Results     04-Jun-24
Analysis
Apollo Hospitals Enterprise
NP up 75.64%
For the quarter ending March 2024, consolidated Net sales (including other operating income) of Apollo Hospitals Enterprise has increased 14.92% to Rs 4943.9 crore compared to quarter ended March 2023.  Sales of Healthcare Services segment has gone up 15.81% to Rs 2,579.50 crore (accounting for 51.99% of total sales).  Sales of Clinics segment rose 14.65% to Rs 353.70 crore (accounting for 7.13% of total sales).  Sales of others segment has gone down 0.00% to Rs 1.20 crore (accounting for 0.02% of total sales).  Sales of Pharmacy Distribution segment has gone up 12.64% to Rs 2,026.70 crore (accounting for 40.85% of total sales).  Inter-segment sales came down from Rs 34.10 crore to Rs 17.20 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 37.02% to Rs 450.80 crore.  PBIT of Healthcare Services segment rose 8.60% to Rs 445.90 crore (accounting for 98.91% of total PBIT).  PBIT of Clinics segment rose 106.06% to Rs 6.80 crore (accounting for 1.51% of total PBIT).  PBIT of others segment fell 160.00% to Rs -1.30 crore (accounting for -0.29% of total PBIT).  PBIT of Pharmacy Distribution segment rose 99.29% to Rs -0.60 crore (accounting for -0.13% of total PBIT).  

PBIT margin of Healthcare Services segment fell from 18.43% to 17.29%.  PBIT margin of Clinics segment rose from 1.07% to 1.92%.  PBIT margin of others segment fell from negative 41.67% to negative 108.33%.  PBIT margin of Pharmacy Distribution segment rose from negative 4.69% to negative 0.03%.  Overall PBIT margin rose from 7.59% to 9.09%.  

Operating profit margin has jumped from 11.35% to 12.96%, leading to 31.22% rise in operating profit to Rs 640.50 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 11.33% to 12.88%.   Purchase of finished goods cost fell from 40.64% to 38.67%.   Employee cost decreased from 13.72% to 13.03%.   Other expenses fell from 22.97% to 22.48%.   

Other income rose 71.34% to Rs 28.1 crore.  PBIDT rose 32.53% to Rs 668.6 crore.  Provision for interest rose 25.05% to Rs 119.3 crore.  Loan funds rose to Rs 5,332.60 crore as of 31 March 2024 from Rs 4,332.40 crore as of 31 March 2023.  Inventories rose to Rs 459.80 crore as of 31 March 2024 from Rs 390.10 crore as of 31 March 2023.  Sundry debtors were higher at Rs 2,514.90 crore as of 31 March 2024 compared to Rs 2,234.20 crore as of 31 March 2023.  Cash and bank balance rose to Rs 933.80 crore as of 31 March 2024 from Rs 775.80 crore as of 31 March 2023.  Investments rose to Rs 986.10 crore as of 31 March 2024 from Rs 573.60 crore as of 31 March 2023 .  

PBDT rose 34.27% to Rs 549.3 crore.  Provision for depreciation rose 19.23% to Rs 189.7 crore.  Fixed assets increased to Rs 9,388.60 crore as of 31 March 2024 from Rs 8,143.90 crore as of 31 March 2023.  Intangible assets increased from Rs 985.80 crore to Rs 1,148.10 crore.  

Profit before tax grew 43.84% to Rs 359.60 crore.  Share of profit/loss was 138.89% higher at Rs 8.6 crore.  Provision for tax was expense of Rs 109.8 crore, compared to Rs 108 crore.  Effective tax rate was 29.82% compared to 42.59%.

Minority interest increased 318.18% to Rs 4.60 crore.  Net profit attributable to owners of the company increased 75.64% to Rs 253.80 crore.  

Equity capital stood at Rs 71.90 crore as of 31 March 2024 to Rs 71.90 crore as of 31 March 2023.  Per share face Value remained same at Rs 5.00.  

Promoters’ stake was 29.33% as of 31 March 2024 ,compared to 29.33% as of 31 March 2023 .  Promoters pledged stake was 16.09% as of 31 March 2024 ,compared to 16.63% as of 31 March 2023 .  


Full year results analysis.

Net sales (including other operating income) of Apollo Hospitals Enterprise has increased 14.73% to Rs 19059.2 crore.  Sales of Healthcare Services segment has gone up 13.68% to Rs 9,939.20 crore (accounting for 51.94% of total sales).  Sales of Clinics segment rose 10.82% to Rs 1,364.30 crore (accounting for 7.13% of total sales).  Sales of others segment has gone down 0.00% to Rs 4.70 crore (accounting for 0.02% of total sales).  Sales of Pharmacy Distribution segment has gone up 16.74% to Rs 7,826.90 crore (accounting for 40.90% of total sales).  Inter-segment sales rose Rs 70.90 crore to Rs 75.90 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 18.79% to Rs 1,703.70 crore.  PBIT of Healthcare Services segment rose 10.47% to Rs 1,846.40 crore (accounting for 108.38% of total PBIT).  PBIT of Clinics reported loss of Rs 1.50 crore compared to profit of Rs 20.00 crore.  PBIT of others segment rose 3.74% to Rs -10.30 crore (accounting for -0.60% of total PBIT).  PBIT of Pharmacy Distribution segment rose 46.90% to Rs -130.90 crore (accounting for -7.68% of total PBIT).  

PBIT margin of Healthcare Services segment fell from 19.12% to 18.58%.  PBIT margin of Clinics segment fell from 1.62% to 0.11%.  PBIT margin of others segment rose from negative 227.66% to negative 219.15%.  PBIT margin of Pharmacy Distribution segment rose from negative 3.68% to negative 1.67%.  Overall PBIT margin rose from 8.60% to 8.90%.  

Operating profit margin has jumped from 12.34% to 12.54%, leading to 16.64% rise in operating profit to Rs 2,390.70 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 13.73% to 12.85%.   Purchase of finished goods cost rose from 37.96% to 38.68%.   Employee cost decreased from 13.08% to 13.06%.   Other expenses fell from 22.91% to 22.88%.   

Other income rose 17.72% to Rs 106.3 crore.  PBIDT rose 16.69% to Rs 2497 crore.  Provision for interest rose 18.01% to Rs 449.4 crore.  Loan funds rose to Rs 5,332.60 crore as of 31 March 2024 from Rs 4,332.40 crore as of 31 March 2023.  Inventories rose to Rs 459.80 crore as of 31 March 2024 from Rs 390.10 crore as of 31 March 2023.  Sundry debtors were higher at Rs 2,514.90 crore as of 31 March 2024 compared to Rs 2,234.20 crore as of 31 March 2023.  Cash and bank balance rose to Rs 933.80 crore as of 31 March 2024 from Rs 775.80 crore as of 31 March 2023.  Investments rose to Rs 986.10 crore as of 31 March 2024 from Rs 573.60 crore as of 31 March 2023 .  

PBDT rose 16.40% to Rs 2047.6 crore.  Provision for depreciation rose 11.63% to Rs 687 crore.  Fixed assets increased to Rs 9,388.60 crore as of 31 March 2024 from Rs 8,143.90 crore as of 31 March 2023.  Intangible assets increased from Rs 985.80 crore to Rs 1,148.10 crore.  

Profit before tax grew 18.96% to Rs 1,360.60 crore.  Provision for tax was expense of Rs 445.5 crore, compared to Rs 256.2 crore.  Effective tax rate was 32.27% compared to 23.28%.

Minority interest increased 44.44% to Rs 36.40 crore.  Net profit attributable to owners of the company increased 9.71% to Rs 898.60 crore.  

Equity capital stood at Rs 71.90 crore as of 31 March 2024 to Rs 71.90 crore as of 31 March 2023.  Per share face Value remained same at Rs 5.00.  

Promoters’ stake was 29.33% as of 31 March 2024 ,compared to 29.33% as of 31 March 2023 .  Promoters pledged stake was 16.09% as of 31 March 2024 ,compared to 16.63% as of 31 March 2023 .  

Cash flow from operating activities increased to Rs 1,920.20 crore for year ended March 2024 from Rs 1,376.70 crore for year ended March 2023.  Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 1,136.80 crore, compared to Rs 1,128.50 crore during the year ended March 2023.  

Other Highlights

The board recommended a final dividend of Rs 10 per Equity Share of the face value of Rs 5 per share for the FY2023-24. Record date fixed for the purpose is 17 Aug 2024.

Core revenues of Primary Care grew by 15% YoY in FY24.

HCS revenue grew 14% YoY in FY24 (volume grew by 5%).

ARPOB grew 11% to Rs 57,488 in FY24.

Omnichannel Pharmacy Business revenue grew 17% YoY to Rs 25,876 Mn in Q4 FY24.

Diagnostics witnessed volume-driven Revenue growth of 20% YoY in FY24.


Management Comments :
Dr. Prathap C. Reddy, Chairman, Apollo Hospitals Group said, "FY24 has been a special year for us at Apollo as we achieved some remarkable milestones to further enhance the quality of our care. Our steadfast dedication to delivering top-notch healthcare services continues to be a key pillar of our growth. While Apollo leads the paradigm shift in healthcare focused on prevention of diseases, we are committed to advance our research efforts and leverage cutting-edge, new-age technologies like Al and robotics to enhance patient outcomes. Cancer is one of our key focus areas given the increasing incidence of the disease being reported in India, making the country a potentially the cancer capital of the world Al Apollo Hospitals, we are committed to advance our research and introduce novel, technology driven medical solutions and set new benchmarks in cancer care. Towards this vision, our experts conducted a study and have successfully established new reference values for prostate-specific antigen (PSA) specific to the Indian demographic. This marks an important milestone in prostate cancer diagnosis and treatment. Similarly, setting up of India`s first Al precision oncology centre in Bengaluru enables us to offer best-in-class cancer care leveraging the potential of Al that ensures accurate diagnosis, real-time insights, cancer risk assessment, treatment protocol and continuum of care. This centre will play a significant role in strengthening India`s position as a global hub for cancer care. Continuing to deliver on our commitment to introducing latest medical innovations in India, we are proud to once again be the first hospital in south Asia to implement ZAP-X, a transformative technology for brain tumor treatment. ZAP-X offers patients a non-invasive, pain-free alternative with sessions lasting just 30 minutes and it redefines precision with minimal radiation exposure, enabling new standards in effectiveness and patient comfort. Going forward, Apollo Hospitals will continue to strengthen its endeavors to identify and introduce best-in-class, technology-enabled healthcare solutions to enhance patient outcomes and improve access to quality care. Together, we embark on a journey towards a healthier, more resilient future, where every individual receives the highest standard of care. We are dedicated to contributing to the nation`s health agenda through impactful initiatives that address the evolving healthcare needs of our society. We envision a tomorrow where healthcare knows no bounds, and we are steadfast in our commitment to making this vision a reality."



Apollo Hospitals Enterprise : Consolidated Results
 Quarter endedYear ended
Particulars202403202303Var.(%)202403202303Var.(%)
Net Sales (including other operating income)4,943.904,302.2014.9219,059.2016,612.5014.73
OPM (%)12.9611.35161 bps12.5412.3421 bps
OP640.50488.1031.222,390.702,049.6016.64
Other Inc.28.1016.4071.34106.3090.3017.72
PBIDT668.60504.5032.532,497.002,139.9016.69
Interest119.3095.4025.05449.40380.8018.01
PBDT549.30409.1034.272,047.601,759.1016.40
Depreciation189.7159.119.23687615.411.63
PBT359.60250.0043.841360.61143.718.96
Share of Profit/(Loss) from Associates8.63.6138.8918-43.2LP
PBT before EO368.2253.645.191378.61100.525.27
EO Income00-1.90-
PBT after EO368.2253.645.191380.51100.525.44
Taxation109.81081.67445.5256.273.89
PAT258.4145.677.47935844.310.74
Minority Interest (MI)4.61.1318.1836.425.244.44
Net profit253.8144.575.64898.6819.19.71
P/(L) from discontinued operations net of tax00-00-
Net profit after discontinued operations253.8144.575.64898.6819.19.71
EPS (Rs)*17.6510.0575.6462.4156.979.56
* EPS is on current equity of Rs 71.89 crore, Face value of Rs 5, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database


Apollo Hospitals Enterprise : Consolidated Segment Results
 Quarter endedYear ended
% of (Total)202403202303Var.(%)% of (Total)202403202303Var.(%)
Sales
Healthcare Services51.992,579.502,227.4015.8151.949,939.208,743.1013.68
Pharmacy0.000.000.00-
Clinics7.13353.70308.5014.657.131,364.301,231.1010.82
others0.021.201.2000.024.704.700
Pharmacy Distribution40.852,026.701,799.2012.6440.907,826.906,704.5016.74
Apollo Digital 24/70.000.000.00-
Total Reported Sales100.004,961.104,336.3014.41100.0019,135.1016,683.4014.70
Less: Inter segment revenues 17.2034.10-49.56 75.9070.907.05
Net Sales100.004,943.904,302.2014.92100.0019,059.2016,612.5014.73
PBIT
Healthcare Services98.91445.90410.608.60108.381,846.401,671.4010.47
Pharmacy0.000.000.00-
Clinics1.516.803.30106.06-0.09-1.5020.00PL
others-0.29-1.30-0.50-160.00-0.60-10.30-10.703.74
Pharmacy Distribution-0.13-0.60-84.4099.29-7.68-130.90-246.5046.90
Apollo Digital 24/70.000.000.00-
Total PBIT100.00450.80329.0037.02100.001,703.701,434.2018.79
Less : Interest119.3095.4025.05449.40380.8018.01
Add: Other un-allcoable36.7020.0083.50126.2047.10167.94
PBIT Margin(%)
Healthcare Services 17.2918.43-114.78 18.5819.12-53.98
Pharmacy 0.000.000.00
Clinics 1.921.0785.28 -0.111.62-173.45
others -108.33-41.67-6,666.67 -219.15-227.66851.06
Pharmacy Distribution -0.03-4.69466.14 -1.67-3.68200.42
Apollo Digital 24/7 0.000.000.00
PBT100.00368.20253.6045.19100.001,380.501,100.5025.44
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