Apollo Hospitals (APOLLOHOSP) Q3 24/25 earnings summary

Executive summary

• Consolidated revenue grew 14% year-over-year in Q3 FY25, with EBITDA up 24% and PAT up 52%, reflecting robust growth across all business segments and a positive turnaround in digital health.

• All core segments, including Healthcare Services, Diagnostics & Retail Health (AHLL), and Digital Health & Pharmacy Distribution (Apollo HealthCo), reported double-digit revenue growth.

• Strategic focus on high-end specialties, digital innovation, and new facility investments drove revenue intensity and margin expansion.

• Expansion initiatives include new hospital projects, digital health platform enhancements, and integration of Keimed for pharmacy distribution.

• Interim dividend of Rs. 9 per share declared for FY25.

Financial highlights

• Q3 FY25 consolidated revenue: INR 5,527 crore (Rs. 55,269 million), up 14% YoY; EBITDA: INR 762 crore (Rs. 7,615 million), up 24% YoY; PAT: INR 372 crore (Rs. 3,723 million), up 52% YoY.

• YTD Dec FY25 consolidated revenue: Rs. 162,018 million, up 15% YoY; EBITDA: Rs. 22,521 million, up 29% YoY; PAT: Rs. 10,563 million, up 64% YoY.

• Healthcare Services Q3 revenue: INR 2,785 crore (Rs. 27,850 million), up 13% YoY; EBITDA margin 24.1%; AHLL Q3 revenue: INR 390 crore (Rs. 3,895 million), up 15% YoY, EBITDA margin 8.8%; HealthCo Q3 revenue: INR 2,352 crore (Rs. 23,524 million), up 15% YoY, EBITDA margin 8.4%.

• HealthCo PAT turned positive in Q3 FY25 (Rs. 321 million) vs. loss in Q3 FY24; AHLL EBITDA up 32% YoY.

• Diluted EPS for Q3 FY25: Rs. 25.89; YTD Dec FY25: Rs. 73.46 (not annualized).

Outlook and guidance

• Three new facilities to open in FY26 H2; Gurugram and Hyderabad to open by end of FY26, with quick break-even expected.

• Targeting consolidated Year 3 revenues of ~INR 25,000 crore for the merged HealthCo-Keimed entity, with operating margins of 7–8%.

• Expectation to achieve INR 250 bn revenue in FY27 at 22% annual CAGR, with 7–8% EBITDA margin.

• Digital business targeting break-even by end of Q2 or Q3 FY26, with GMV breakeven at INR 900–1,000 crore.

• On track to add 3,512 beds over 3–4 years starting FY26, supporting long-term growth.