Apollo Hospitals Q1 net profit falls 18% to Rs72 crore
The Apollo Hospitals board will constitute a committee to explore options for restructuring aimed at improving operating efficiencies
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Hyderabad: Apollo Hospitals Enterprise Ltd Thursday said net profit in the June quarter fell 18% due to rising expenses and interest costs.
Apollo recorded a net profit of Rs.72.2 crore in the April-June period against Rs.87.5 crore a year ago. Revenue rose 12.18% at Rs.1,470.73 crore, the company said.
A Bloomberg poll of six analysts estimated the company’s net profit at Rs.88.2 crore, while five analysts estimated net sales at Rs.1,453.90 crore.
Revenue from the healthcare services division increased 6% to Rs.833 crore in the first quarter.
Revenue from the pharmacy business grew 22% to Rs.632.5 crore in the first quarter. The company said it added 57 stores in the first quarter, taking the network to 2,383 stores.
The Apollo board has decided to constitute a committee to explore options for restructuring aimed at improving operating efficiencies and augmenting growth.
“The board authorised the restructuring committee to immediately undertake such steps as may be required and necessary to evaluate, determine and prepare a road map for the proposed re-structuring, including engaging with relevant stakeholders for this purpose,” Apollo said in a statement to exchanges.
Shares of Apollo gained 0.66% to Rs.1,357.70 on the BSE, while the benchmark Sensex declined 0.10% to 28,423.48 points.