Consolidated revenue grew by 21.8% yoy driven by strong growth in retail pharmacy (+31%) and hospitals biz (+17%). Standalone Revenues recorded growth of 21.3% yoy to Rs.7.7bn.
Chennai cluster recorded improved performance (+19.4% yoy to Rs2.5bn) led by strong ARPOB growth on the back of better case mix and pricing. Hyderabad clusters’ revenues grew by 14.5% yoy to Rs976mn. Other Hospitals outside of Chennai & Hyderabad (Utilisation: Bhubaneshwer- 70%, Madurai-86%, Mysore-73%) also displayed strong growth. Overall owned bed occupancy was 74% in Q1 FY13.
Apollo Munich achieved a gross written premium of Rs.1bn in Q1 FY13 representing a growth of 42% yoy. Similarly, the earned premium demonstrated traction expanding 59.6% to Rs1,080mn. The claim loss ratio has been sustained at 58% even in this quarter.
Consolidated EBITDA margin expanded by 29 bps yoy to 16.8% aided by expansion in Healthcare services EBITDA (+20bps to 19%), improved EBITDA contribution by SAPs and reduction in negative EBITDA in Apollo Munich health insurance. Also, Standalone pharmacies continue its EBITDA expansion trajectory (+130 bps yoy to 1.5%) on the back of buying efficiencies and operating leverage creeping in. Standalone EBITDA grew by 22.6% yoy to Rs1304mn resulting in the same reported EBITDA margin of 16.8% as of consolidated.
Consolidated PAT grew 44.2% to Rs787mn in Q1 FY13. Standalone PAT grew by 36% yoy to Rs697mn. Lower taxes on account of effective tax rate lower at c27% for next few years (benefits under section 35AD (8)(c) of Income tax) led better than expected growth in PAT.
|Particulars (Rs mn)||Q1FY13||Q1FY12||%yoy||Q4FY12||% qoq|
|Less: Inter-segmental Revenue||2||2||-||2||-|
|Profit before Tax and Interest|
|Less: Other Unallocable Exp||-||-||-|
Result Table (Standalone)
|Quarterly -(Rs. in Mn.)||Q1FY13||Q1FY12||%yoy||Q4FY12||% qoq|
|(Inc)/Decrese in stock||(218)||(103)||110.9||(65)||236.8|
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