Company Update : Apollo Hospitals Ltd By Motilal Oswal Financial Services Ltd
Operationally in line with estimates
* Apollo Hospitals’ (APHS) 3QFY25 revenues grew 13.9% YoY to INR55.3b (est. INR54.5b).
* Healthcare services revenue grew 13% YoY to INR27.8b.
* Healthco revenue grew 15.3% YoY to INR23.5b.
* AHLL revenue grew 15% YoY to INR3.9b.
* EBITDA margin expanded by 110bp YoY to 13.8% (in line with estimates) due to lower employee/other expenses (down 20bp/120bp YoY as % sales).
* EBITDA grew 24.1% YoY to INR7.6b (in line with estimates).
* Adj. PAT grew 51.8% YoY to INR3.7b (our est: INR3.5b).
* 9MFY25 revenue/EBITDA/PAT grew 15%/29%/64% to INR162b/INR22.5b/ INR10.6b
Segmental highlights:
Healthcare services
* Hospital EBITDA grew 14% YoY to INR6.7b. EBITDA margin grew 30bp YoY to 24.1%.
* ARPOB grew by 8% YoY to INR 60,839. Effectively, volume of patients treated grew ~5% YoY.
* Occupancy stood at 68% vs. 66% in 2QFY24.
* ALOS stood flat at 3.3 days.
Healthco
* Healthco posted EBITDA of INR566m vs. INR521m in 2QFY25.
* Platform GMV grew 11% YoY to INR7.6b (stable QoQ).
* Opened net 132 stores during the quarter, taking the total store count to 6,360. It added 330 stores on YTD basis.
AHLL
* Revenue/EBITDA grew by 15.3%/32% YoY to INR3.9b/INR342m.
* Revenues of primary care grew by 17% YoY to INR1.1b.
* Revenues of specialty care grew by 13% YoY to INR1.7b.
* The number of network collection centers increased by 180 YoY to 2,221 centers.
Capex Expansion
* APHS plans to add 3,512 beds over four years across 11 locations in India.
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