Apollo Hospitals (AHEL) on Wednesday posted a standalone net profit of ₹33 crore for the second quarter of the current fiscal, against a net profit of ₹91 crore for the same period last year. The healthcare chain had posted a net loss of ₹149 crore in the first quarter.
Revenue from operations on a year-on-year (Y-o-Y) basis fell 2 per cent to ₹2,414 crore in the September quarter, against ₹2,464 crore in the year-ago quarter. However, on a sequential basis, the revenue increased by 23 per cent from ₹1,962 crore recorded for the June quarter.
“Our board of directors has today approved an equity raise of up to ₹1,500 crores for our company. 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,” Prathap C Reddy, Chairman, Apollo Hospitals Group, said in a press release announcing the Q2 results.
The Hospital Group also said that its board has approved the proposal to acquire the balance 50 per cent stake in Apollo Gleneagles Hospital, Kolkata from the IHH Group to make it a wholly owned subsidiary of AHEL.
Meanwhile, Apollo's healthcare services (hospitals) de-grew 18 per cent on a YoY basis to ₹1,063 crore (₹1,292 crore) while standalone pharmacies (SAP) grew 15 per cent to ₹1,352 crore (₹1,173 crore).
On a consolidated basis, revenue from operations de-grew 3 per cent to ₹2,761 crore (₹2,841 crore) during July-September quarter and a profit after tax of ₹60 crore (₹86 crore) during the period.