Apollo Hospitals Q4 Review - Business Restructuring For Potential Value Unlocking: ICICI Direct

Apollo Hospitals Q4 Review - Business Restructuring For Potential Value Unlocking: ICICI Direct

An Apollo Speciality Hospital, operated by Apollo Hospitals Enterprises Ltd., stands in Chennai, India. (Photographer: Dhiraj Singh/Bloomberg)

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ICICI Direct Report

Apollo Hospitals Enterprises Ltd.'s Q4 FY21 revenues came in at Rs 2868 crore (our estimate: Rs 2857.7 crore).

They are not comparable YoY due to restructuring of the retail pharmacy business to pharmacy distribution (post demerger).

On the other hand, the hospital segment grew 10.1% YoY to Rs 1443 crore versus our estimate of Rs 1490 crore.

Pharmacy distribution segment revenues came in at Rs 1118.7 crore.

Ebitda margins improved 135 basis points YoY to 14.4% mainly due to lower staff cost, which likely stems from restructuring of retail pharmacy to pharmacy distribution.

Click on the attachment to read the full report:

ICICI Direct Apollo Hospitals Q4FY21 Result Update.pdf
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