For the quarter ending sept 2021, Net sales (including other operating income) of Apollo Hospitals Enterprise has increased 34.64% to Rs 3717.07 crore compared to quarter ended sept 2020. Sales of Healthcare Services segment has gone up 74.52% to Rs 2,168.79 crore (accounting for 58.33% of total sales). Sales of Clinics segment rose 122.33% to Rs 381.34 crore (accounting for 10.26% of total sales). Sales of others segment has gone up 3.92% to Rs 1.06 crore (accounting for 0.03% of total sales). Sales of Pharmacy Distribution segment has gone up 223.14% to Rs 1,167.12 crore (accounting for 31.39% of total sales). Inter-segment sales came down from Rs 6.41 crore to Rs 1.24 crore.
Profit before interest, tax and other unallocable items (PBIT) has jumped 212.70% to Rs 470.24 crore. PBIT of Healthcare Services segment rose 509.03% to Rs 390.02 crore (accounting for 82.94% of total PBIT). PBIT of Clinics segment rose 29,992.30% to Rs 39.12 crore (accounting for 8.32% of total PBIT). PBIT of others reported profit of Rs 2.22 crore compared to loss of Rs 0.66 crore. PBIT of Pharmacy Distribution segment rose 98.57% to Rs 38.88 crore (accounting for 8.27% of total PBIT).
PBIT margin of Healthcare Services segment rose from 5.15% to 17.98%. PBIT margin of Clinics segment rose from 0.08% to 10.26%. PBIT margin of others segment rose from negative 64.71% to 209.43%. PBIT margin of Pharmacy Distribution segment fell from 5.42% to 3.33%. Overall PBIT margin rose from 5.43% to 12.65%.
Operating profit margin has jumped from 10.86% to 16.55%, leading to 105.10% rise in operating profit to Rs 614.99 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 15.75% to 25.06%. Purchase of finished goods cost fell from 38.52% to 24.24%. Employee cost decreased from 14.99% to 12.56%. Other expenses rose from 19.82% to 21.25%.
Other income fell 50.27% to Rs 5.63 crore. PBIDT rose 99.45% to Rs 620.62 crore. Provision for interest fell 22% to Rs 95.39 crore. Loan funds rose to Rs 4,236.09 crore as of 30 September 2021 from Rs 3,270.47 crore as of 30 September 2020. Inventories rose to Rs 432.07 crore as of 30 September 2021 from Rs 250.99 crore as of 30 September 2020. Sundry debtors were higher at Rs 1,876.96 crore as of 30 September 2021 compared to Rs 1,141.46 crore as of 30 September 2020. Cash and bank balance rose to Rs 856.68 crore as of 30 September 2021 from Rs 686.51 crore as of 30 September 2020. Investments rose to Rs 886.14 crore as of 30 September 2021 from Rs 364.70 crore as of 30 September 2020 .
PBDT rose 178.09% to Rs 525.23 crore. Provision for depreciation fell 3.14% to Rs 144.76 crore. Fixed assets increased to Rs 6,833.23 crore as of 30 September 2021 from Rs 6,276.02 crore as of 30 September 2020. Intangible assets increased from Rs 425.07 crore to Rs 1,034.23 crore.
Profit before tax grew 865.17% to Rs 380.47 crore. Provision for tax was expense of Rs 115.58 crore, compared to Rs 6.61 crore. Effective tax rate was 30.18% compared to 10.08%.
Net profit attributable to owners of the company increased 311.17% to Rs 247.81 crore.
Equity capital increased from Rs 69.56 crore as of 30 September 2020 to Rs 71.89 crore as of 30 September 2021. Per share face Value remained same at Rs 5.00.
Promoters' stake was 29.82% as of 30 September 2021 ,compared to 30.82% as of 30 September 2020 . Promoters pledged stake was 22.08% as of 30 September 2021 ,compared to 33.65% as of 30 September 2020 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Apollo Hospitals Enterprise has increased 51.60% to Rs 7477.28 crore. Sales of Healthcare Services segment has gone up 101.67% to Rs 4,110.03 crore (accounting for 54.94% of total sales). Sales of Clinics segment rose 151.99% to Rs 690.34 crore (accounting for 9.23% of total sales). Sales of others segment has gone up 3.92% to Rs 2.12 crore (accounting for 0.03% of total sales). Sales of Pharmacy Distribution segment has gone up 641.77% to Rs 2,679.12 crore (accounting for 35.81% of total sales). Inter-segment sales came down from Rs 12.75 crore to Rs 4.33 crore.
Profit before interest, tax and other unallocable items (PBIT) has jumped 3,209.51% to Rs 849.55 crore. PBIT of Healthcare Services reported profit of Rs 676.79 crore compared to loss of Rs 117.30 crore. PBIT of Clinics reported profit of Rs 64.85 crore compared to loss of Rs 24.40 crore. PBIT of others reported profit of Rs 1.80 crore compared to loss of Rs 1.47 crore. PBIT of Pharmacy Distribution segment rose 441.93% to Rs 106.11 crore (accounting for 12.49% of total PBIT).
PBIT margin of Healthcare Services segment rose from negative 5.76% to 16.47%. PBIT margin of Clinics segment rose from negative 8.91% to 9.39%. PBIT margin of others segment rose from negative 72.06% to 84.91%. PBIT margin of Pharmacy Distribution segment fell from 5.42% to 3.96%. Overall PBIT margin rose from 0.52% to 11.36%.
Operating profit margin has jumped from 6.80% to 15.18%, leading to 238.45% rise in operating profit to Rs 1,134.86 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 14.05% to 19.85%. Purchase of finished goods cost fell from 42.20% to 33.07%. Employee cost decreased from 17.03% to 11.96%. Other expenses fell from 20.08% to 20.04%.
Other income rose 58.98% to Rs 30.27 crore. PBIDT rose 228.81% to Rs 1165.13 crore. Provision for interest fell 23.88% to Rs 190.07 crore. Loan funds rose to Rs 4,236.09 crore as of 30 September 2021 from Rs 3,270.47 crore as of 30 September 2020. Inventories rose to Rs 432.07 crore as of 30 September 2021 from Rs 250.99 crore as of 30 September 2020. Sundry debtors were higher at Rs 1,876.96 crore as of 30 September 2021 compared to Rs 1,141.46 crore as of 30 September 2020. Cash and bank balance rose to Rs 856.68 crore as of 30 September 2021 from Rs 686.51 crore as of 30 September 2020. Investments rose to Rs 886.14 crore as of 30 September 2021 from Rs 364.70 crore as of 30 September 2020 .
PBDT rose 831.65% to Rs 975.06 crore. Provision for depreciation fell 7.85% to Rs 285.32 crore. Fixed assets increased to Rs 6,833.23 crore as of 30 September 2021 from Rs 6,276.02 crore as of 30 September 2020. Intangible assets increased from Rs 425.07 crore to Rs 1,034.23 crore.
Profit before tax reported profit of Rs 689.74 crore compared to loss of Rs 204.97 crore. Share of profit/loss was 94.89% higher at Rs -1.63 crore. Extraordinary items were increased to Rs 294.11 crore. Provision for tax was debit of Rs 214.13 crore, compared to credit of Rs 34.16 crore. Effective tax rate was 21.80% compared to 16.96%.
Equity capital increased from Rs 69.56 crore as of 30 September 2020 to Rs 71.89 crore as of 30 September 2021. Per share face Value remained same at Rs 5.00.
Promoters' stake was 29.82% as of 30 September 2021 ,compared to 30.82% as of 30 September 2020 . Promoters pledged stake was 22.08% as of 30 September 2021 ,compared to 33.65% as of 30 September 2020 .
Cash flow from operating activities increased to Rs 482.91 crore for YTD ended September 2021 from Rs 264.50 crore for YTD ended September 2020.
Full year results analysis.
Net sales (including other operating income) of Apollo Hospitals Enterprise has declined 6.11% to Rs 10560.01 crore. Sales of Healthcare Services segment has gone down 12.65% to Rs 5,023.02 crore (accounting for 47.45% of total sales). Sales of Retail Pharmacy segment has gone down 52.91% to Rs 2,269.84 crore (accounting for 21.44% of total sales). Sales of Clinics segment fell 2.09% to Rs 681.78 crore (accounting for 6.44% of total sales). Sales of others segment has gone down 4.35% to Rs 4.18 crore (accounting for 0.04% of total sales). Inter-segment sales rose Rs 24.94 crore to Rs 25.01 crore.
Profit before interest, tax and other unallocable items (PBIT) has slumped 41.68% to Rs 564.28 crore. PBIT of Healthcare Services segment fell 59.03% to Rs 287.77 crore (accounting for 51.00% of total PBIT). PBIT of Retail Pharmacy segment fell 48.56% to Rs 149.26 crore (accounting for 26.45% of total PBIT). PBIT of Clinics segment fell 51.10% to Rs -10.69 crore (accounting for -1.89% of total PBIT). PBIT of others segment rose 2.86% to Rs -3.24 crore (accounting for -0.57% of total PBIT).
PBIT margin of Healthcare Services segment fell from 12.22% to 5.73%. PBIT margin of Retail Pharmacy segment rose from 6.02% to 6.58%. PBIT margin of Clinics segment rose from negative 3.14% to negative 1.57%. PBIT margin of others segment fell from negative 72.08% to negative 77.51%. Overall PBIT margin fell from 8.58% to 5.33%.
Operating profit margin has declined from 14.11% to 10.77%, leading to 28.34% decline in operating profit to Rs 1,137.41 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 15.93% to 15.19%. Purchase of finished goods cost rose from 33.44% to 39.18%. Employee cost decreased from 16.32% to 14.98%. Other expenses fell from 20.33% to 20.00%.
Other income rose 66.81% to Rs 44.99 crore. PBIDT fell 26.75% to Rs 1182.4 crore. Provision for interest fell 15.68% to Rs 449.22 crore. Loan funds rose to Rs 4,159.92 crore as of 31 March 2021 from Rs 3,279.47 crore as of 31 March 2020. Inventories declined from Rs 737.83 crore as of 31 March 2020 to Rs 249.48 crore as of 31 March 2021. Sundry debtors were higher at Rs 1,331.17 crore as of 31 March 2021 compared to Rs 1,027.24 crore as of 31 March 2020. Cash and bank balance rose to Rs 724.40 crore as of 31 March 2021 from Rs 466.75 crore as of 31 March 2020. Investments rose to Rs 1,342.56 crore as of 31 March 2021 from Rs 434.01 crore as of 31 March 2020 .
PBDT fell 32.21% to Rs 733.18 crore. Provision for depreciation fell 7.51% to Rs 573.13 crore. Fixed assets declined from Rs 7,321.60 crore as of 31 March 2020 to Rs 6,636.87 crore as of 31 March 2021. Intangible assets increased from Rs 346.21 crore to Rs 375.32 crore.
Profit before tax down 65.34% to Rs 160.05 crore. Extraordinary items were decreased to Rs 60.65 crore. Provision for tax was expense of Rs 84.7 crore, compared to Rs 225.19 crore. Effective tax rate was 38.24% compared to 34.28%.
Minority interest increased 41.27% to Rs -13.59 crore. Net profit attributable to owners of the company decreased 66.95% to Rs 150.36 crore.
Equity capital increased from Rs 69.56 crore as of 31 March 2020 to Rs 71.89 crore as of 31 March 2021. Per share face Value remained same at Rs 5.00.
Promoters' stake was 29.82% as of 31 March 2021 ,compared to 30.81% as of 31 March 2020 . Promoters pledged stake was 27.94% as of 31 March 2021 ,compared to 36.66% as of 31 March 2020 .
Cash flow from operating activities decreased to Rs 1,273.48 crore for year ended March 2021 from Rs 1,292.84 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 295.49 crore, compared to Rs 512.98 crore during the year ended March 2020.
Other Highlights
Apollo Hospitals is set to acquire a majority stake in 180-bed Excelcare Hospitals in Guwahati. This acquisition would further strengthen the Apollo Hospitals Group's leadership position in the hospital space.
In Q2FY22 occupancy across the group was at 4,984 beds (65% occupancy) as compared to 4,119 beds (56% occupancy) in Q2FY21.
In Q2FY22 occupancy in mature hospitals was at 3,518 beds (65% occupancy) and New hospitals had an occupancy of 1,466 beds (66% occupancy).
During the quarter, Inpatient Volumes across the group increased by 46% from 82,153 to 120,105 on YoY basis.
Management commentary: Ms. Suneeta Reddy, Managing Director said, Apollo Hospitals has always been the trusted brand for people in the NorthEast. In order to grow our footprint, and serve more consumers with the highest quality of hea!thcare delivery, we have now acquired a majority stake in Excelcare Hospital, whose founders share our commitment to clinical quality and outcomes. Together, we believe we can bring differentiated care to the people of Guwahati and consolidate our position in the Region.
Apollo Hospitals Enterprise : Consolidated Results
| Quarter ended | Year to Date | Year ended |
| Particulars | 202109 | 202009 | Var.(%) | 202109 | 202009 | Var.(%) | 202103 | 202003 | Var.(%) |
| Net Sales (including other operating income) | 3,717.07 | 2,760.72 | 34.64 | 7,477.28 | 4,932.22 | 51.6 | 10,560.01 | 11,246.80 | -6.11 |
| OPM (%) | 16.55 | 10.86 | 568 bps | 15.18 | 6.8 | 838 bps | 10.77 | 14.11 | -334 bps |
| OP | 614.99 | 299.85 | 105.1 | 1,134.86 | 335.31 | 238.45 | 1,137.41 | 1,587.29 | -28.34 |
| Other Inc. | 5.63 | 11.32 | -50.27 | 30.27 | 19.04 | 58.98 | 44.99 | 26.97 | 66.81 |
| PBIDT | 620.62 | 311.17 | 99.45 | 1,165.13 | 354.35 | 228.81 | 1,182.40 | 1,614.26 | -26.75 |
| Interest | 95.39 | 122.3 | -22 | 190.07 | 249.69 | -23.88 | 449.22 | 532.77 | -15.68 |
| PBDT | 525.23 | 188.87 | 178.09 | 975.06 | 104.66 | 831.65 | 733.18 | 1,081.49 | -32.21 |
| Depreciation | 144.76 | 149.45 | -3.14 | 285.32 | 309.63 | -7.85 | 573.13 | 619.69 | -7.51 |
| PBT | 380.47 | 39.42 | 865.17 | 689.74 | -204.97 | LP | 160.05 | 461.8 | -65.34 |
| Share of Profit/(Loss) from Associates | 2.52 | -9.26 | LP | -1.63 | -31.89 | 94.89 | 0.77 | -3.11 | LP |
| PBT before EO | 382.99 | 30.16 | 1,169.86 | 688.11 | -236.86 | LP | 160.82 | 458.69 | -64.94 |
| EO Income | 0 | 35.44 | - | 294.11 | 35.44 | 729.88 | 60.65 | 198.3 | -69.42 |
| PBT after EO | 382.99 | 65.6 | 483.83 | 982.22 | -201.42 | LP | 221.47 | 656.99 | -66.29 |
| Taxation | 115.58 | 6.61 | 1,648.56 | 214.13 | -34.16 | PL | 84.7 | 225.19 | -62.39 |
| PAT | 267.41 | 58.99 | 353.31 | 768.09 | -167.26 | LP | 136.77 | 431.8 | -68.33 |
| Minority Interest (MI) | 19.6 | -1.28 | PL | 31 | -19.34 | PL | -13.59 | -23.14 | 41.27 |
| Net profit | 247.81 | 60.27 | 311.17 | 737.09 | -147.92 | LP | 150.36 | 454.94 | -66.95 |
| P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - |
| Net profit after discontinued operations | 247.81 | 60.27 | 311.17 | 737.09 | -147.92 | LP | 150.36 | 454.94 | -66.95 |
| EPS (Rs)* | 17.23 | 1.9 | 806.07 | 35.91 | -12.4 | LP | 7.6 | 22.07 | -65.57 |
* EPS is on current equity of Rs 71.89 crore, Face value of Rs 5, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database |
Apollo Hospitals Enterprise : Consolidated Segment Results
| Quarter ended | Year to Date | Year ended |
| % of (Total) | 202109 | 202009 | Var.(%) | % of (Total) | 202109 | 202009 | Var.(%) | % of (Total) | 202103 | 202003 | Var.(%) |
| Sales | | | | |
| Healthcare Services | 58.33 | 2,168.79 | 1,242.70 | 74.52 | 54.94 | 4,110.03 | 2,037.96 | 101.67 | 47.45 | 5,023.02 | 5,750.36 | -12.65 |
| Retail Pharmacy | 0 | 0 | 990.7 | - | 21.44 | 2,269.84 | 4,820.65 | -52.91 | | | | |
| Clinics | 10.26 | 381.34 | 171.52 | 122.33 | 9.23 | 690.34 | 273.95 | 151.99 | 6.44 | 681.78 | 696.36 | -2.09 |
| others | 0.03 | 1.06 | 1.02 | 3.92 | 0.03 | 2.12 | 2.04 | 3.92 | 0.04 | 4.18 | 4.37 | -4.35 |
| Pharmacy Distribution | 31.39 | 1,167.12 | 361.18 | 223.14 | 35.81 | 2,679.12 | 361.18 | 641.77 | | | | |
| Total Reported Sales | 100 | 3,718.31 | 2,767.12 | 34.37 | 100 | 7,481.61 | 4,944.97 | 51.3 | 100 | 10,585.02 | 11,271.74 | -6.09 |
| Less: Inter segment revenues | | 1.24 | 6.41 | -80.66 | | 4.33 | 12.75 | -66.04 | | 25.01 | 24.94 | 0.28 |
| Net Sales | 100 | 3,717.07 | 2,760.71 | 34.64 | 100 | 7,477.28 | 4,932.22 | 51.6 | 100 | 10,560.01 | 11,246.80 | -6.11 |
| PBIT | | | | |
| Healthcare Services | 82.94 | 390.02 | 64.04 | 509.03 | 79.66 | 676.79 | -117.3 | LP | 51 | 287.77 | 702.44 | -59.03 |
| Retail Pharmacy | 0 | 0 | 67.29 | - | 26.45 | 149.26 | 290.17 | -48.56 | | | | |
| Clinics | 8.32 | 39.12 | 0.13 | 29,992.30 | 7.63 | 64.85 | -24.4 | LP | -1.89 | -10.69 | -21.86 | -51.1 |
| others | 0.47 | 2.22 | -0.66 | LP | 0.21 | 1.8 | -1.47 | LP | -0.57 | -3.24 | -3.15 | 2.86 |
| Pharmacy Distribution | 8.27 | 38.88 | 19.58 | 98.57 | 12.49 | 106.11 | 19.58 | 441.93 | | | | |
| Total PBIT | 100 | 470.24 | 150.38 | 212.7 | 100 | 849.55 | 25.67 | 3,209.51 | 100 | 564.28 | 967.6 | -41.68 |
| Less : Interest | | 95.39 | 122.3 | -22 | | 190.07 | 249.69 | -23.88 | | 449.22 | 532.77 | -15.68 |
| Add: Other un-allcoable | | 8.14 | 37.51 | -78.3 | | 322.74 | 22.6 | 1,328.05 | | 106.41 | 225.27 | -52.76 |
| PBIT Margin(%) | | | | |
| Healthcare Services | | 17.98 | 5.15 | 1,283.00 | | 16.47 | -5.76 | 2,222.25 | | 5.73 | 12.22 | -648.66 |
| Retail Pharmacy | | 0 | 6.79 | -679.22 | | 0 | 6.58 | -657.58 | | 6.58 | 6.02 | 55.65 |
| Clinics | | 10.26 | 0.08 | 1,018.28 | | 9.39 | -8.91 | 1,830.07 | | -1.57 | -3.14 | 157.12 |
| others | | 209.43 | -64.71 | 27,413.98 | | 84.91 | -72.06 | 15,696.45 | | -77.51 | -72.08 | -542.96 |
| Pharmacy Distribution | | 3.33 | 5.42 | -208.98 | | 3.96 | 5.42 | -146.05 | | 5.42 | 0 | 541.71 |
| PBT | 100 | 382.99 | 65.59 | 483.92 | 100 | 982.22 | -201.42 | LP | 100 | 221.47 | 660.1 | -66.45 |
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