Apollo Hospitals sees 4-fold jump in profit to Rs 267.4 cr in Sept quarter

The healthcare major on Friday reported an over fourfold jump in its consolidated net profit

Healthcare major Apollo Hospitals Enterprise on Friday reported an over fourfold jump in its consolidated net profit to Rs 267.41 crore for the quarter ended September 30, mainly on account of a pick-up in non-COVID-19 revenue and steady return of patient mix to pre-COVID-19 levels.

The company had posted a net profit of Rs 58.99 crore for the corresponding period of the previous fiscal, Apollo Hospitals Enterprise said in a regulatory filing.

Its consolidated revenue from operations stood at Rs 3,717.07 crore for the quarter under consideration. It was Rs 2,760.72 crore for the same period a year ago, it added.

Apollo Hospitals Group Chairman Prathap C Reddy said, "We are glad to report a strong quarter that builds on the trajectory that we saw in the first three months of the year."

During the second quarter, the company also saw patients confidently returning to the hospitals including the OPDs and inpatient admissions. The trend has started to shift with an increase in non-COVID-19 revenue and a pick-up in surgical volumes, he added.

Apollo Hospitals Enterprise through its existing subsidiary Assam Hospitals Ltd has entered into definitive agreements for the acquisition of a 64 per cent majority stake in Asclepius Hospitals and Healthcare Pvt Ltd, which runs a 180-bed multispeciality hospital in Guwahati under the name of Excelcare Hospital, the filing said.

"The acquisition would be for an Enterprise value of Rs 210 crore and would be funded by Assam Hospitals Ltd, primarily through its reserves," it added.

The company's board has approved the proposal for appointment of Rama Bijapurkar as an additional director with effect from November 12, 2021, to hold office as its independent director, the filing said.

As on September 30, 2021, Apollo Hospitals had 7,647 operating beds across the network.