Narayana Hrudayalaya Ltd shares surged more than 10 percent to hit a 52-week high on Monday after the multispeciality private hospital chain reported strong revenue growth led by India business and improved margins for the March quarter.

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Narayana Hrudayalaya posted a 29.9 percent growth in revenue at Rs 1,221.6 crore for the March quarter, higher than the street expectation, of 23 percent growth. For the December quarter, revenue stood at Rs 1,128 crore.

The company reported margins of 22.6 percent for the quarter which were better than analysts estimates of 21 percent. On a sequential basis, margins were flat.

Narayana also reported a net profit of Rs 173 crore during the March quarter, higher than the expectation of Rs 161 crore. The bottomline during the year-ago period stood at Rs 68.92 crore.

Earnings before interest tax depreciation and amortisation (EBITDA) was at Rs 275.7 crore during the March quarter, compared to Rs 175 crore in the year-ago quarter.

Growth during the quarter came predominantly from the India business, which saw revenue grow by 29 percent to Rs 977 crore from Rs 757 crore a year ago. For the full year, the India business saw revenue growth of 21 percent year-on-year.

Operating revenue of the Cayman Islands-based HCCI stood at $29.3 million during the March quarter, compared to $24.4 million in the year-ago period.

For the full year, Narayana saw revenue growth of 22 percent, compared to financial year 2022.

The operating revenue of Cayman Islands-based HCCI was at USD 29.3 million in Q4 against USD 24.4 million a year ago while for FY23 the revenue was USD 109.2 million against USD 91.9 million in FY22.

The net debt stood at Rs 131 crore. The hospital chain has 45 healthcare facilities with 5,888 operational beds as of March 31, 2023.

Shares of Narayana Hrudayalaya are trading 7 percent higher at Rs 825. The stock had hit a 52-week high of Rs 856 earlier in the day.