Apollo Hospitals Q2 Results Review - Strong Show Across Segments: Prabhudas Lilladher
Hospital profitability was up 18% QoQ, while losses from 24x7 remained at elevated levels.
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Prabhudas Lilladher Report
Apollo Hospitals Enterprise Ltd.’s consolidated Ebitda declined 8% to Rs 5.6 billion, in line with our estimate. Adjusted for 24x7 losses, Ebitda was at Rs 7.4 billion, up 18% QoQ versus our estimate of Rs 7.1 billion.
Hospital profitability was up 18% QoQ, while losses from 24x7 remained at elevated levels. Ebitda from offline pharmacy increased 38%, while Apollo Health and Lifestyle Ltd. declined 39% YoY given high base.
Overall occupancy stood at 68% versus 60% in Q1. Average revenue per occupied bed remained healthy at Rs 50,000, down 3% QoQ due to case mix.
Net debt increased by Rs 2.4 billion QoQ to Rs 12.3 billion. We believe Apollo Hospitals has created a solid growth platform across segments and digital foraying has further made it a strong omni channel play.
The company also has good presence in offline format, making it more of a formidable player than just pure play online companies.
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