), and Anna Nagar, Chennai (~80 beds) and a new block adjacent to Rainbow Hydernagar, Hyderabad (~50 beds) is progressing well, and these hospitals are expected to commence operations during the second half of the current financial year. With this expansion, the company would add 270 beds in the current financial year."

"Additionally, project work for the spoke hospital at Hennur, Bangalore (~60 beds) and the regional spoke hospital at Rajahmundry (~100 beds) is progressing well and is expected to be completed in the next 15–18 months. Subsequent to the quarter, the company has signed an agreement to lease a greenfield (~100 beds) spoke hospital in Coimbatore, Tamil Nadu."

"All the above hospitals are strategically located and will make an important part of the Rainbow network in the respective states."

"The company remains focused on the timely execution and commencement of the projects proposed for the current financial year."

The company remains committed to fulfilling its mission of delivering excellent multi-disciplinary pediatric and perinatal care and strives to enhance its service offerings by making consistent improvements," mentioned Dr Ramesh Kancharla.

For further details, click here: https://www.rainbowhospitals.in/investors-relations/quarterly-results 

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