Apollo Hospitals Q4 Results: Profit Up 77.5%, Meets Estimates

Apollo Hospitals Enterprise Ltd.'s profit in the fourth quarter of fiscal 2024 was in line with analysts' estimates.

The company's consolidated net profit rose 77.5% year-on-year to Rs 258 crore in the quarter-ended March 2024, according to an exchange filing on Thursday. Analysts tracked by Bloomberg had estimated a profit of Rs 265 crore.

The company is on track to add 2,300 beds, with Rs 3,400 crore in the next three financial years, the filing said.

The average revenue per occupied bed for the company grew at 12%. The company's overall occupancy is at 65% and it has potential to take it to 70% plus over the next few quarters, it said.

• Revenue up 14.9% to Rs 4,944 crore versus Rs 4,302 crore (Bloomberg estimate: Rs 4,945 crore).

• Ebitda up 31.2% to Rs 641 crore versus Rs 488 crore (Bloomberg estimate: Rs 637 crore).

• Ebitda margin at 13% versus 11.3% (Bloomberg estimate: 12.9%).

• Net profit up 77.5% to Rs 258 crore versus Rs 146 crore (Bloomberg estimate: Rs 265 crore).

• The board has recommended a final dividend of Rs 10 per share.

• Consolidated revenue of the healthcare services division increased by 17% to Rs 2,562.6 crore in Q4 FY24, as compared with Rs 2,194.6 crore over the same period last year.

• Ebitda (post-Ind AS 116) was at Rs 593.1 crore in Q4 as against Rs 534.7 crore over the same quarter last year. Ebitda was higher by 11% YoY.

• Apollo Health gross revenue at Rs 354.7 crore, a 15% YoY growth.

• Diagnostics business added 220 plus collection centres, taking the overall network to 2,300 plus centres and spread across 300 cities, serving 15,000 plus customer daily.

• Diagnostics revenue stood at Rs 116.9 crore and Spectra at Rs 57.9 crore.

• The company incurred a loss of Rs 9 crore in Q4 FY24.

• Apollo HealthCo entered into a binding agreement to raise equity capital of almost $300 million (Rs 2,475 crore) from private equity investor, Advent International.

• Offline pharmacy distribution revenue at Rs 1,788 crore in Q4 FY24, while revenue from digital platform was at Rs 238.7 crore.

• Overall HealthCo revenue was at Rs 2,026.7 crore, representing 13% YoY growth.

• 240 net new stores were opened in this quarter, taking the total number to 6,030 stores.

• GMV of Apollo 24/7 at Rs 681 crore in Q4 FY24, a growth of 35% over the same period last year.

• Average Q4 run rate of 54,000 per day order across pharma, diagnostics consultations (including in-patient/out-patient referrals), as compared with 43,000 per day over the same period last year.

• The company saw a loss of Rs 0.6 crore from digital health and pharmacy distribution.

Shares of Apollo Hospitals were trading 1.99% lower at Rs 5,786.05 apiece, as compared with a 0.95% decline in the benchmark Nifty 50.