Apollo Hospitals on Friday posted its fiscal first quarter profit at Rs 173.40 crore, down 46.5 per cent as against Rs 323.90 crore during the corresponding quarter of previous year, missing estimates. It posted revenue from operations at Rs 4417.80 crore, up 16.4 per cent in comparison to Rs 3795.60 crore during Q1FY23. According to CNBC TV18 estimates, Apollo Hospitals was expected to post Q1FY24 profit at Rs 192.7 crore and revenue at Rs 4424 crore.
The company EBITDA stood at Rs 509.1 crore. While the total income recorded by Apollo Hospitals stood at Rs 4446 crore, total expenses during the quarter ended June 2023 was at Rs 4181.90 crore. “We have witnessed healthy growth and performance in the first quarter of the fiscal year 2024. Apollo Hospitals remains dedicated to advancing healthcare excellence, embracing innovation, and expanding our reach to provide quality medical services to even more communities,” said Dr Prathap C Reddy, Chairman, Apollo Hospitals Group.
He also talked about the relevance of AI and technology in healthcare. “With tools like the AI CVD, AI-enabled Apollo ProHealth platform, the Apollo Clinical Intelligence Engine (Apollo CIE), AI-integrated radiology and diagnostics workflow, and the AI-powered smart in-patient room automation system, we are using AI across the healthcare spectrum including prediction, prevention, diagnosis and personalized management,” he said.
As on June 30, 2023, Apollo Hospitals had 7,798 operating beds across the network (excluding AHLL & managed beds), out of which 14 hospitals were new with 2,380 operating beds. The new hospitals have a utilization of 60 per cent and are expected to witness double digit growth in volumes and improvement in utilization and profitability going forward.
Apollo Hospitals’ Q1 performance across segments
In terms of healthcare services, Apollo posted revenue at Rs 2293.70 crore, up 13 per cent as compared to Rs 2023.40 crore in Q1FY23. Revenue of existing hospitals grew 10 per cent while the new hospitals grew by 23 per cent. Revenues in the Tamil Nadu cluster grew by 13 per cent. In AP Telangana region, revenues grew by 12 per cent. The Karnataka region improved on the growth seen in previous quarters with revenue growth of 19 per cent. Revenues of the others cluster, meanwhile, grew by 11 per cent.
AHLL or the diagnostics and retail healthcare revenue was recorded at Rs 318.70 crore. The diagnostics business added 260 collection centres and an overall network to 1916 centres spread across ~260 cities serving 13000+ customers daily. The diagnostics revenue stood at Rs 107.50 crore and Spectra at Rs 62.90 crore.
Apollo HealthCo is a wholly owned subsidiary that houses the pharmacy distribution business, the digital healthcare services platform – Apollo247 and the 25.5 per cent interest in Apollo Pharmacies Ltd. While the offline pharmacy distribution revenue was posted at Rs 1510.70 crore in Q1FY24 , revenues from the digital platform were at Rs 303.80 crore. Overall HealthCo revenues were recorded at Rs 1805.40 crore representing 22 per cent YoY growth.
“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,” said Dr Prathap C Reddy.