BENGALURU, Nov 4 (Reuters) – India’s Apollo Hospitals Enterprise quarterly profit rose by nearly a third on Wednesday, broadly in line with analysts’ estimates, as strong demand for complex procedures drove growth in its core healthcare services business.
The Chennai-based hospital operator’s consolidated net profit rose to 6.30 billion indian rupees ($66.52 million) in the quarter ended September 30, from 4.77 billion rupees a year earlier. Analysts, on average, expected 6.36 billion rupees, according to data compiled by LSEG.
Here are more details:
• Overall quarterly revenue from operations rose 23% from a year earlier to 76.15 billion rupees, helped by a 23% jump in its biggest healthcare services segment and growth in its offline pharmacy business
• Hospital occupancy stood at 73%, compared with 69% a year earlier, driven by a richer case mix and higher share of complex procedures
• The chain, which currently has around 10,000 beds across the country, plans to add over 5,800 beds over the next five years as it looks to scale up its presence in major metropolitan areas and key urban clusters, the company said
• Apollo, which competes with recently listed Manipal Health Enterprises and Fortis Healthcare, has benefited from stronger performance in specialty-care segments
($1 = 94.7100 Indian rupees)
(Reporting by Rishika Sadam and Kashish Tandon. Additional reporting by Nishit Navin in Bengaluru; Editing by Harikrishnan Nair)
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