Apollo Hospitals recorded standalone revenues growth of 19.7% yoy to Rs.8.5bn, slightly below our estimate of Rs8.8bn. Consolidated revenue grew by 22.2% yoy to Rs9.8bn driven by strong growth in retail pharmacy (+29.3%) business.
Chennai cluster recorded growth of 11.6% yoy by strong inpatient growth along with ARPOB growth of 9.8% yoy on the back of better case mix and pricing. Hyderabad clusters’ revenues grew by 16.5% yoy. Others cluster revenues grew by 27.1% yoy largely led by 17.8% yoy growth in occupied beds. Even the newer hospitals continued to display steady progress and improvement in operating parameters. The expected date of completion for the 185-bed super specialty Indore facility has been delayed to FY15.
Apollo Pharmacies (SAPs) added 53 stores and closed down 7 stores, in Q3 FY13 leading to total capacity of 1,445 operational stores currently. Revenue growth on an overall basis continued to post robust growth (+29.3% yoy to Rs2.2bn) even in Q3FY13. The business also reported further improvements in profitability with an EBITDA margin expansion of 70 bps yoy to 2.7%.
The company proposed to offload its 39.4% stake in the BPO associate Apollo Health Street for ~Rs2bn to US based Sutherland Global Services. It intends to use the amount for further expansions.
Apollo Munich achieved a gross written premium of Rs3.6bn in Q3 FY13 representing a growth of 37% yoy. Similarly, the earned premium demonstrated traction expanding 44% to Rs1.2bn. The claim loss ratio has been higher at 59.5% in this quarter compared to 58% last quarter. The company has Rs4.7bn assets under management as on date.
Consolidated EBITDA was up by 18.9% yoy to Rs1.3bn whereas stadalone operating profit was up by 20.5% yoy to Rs1.5bn. The standalone margin was maintained at 17.1% even with the addition of new beds.
Consolidated PAT grew 22.2% to Rs610mn in Q3 FY13 whereas Standalone PAT grew by 24.7% yoy to Rs806mn. The growth was largely led by lower taxes on account of effective tax rate lower at 25%.
|Income From Each segment|
|Less: Inter-segmental Revenue||0||0||33.3||2||(88.2)|
|Profit before Tax and Int|
Results table (Standalone)
|QUARTERLY -(Rs mn)||Q3FY13||Q3FY12||% yoy||Q2FY13||% qoq|
|(Inc)/Decrease in stock||(402)||8||-||(36)||-|
|Purchase of Traded Goods||(2,222)||(1,855)||
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