Apollo Hospitals posts over three-fold jump in profit to Rs 267 crore

Apollo Hospitals to acquire Excelcare for Rs 210 crore

Apollo Hospitals Enterprise Limited (AHEL) has posted a three-fold jump in consolidated net profit to Rs 267 crore for the second quarter of the current financial year from Rs 59 crore during the July to September quarter of 2020-21.

The company’s revenue from operations saw a 35 per cent jump to Rs 3,717 crore during the quarter under review as compared to Rs 2,761 crore during Q2FY21. 

“We are glad to report a strong quarter that builds on the trajectory that we saw in the first three months of the year. As the country recovered from the second wave on the back of an expanding vaccination program, Apollo Hospitals was proud to lead the way by supporting the Government’s efforts to emerge as the largest private sector vaccinator,” said Prathap C Reddy, Chairman, Apollo Hospitals Group. Across the country, the group completed over 5 million vaccinations so far and are fully ready to roll out the vaccination program for children as and when the government announces the same.

Apollo Hospitals through its fully-owned subsidiary Assam Hospitals (AHL), that operates a 219-bedded hospital at Guwahati, has entered into Definitive Agreements for the acquisition of a 64 per cent stake in Asclepius Hospitals and Healthcare Pvt Ltd which runs a 180-bedded multispeciality hospital in Guwahati under the name of Excelcare Hospital (Excelcare). 

The acquisition would be for an enterprise value of Rs 210 crore and would be funded by Assam Hospitals primarily through its reserves, the company said in a statement. The company's board on Friday cleared the appointment of Rama Bijapurkar as an additional director, to hold office as its independent director.