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Apollohosp Ltd — Q2 FY25
Apollo Hospitals reported a strong Q2 FY25 with consolidated revenue of INR 5,589 crore (+15% YoY) and EBITDA of INR 816 crore (+30% YoY).
bullish
high
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Apollo Hospitals reported a strong Q2 FY25 with consolidated revenue of INR 5,589 crore (+15% YoY) and EBITDA of INR 816 crore (+30% YoY). PAT surged 63% YoY to INR 379 crore, driven by broad-based volume growth and margin improvement. Healthcare services revenue grew 14% to INR 2,903 crore, with occupancy rising to 73% (vs 68% last year). Apollo HealthCo turned profitable for the first time (PAT INR 19 crore). Management guided for 1,400 new beds in FY26, with phased commissioning to protect margins. The 24/7 platform is pivoting to sustainable growth, targeting breakeven in 5-6 quarters. Risk: Bangladesh patient flow disruption and quick commerce competition may pressure near-term ARPOB and GMV growth.
अपोलो हॉस्पिटल्स ने दूसरी तिमाही में अच्छा प्रदर्शन किया। कुल कमाई 5,589 करोड़ रुपये रही, जो पिछले साल से 15% ज्यादा है। कंपनी की कमाई और मुनाफा दोनों बढ़े हैं। मरीजों की संख्या बढ़ने और खर्च कम होने से मुनाफा 63% बढ़कर 379 करोड़ रुपये हो गया। अस्पतालों में 73% बिस्तर भरे रहे, जो पिछले साल 68% थे। अपोलो हेल्थको ने पहली बार मुनाफा कमाया। कंपनी अगले साल 1,400 नए बिस्तर जोड़ेगी। 24/7 प्लेटफॉर्म को 5-6 तिमाहियों में लाभ में लाने की योजना है। जोखिम: बांग्लादेश से मरीज कम आ सकते हैं और त्वरित वाणिज्य प्रतिस्पर्धा से कमाई पर दबाव पड़ सकता है।
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Bangladesh patient flow disruption
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Read Transcript →Quarter Snapshot
Occupancy
73%
+5pp YoY
Occupancy increased from 68% in Q2 last year, driven by volume growth across all regions.
ARPOB
INR 59,011
+3% YoY
Average revenue per occupied bed grew modestly due to higher medical admissions; 6% growth expected in coming quarters.
IP Volume Growth
8%
+8% YoY
Inpatient volumes grew 8% YoY, led by neurosciences, oncology, and gastro sciences.
24/7 GMV
INR 757 crore
Flat vs prior quarter
GMV remained stable as marketing spend was cut; management expects sustainable growth via omni-channel strategy.
What Changed vs Last Quarter
NEW
1,400 new beds in FY26 with phased operationalization
Six facilities in key metros will be commissioned in FY26; half of the beds operationalized in FY26, rest in FY27 to protect margins.
NEW
Combined pharmacy revenue target of INR 25,000 crore in 3 years
Including Keimed, the pharmacy platform targets INR 25,000 crore revenue with 7-8% EBITDA margin.
NEW
Healthcare services margin expansion of 50-60 bps in FY25
Management expects 50-60 bps margin expansion for the full year, lower than initial 100-150 bps due to Bangladesh headwinds.
UPDATED
Apollo HealthCo online segment breakeven in 5-6 quarters
The online 24/7 platform is expected to achieve breakeven by Q2 FY26, with sustainable GMV growth and reduced marketing spend.
DROPPED
Hospital margin expansion of 100bps over 3-4 quarters
Management expects healthcare services EBITDA margin to expand by 100 basis points over the next 3-4 quarters, driven by volume growth, case mix improvement, and cost optimization.
DROPPED
ARPOB growth of 7% for FY25
Management guided for ARPOB increase of 7% for the full year, supported by tariff revision of 4%, better case mix, and international patient recovery.
DROPPED
500-550 new pharmacy stores in FY25
Apollo HealthCo plans to add 500-550 new offline pharmacy stores in FY25, with Q1 impacted by election delays but pace expected to pick up.
NEW RISK
Bangladesh patient flow disruption
International patient revenue from Bangladesh fell 27% in H1, impacting Tamil Nadu volumes. Recovery expected but uncertain.
NEW RISK
Quick commerce competition pressuring 24/7 GMV
Quick commerce players are impacting non-Rx sales, delaying unit economics improvement. Management is rolling out 19-min delivery to counter.
NEW RISK
Insurance payer pushback on pricing
Health insurers facing high claims ratios may exert pressure on hospital pricing. Management believes network strength mitigates this.
RISK GONE
Bangladesh political situation impacting international patients
Bangladesh contributes ~30% of international patient revenue (2% of total revenue). Recent political issues have caused a drop in volumes, though management expects recovery.
RISK GONE
Slower ARPOB recovery due to higher medical case mix
ARPOB grew only 2% YoY due to a higher proportion of medical admissions. Management expects improvement but there is risk if surgical volumes do not pick up as anticipated.
🤫 Topics management stopped discussing
Mentioned in Q1 FY24, Q2 FY24, Q4 FY24
Targeting GMV of INR 1,700 crore per quarter and take rate improvement from 4% to 8%.
Mentioned in Q1 FY25, Q4 FY24
Apollo HealthCo plans to add 500-550 new offline pharmacy stores in FY25, with Q1 impacted by election delays but pace expected to pick up.
Mentioned in Q2 FY24, Q3 FY24
Expansion plan includes new hospitals in Pune, Hyderabad, Kolkata, and brownfield in Bangalore, with first beds operational in FY25.
Mentioned in Q2 FY24, Q4 FY24
Targeting 25% margin by end of FY25 through cost optimization and surgical volume growth.
Mentioned in Q3 FY24, Q4 FY24
Driven by volume growth, network expansion, and better asset utilization.
Fast read
Guidance and risk preview
Six facilities in key metros will be commissioned in FY26; half of the beds operationalized in FY26, rest in FY27 to protect margins.
International patient revenue from Bangladesh fell 27% in H1, impacting Tamil Nadu volumes.
View Risks →