Apollo Hospitals Q1 net profit tumbles 51 percent to Rs 35.21 crore
New Delhi: Apollo Hospitals Enterprise on Monday reported 51.21 per cent dip in standalone net profit to Rs 35.21 crore for June 2017 quarter, mainly on account of higher depreciation and interest costs on adding new beds.
The company had reported a net profit of Rs 72.17 crore in the year-ago period, Apollo Hospitals said in a filing to BSE.
Total income from operations however rose to Rs 1,684.46 crore for the said quarter as against Rs 1,465.43 crore in April-June 2016, it added.
The profit after tax was lower mainly due to impact of higher depreciation and interest costs on the over 2,000 new beds created in the last three years, the benefits of which will be visible in higher EBITDA in the next two-three years, Apollo Hospitals said.
"With over 2,400 new beds added in the last three years, we continue to have a pre-eminent position in the hospital landscape in the country and now have clear plans to further augment our clinical offerings in specialities like Oncology, Neurosciences, Orthopaedics and Transplants," Chairman Prathap C Reddy said.
The company also informed that its Board took note of resignations of Habibullah Badsha, Raj Kumar Menon and Rafeeque Ahamed as independent directors with effect from today.
The Board also approved the appointment of BVR Mohan Reddy as an additional director with effect from Monday to hold office as an independent director, it added.