Shares of Narayana Hrudayalaya surged about 11% in morning trade on May 22, bolstered by the company’s solid performance in the fourth quarter of FY22-23.

The healthcare provider said after the market closed on May 19 that it reported a three-fold increase in net profit to Rs 173.2 crore in the January-March period from a year earlier. The surge in net profit was attributed to higher contributions from flagship divisions, older and newer hospitals, and international patients.

Revenue also rose nearly 30% year-on-year to a quarterly high of Rs 1,221.60 crore, boosted by higher patient numbers and improved speciality and payer mix.

The company’s operating metrics also improved as strong revenue growth outpaced increases in expenses. The EBITDA margin widened to 23.8% in the quarter from 19.7% in the same period last year.

Narayana Hrudayalaya was up 7.85% at Rs 833.85 at 10:38 am on the National Stock Exchange after surging to a 52-week high of Rs 856 earlier in the day.

Volume was also noticeably higher, as 1.2 million shares changed hands on the exchange, compared with a one-month daily average of 2 lakh shares.

Brokerage firm ICICI Securities was upbeat on the company’s earnings. The brokerage said it would continue to monitor the progress of capital spending plans in India and HCCI (Cayman Islands), as well as the trajectory of margins.

The company’s hospitals in India and the Cayman Islands generated strong revenue in the fourth quarter, helping to beat overall revenue expectations for the quarter.