Corporate hospital chain Apollo Hospitals has said that it is on track to add 2,300 beds across eight locations at a cost of Rs 3,400 crore over the next three financial years. The expansion involves a new 250-bed hospital in Pune which is expandable to 425 beds within two years, at a total cost of Rs 675 crore. The hospital chain also plans to commission the hospital by Q1FY25.
Additionally, Apollo Hospitals broadened its presence in East India by acquiring a partially constructed 325-bed hospital in Kolkata, marking its second hospital in the city. With this acquisition, the hospital’s total bed count in the Eastern region surpasses 1,800, planning to add another 700 beds over the next three years, reaching a total of 2,500 beds in the region.
Prathap C Reddy, chairman of Apollo Hospitals Group said: “We are happy to have announced our new hospitals at Pune and Kolkata, and we are forging ahead with our plans to add 2,300 high-quality beds in key geographies over the next three years.”
Regarding the new hospital asset in Pune, the company said that this marks Apollo’s entry into the city, with a significant demand supply gap of high-quality healthcare beds for the local population as well as for drain-in markets. With this expansion, Apollo will have over 1,000 beds in Maharashtra including Mumbai, Pune and Nashik.
As on September 30, 2023, Apollo Hospitals had 7,765 operating beds across the network (excluding Apollo Health & Lifestyle Ltd & managed beds), out of which 5,051 are occupied beds. The overall occupancy for hospitals was at 68% versus 62% in the trailing quarter, aided by a robust increase in patient flows across hospitals.
The company reported a 14% increase in its consolidated net profit for the second quarter of FY24 as compared to Rs 204 crore in the corresponding quarter of last fiscal, while its consolidated revenues experienced a 14% growth, climbing to Rs 4,847 crore compared to the previous year.