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Apollo Hospitals advances after receiving investment from World Bank's arm

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Enterprise rose 0.89% to Rs 1,209 at 14:34 on after the company's subsidiary announced receiving investments of Rs 450 crore from IFC and IFC Asset Management Company.

The announcement was made during market hours today, 1 December 2016.

Meanwhile, the S&P Sensex was down 41.70 points or 0.16% at 26,611.11.

On the BSE, 33,000 shares were traded on the counter so far as against the average daily volumes of 13,020 shares in the past one quarter. The stock had hit a high of Rs 1,220.95 and a low of Rs 1,188 so far during the day. The stock had hit a record high of Rs 1,544 on 2 March 2016. The stock had hit a 52-week low of Rs 1,147 on 21 November 2016. The stock had underperformed the market over the past one month till 30 November 2016, sliding 10.63% compared with the Sensex's 4.57% fall. The scrip had also underperformed the market in past one quarter, declining 10.92% as against the Sensex's 5.96% fall.

The large-cap company has equity capital of Rs 69.56 crore. Face value per share is Rs 5.

Enterprise's wholly owned subsidiary Apollo Health and Lifestyle (AHLL) announced receiving investments of Rs 450 crore from International Finance Corporation (IFC) and IFC Asset Management Company. This investment will fuel AHLL's expansion plans and fulfill its vision of bringing healthcare of international standards within the reach of 20 million patients each year by 2020.

Sangita Reddy, Joint Managing Director, Enterprise said, through this investment, the management endeavours to continue Apollo Group's legacy of setting industry benchmarks & contributing to elevate the standard of healthcare to the next level. Given the immense potential and the need for quality healthcare delivery at affordable prices, AHLL will continue to expand through both organic and in-organic means and is committed to enhancing the patient experience and medical care offered by the current network, Reddy said.

Commenting on the investment by IFC, Neeraj Garg, CEO - Apollo Health and Lifestyle said, AHLL operates across 7 verticals and it has multiplied its network and revenues over the past 3 years. In the next five years, the company is looking at growing its revenues significantly and expanding its network, particularly of Apollo Clinics, Apollo Diagnostics and Apollo Cradle. This investment is probably the largest ever private equity growth capital investment in the primary healthcare segment in India, Garg added.

IFC, a member of the World Group, is the largest global development institution focused on the private sector in emerging markets.

Apollo Hospitals Enterprise's net profit rose 2.7% to Rs 91.99 crore on 15.9% growth in net sales to Rs 1634.10 crore in Q2 September 2016 over Q2 September 2015.

Apollo Hospitals is one of Asia's largest healthcare groups.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 01 2016. 14:26 IST