Q2 FY21 results: Apollo Hospitals net down by 64 per cent to Rs 325 Mn

Hyderabad, Apollo Hospitals Enterprise Ltd (AHEL) on Wednesday reported a 64 per cent degrowth in standalone net profit for the second quarter on September 30,2020, at Rs 325 Mn.

The company posted a net profit of Rs 906 million for the same period last year (Q2FY20). The standalone revenue from the operations of the hospital also degrowth by 2 per cent to Rs 24,144 million for the September quarter as against Rs 24,635 million recorded for the same period in previous year.

Pharmacy business grew by 15 per cent to Rs. 13,519 million as against Rs. 11,727 million in Q2FY20.

Standalone revenues of the Healthcare services division decreased by 18 per cent to Rs 10,626 million during the quarter against Rs 12,909 million in Q2FY20. Revenue from the existing hospitals also degrowth by 25 per cent while the new hospitals which grew by 5 per cent, AHEL said in a release here.

As on September 30, 2020, Apollo Hospitals had 7,364 operating beds across the network (excluding AHLL & managed beds), out of which 14 were new with 2,100 operating beds.
Dr. Prathap C Reddy, Chairman, Apollo Hospitals Group said, "The second quarter of FY21 marked 37 years of our journey of healing and making world-class healthcare accessible and affordable to patients in India. This has been a challenging year as we brought all the resources of the group to support the nation in the fight against COVID-19.

At the same time, we renewed our resolve to drive back the tsunami of Non-communicable diseases that threatens the health of the nation. Our commitment to clinical excellence and quality has enabled us to take the lead in healthcare delivery in India, and we continue to be pioneers as is evident in our industry-first initiative of preparing to vaccinate over 1 million Indians every day once a vaccine is approved, he said.

Dr Reddy said “ I am very happy that our Board has approved the proposal for us to acquire the balance 50 per cent stake in Apollo Gleneagles Hospital Ltd, Kolkata, from our partners IHH, with whom we had a good working relationship for two decades. We will ensure that the hospital continues to set the bar for clinical excellence and patient service in Kolkata as well as the Eastern Region."

Our Board of Directors have today approved an equity raise of up to Rs. 1500 Crores for our company, the Chairman said this approval is an outcome of the strong financial performance of the company over the last several quarters, and an acknowledgement of the growth opportunities that lie ahead.

While we are still firming up our plans on the fund raise itself, we reiterate our strong commitment to several concurrent objectives – cementing our position as undisputed healthcare leader in India, leveraging exciting opportunities in under-served markets, maintaining a healthy Balance Sheet and debt position, and above all, providing best-in-class returns for our shareholders, he added.

Source - UNI
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