Pristyn Care, a prominent healthcare service provider, has reported robust financial performance for the fiscal year 2022-23, with a consolidated total income of Rs 494 crore, marking a substantial increase from Rs 339 crore in the previous fiscal year. The company’s year-on-year growth stands at an impressive 46%, coupled with a 5% improvement in EBITDA margins.
The company, which has been audited by Big 4 auditors for the past four years, received a positive audit report for FY23, confirming the accuracy of its financial results and compliance with applicable laws and regulations. With a strong upward trajectory, Pristyn Care aims to surpass the significant revenue milestone of Rs 1,000 crore in the current fiscal year (FY24). The company is strategically focused on balancing revenue growth with enhanced profitability, targeting a 50% reduction in burn for FY24. To achieve this, it has implemented significant optimization measures, including a substantial reduction in marketing expenditure and the optimization of personnel costs.
Despite an EBITDA loss of Rs 393 crore in FY23, Pristyn Care is optimistic about its financial outlook, expecting the EBITDA loss to reduce to Rs 199 crore for FY24, even as revenue doubles. The company has set a goal to achieve EBITDA profitability by FY25.
Specializing in elective surgery care in India, Pristyn Care has experienced rapid financial growth since its first round of funding in 2019. Within five years, it has expanded its total income from Rs 100 crore in FY21 to Rs 339 crore in FY22. The company has also ventured into the D2C space and launched its fit-tech brand, BeatXP, which reported a total income of Rs 109 crore in FY23, witnessing a remarkable growth of 248% from the previous fiscal year.
Pristyn Care boasts a robust ecosystem with over 200 clinics, 700 hospitals, and a team of 400+ in-house super-specialty surgeons. Operating in 40 cities across India, the company recently expanded its operations 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, while also expanding existing categories such as ophthalmology, gynecology, and urology to additional cities beyond major metro markets.
As a healthcare company, Pristyn Care is committed to maintaining the highest standards of corporate governance. While its auditors have identified areas for improvement in internal controls, the company has taken comprehensive measures to address these concerns. Pristyn Care has also enhanced its governance and IT environment by implementing controls aligned with industry best practices and has engaged a global accounting firm to reassess its control framework and recommend improvements.
