Continued strong performance by new hospitals, including those in tier-II cities, has boosted Apollo Hospitals’ first quarter net profit.
Profit after tax rose 36 per cent (year-on-year) to Rs 67.9 crore. Revenues rose 21.3 per cent to Rs 777 crore (standalone).
Revenues of the hospitals division increased 17 per cent to Rs 529 crore. The newer hospitals in Bhubaneswar, Madurai, Karimnagar and Karaikudi were the drivers of growth, said the company in a release.
The company plans to add 3,100 beds across India over the next three years, at an outlay of Rs 1,815 crore. Of this, Rs 322 crore has already been invested; the balance will be funded through a mix of debt and internal accruals.
Prathap C. Reddy, Chairman, said, “We have had volume growth across all our ‘centres of excellence’ reaffirming our sharply focused competencies.”
Apollo has identified focus areas - cardiology, orthopaedics, emergency, transplant and neurosciences. One centre, which has developed expertise in a particular area, acts as a ‘centre of excellence' for the rest of the Apollo network, facilitating sharing of best practices. For instance, Chennai is the cardio hub, while Delhi is for transplant.
Apollo Pharmacy added 26 stores and closed 33 non-performing stores in the first quarter.
The total network stands at 1,357 stores. Revenues grew 31 per cent to Rs 247 crore. The EBITDA grew to Rs 6.1 crore (Rs 2.3 crore).
Apollo Munich Health Insurance Company achieved a gross written premium of Rs 101 crore (Rs 71.8 crore).