Medi Assist Healthcare Services (MEDIASSIST) Q3 24/25 earnings summary

Executive summary

• Premium under management reached INR 15,829 crore as of December 31, 2024, up 16.6% year-over-year, with group premiums at INR 13,779 crore (up 14.7%) and retail premiums at INR 2,050 crore (up 31.2%).

• Market share increased from 19.2% to 19.8% year-over-year, reflecting a 60 bps gain.

• Added three new private insurers to the retail book, grew group PUM for private & SAHI insurers by 40.5% year-over-year, and improved group account retention to 95%.

• Launched new technology platforms, enhanced fraud detection, processed over 6 million claims, and hosted industry events to boost operational efficiency and visibility.

• Completed an IPO in January 2024, raising Rs 11,715.77 million through an offer for sale.

Financial highlights

• Total income for nine months was INR 550.4 crore, up 14.2% year-over-year; consolidated operating revenue was INR 534.4 crore, up 14.2% year-over-year.

• EBITDA (excluding other income) was INR 113.4 crore, up 17.7% year-over-year, with a margin of 21.3%.

• PAT for nine months was INR 69.90 crore, up 53.6% year-over-year, with a margin of 12.7%.

• Net cash balance stood at INR 266.50 crore, and net worth at INR 531.6 crore as of December 31, 2024.

• Quarterly revenue was Rs 1,904.01 million, and profit for the quarter was Rs 299.74 million.

Outlook and guidance

• Favorable industry tailwinds expected from increased insurance penetration, government initiatives, and regulatory changes, with the health insurance industry projected to grow at 23% CAGR through FY28.

• Continued focus on technology, customer experience, and fraud prevention to drive future growth.

• Paramount TPA acquisition expected to close pending regulatory approval, supporting long-term growth.

• Board approved a proposal to raise up to Rs 3,500 million through equity and debt instruments.