Apollo Hospitals Enterprises on August 11 reported a 46.5 percent fall in consolidated net profit to Rs 173.4 crore for the April-June quarter of the current fiscal year from Rs 323.8 crore a year back.
The results of the hospital chain lagged expectations of net profit of Rs 177.6 crore, projected by a poll of four brokerages by Moneycontrol.
Revenue for the quarter increased 16.4 percent to Rs 4,417.8 crore from 3795.6 crore in this period, in line with the poll forecast of Rs 4,435.1 crore.
EBITDA (Earnings before interest, taxes, depreciation, and amortization) was at Rs 509.1 crore as against Rs 490.7 crore in the base period. EBITDA margins for the quarter ending June were at 11.5 percent, down from 12.9 percent in the year ago period.
"We have witnessed healthy growth and performance in the first quarter of the fiscal year 2024," Prathap C Reddy, Chairman, Apollo Hospitals Group said in a press statement. "As we step into the next quarter, our focus remains steadfast – to augment our doctors’ expertise and revolutionize the overall patient experience as we continue steering Apollo towards a future where healthcare is proactive, personalized, and accessible to all," he added.
Consolidated Revenues of the healthcare services division increased by 13 percent to Rs 2,293.7 crore in the reported quarter compared to Rs. 20,234 million in Q1 FY23.Revenue of existing hospitals grew 10 percent while the new hospitals grew by 23 percent.
Apollo HealthCo Ltd. a wholly owned subsidiary that houses the Pharmacy distribution business reported a net loss of Rs 82.6 crore in the quarter. Apollo Health and Lifestyle reported a net loss of Rs 14.7 crore in the quarter.
Shares of the company were trading at Rs4915.40, down 0.14 percent, 2.15 pm, after the announcement of the quarterly earnings on NSE.
(This is a developing story. Stay tuned for more)
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