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Occupancy ramp-up slower than expected
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Apollohosp Ltd — Q1 FY24
Apollo Hospitals reported a solid Q1 FY24 with consolidated revenue of INR 4,418 crore (+16% YoY) and EBITDA of INR 509 crore (+4% YoY).
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Apollo Hospitals reported a solid Q1 FY24 with consolidated revenue of INR 4,418 crore (+16% YoY) and EBITDA of INR 509 crore (+4% YoY). Healthcare services grew 13% YoY, driven by a 6% increase in IP volumes and an 11% ARPOB improvement to INR 57,760. Insurance revenue mix improved to 44% of IP revenues. The pharmacy distribution business grew 24% YoY, while Apollo 24|7 GMV surged 189% YoY to INR 623 crore, with operating losses narrowing to INR 57 crore. Management reiterated guidance for Apollo 24|7 to achieve operational breakeven by Q4 FY24 and for combined pharmacy to reach INR 10,000 crore revenue with 6% EBITDA margins. Key risks include slower-than-expected occupancy ramp-up in new hospitals and margin pressure from investments in clinical talent and marketing.
अपोलो हॉस्पिटल्स ने पहली तिमाही में अच्छा प्रदर्शन किया। कंपनी की कुल कमाई 4,418 करोड़ रुपये रही, जो पिछले साल से 16% ज्यादा है। मुनाफा (EBITDA) 509 करोड़ रुपये रहा, जो 4% बढ़ा। अस्पताल सेवाओं में 13% का इज़ाफा हुआ, क्योंकि मरीजों की संख्या 6% बढ़ी और प्रति बिस्तर कमाई 11% बढ़कर 57,760 रुपये हो गई। बीमा से आने वाली कमाई का हिस्सा 44% तक पहुंच गया। फार्मेसी कारोबार 24% बढ़ा, जबकि अपोलो 24|7 की बिक्री 189% बढ़कर 623 करोड़ रुपये हो गई, और इसका घाटा घटकर 57 करोड़ रुपये रह गया। कंपनी को उम्मीद है कि अपोलो 24|7 साल के अंत तक बराबर आएगा, और फार्मेसी कारोबार 10,000 करोड़ रुपये तक पहुंचेगा। जोखिम: नए अस्पतालों में मरीजों की संख्या धीमी बढ़ सकती है और नए डॉक्टरों व विज्ञापन पर खर्च से मुनाफा कम हो सकता है।
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Occupancy (Overall)
62%
+2pp YoY
Overall occupancy improved from 60% in Q1 FY23, with mature hospitals at 63% and new hospitals at 60%.
ARPOB
INR 57,760
+11% YoY
Average revenue per occupied bed increased 11% YoY, driven by case mix improvement and tariff hikes.
Apollo 24|7 GMV
INR 623 crore
+189% YoY
Gross merchandise value grew sharply YoY, though sequentially it was flat due to discount rationalization.
Insurance Revenue Mix
44%
+19pp YoY
Insurance now contributes 44% of total IP revenues, up from ~25% pre-COVID, reflecting payer mix improvement.
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Management reiterated that Apollo 24|7 is on track to achieve operational breakeven in Q4 FY24, with EBITDA loss narrowing to INR 57 crore in Q1.
Overall occupancy at 62% remains below the 70% target, with new hospitals at 60% and some regions like Tamil Nadu seeing muted volumes due to seaso...
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