Pristyn Care’s FY23 income surges 46% to Rs 494 Cr, on track to touch Rs 1000 Cr in FY24
Continuing on its upward trajectory, the healthcare company aims to achieve EBITDA profitability by FY25
Pristyn Care, the healthcare service provider, has filed its financials for FY23. The company continued its impressive growth trajectory in the last fiscal year, reporting a consolidated total income of Rs 494 crore (audited), up from Rs 339 crore in FY22 (audited), an impressive growth of over 46% on a YoY basis along with 5% improvement in EBITDA margins. The company has been audited for the last four years by Big 4 auditors and the audit report for FY23 confirms that the financial results for FY23 are accurate and comply with applicable laws and regulations.
As it continues its upward trajectory,is poised to surpass the significant revenue milestone of Rs 1,000 crore in FY24. The company strategically emphasises balancing revenue growth and enhanced profitability, aiming for a 50% reduction in burn for the current fiscal year. Significant optimisation measures have been implemented, including a substantial reduction in marketing expenditure and optimisation of personnel costs. EBITDA loss for FY23 stood at Rs 393 crore and is expected to reduce to Rs 199 crore for FY24 even as revenue doubles. Pristyn Care aims to achieve EBITDA profitability by FY25.
Pristyn Care specialises in elective surgery care in India. The company raised its first round of funding in 2019 and has showcased remarkable financial growth within just five years. It achieved a total income of Rs 100 crore in FY21, marking an extraordinary 238% increase to Rs 339 crore in FY22. The company also diversified into the D2C space and launched its fit-tech brand called BeatXP. This brand reported a total income of Rs 109 crore in FY23, witnessing a growth of 248% from Rs 31 crore reported in FY22.
Pristyn Care boasts a robust ecosystem with over 200 clinics, 700 hospitals, and a team of 400+ in-house super-speciality surgeons. Operating in 40 cities throughout India, the company recently expanded its reach to Bangladesh, establishing a presence in Dhaka and Chittagong. In FY23, Pristyn Care introduced new surgical categories, including dental procedures, knee replacement, and weight loss surgeries. The company has also broadened existing categories such as ophthalmology, gynaecology and urology and made these services available in additional cities beyond the major metro markets.
As a healthcare company, Pristyn Care is firmly dedicated to ensuring the highest standards of corporate governance. The auditors have stated that while internal controls are adequate, there are areas of improvement around pricing, documentation and storage of contracts, and obtaining and documenting price quotations for procurement. These areas have been dealt with comprehensively. The company has taken strong measures to improve its governance and IT environment by implementing controls aligned with industry best practices. Furthermore, it has appointed another global accounting firm to thoroughly reassess the control framework from the ground up and recommend improvements as necessary.
(This press release submitted by Pristyn Care has been published with basic editing for grammar.)