Apollo Hospitals Enterprise Ltd, India’s one of the largest hospital chain reported a consolidated net profit of Rs 169.89 crore for the fourth Quarter that concluded in March 31, 2021 on Wednesday.
In the past fiscal that corresponds to this quarter, Apollo Hospitals obtained a consolidated net profit of Rs 209.60 crore. The company also affirmed that they are looking forward for a re-organization with the formation Apollo Health Co that will strive to create India’s largest Omni-channel healthcare platform.
In a regulatory filing, the company revealed that its consolidated revenue from its operation posed to be Rs 2,867.95 crore in the quarter which is under review. In the past year it stood to be Rs 2,922.43 crore. The company further stated that for the fiscal that ended in March 31,2021, the consolidated net profit obtained Rs 136.77 crore which was Rs 431.80 crore in FY20. The filing stated that the consolidated revenue from operation for FY21 was Rs 10,560.01 crore. It was Rs 11,246.80 crore in the previous year.
The company informed that the divestment of its front-end retail pharmacy in favor 0f Apollo Pharmaceuticals Ltd which is an entirely-owned subsidiary of Apollo Medical Pvt Ltd (AMPL) for a cash consideration of Rs 527.80 crore, came into force from 1st September 2020.
The company further disclosed that it invested around Rs 36.5 crore following which its ownership interest in AMPL changed to 25.50 per cent. This resulted in a loss of control from September 1, 2020. The company explained that due to this reasons the figures for the quarter and the year that concluded in March 31,2021 are not comparable with the figures for the corresponding period of the past year.
On Wednesday, AHEL informed to its board that it propose to undertake the transfer of pharmacy distribution business that comprises online technology platform Apollo 24/7 on a slump sale basis along with its shareholding in AMPL to its newly established Apollo Health Co Ltd on a consideration that estimates to Rs 1, 210 crore. It further stated that the proceedings are subject to receipt of requisite approval from its shareholders, secured creditors and regulatory approvals.
On the reorganization, AHEL’s recognized business undertaking includes offline pharmacy business, digital healthcare platform Apollo 24/7. The investment in retail pharmacy business along with ‘Apollo 24/7’ brand, the ‘Apollo Pharmacy’ brand and private label brand will be transferred to Apollo Health Co Ltd.
According to the filing, Apollo has been entrusted to carry forward the business of rendering technology lead healthcare services. Furthermore, it explained that this phenomenon’s help individuals to manage their health and health data along with dealing and transacting in all types of pharma .
Shobana Kamineni, AHEL Executive Vice Chairperson stated, “The advent of the digital era has revolutionized healthcare as we know it, and will define its future. The Apollo Hospital Group as the first adopter of modern healthcare is perfectly positioned to be at the forefront of this transformation.” She explained that through the app ‘Apollo 24/7’ the company distributes medicines and provides consults and diagnostic services to the people at their home. She stated that this omni-channel approach enabled them to provide their services over 27 crore people over the last 500 days.”
The company stated that they believe the growth of AHL will exhibit a huge potential to serve healthcare consumers into AHEL. It further affirmed that this will provide an accelarated momentum to every AHEL’s healthcare verticals by establishing an integrated and seamless omni-channel experience.