Apollo Hospitals posts July-September standalone PAT of Rs 294.8 cr

Chennai: Apollo Hospitals Enterprise Ltd has recorded a standalone profit after tax of Rs 294.8 crore for the three months ended September 30, 2023, the healthcare major said on Friday.

Apollo Hospitals reported a standalone profit after tax of Rs 279.1 crore during the corresponding quarter last year.

For the half-year period ended September 30, 2023, the standalone profit after tax stood at Rs 508.9 crore, as against Rs 612.3 crore registered in the same period last year, the company said on Friday.

Total income on a standalone basis during the quarter under review grew to Rs 1,931.1 crore from Rs 1,758.5 crore during the corresponding quarter of the previous year.

For the six-month period ended September 30, 2023, the standalone total income grew to Rs 3,637.3 crore against Rs 3,298.7 crore registered in the same period last year.

In a statement, Apollo Hospitals said the board, based on the recommendations of the investment committee, has evaluated and approved an expansion plan for the company involving a balance capital outlay of around Rs 3,400 crore after reckoning for land/asset acquisition costs already incurred.

"(Apollo Hospitals is) on track to add 2,300 beds across eight locations at a cost of Rs 3,400 crore over the next three financial years," the statement read.

The mode of financing would be internal accruals and debt financing.

"This expansion plan is in line with the plan to expand footprint in identified strategic locations to drive continued business growth and cater to the increasing demand for quality healthcare services across the country," the company said.

Apollo Hospitals Group Chairman Prathap C Reddy said, "For more than 40 years, Apollo has spearheaded a healthcare revolution in India, leading the charge in delivering quality healthcare services throughout the nation. Our unwavering commitment drives us to extend the reach of our services far and wide, bolstered by investments in cutting-edge technologies and the ongoing enhancement of our existing facilities."

"We are happy to have announced our new hospitals at Pune and Kolkata, and we are forging ahead with our plans to add 2,300 high-quality beds in key geographies over the next three years," he added.