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Apollo Hospitals on Friday reported 49.14 per cent rise in consolidated net profit at 134.16 crore for the quarter ended December 31, 2020 mainly on account of reduction in expenses.

The company had logged a net profit of 89.95 crore in the year-ago period, Apollo Hospitals Enterprise said in a regulatory filing

Revenue from operations stood at 2,759.84 crore in the quarter under review. It was 2,911.74 crore for the same period a year ago, it added.

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Total expenses were 2,595.54 crore as against 2,776.46 crore in the year-ago period, it added.

"The third quarter of the year saw robust growth as we increased focus on non-COVID-19 patients, especially non communicable diseases (NCDs), which pose a substantial risk to the health of the people.

"This was also a result of our successful efforts in educating our patients on the risks of ignoring symptoms and addressing their fears of visiting a hospital during the pandemic," Apollo Hospitals Group Chairman Prathap C Reddy said.

Apollo Hospitals Group was very clear that it would continue to leverage not just the latest medical technologies at its disposal, but also invest in new developments harnessing Artificial Intelligence, Machine Leaning and Big Data to benefit its patients, he added.

"Our successful QIP fundraise is an acknowledgement of the faith of investors in our strong business fundamentals and strategy, and we shall continue to work to deliver growth and leverage opportunities in the healthcare industry to maintain our leadership position," Reddy said.

The company has concluded qualified institutional placement (QIP) for 1,170 crore at 2,511 per share, and the issue was over-subscribed 12.5 times, the filing said.

Shares of Apollo Hospitals Enterprise closed at 2,737.65 per scrip on BSE, down 0.71 per cent from the previous close.

This story has been published from a wire agency feed without modifications to the text.

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