Board approves raising Rs 1,500 crore
Apollo Hospitals Enterprise reported a 30 per cent decline in consolidated profit after tax (PAT) at Rs 60.3 crore for the quarter ended September.
The healthcare major had posted a PAT of Rs 86.2 crore during the July-September period of the previous fiscal.
Revenues for the second quarter declined by 3 per cent to Rs 2,760.7 crore as against Rs 2,840.7 crore in the year-ago period, Apollo Hospitals Enterprise said in a statement.
The company said its board has approved raising Rs 1,500 crore through preferential issue/ qualified institutional placement (QIP).
The board has also okayed acquiring the balance 50 per cent stake in Apollo Gleneagles Hospital, Kolkata, from the IHH Group.
“This has been a challenging year as we brought all the resources of the group to support the nation in the fight against COVID-19.
“At the same time, we renewed our resolve to drive back the tsunami of non-communicable diseases that threatens the health of the nation,” Apollo Hospitals Group Chairman Prathap C Reddy said.
The healthcare major is preparing to vaccinate over one million Indians every day once a vaccine is approved, he added.
On fund raising, he said, “This approval is an outcome of the strong financial performance of the company over the last several quarters, and an acknowledgement of the growth opportunities that lie ahead.”
“While we are still firming up our plans on the fund raise itself, we reiterate our strong commitment to several concurrent objectives – cementing our position as undisputed healthcare leader in India, leveraging exciting opportunities in under-served markets, maintaining a healthy balance sheet and debt position, and above all, providing best-in-class returns for our shareholders,” he added.
PTI
