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Apollo Hospitals Shares Hit 52-Week High after Q3 Profit Jumps 49%
Apollo Hospitals Enterprises' share price surged over 11% intraday after the company declared its Q3 results.
Apollo Hospitals Enterprises' share price surged over 11% intraday after the company declared its Q3 results.
On 12 February, Apollo Hospitals announced a 49.14% increase in consolidated net profit of Rs 134.16 crore for the quarter ended 31 December 2020 primarily due to a decline in expenditure.
Profits from operations amounted to Rs 2,759.84 crore in the quarter under review. For the same period last year, it was Rs 2,911.74 crore. In the year-ago quarter, the firm posted a net profit of Rs 89.95 crore, Apollo Hospitals Enterprise said in a regulatory filing.
In the year-ago period, the company's overall expenditures were Rs 2,595.54 crore as opposed to Rs 2,776.46 crore.
"The cost-saving measures which the hospital has undertaken saved around Rs 200 crore during the nine months period December 31, 2020. The hospital chain is planning to save another Rs 100-125 crore next year," Krishnan Akhileswaran, Group CFO of Apollo Hospitals said.
The stock was trading at Rs 3073.95, up Rs 326.60 or 11.89% on BSE at 2.27 pm IST. It has touched a 52-week high of Rs 3,091.25. Brokerages were still very positive on the stock, with the earnings on a strong margin that further boosted the mood.
"The first three quarters of the year have been a period of resilience and recovery for Apollo Hospitals. It is a testament to the strong foundation laid over our 37 years of experience in healthcare that we have been able to emerge stronger than ever before despite the challenges due to the Covid pandemic," Dr. Prathap C Reddy, chairman of Apollo Hospitals Group said.
The company previously said it had raised Rs 1,170 crore through the issue of qualified institutional placement (QIP).
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