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Revenue
₹5,086 Cr
verified against source
Revenue YoY
15%
reported change
EBITDA
₹675 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Apollo Hospitals delivered a strong Q1 FY25 with consolidated revenue of INR 5,086 crore (+15% YoY) and EBITDA of INR 675 crore (+33% YoY). PAT surged 83% YoY to INR 305 crore. The hospital business saw inpatient volumes grow 11% YoY and occupancy rise 600bps to 68%, driven by insurance penetration (now 47% of revenue) and medical team expansion (102 doctors added). Apollo HealthCo reported positive EBITDA of INR 23 crore, with 24/7 digital losses narrowing to INR 97 crore. Management guided for 100bps margin expansion in hospitals over 3-4 quarters and 24/7 breakeven in 6-7 quarters. Risk: slower-than-expected ARPOB recovery due to higher medical case mix and potential disruption from Bangladesh political situation (2% of revenue).
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- Management guided for ARPOB increase of 7% for the full year, supported by tariff revision of 4%, better case mix, and international patient recovery.
- The digital segment is on track to achieve breakeven within the next six to seven quarters, supported by GMV growth and cost control.
- 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.
Risks flagged
- Bangladesh contributes ~30% of international patient revenue (2% of total revenue). Recent political issues have caused a drop in volumes, though management expects recovery.
- 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.
- Operationalization of four new hospitals (1,500 beds) over next five quarters could reduce EBITDA margins by 100-150bps from FY25 exit levels.
Key quotes
- We are delighted to report a strong start to fiscal year FY 2024-25, with our performance in quarter 1 FY 2025. We have seen robust performance across all of our business segments, despite the headwinds of election cycles and heat waves, culminating in strong revenue growth and improved profitability on a year-on-year basis.
- The volume growth has been very intentional. We have driven that volume growth very intentionally. We've been intentional about the markets that we have driven that volume growth in, so that's why we believe it is sustainable as well.
- We are reasonably confident that the combination of growth in a calibrated way, along with the break-even, goal that we have sort of given guidance to, we will stick to it.
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