Indian hospital chain operator Apollo Hospitals misses Q4 profit estimates
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Bengaluru: Apollo Hospitals, a hospital chain operator in India, has reported a slight miss in fourth-quarter profit estimates. Despite revenue growth in its healthcare services business, higher expenses impacted the bottom line.
The consolidated net profit increased by nearly 76% to 2.54 billion Indian rupees ($30.5 million). However, this figure fell short of analysts' average estimates of 2.65 billion rupees, as per LSEG data.
The company, which runs over 70 hospitals across the country, said revenue from the healthcare services business, its biggest revenue generator, rose 16%, driving overall revenue up 15% to 49.44 billion rupees, in line with analysts' estimates of 49.43 billion rupees.
"The results are largely in line with our estimates, though the pharmacy distribution business revenue fell short by 5%," said Dhara Patwa, an analyst at SMIFS Institutional Research told Reuters.
The company had earlier said it aims to turn this unit profitable by the end of fiscal 2024 by moderating spending.
The company's margins on earnings before interest, tax, depreciation and amortization (EBITDA) also improved due to reduced losses from 24/7 operations, Patwa added.
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