Medi Assist Healthcare Services (MEDIASSIST) Q1 24/25 earnings summary

Executive summary

• Total Premium under Management (PUM) reached INR 5,969 crores as of June 30, 2024, up 22.4% year-over-year, with group PUM at INR 5,422 crores (+19.6%) and retail PUM at INR 547 crores (+60.1%).

• Market share in health insurance premiums administered rose to 21.3%, a 40 bps increase year-over-year.

• Maintained 94% retention of group accounts, including Medvantage and Raksha portfolios.

• Unaudited standalone and consolidated financial results for the quarter ended June 30, 2024, were approved and released, with statutory auditor review reports confirming no material misstatements.

• Board fixed September 6, 2024, as the record date for a final dividend of Rs. 4 per equity share for FY 2023-24, subject to shareholder approval.

Financial highlights

• Total income for Q1 FY25 was INR 172.9 crores, up 18.3% year-over-year.

• Operating revenue (excluding other income) was INR 167.7 crores, up 19.1% year-over-year.

• Operating EBITDA reached INR 35.2 crores, a 57.0% increase year-over-year, with a 21.0% margin.

• Profit after tax (PAT) was INR 19.1 crores, up 7.1% year-over-year, with an 11.0% margin; adjusted PAT excluding incremental tech amortization was INR 21.3 crores (12.3% margin).

• Consolidated revenue for Q1 FY25 was Rs. 1,677.06 million, up from Rs. 1,408.18 million in Q1 FY24; consolidated net profit was Rs. 189.45 million, compared to Rs. 178.58 million in Q1 FY24.

Outlook and guidance

• Health insurance market in India expected to grow at 22.5% CAGR through FY28, providing strong industry tailwinds.

• Focus on scalable, tech-enabled infrastructure and further integration of acquired businesses.

• Dividend of Rs. 4 per share proposed for FY 2023-24, to be paid within 30 days of AGM approval.