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Pandemic pushes Apollo Hospitals into red

Our Bureau Amid a sharp drop in occupancy levels due to the Covid-19 pandemic, Apollo Hospitals on Monday posted a standalone net loss of ₹149 crore for the first quarter of the current financial year, against a net profit of ₹79 crore for the same period last year.

Healthcare major posts Q1 net loss of ₹149 crore amid drop in occupancy levels.

The hospital chain had recorded a three-fold jump in net profit during the March quarter at ₹206 crore.

Revenue from operations fell 12 per cent to ₹1,962 crore in the June 2020 quarter, against ₹2,229 crore in the year-ago quarter.

On a segment-wise basis, revenue from healthcare services (hospitals) dropped 42 per cent to ₹682 crore (₹1,172 crore) while revenue from standalone pharmacies (SAP) grew 21 per cent to ₹1,279 crore (₹1,057 crore).

“The new financial year began with global healthcare services rising to the challenge of the Covid-19 pandemic,” Prathap C Reddy, Chairman, Apollo Hospitals Group, said in a press release while announcing the Q1 results.

“As the nation begins unlocking, we are confident of weathering the initial setbacks that we faced due to the lockdowns. Our hospital operations, including surgical work, are showing good improvement in the last two months and we have, in addition to our work for Covid-19, also accelerated the work on other diseases, especially NCDs (non-communicable diseases),” he added.

Revenue decline
On a consolidated basis, revenue from operations de-grew 16 per cent to ₹2,172 crore (₹2,572 crore) for the April-June quarter. The company posted a net loss of ₹226 crore for the latest quarter against a net profit of ₹49 crore for the previous year quarter.

As on June 30, Apollo Hospitals had 7,267 operating beds across the network (excluding Apollo Health And Lifestyle Ltd, which runs clinics, and managed beds), out of which 14 were new hospitals with 2,020 operating beds. The total store network Apollo Pharmacies stood at 3,780 operational stores. – The Hindu BusinessLine