Apollo Hospitals’ Margins Recovery To Sustain Post Q3: ICICI Securities
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ICICI Securities Report
Apollo Hospitals Enterprise Ltd.’s Q3 FY21 performance was better than estimate on margin front that to by 180 basis points despite revenue falling short of our estimates.
Overall, revenues declined 5.2% YoY to Rs 27.6 billion with the removal of pharmacy front end business post demerger and 3.9% drop in the hospital business, although it was up 16.1% QoQ.
Ebitda margin stood at 14.1% versus estimated 12.3% led by higher occupancy levels and lower staff cost.
We expect performance to improve further in the coming quarters as occupancy level improves and management expects to sustain annual cost saving of approximately Rs 1.2 billion.
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