Apollo Hospitals To Slash Pledged Shareholding By Half, Says Group CFO
Apollo Hospitals promoters will reduce pledged shareholding through a stake sale in Apollo Munich, says CFO Krishnan Akhileswaran.
The promoters of Apollo Hospitals Enterprise Ltd. would reduce the company’s pledged shareholding by divesting stake in their insurance joint venture, according to Krishnan Akhileswaran. “There are plans to divest stake in Apollo Munich already,” the Apollo Group’s chief financial officer told BloombergQuint. “This should significantly bring down (the stake) to less than half the current number.”
The promoter’s stake exposed to pledge was 78.1 percent as of March 2019, according to BSE data.
Akhileshwaran also said Apollo Hospitals would pare its debt as it’s at the end of its capital expenditure cycle. The company announced its results for the quarter ended March on Thursday.
Key Highlights: (YoY)
- Revenue rose 16.3 percent to Rs 2167.1 crore.
- Net profit up 28.7 percent to Rs 76.7 crore.
- Ebitda increased 24.2 percent to Rs 265.7 crore.
- Margin was 12.3 percent versus 11.5 percent.
On Friday, Apollo Hospitals shares rose 2.66 percent to Rs 1,237.00 apiece while the benchmark Sensex fell 0.30 percent to 39,714.20 points.