Max Healthcare Institute Ltd on Wednesday reported a 2.81 per cent decline in profit after tax at Rs 311 crore in the fourth quarter ended March 31, 2024.

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The company had posted a Profit After Tax (PAT) of Rs 320 crore in the same quarter of the previous fiscal, Max Healthcare Institute said in a statement.

"The minor drop in PAT is mainly due to lower effective tax rate last year and net loss at new units," the company said.

Network gross revenue in the fourth quarter was at Rs 1,890 crore as against Rs 1,637 crore in the year-ago period, it added.

The company's board has recommended a final dividend of Rs 1.5 per equity share of face value of Rs 10 for the financial year 2023-24, subject to approval of the shareholders at the upcoming annual general meeting. For the fiscal ended March 31, 2024, PAT was at Rs 1,278 crore as against Rs 1,084 crore in the previous year, the company said.

In FY 24, network gross revenue was at Rs 7,215 crore as against Rs 6,236 crore in FY23.

Max Healthcare Institute said the acquisition of Alexis Hospital, Nagpur was completed effective February 9, 2024 and that of Sahara Hospital, Lucknow effective March 7, 2024.

"We are happy to consummate two long drawn inorganic deals during the quarter. These transactions add significant capacity going forth and allow for additional brownfield opportunities in the fast growing markets of UP & Maharashtra," Max Healthcare Institute Chairman and Managing Director, Abhay Soi said.

He further said,"The existing hospital network is consistently improving its performance and generating stable cash flows, enabling us to look for more inorganic opportunities while we expand the existing capacities."