Apollo Hospitals reports 33 percent drop in Q3 profit
Total revenue from operation increased 17 percent to 42.64 billion rupees.
Mangaluru: Indian healthcare group Apollo Hospitals Enterprise Ltd reported a 33 percent drop in the third-quarter profit on Tuesday, hurt by weakness in its digital business.Consolidated net profit plunged to 1.53 billion rupees ($18.48 million) for the three months ended Dec. 31, from 2.28 billion rupees, a year earlier, as total expenses surged about 22 percent to 40.12 billion...
Login or Register to read the full article
Mangaluru: Indian healthcare group Apollo Hospitals Enterprise Ltd reported a 33 percent drop in the third-quarter profit on Tuesday, hurt by weakness in its digital business.
Consolidated net profit plunged to 1.53 billion rupees ($18.48 million) for the three months ended Dec. 31, from 2.28 billion rupees, a year earlier, as total expenses surged about 22 percent to 40.12 billion rupees.
The Chennai-based company recorded a loss of 215.4 million rupees related to its joint ventures.
The company's digital health business, which houses the Apollo 24x7 operations, recorded a 34.5 percent jump in revenue to 17.58 billion rupees, but posted a loss of 742.3 million rupees, compared to a profit of 321 million rupees a year earlier.
Total revenue from operation increased 17 percent to 42.64 billion rupees. India's Apollo has been expanding its presence in the domestic healthcare market through mergers and acquisitions.
In December, the company acquired a 60 percent stake in Kerala First Health to diversify its portfolio into ayurveda medical care. Its subsidiary Apollo Rajshree Hospital bought a majority stake in Sobhagya Hospital and Research Centre.
The company also declared an interim dividend of 6 rupees per share in an exchange filing.
Read also: Apollo Hospitals launches AI based Clinical Intelligence Engine for doctors
Our comments section is governed by our Comments Policy . By posting comments at Medical Dialogues you automatically agree with our Comments Policy , Terms And Conditions and Privacy Policy .
Disclaimer: This site is primarily intended for healthcare professionals. Any content/information on this website does not replace the advice of medical and/or health professionals and should not be construed as medical/diagnostic advice/endorsement/treatment or prescription. Use of this site is subject to our terms of use, privacy policy, advertisement policy. © 2024 Minerva Medical Treatment Pvt Ltd