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Analyst Meet / AGM
22-May-13
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Conference Call
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Apollo Hospitals
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Plans to commission around 1000 beds across seven locations in FY14
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Apollo Hospitals announced the results for the quarter ended March 2013 and recently held conference call on 21st May 2013 to discuss the results and future growth strategies. The key takeaways of the call are as follows.
Highlights of the call:
- On Consolidated basis, Revenues grew by 13% YoY to Rs 944.5 crore for the quarter ended March 2013.
- There is blip in growth than the usual sales growth due to the extended holidays during the quarter but the growth expected to pick up going forward.
- It has 51 hospitals with total bed capacity of 8420 beds as on March 31, 2013. It has 38 owned hospitals including JVs/ Subsidiaries and associates with 6382 beds and 13 Managed hospitals with 2038 beds. Notably, of the 6382 owned beds, 5549 beds were operational and had occupancy of 72%.
- It also commissioned 200-bed multi-specialty hospital at Aynambakam in Chennai and 140-bed Ortho & Spine specialty hospital in Bangalore in Q4 and entered into long term lease of Lifeline Hospital facility in OMR, South Chennai ( 170 beds ).
- The Chennai cluster is matured and is having the EBIDTA margins of the 24-25%. In Hyderabad there is no pressure on pricing despite the higher competition. Also, it plans to make Bangalore as separate cluster going forward.
- During the year, Apollo Pharmacies added 215 stores and closed 76 stores, to end FY13 with a network of 1503 operational stores. The segment continued to report healthy revenue growth of 28% from Rs to Rs 1101.7 crore in FY13. The rationalization of the store network and focused initiatives have led to a steady improvement in operating metrics with EBITDA improving from Rs 16.4 crore in FY12 to Rs 29.3 crore in FY13.
- The Same store sales demonstrated sustained traction with like-for-like growth in revenues per store for the batch of stores opened prior to March 2008 at 16% for FY13. Further, The long-term profitability of the business continues to be attractive with the batch of mature stores (pre March 2008) reporting an EBITDA margin of 5.3% in FY13, an increase of 70 basis points over the EBITDA margin of 4.6% in FY12.
- The Pharmacy businesses also hit by Holidays and there is slow roll out of new pharmacies but good openings in the April & May 2013.
- It further indicated that the Spinning out of Pharmacy business at appropriate time to get the proper value realization.
- The management indicated that it continues to see strong fundamental demand going forward.
- It Plans to commission around 1000 beds across seven locations in FY14. As it plans to come up with the 300 beds across 3 hospitals in Chennai, 170 beds in OMR South Chennai (Life Line Facility lease), 60 beds Women & Child hospital (adjacent to Apollo Children's hospital), 45 beds Women & Child hospital (OMR) during the quarter. Also, 180 beds in Malleswaram, Bangalore and 525 beds across 3 Reach hospitals - 200 beds at Nellore, 200 beds at Trichy and 125 beds at Nasik.
- The Capex was Rs 300 crore for the FY'13 and expected to be Rs 450 crore for the FY'14. Further, it expects Capex to be Rs 500 crore for the FY'15.
- Going forward, The EBIDTA margins will depend in the ramp up of the new hospitals beds because some new cost will come but the tertiary care hospitals continues to grow well. It expects to have extra burden on operating expenses due to the new hospitals in FY'14.
- It didn't give any guidance for FY'14 but indicated that it is one of the companies in the industries achieving 20% growth in topline and bottom-line annually.
- It indicated that the impact due to the new pricing policy on its pharmacy business expected to be minimal.
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