Highlights of the call:

• The Consolidated Revenues grew 21% to Rs 3147.5 crore for the year ended March 2012 indicative of the continued stable growth. The Consolidated EBIDTA grew by 22.5% (margin expansion of over 20 bps YoY to 16.3%) and accordingly there was 23% growth in EBIDTA to Rs 513.1 crore. This was aided by the EBIDTA expansion in the healthcare services, improved EBITDA contribution from by SAPs (standalone Pharmacies) and reduction in negative EBIDTA in Apollo Munich Health Insurance.
• Further, the Consolidated PAT grew by 19% to Rs 219.4 crore for the year ended March 2012. The high depreciation was due to new facilities commissioned in the last 15 months in Hyderabad, Karikudi and Karur. Higher tax provision in Kolkata is on account of earlier unabsorbed losses (full year impact in Q4'FY12).
• On Q-o-Q basis, there was decline margins due to the increase in nursing cost and some adjustments.

• The healthcare services have grown on the back of the volume growth coupled with the improved pricing.

• The Chennai cluster witnessed growth in revenues primarily driven by the out patient volumes, improvement in case mix and pricing during the year.
• The strong revenue growth of 26% in Hyderabad in FY12 is due to the new beds added over the last 15 months and strong volume growth on focus COEs during the year. Further, the focus on increasing ARPOB through reduced ALOS, pricing and case-mix improvement.

• The Hyderabad cluster Average occupancy at 577 beds (62% utilization on 930 beds) in FY12 compared to 526 beds (65% utilization on 809 beds) in FY'11. The strong volume growth due to focus on COE's like cardiology (36%), Neurosciences (23%), Gastro (27%), Transplants (64%) and Oncology (30%).

• The Hyderabad cluster Occupancy is inline and despite the competition it has done well due to the specialty revenue.
• The growth in others hospitals (23%) was due to the focus on inpatient growth (22.5%) coupled with outpatient growth of 27% driven by the repeat OP volumes in Bhubaneswar, Madurai, Bilaspur and Karur during the year. The good traction in Bhubaneswar with average occupancy at 65% (144 beds) on the back of continues increase in inpatient admissions.
• The Bhubaneswar Hospital EBIDTA margins improved to 16% in Q4'FY 12 compared to 5% in the Q4'FY 11.

• The continued improved performance from the Subsidiary/JVs & Associates hospitals driven by the 24% YoY growth in Kolkata and Ahmedabad hospitals.
• The management indicated there is strong growth in inpatient volume from Chennai cluster in April 2012.
• The standalone Pharmacies continues it's EBIDTA expansion trajectory despite adding 74 new stores (net basis) in Q4'FY12. The Company added 81 Gross stores added and closed 7 stores in Q4'FY 12. Further, it has added 263 stores and closed 98 stores in FY'12.
• The private label contributes 4% of the standalone Pharmacy revenues. Going forward the Company expected to increase the share of the private labels.
• The Company added around 800 beds in the last 18 months. It expects total 7000 beds (around 500 new beds operational in FY'13) odd would be operational by the FY'15.
• It has acquired 180 beds hospital in Bangalore (J-nagar) and also started 125 beds in malleswaram.

• Apollo Munich achieved a Gross Written Premium grew by sharp 68% to Rs 475.9 crore for the year ended March 2012. Further, the incurred claim ratio improved to 58% in FY'12 compared to 62% in FY'11 due to the prudent underwriting and improved pricing.
• The Apollo Transplant Institutes (ATI) completed 929 solid organ transplants in a single calendar year becoming the first program in the world to cross the 900 barriers in transplantation. In doing so it became the busiest program its kind in the world.
• Healthcare Services ROCE is at 17.8% in FY'12 compared 19.4% in FY'11 due to additional capital employed primarily in new facilities in Hyderabad, Karikudi and Karur.
• As part of its expansion plans, its coming up with the 2955 beds by FY'15. The total estimated project cost is Rs 1938.7 crore out of which AHEL's share is Rs 1748.3 crore crore. The Company has already invested Rs 261.6 crore out of Rs 1748.3 crore of the total Capex.
• The Company should fund Rs 400 crore through the internal accruals and the Rs 800 crore the debt.
• The management indicated that it is looking for the in organic growth in the Hospital business through the acquisitions. The priority would be the right kind of the value and new areas presence (geography).
• The timing of the divestment of the Pharmacy business is subject to the FDI in retail and the right valuation.
• The Consolidated Debt is at Rs 818.3 crore and Cash & Cash equivalents (includes investment in liquid funds) are at Rs 358.8 crore as on 31^st March 2012.