Apollo Hospitals Q2 Review - Strong Performance; Reported Best Ever Revenue: ICICI Securities
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ICICI Securities Report
Apollo Hospitals Enterprises Ltd.’s Q2 FY22 performance was better than estimate led by strong recovery in occupancies along with robust average revenue per occupied bed.
Margins improved 570 basis points/270 bps YoY/QoQ to 16.5% versus estimated 14.0% led by improvement in case mix.
Overall, revenues grew 34.6% YoY to Rs 37.2 billion (our estimate: Rs 35.1 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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