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Apollo posts consolidated net profit of Rs 209.60 crore for March quarter

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Consolidated revenue from operations stood at Rs 2,922.43 crore

Healthcare major Apollo Hospitals Enterprise reported an over two-fold jump in consolidated net profit to Rs 209.60 crore for the March quarter, mainly on account of one-off gains.

The company had posted a net profit of Rs 72.80 crore in the corresponding period of the preceding fiscal, Apollo Hospitals said in a statement.

Consolidated revenue from operations stood at Rs 2,922.43 crore for the quarter under consideration. It was Rs 2,499.50 crore for the same period a year ago, it added.

The company, after meeting the closing conditions for the sale of investments in its associate Apollo Munich Health Insurance Company to Housing Development Finance Corporation in the quarter ended March 31, 2020, has recorded a profit of Rs 198.30 crore, which has been disclosed under exceptional items, it said.

For the full fiscal 2019-20, net profit of the company came in at Rs 431.80 crore, as against Rs 200.16 crore in the previous fiscal year.

Revenue from operations stood at Rs 11,246.80 crore for the fiscal, compared to Rs 9,617.44 crore in 2018-19.

“The financial year 2020-21 will be challenging due to the effect of the COVID-19 pandemic. COVID has affected not just the Indian healthcare sector but also other sectors and the global economy,” Apollo Hospitals Chairman Prathap C Reddy said.

The short-term may see an adverse impact on aspects such as medical value travel or medical tourism, but in the longer term, “healthcare being a resilient industry will bounce back to its normal growth,” he added.

On a different note, Reddy said the second decade of the 21st century was supposed to herald automation, artificial intelligence and robotics into healthcare and improve the quality of healthcare delivery.

“Recognising this, we floated a global tender, and after several rounds of selection, chose DXC as our partner in this digital journey. They have already made a significant impact on our health-checks and in bringing about perfection in our medical practice, which is helping all our doctors,” he added.

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