Apollo Hospitals net profit up 4.6% to `87 crore
Total income rises 15.2% to `980.5 cr, but higher employee cost and other expenses restrict profit growth
Mumbai: Apollo Hospitals Enterprise Ltd, the country’s second-largest hospital chain, posted a 4.6% increase in net profit at ₹ 87 crore for the July-September quarter, almost in line with market expectations. It had a net profit of ₹ 83.2 crore in the comparable quarter a year ago.
The group’s total income increased 15.2% to ₹ 980.5 crore, but higher employee cost and other expenses, including financial cost, restricted profit growth.
Apollo Hospitals, which has chalked out an expansion plan both in India and abroad, in July said its board has approved a fresh investment of ₹ 2,250 crore over the next three years. With this expansion plan, the hospital chain will enter India’s small cities and towns spreading its reach to semi-urban markets. The investment will be funded through internal accruals and incremental debt, the company had said.
According to this plan, the hospital chain aims to increase the number of total beds by 1,000 across seven locations this fiscal year. As of 31 March, Apollo had 8,420 beds in India and overseas across 51 hospitals. Of these, 38 hospitals are owned by Apollo and 13 are under management through operations and management contracts.
Shares of Apollo Hospitals fell 2.48% to ₹ 873.85 each on BSE. The Sensex lost 1.02% to end Tuesday at 20,281.91 points.
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