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ICICI Securities Report
Apollo Hospitals Enterprise Ltd.’s Q1 FY22 performance was better than estimate led by strong recovery in occupancies along with average revenue per occupied bed, stock piling by pharmacy customers during second Covid-19 wave and incremental revenue from vaccination.
However, margins were low due to lower margins in vaccination business and costs relating to 24x7 initiative.
Overall, revenues grew 73.2% YoY to Rs 37.6 billion (our estimate: Rs 31.4 billion).
We remain positive on Apollo Hospitals’ long-term outlook considering its strong brand and pan-India presence in the hospital segment, margin expansion potential and aggressive focus on creating digital network for pharmacy, doctor consultation, clinics and diagnostics.
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