Financial Results for FY 2017-18

Financial Results for FY 2017-18

Bangalore, May 21, 2018: Aster DM Healthcare, one of the largest private healthcare service providers in multiple GCC states and an emerging healthcare player in India, today announced its financial results for the quarter and full year ended March 31, 2018.

Aster DM Healthcare is a 30-year-old integrated and comprehensive healthcare service organization with presence in 9 countries. The Company is one of the few entities across the globe providing the complete circle of care from primary, secondary, tertiary to quaternary medical care through its 19 hospitals, 101 clinics and over 200 pharmacies. These are manned by its17,335 employees from across the world, delivering on a simple yet strong promise to its people: “We’ll treat you well.”

The Company has the unique distinction of serving people by providing quality healthcare to all segments of the society regardless of their economic or social positioning. In line with this, Dr. Azad Moopen, Founder Chairman and Managing Director at Aster DM Healthcare conceptualized the Company’s three brands – Medcare for the high income, Aster for the middle-income and Access for low-income strata of the population. The Company has an asset light business model wherein the land and civil structure of most of its hospitals are leased. It is also optimally positioned in the Medical tourism sector with a large number of GCC residents visiting India to avail quality and cost effective healthcare.

Financial Performance Highlights

Performance Review for FY18 vs. FY17

  • Revenue (excluding finance and investment income) improves by 13% to Rs. 6,759.66 crore compared to Rs. 5,962.95 crore
  • EBITDA higher by 79% Y-o-Y to Rs. 651.32 crore compared to Rs. 363.78 crore
  • PAT (pre-NCI) increases by 189% to Rs. 281.68 crore compared to Rs. 97.53 crore
  • Diluted Earnings Per Share up by 162% to Rs. 5.74 as compared to 2.19

Commenting on the Company’s performance for FY2018, Dr. Azad Moopen, Chairman, Aster DM Healthcare, said,

“Aster DM Healthcare has a 30-year rich legacy, starting from a single clinic in Dubai in 1987 to a presence across 9 countries in the world today. We have been consistent in our mission to provide quality healthcare at affordable cost at the door steps of the people we serve, ever since we started the journey of “Caring Mission with a Global Vision” 3 decades ago.

I am happy to share our first results post our listing in Feb 2018, Aster DM Healthcare has posted a growth of 13% for the year. Further, we have delivered 189% growth in PAT during FY18 truly reflecting our priorities of driving profitable business growth through maintaining optimal standards of patient care. Hospitals, which is our biggest segment, has grown by 18%, while Clinics & Pharmacies continued to report robust growth.

Our presence in India dates back to 2001. Then we had just 2% of our assets and revenues coming from India. Now we have 17% of revenues from India and 83% of revenues coming from the establishments outside India, from GCC and Philippines. We are glad that by market cap we are the second largest healthcare company in India now.

We are very proud of our achievements in the area of patient care and clinical quality. Around six of our hospitals in GCC and one in India are accredited by Joint Commission International (JCI). All our hospitals in India are now accredited by the NABH (National Accreditation Board for Hospitals and Healthcare Providers). Our highly specialized doctors are excelling in patient care and many of them are performing pioneering procedures in their countries.

Cost discipline, deleveraging and focused capex are very clearly the main focus areas for us moving forward. We have reduced our India debt by Rs. 564.16 crore; also our interest expense by proactively working on reducing our average cost of loans. There is alignment of capex and higher margin projects. We believe with a growing EBITDA profile, leaner balance sheet the stage is set for us to deliver incremental free cash flows in ensuing quarters/years.

Our strategic imperatives are clear. We wish to maintain leadership and sustain growth in our GCC portfolio, improve the margin profile of the operations through sustainable efficiencies, develop and prime-up new hospitals in India, all the while maintaining an asset light model which is built around a leased asset against the traditional system owned asset. As a Company we are committed to report an enhanced earning profile and create value for all stakeholders while also strengthening communities and contributing to humanity.”

Segmental Performance


Our Hospital network consists of 9 hospitals in GCC states and 10 multi-specialty hospitals in India. Our hospitals in India are located in Kochi, Kolhapur, Kozhikode, Kottakkal, Bengaluru, Vijayawada, Guntur, Wayanad and Hyderabad and are generally operated under the “Aster”, “MIMS”, “Ramesh” or “Prime” brands.

Revenues grew by 18% to Rs. 3,269.31 crore in FY18 from Rs. 2,780.64 crore in FY17. EBITDA grew 133% from Rs. 168.83 crore in FY17 to Rs. 393.23 crore in FY18. The EBITDA margin was at 12% in FY18 compared to 6% in FY17. This performance was driven by addition in new specialties, services and increase in beds. In-patient count was ~201,100 in FY18 as compared to ~157,800 in FY17 with a growth of ~34%. Out-patient visit was ~2.95 mn in FY18 as compared to ~2.37 mn in FY17 with a growth of ~24%


One of the largest and most widespread network of clinics across the Middle East. Our clinics in India are located at Kozhikode, Eluru and Bengaluru. The Aster DM network has 101 clinics in total FY18 with 94 clinics in GCC states and 7 clinics in India.

Revenues grew by 13% to Rs. 1,863.19 crore in FY18 from Rs. 1,644.35 crore in FY17. EBITDA grew 50% from Rs. 140.74 crore in FY17 to Rs. 210.91 crore in FY18. The EBITDA margin was at 11% in FY18 compared to 9% in FY17. This performance was driven by ramp up in new clinics set up in GCC states in the recent past and increase in footfalls from existing clinics.


We have 207 retail pharmacies in the GCC states. In FY18, we added 5 stores taking total store network to 207 operational stores.

Revenues grew by 10% to Rs. 1,969.49 crore in FY18 from Rs. 1,792.35 crore in FY17. EBITDA grew 12% from Rs. 165.87 crore in FY17 to Rs. 185.92 crore in FY18. The EBITDA margin was stable at 9% in FY18 and FY17.

Medical Excellence Highlights

Since inception, Aster DM Healthcare has been in continuous pursuit to push boundaries of excellence in health care and cater to the needs of patients, thereby setting global benchmarks in the field of medicine and patient care. It has accomplished numerous milestones and performed several surgeries that were “firsts”. Mentioned below are some of the significant achievements, that are a testament to our clinical excellence:

  • The Integrated Liver Care team at Aster Medcity saved the lives of one-year-old identical twins from liver failure. The fifteen-hour-long complicated transplant surgery was completed successfully making it one of the first such cases of identical twins to undergo simultaneous live liver transplant for acute liver failure in the world.
  • Aster CMI, Bangalore became India’s first hospital to have a pediatric immunology department that offers Bone Marrow Transplants. The team recently saved a 25 days old neonatal infant with severe immune deficiency through bone-marrow transplant. This is considered as one of the rarest cases of clinical excellence in India.
  • In a recent survey conducted by the Times of India, Aster CMI was ranked among the top five hospitals in Bangalore for Centers of Excellence in Cardiac Sciences, Neurosciences, Gastroenterology, Urology and Nephrology. Aster CMI’s Centre of Excellence for Cardiac Sciences is ranked as the third best cardiac sciences department in the entire southern region and ranks twelfth on the national listing.
  • Aster DM Healthcare has been recognised by Royal College of Obstetrics and Gynaecologists (RCOG) for International programme accreditation for Core Medical Training (CMT). International accreditation by the Joint Royal Colleges of Physicians Training Board (JRCPTB) is the recognition granted to an institution, an organisation or even a country, whose postgraduate medical education meets the standards set by the Federation of the Royal Colleges of Physicians, UK.
    Aster Medcity will be the second in the world after Iceland to deliver CMT outside the UK.
  • Aster MIMS, Kerala, recently completed its 500th kidney transplant. The recipient of the 500th kidney transplant was a 13-year-old boy suffering from end-stage renal failure.
  • The kidney Transplant Team at Aster MIMS, Kerala successfully conducted a robotic kidney transplant. This is the first time in north Kerala a Kidney transplant was performed with the help of a robotic surgical system. A 50-year-old male patient from Kannur received his kidney with the help of the latest da Vinci Robotic Surgical system
  • Aster Medcity signed an MOU with the Thomas Jefferson University, USA to provide its doctors access to global knowledge, research and best practices. The first collaboration to be initiated is a multi-organ transplant programme.
  • Aster Pharmacy launched its first online pharmacy store in UAE at Arab Health 2018, enabling faster access to quality medicine to patients from the convenience of their home.
  • A sleep clinic was recently launched at Medcare Specialty Hospital at Al Safa in Dubai, enabling patients to undergo a sleep study and diagnose the sleep disorders.
  • Medcare launched a “Super Nanny” program in UAE to equip nannies across the country with adequate skill-sets required to provide best child care.
  • Medcare Women and Children Hospital became first hospital in UAE to introduce Magseed technology which is a safer technology for treatment of breast lumps.
  • Medcare Hospital is first hospital in Middle East to introduce the QRF (Quantitative Flow Ratio) advanced technology to optimise angiography procedures. It involves 3D model reconstruction of the blood vessels for accurate assessment of the extent of artery blockage in a patient.
  • Aster Chronic [email protected] entered into a partnership with Novartis, to provide access to the diabetes management tool to patients from various sections of the society. Aster Chronic [email protected] is an advanced personalized technology introduced by Aster DM Healthcare to improve individual control over chronic conditions like diabetes and hypertension.
  • Surgical Team at Aster Hospital in Mankhool, Dubai recently removed a thyroid gland from a 46- year-old patient which was 20 times larger than its normal size, weighing half-a-kilogram.
  • Doctors at Aster Hospital in Mankhool, Dubai recently saved the lives of a pregnant women and her baby from a complication caused by leakage of amniotic fluid into the mother’s blood stream
  • A 58 year old British patient who struggled with normal mobility due to a birth defect started walking normally within a few days through a hip-replacement surgery at Aster Hospital in Mankhool, Dubai.

Corporate Social Responsibility (CSR) Highlights

The Company strongly believes that profit is a by-product and not the aim in healthcare, as a result of which there are key initiatives to give back to the society. Some of these include:

“Aster Volunteers” programme was launched at the occasion of Aster’s 30th anniversary, which bridges the gap between people who would like to help with those in need. Some of the key achievement highlights till date of this initiative include:

  • Around122,949 people have been trained to provide BLS (Basic Life Support), 9,844 people assisted through blood donation, 17,020 people benefitted through drive for free surgeries and free investigations,
  • Around 6,147 benefited from medical camp at Jordan refugee camp, 150,000 people benefitted from food packet distribution in Africa, 26,400 people benefitted from food packet distribution to Rohingya refugees in Bangladesh;
  • Over the last one year over 64 differently abled people have been recruited.
  • In all 624,397 lives have been impacted through various initiatives of this programme.
  • Today, we have 8,217 volunteers, both internal and external, who are a part of the programme

In addition, Aster DM Foundation has been contributing through the following activities across various geographies:

  • More than 415,000 free dialysis done through 11 community dialysis centers across Kerala, India.
  • More than 45,000 people benefitted through the Early Diseases Detection & Cancer Screening Centers across Kerala.
  • More than 300,000 people benefitted through its 3 mobile clinics across UAE and India. Apart from UAE, the mobile clinic has been providing medical care in Jharkhand and Kerala, India. While the initiative has been operational in Jharkhand for the last 5 years, it was recently launched in Kerala to cater to the health needs of 40 remote villages in the Kozhikode district.
  • About INR 90 Million worth of treatment given to the needy people in India for life saving surgeries.
  • Aster DM Foundation reached out to various communities in Africa, Afghanistan, Bangladesh, Nepal, Jordan (Syria) and regions like Chennai, Kollam in India to support people suffered from various disasters
  • About 800 kids benefitted from the subsidized and free Pediatric Cardiac Surgery programme through its treatment facilities since its inception.
  • Support to NGOs like Al Jalila Foundation and Al Noor Foundation (based in Dubai, UAE) on healthcare initiatives. Dr Moopen also functions as an advisor on medical research activities for Al Jalila Foundation.

Awards and Service Excellence Highlights

The Company has received several endorsements; some of which were:

  • JCI Accreditation for 6 Hospitals 1 Clinic and 1 diagnostic centre: Medcare Hospital Dubai, Medcare Orthopaedics and Spine Hospitals, Aster Mankhool (Dubai), Al Raffa Hospital (Sohar), Sanad Hospital (KSA), Aster Medcity (India), Jubliee Clinic and Medinova Diagnostic Centre (Dubai)
  • NABH Accreditations: MIMS Kozhikode, MIMS Kottakal, Aster Aadhar, Aster Medcity, Kochi, Dr. Ramesh (Vijaywada), Dr. Ramesh Labbipet and Dr. Ramesh Guntur. Aster MIMs Kozhikode was the first hospital to receive NABH accreditation in India.
  • Sanad Hospital obtained Accreditation from “Saudi Central Board for Accreditation for Healthcare Institutions (CBAHI)”
  • Padma Shri Award: Dr. Azad Moopen, Chairman & Managing Director – Aster DM Healthcare received “Padma Shri Award”, the 4th highest civilian award in India by President of India Pratibha Patil in 2011.
  • Institutional Bravery Award: Received “Institutional Bravery Award” for distinguished service in flood relief in Chennai and Cuddalore by the society of Emergency Medical India (2015)
  • Aster Pharmacy: Received “Best Service Performance Brand” by Dubai service Excellence scheme (2014); “Dubai Quality Appreciation Award” by the Govt. of Dubai (2017); “UAE Innovation Award” (2018); “The Sheikh Khalifa Excellence Award” (2018); “Sharjah top 10 Business Excellence Award” (2018)
  • Aster Medcity: Received the “Certificate of Honor” from the NABH for being one of the best & safest Hospitals in India (2016); received the “Quality Beyond Accreditation Award” by the association of Healthcare Providers 2016 (India); received “National Awards for Excellence in Healthcare” for “best Healthcare Entrepreneur” and “Best Dialysis Service Provider” by CMO Asia (2015)
  • Aster and Medcare recognised among top 100 World’s Greatest Brands in Asia and GCC
    Aster Hospital in Mankhool, Dubai received the Dubai Quality Award from Department of Economic Development(DED) in Dubai
  • Aster DM Healthcare won the prestigious annual ‘Gulf Business Award 2017’ for the ‘Healthcare Company of the Year’ category
  • Aster Volunteers initiative bagged the 2017 edition of Entrepreneur Middle East’s Enterprise Agility Awards for the CSR Innovation category

About Aster DM Healthcare

Aster DM Healthcare Limited is one of the largest private healthcare service providers operating in multiple GCC states and is an emerging healthcare player in India. With an inherent emphasis on clinical excellence the Company is one of the few entities in the world with a strong presence across primary, secondary, tertiary and quaternary healthcare through its 19 hospitals, 101 clinics and 207 pharmacies. These are manned by our 17,300+ employees from across the geographies that we are present in, delivering on a simple yet strong promise to its people: “We’ll treat you well.” We reach out to all economic segments in the GCC states through our differentiated healthcare services across the “Aster”, “Medcare” and “Access” brands,

For more information about us, contact:

Sreenath Reddy, Group CFO
Aster DM Healthcare
Tel: +91 80 43420100
Email: [email protected]

Gavin Desa / Vikram Rajput
CDR India
Tel: +91 22 6645 1237 / 1223
Email: [email protected]
[email protected]

Dalia Aziz, Group Chief Marketing & Communication Officer
Tel: +971 4 278 2618
Email: [email protected]

Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. Aster DM Healthcare will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

  • Share

Comments are closed.

× Chat with us