APOLLOHOSP / Q2-FY25 / claim-ledger

Audit the questions that mattered.

Apollo Hospitals Enterprise · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ2-FY25 · 2024-11-14Back to quarter ↗

Questions audited

12

Answered directly

71%

Numeric claims

3

Consistency

contradicted

Question ledger

What was answered, and how?

Kunal Dhamesha · Macquarie

direct

Will expansion plans for FY26 have cost spillover?

Yes. So if you look at the FY 26 expansion that we have, all of that will be commissioned in FY 26. There's no doubt about that. INR 1,700 crores is the balanced project cost there, and we are in good progress.

Kunal Dhamesha · Macquarie

partial

How many beds will be operationalized in FY26?

We will provide you more color towards the end of this year, but you should broadly think of out of the INR 1,400 beds, half of it will be operationalized. All the hospitals will be operationalized next year.

Kunal Dhamesha · Macquarie

evasive

When will fixed cost leverage kick in given high occupancy?

So you would have seen that in Q4 of last fiscal, I'm sure. When you look at the quarter-on-quarter, you don't see the improvements. ... Going forward, we will be working further increase in overall volumes as well as our focus on costs and efficiencies.

Shaleen · UBS

direct

What is driving the material volume growth?

It's a very broad-based growth in volume. It is led across by all hospitals in Tier One, Metro, and Tier Two cities, and that has been very, very intentional on our part.

Shaleen · UBS

direct

When will ARPOB improve given high occupancy?

I think 6% is a reasonable ARPOB. 6% growth in ARPOB. And which we should be able to get back in the next couple of quarters.

Shaleen · UBS

direct

What is the Bangladesh impact and outlook?

If you look at the overall volumes of Bangladesh, it's down by 25% versus what it was historically. We are hopeful that it should recover...

Neha Manpuria · Bank of America

direct

Is 100 bps margin expansion for FY25 still achievable?

So as of now, yes, yes, we see because Bangladesh also there's some headwinds... So I guess 50-60 beds we will still be in a position to get. So to get the entire 100 beds, we should probably wait for a bit longer.

Neha Manpuria · Bank of America

partial

What is happening with 24/7 GMV and quick commerce impact?

We have made some technical changes in the way we measure it... we have reoriented that. In this financial year, the marketing expenses are dramatically coming down...

Damayanti Kerai · HSBC

evasive

Can 24/7 achieve INR 4,000 crore GMV this fiscal?

Whether we will be able to touch INR 4,000 crore, is something which we have not lost sight of the target, but we are not going to do it on the back of an increased spend in marketing.

Shyam Srinivasan · Goldman Sachs

direct

Why is ARPOB growth slow and is pricing environment changing?

I think one factor is the fact that there were many medical discharges this quarter... In the metro cities, we are close to INR 70,000. Very healthy ARPOBs in the metros and lower ones in tier two.

Shyam Srinivasan · Goldman Sachs

direct

Will insurance payers push back on pricing due to their losses?

The surge pricing did not happen at all at Apollo. ... The advantage of having a network is very important because imagine being a health insurance player and not having onboarded Apollo.

Tushar Manudhane · Motilal Oswal Financial Services

partial

Can healthcare services EBITDA margin expand 100 bps in FY26?

What we said was from our existing businesses, we should be able to get back, get a 100-bed expansion overall. ... We don't expect huge losses, and I think that should not bring down the overall EBITDA margin by over 1%.