Apollo Hospitals Q1 Results: Net profit drops 47% YoY to Rs 167 crore

Apollo Hospitals Enterprises on Friday reported a 47% year-on-year (YoY) decline in net profit to Rs 167 crore for Q1FY24. The net profit was pulled down by Apollo Healthco’s digital health platform 24×7 that reported a loss of Rs 83 crore.

Apollo said Healthco is on track for break even in Q4 FY24. Revenue from operations rose 16% YoY to Rs. 4,418 crore in Q1FY23.

FY24 EBITDA excluding 24/7 operating cost and ESOP charge stood at Rs. 713 crore, registering YoY growth of 13%.

Segment-wise, healthcare services revenue grew to Rs 2,294 crore, rising 13 per cent YoY while Healthco that houses 24×7 and pharmacy distribution revenues grew to Rs 1,805.4 crore, up 22 per cent YoY.

The company said it continues to invest in the future expanding its digital footprint as well as its physical footprint with over 2,000 new beds being added over the next four years.

“Apollo is also upgrading its existing infrastructure and as of June 30, 2023, it has a network of 7,798 operating beds across its facilities, with 14 new hospitals contributing 2,380 operating beds. These new facilities have already achieved a utilization rate of 60 per cent and are well poised for further growth and profitability in the coming quarters,” the company said.