Apollo Hospitals Q2 net profit falls 30%; board approves raising ₹1,500 cr1 min read . Updated: 11 Nov 2020, 09:46 PM IST
- The company's board also okayed acquiring the balance 50% stake in Apollo Gleneagles Hospital Ltd, Kolkata, from the IHH Group
- Revenues for the second quarter declined by 3% to ₹2,760.7 cr
New Delhi: Apollo Hospitals Enterprise on Wednesday reported a 30 per cent decline in consolidated profit after tax (PAT) at ₹60.3 crore for the quarter ended September.
The healthcare major had posted a PAT of ₹86.2 crore during the July-September period of the previous fiscal.
Revenues for the second quarter declined by 3 per cent to ₹2,760.7 crore as against ₹2,840.7 crore in the year-ago period, Apollo Hospitals Enterprise said in a statement.
The company said its board has approved raising ₹1,500 crore through preferential issue/ qualified institutional placement (QIP).
The board has also okayed acquiring the balance 50 per cent stake in Apollo Gleneagles Hospital Ltd, Kolkata, from the IHH Group.
"This has been a challenging year as we brought all the resources of the group to support the nation in the fight against COVID-19.
"At the same time, we renewed our resolve to drive back the tsunami of non-communicable diseases that threatens the health of the nation," Apollo Hospitals Group Chairman Prathap C Reddy said.
The healthcare major is preparing to vaccinate over one million Indians every day once a vaccine is approved, he added.
On fundraising, he said,"This approval is an outcome of the strong financial performance of the company over the last several quarters, and an acknowledgement of the growth opportunities that lie ahead."
"While we are still firming up our plans on the fund raise itself, we reiterate our strong commitment to several concurrent objectives - cementing our position as undisputed healthcare leader in India, leveraging exciting opportunities in under-served markets, maintaining a healthy balance sheet and debt position, and above all, providing best-in-class returns for our shareholders," he added.
As on September 30, Apollo Hospitals had 7,364 operating beds across the network.
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