Apollo Hospitals Falls Most In Over Six Weeks On Q1 Profit Decline
Shares of the company fell as much as 3.3%, the most since June 29, in early trade on Friday.
Shares of Apollo Hospitals Enterprise Ltd. fell the most in six weeks after the Chennai-based hospital chain operator saw its profit decline in the first quarter.
Key Highlights (Consolidated, YoY)
Revenue up 1% at Rs 3,796 crore (Estimate: Rs 3,868 crore)
Net profit down 35% at Rs 317 crore (BEstimate: Rs 196 crore)
Ebitda down 6% at Rs 491 crore (Estimate: Rs 536 crore)
Margins at 12.9% vs 13.8% (Estimate: 13.9%)
Apollo Hospital Group Chairman Dr. Prathap C. Reddy said the first quarter of the new financial year has seen a "definitive increase" in the demand for non-covid health services and "augurs well for growth this financial year".
While the hospital segment seems to be performing well for the company, the digital business, and clinics and diagnostics segment are a drag on its profitability.
Shares of the company fell as much as 3.4% -- the most since June 29, before closing 2.6% lower on Friday.
Of the 26 analysts tracking the company, 24 maintain a 'buy' and one each suggest a 'hold' and a 'sell', according to Bloomberg data. The 12-month consensus price target implies an upside of 11.8%.