ARPOB
INR 63,569
+7% YoY
Average revenue per occupied bed grew 7% year-on-year, driven by higher surgical volumes and case mix improvement.
APOLLOHOSP
Healthcare
10 May 2025
Apollohosp Ltd — Q4 FY25
Apollo Hospitals delivered a strong Q4 FY25 with consolidated revenue of INR 5,592 crore (+13% YoY) and PAT of INR 390 crore (+54% YoY).
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
Apollo Hospitals delivered a strong Q4 FY25 with consolidated revenue of INR 5,592 crore (+13% YoY) and PAT of INR 390 crore (+54% YoY). Healthcare services revenue grew 10% to INR 2,822 crore, impacted by ~2% from Bangladesh patient flow disruptions. Occupancy was 67% (metro 70%), ARPOB rose 7% to INR 63,569. Apollo HealthCo revenue grew 17% to INR 2,376 crore, with digital losses narrowing to INR 80 crore (vs INR 111 crore last year). AHLL EBITDA grew 32% to INR 47 crore. Management guided for low-to-mid teens organic hospital growth in FY26, with new bed additions (4,300 beds over 3-4 years) starting to contribute meaningfully from FY27. The digital business targets cash break-even between Q3-Q4 FY26. Key risks include continued Bangladesh headwinds in Q1 FY26 and margin dilution from new hospital ramp-ups.
अपोलो हॉस्पिटल्स ने चौथी तिमाही में अच्छा प्रदर्शन किया। कंपनी की कुल कमाई 5,592 करोड़ रुपये रही, जो पिछले साल से 13% ज्यादा है। मुनाफा 390 करोड़ रुपये रहा, जो 54% बढ़ा। अस्पताल सेवाओं की कमाई 10% बढ़कर 2,822 करोड़ रुपये हुई, लेकिन बांग्लादेश से मरीजों के आने में कमी का असर पड़ा। अस्पतालों में 67% बिस्तर भरे रहे। मरीजों से प्रति बिस्तर औसत कमाई 7% बढ़कर 63,569 रुपये हुई। डिजिटल सेवाओं का घाटा घटकर 80 करोड़ रुपये रह गया। कंपनी अगले साल 10-15% तक अस्पतालों की कमाई बढ़ाने की उम्मीद कर रही है। नए बिस्तर जोड़ने से फायदा 2027 से मिलेगा। डिजिटल कारोबार अगले साल के अंत तक घाटे से बाहर आ सकता है।
Key Numbers
Occupancy (Metro)
70%
flat
Metro occupancy remained stable at 70%, reflecting strong demand in key cities.
24/7 GMV
INR 795 crore
+11% YoY
Apollo 24/7 platform GMV grew 11% year-on-year, with pharmacy contributing the bulk.
Digital Cash Loss
INR 80 crore
-28% YoY
Digital segment cash loss reduced from INR 111 crore to INR 80 crore, improving unit economics.
What Changed vs Last Quarter
NEW
Healthcare services low-to-mid teens organic growth in FY26
Management expects organic revenue growth of low-to-mid teens for healthcare services in FY26, with new hospitals contributing from FY27.
NEW
Digital business cash break-even by Q3-Q4 FY26
Apollo 24/7 is on track to achieve cash break-even between Q3 and Q4 of FY26, driven by cost reduction and revenue growth.
NEW
HealthCo blended EBITDA margin of 7%+ by FY27
Blended EBITDA margin for HealthCo (including Keimed) is expected to exceed 7% by FY27, driven by digital break-even and margin expansion.
UPDATED
HealthCo combined revenue target of INR 24,000-25,000 crore by FY27
Apollo HealthCo (including Keimed) targets revenue of INR 24,000 crore in FY27, with exit run rate crossing INR 25,000 crore.
DROPPED
Apollo 24/7 break-even by Q2/Q3 FY26
Digital platform expected to achieve EBITDA break-even by end of Q2 or Q3 of next fiscal year, with GMV target of INR 900-1,000 crore.
DROPPED
Hospital margin trajectory ~24% despite new beds
Healthcare services EBITDA margin expected to remain around 24% next year, with new bed openings impacting margins by no more than 100 bps.
DROPPED
New hospital commissioning schedule
Pune and Kolkata hospitals to open in H1 FY26; Hyderabad and Gurugram by end of FY26; 50% of 1,737 beds operational in FY26, rest in FY27.
NEW RISK
Bangladesh patient flow disruption
Continued impact from reduced Bangladesh patient inflows, expected to persist through Q1 FY26, affecting hospital revenue and margins.
NEW RISK
Margin dilution from new hospital ramp-up
New hospitals in Gurgaon, Pune, Kolkata, and Hyderabad will incur initial losses, potentially compressing healthcare services margins by ~140 bps in FY26.
NEW RISK
Quick commerce competition in pharmacy
Rapid delivery platforms (10-minute) are gaining share in OTC/FMCG, though Apollo's 19-minute proposition and RX focus mitigate impact.
NEW RISK
Keimed merger integration risks
The Keimed merger process is expected to take 15 months; integration challenges could delay synergy realization.
RISK GONE
Bangladesh patient decline persists
Bangladesh patient footfall dropped, causing 1.5% revenue impact; management is exploring other international markets but recovery timeline uncertain.
RISK GONE
Digital pharmacy competitive pressure
Analyst raised concerns about high ESOP costs and competition from startups; management acknowledged but defended ESOP as retention tool.
RISK GONE
New bed ramp-up risk
Large capacity addition (1,737 beds) could pressure margins if occupancy ramps slower than expected; management expects 100 bps margin impact.
🤫 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, Q2 FY24, Q2 FY25
1,400 new beds in FY26 could drag EBITDA margins by 1-1.2% during ramp-up, though management expects 12-14 month breakeven.
Mentioned in Q2 FY25, Q3 FY24
Management expects 50-60 bps margin expansion for the full year, lower than initial 100-150 bps due to Bangladesh headwinds.
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.
Management Guidance
Healthcare services low-to-mid teens organic growth in FY26
Management expects organic revenue growth of low-to-mid teens for healthcare services in FY26, with new hospitals contributing from FY27.
Management guidance revenueDigital business cash break-even by Q3-Q4 FY26
Apollo 24/7 is on track to achieve cash break-even between Q3 and Q4 of FY26, driven by cost reduction and revenue growth.
Management guidance growthHealthCo combined revenue target of INR 24,000-25,000 crore by FY27
Apollo HealthCo (including Keimed) targets revenue of INR 24,000 crore in FY27, with exit run rate crossing INR 25,000 crore.
Management guidance revenueHealthCo blended EBITDA margin of 7%+ by FY27
Blended EBITDA margin for HealthCo (including Keimed) is expected to exceed 7% by FY27, driven by digital break-even and margin expansion.
Management guidance marginsKey Risks
Bangladesh patient flow disruption
Continued impact from reduced Bangladesh patient inflows, expected to persist through Q1 FY26, affecting hospital revenue and margins.
medium · management_commentaryMargin dilution from new hospital ramp-up
New hospitals in Gurgaon, Pune, Kolkata, and Hyderabad will incur initial losses, potentially compressing healthcare services margins by ~140 bps in FY26.
medium · management_commentaryQuick commerce competition in pharmacy
Rapid delivery platforms (10-minute) are gaining share in OTC/FMCG, though Apollo's 19-minute proposition and RX focus mitigate impact.
low · analyst_questionKeimed merger integration risks
The Keimed merger process is expected to take 15 months; integration challenges could delay synergy realization.
low · analyst_questionNotable Quotes
We crossed INR 20,000 crore in consolidated revenue and came in at INR 21,794 crore. Alongside, healthcare services revenue crossed the milestone of INR 10,000 crore and came in at INR 11,147 crore.
We are on track to operationalize our previously announced facilities in Gurgaon, Pune, Kolkata, and Hyderabad later this fiscal year.
Our trajectory to continuously reduce costs at the same time increase our net revenue on the pharmacy business, which effectively drives the turnaround, is on course.
Frequently Asked Questions
What was Apollohosp's revenue in Q4 FY25?
Apollohosp reported revenue of ₹5,592 Cr in Q4 FY25, representing a +13% change compared to the same quarter last year.
What guidance did Apollohosp management give for FY26?
Healthcare services low-to-mid teens organic growth in FY26: Management expects organic revenue growth of low-to-mid teens for healthcare services in FY26, with new hospitals contributing from FY27. Digital business cash break-even by Q3-Q4 FY26: Apollo 24/7 is on track to achieve cash break-even between Q3 and Q4 of FY26, driven by cost reduction and revenue growth. HealthCo combined revenue target of INR 24,000-25,000 crore by FY27: Apollo HealthCo (including Keimed) targets revenue of INR 24,000 crore in FY27, with exit run rate crossing INR 25,000 crore. HealthCo blended EBITDA margin of 7%+ by FY27: Blended EBITDA margin for HealthCo (including Keimed) is expected to exceed 7% by FY27, driven by digital break-even and margin expansion.
What are the key risks for Apollohosp in FY26?
Key risks include Bangladesh patient flow disruption — Continued impact from reduced Bangladesh patient inflows, expected to persist through Q1 FY26, affecting hospital revenue and margins.; Margin dilution from new hospital ramp-up — New hospitals in Gurgaon, Pune, Kolkata, and Hyderabad will incur initial losses, potentially compressing healthcare services margins by ~140 bps in FY26.; Quick commerce competition in pharmacy — Rapid delivery platforms (10-minute) are gaining share in OTC/FMCG, though Apollo's 19-minute proposition and RX focus mitigate impact.; Keimed merger integration risks — The Keimed merger process is expected to take 15 months; integration challenges could delay synergy realization..
Did Apollohosp meet its previous quarter's guidance?
Of 1 tracked promise, management 0 met, 0 close, 1 missed.
Where can I read the full Apollohosp Q4 FY25 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.