Apollo Hospitals net profit declines 47 percent to Rs 167 crore in Q1
Chennai: Apollo Hospitals has said its consolidated profit after tax declined by 47 per cent to Rs 167 crore in the first quarter ended June 30, 2023.
The healthcare major had reported a PAT (profit after tax) of Rs 317 crore in the April-June quarter of previous fiscal.
Revenue grew by 16 per cent to Rs 4,418 crore in the first quarter as against Rs 37,96 crore in the same period a year ago, Apollo Hospitals said in a regulatory filing.
As on June 30, 2023, Apollo Hospitals had 7,798 operating beds across the network, out of which 14 hospitals were new with 2,380 operating beds, it said.
The new hospitals have a utilisation of 60 per cent and are expected to witness double-digit growth in volumes and improvement in utilisation and profitability going forward, it added.
Dr. Prathap C Reddy, Chairman, Apollo Hospitals Group said, "As pioneers in healthcare, we have consistently pushed the boundaries of medical innovation and technology. Our state-of-the-art facilities, coupled with the expertise of our world-class medical professionals, enable us to offer cutting-edge treatments and personalized care to patients from all walks of life. At Apollo we firmly believe that the heart of any healthcare institution lies in its compassion and empathy. Therefore, we have nurtured a culture that values every patient's emotions, fears, and hopes. We take the time to listen, understand, and tailor our treatments to suit individual needs, ensuring a truly patient-centric approach. We have witnessed healthy growth and performance in the first quarter of the fiscal year 2024.
"Apollo Hospitals remains dedicated to advancing healthcare excellence, embracing innovation, and expanding our reach to provide quality medical services to even more communities. We are grateful to our dedicated team of healthcare professionals, whose relentless commitment to patient care has contributed significantly to these remarkable achievements. The escalating global challenge of non-communicable diseases (NCDs), the silent killers, continues to put at risk the health of communities at large. We are determined to face this challenge head-on, bolstered by our commitment to technology-led healthcare. At Apollo, we have harnessed AI as a powerful ally to make it an integral part of our healthcare ecosystem. With tools like the AI CVD, AI-enabled Apollo ProHealth platform, the Apollo Clinical Intelligence Engine (Apollo CIE), AI-integrated radiology and diagnostics workflow, and the AI-powered smart in-patient room automation system, we are using AI across the healthcare spectrum including prediction, prevention, diagnosis and personalized management. This remarkable fusion of technology and human touch is helping us deliver our promise of 'touching lives’," he stated.
"As we step into the next quarter, our focus remains steadfast – to augment our doctors’ expertise and revolutionize the overall patient experience as we continue steering Apollo towards a future where healthcare is proactive, personalized, and accessible to all," Reddy further stated.
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