Jupiter Hospitals slumps 4% after June quarter profit falls 18%

Revenue from operations grew 16 percent to Rs 207.8 crore from Rs 178.9 crore earlier

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Shares of Jupiter Life Line Hospitals Ltd slumped over 4 percent on October 9 after the company reported an 18 percent erosion in net profit for the June quarter at Rs 30.4 crore.

At 12.50pm, the stock was trading down 4.22 percent at Rs 1,105.55 on the NSE.

Jupiter Life Line Hospitals posted a standalone net profit of Rs 30.4 crore for the quarter ended June 2023, compared to Rs 37.1 crore year ago, it said in a post-market-hour filing on October 6.

Revenue from operations grew 16 percent to Rs 207.8 crore from Rs 178.9 crore in the three months to June 2022.

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Earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped 4.5 percent to Rs 50.7 crore as against Rs 48.5 crore last year. Margins reduced to 24.4 percent from 27.1 percent.

Jupiter Life Line Hospitals made its debut on the bourses on September 18, listing at a 32 percent premium to the issue price of Rs 735.

The Rs 869-crore initial public offering of the hospital chain was subscribed 63.72 times, backed by qualified institutional buyers who bought 187.32 times the allotted quota. Retail investors had put in bids for 7.73 times the portion set aside for them.

Jupiter Hospitals operates three hospitals in the Mumbai Metropolitan Area (MMR) and western region of India with a total capacity of 1,194 beds.

Its average occupancy rate improved to 62.61 percent at the end of March FY23, against 53.96 percent in the previous year, while average revenue per occupied bed (APROB) stood at Rs 50,990 in FY23, increasing from Rs 48,711 in FY22.

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