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Revenue
₹4,847 Cr
verified against source
Revenue YoY
14%
reported change
EBITDA
₹628 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 reported a robust Q2 FY24 with consolidated revenue of INR 4,847 crore (+14% YoY) and EBITDA of INR 628 crore (+11% YoY). Healthcare services revenue grew 12% to INR 2,547 crore, driven by 18% growth in insurance revenues (now 43% of IP revenue) and 20% growth in international patients. Occupancy stood at 68%, with ARPOB up 14% to INR 57,379. The pharmacy business grew 21% YoY, and Apollo 24|7 added 2 million new users, targeting operational breakeven by Q4 FY24. Management guided for 200 bps margin expansion in hospitals and 6%+ EBITDA margin for pharmacy. Key risks include delayed ramp-up of new bed additions and competitive intensity in metro markets.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects hospital EBITDA margins to improve by 200 basis points over the next two years, driven by operating leverage and occupancy improvement.
- Pharmacy business is on track to achieve INR 10,000 crore in revenue for FY24 with EBITDA margin of 6% or higher.
- The digital health platform is expected to achieve operational breakeven by the fourth quarter of FY24.
- Apollo plans to add 2,300 beds across eight locations over the next three financial years, with a capital outlay of INR 3,400 crore.
Risks flagged
- Inpatient volume growth was muted in core southern markets due to a delayed monsoon, reducing seasonal medical admissions.
- Analyst raised concern that new bed additions (Pune, Kolkata, Hyderabad) could drag margins until they reach breakeven in 12-18 months.
- Analyst questioned whether expansion in metros (where supply is strong) is prudent versus non-metros where Apollo has an early-mover advantage.
Key quotes
- We are on track to achieve operational break-even in quarter four FY 2024.
- We are seeing that there is a higher demand that we are witnessing for both semi-private and private.
- We are on track to add 2,300 beds across eight locations at a cost of INR 3,400 crore in the next three financial years.
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