Apollo Hospitals Q1 Review – In Line; Strong Show In Hospital Segment: Prabhudas Lilladher


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Prabhudas Lilladher Report

Apollo Hospitals Enterprises Ltd.’s consolidated Ebitda decline by 6% to Rs 4.9 billion, in line with our estimate. Adjusted for 24×7 losses, Ebitda was up 12% YoY.

Hospital profitability recovered QoQ with 19% Ebitda growth while losses from 24×7 remain at elevated levels. Ebitda from offline pharmacy (SAP) and Apollo Health and Lifestyle Ltd. decline by 3% and 39% YoY given high base.

Overall occupancy stood at 60% versus 58% in Q4. Average revenue per occupied bed remain healthy at Rs 51,000; up 7% QoQ aided by reduction in average length of stay and payor mix. Net debt reduced by Rs 2.1 billion QoQ to Rs 9 billion.

Apollo Hospitals pursued aggressive expansion in past few years which has created a strong growth platform.

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