Pristyn Care Surpasses Rs 450 Crore Milestone with 44.70% Growth in FY23
Three points you will get to know in this article:
- Pristyn Care excelled with a 44.70% revenue growth, exceeding Rs 450 crore in FY23, a substantial improvement from the previous year.
- Healthcare services comprised 75% of Pristyn Care’s FY23 revenue, reaching Rs 338 crore, highlighting the company’s dedication to comprehensive healthcare solutions.
- Despite increased expenses, Pristyn Care strategically controlled finances, limiting losses to 38.27% in FY23, showcasing significant improvement and securing funding for healthcare prominence.
Pristyn Care, a hospital chain with a focus on surgeries, successfully expanded its operational footprint, witnessing a remarkable 44.70% growth and surpassing the Rs 450 crore milestone in the financial year concluding in March 2023. In a notable turnaround from FY22, during which the company experienced a 332% increase in losses, Pristyn Care achieved this substantial growth by enhancing its economic performance.
Before delving into the intricacies of its expenditure patterns, let’s explore the revenue avenues of Pristyn Care. According to consolidated financial statements obtained from the Registrar of Companies (ROC), this Tiger Global-backed enterprise saw its operating income climb from Rs 313 crore in FY22 to an impressive Rs 453 crore in FY23. This signifies a positive trajectory in the company’s financial landscape, underscoring its commitment to sustainable growth and improved financial health.
Pristyn Care operates on a distinctive hybrid model, establishing its own clinics while leveraging third-party hospital infrastructure for surgical procedures. Boasting a network of over 400 proficient doctors, the company offers consultations spanning across 50-plus medical conditions, reaching communities in 40 diverse cities.
Revenue Composition and Contribution
Significantly contributing to Pristyn Care’s financial landscape, healthcare services constituted a substantial 75% of the total operating revenue in FY23, marking a noteworthy 21.6% growth to reach Rs 338 crore. The remaining revenue streams derived from the sale of medical health products and advertising services during the preceding fiscal year.
Non-operating Income and Comprehensive Total Revenue
Notably, Pristyn Care’s fiscal success in FY23 also featured a non-operating income of Rs 41 crore, contributing to a comprehensive total revenue of Rs 494 crore. This strategic blend of clinic ownership, third-party partnerships, and diverse revenue streams underscores Pristyn Care’s commitment to holistic healthcare solutions across India.
Shifting the focus to the financial aspect, a noteworthy 25% of the total expenses was allocated to advertising and sales promotions. This expenditure saw a 17% surge, reaching Rs 220 crore in the fiscal year 2023. Meanwhile, the employee benefit cost experienced robust growth, soaring by 36.3% in the same fiscal year. A substantial sum of Rs 215 crore was dedicated to professional fees for doctors and surgery costs.
The company’s comprehensive expenditure in the fiscal year 2023 witnessed a significant rise to Rs 877 crore, up from Rs 616 crore in the preceding fiscal year. This increase was attributed to the cumulative impact of costs related to material consumption, freight and distribution, commission, legal professional fees, and various other overheads.
Experiencing a noteworthy expansion in size, the company effectively managed to rein in overall expenditures, resulting in a limited increase of losses at 38.27%, amounting to Rs 383 crore in FY23. This marked a substantial improvement compared to the staggering 332% surge recorded in FY22. Impressively, its Return on Capital Employed (ROCE) and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) margin were reported at -54% and -71%, respectively. Breaking it down to a more granular level, Pristyn Care invested Rs 1.94 to generate one rupee in earnings during FY23.
Funding Milestones and Strategic Acquisitions
In the fiscal year of 2022, specifically in December, Pristyn Care successfully secured approximately $85 million in funding, marking its entry into the coveted unicorn club. Noteworthy contributors to this achievement included Peak W Partners, Tiger Global, and various other strategic investors. Moreover, in June 2022, during the fiscal year 2023, the company made a significant move by acquiring Lybrate, a company previously backed by renowned figures such as Ratan Tata and Tiger Global. This strategic acquisition further solidified Pristyn Care’s position in the healthcare landscape.
Pristyn Care, a surgical-focused hospital chain, achieved impressive growth in FY23, with a 44.70% increase, exceeding the Rs 450 crore milestone. Operating income rose from Rs 313 crore in FY22 to Rs 453 crore in FY23, reflecting a positive financial trajectory. The company’s revenue primarily stemmed from healthcare services, accounting for 75% of operating revenue and saw a substantial 21.6% growth. Despite increased expenditures, Pristyn Care effectively managed to limit the rise in losses to 38.27%, a significant improvement from the previous year. Strategic funding and the acquisition of Lybrate further bolstered Pristyn Care’s position in the healthcare landscape.
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