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Apollo Hospitals profit down 35% at ₹324 crore in Q1

Apollo Hospitals Enterprise Ltd (AHEL) on Thursday posted a consolidated net profit of ₹323.78 crore for the first quarter of the current fiscal. The net profit for the latest quarter was 35 per cent lower than ₹500.68 crore that the healthcare major posted in the same quarter of the previous fiscal.

On a sequential basis, the company’s net profit was 234 per cent higher than ₹97.01 crore it posted during Q4FY22. However, the previous quarter net profit was lower due to one-time provisioning for capital gains tax relating to the reorganisation of its pharmacy distribution business.

Consolidated revenue from operations during the latest quarter remained muted at ₹3,795.60 crore (₹3,760.21 crore). Revenue from healthcare services grew by 5 per cent to ₹2,032 crore (₹1,941 crore).

“The first quarter of the new financial year has seen a definitive increase in the demand for non-Covid health services and augurs well for growth this financial year. We have been able to serve a larger number of patients with non-communicable diseases (NCDs) and restore them to health,” Prathap C. Reddy, Chairman, Apollo Hospital Group said, in an earnings press release.

Standalone profit after tax (including continuing and discontinued operations) more than doubled to ₹333.14 crore (₹150.03 crore) in Q1FY23 due to deferred tax reversal of ₹146.59 crore during the quarter. The Hindu BusinessLine

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