Apollo Hospitals on Wednesday reported a 46% year-on-year (YoY) decline in net profit to Rs 90 crore in Q4FY22 due to provision for capital gains tax of Rs 88.2 crore relating to the reorganisation of its pharmacy distribution business.
As part of the restructuring, the Apollo Pharmacy distribution business was re-organized into a 100% subsidiary Apollo HealthCo Ltd along with Apollo 24/7 – the group’s digital healthcare services platform.
Apollo HealthCo is now the group’s omnichannel digital healthcare platform providing a continuum of care across primary care, diagnostics, pharmacy distribution and condition management services with a vision to achieve over $3 billion in GMV in the next 3 years, the company stated.
If not for the one-time provisioning Apollo – said its net profit rose 6% YoY to Rs 178 crore in Q4FY22.
The healthcare provider reported 168 crore in the same period of the previous year. Revenues grew 24% to Rs 3546.4 crore in Q4FY22 compared to Rs 2868 crore in Q4FY21.
The company attributed the profit and revenue growth to higher volumes, enhanced clinical mix and better payor-mix.
The earnings before interest, tax, depreciation and ammortisation (EBITDA) grew 12% to Rs.463.2 crore versus Rs.411.8 crore in Q4FY21
Healthcare services grew 21% YoY to Rs. 1863 crore in Q4FY22.
Mature hospitals and new hospitals rose by 21% and 19% YoY respectively.
Pharmacy & retail health business grew by 23% to Rs.1374.5 crore as against Rs. 1118.7 crore in Q4FY21.
“We come to the end of a challenging year with the fourth quarter results heralding the return to a new post-COVID normal for the healthcare industry. While there were a large number of COVID cases, the Omicron wave that peaked in January 2022 was thankfully not accompanied by the high mortality and morbidity seen in the second wave last year, though there was a dip in elective surgeries during this period,” said Dr Prathap C. Reddy, chairman, Apollo Hospitals.
Apollo has completed the acquisition of 7.3 acres of land with a partially constructed structure in the Chennai OMR Road to design and build a state-of-art advanced integrated health and wellness complex of 1.5 million sq.ft. The facility has over 150 out-patient consult rooms, 650 beds with an emergency and trauma center, minimally invasive advanced ambulatory block and international patients block. The facility will have over 1500 car parks to cater to patients.
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