Apollo Hospitals rises 4% on better Q2 show; approves demerger of retail pharmacy biz

Citi has maintained buy rating on the stock and raised target to Rs 1,640 per share.

Share price of Apollo Hospitals Enterprises rose 4 percent intraday Thursday as company posted strong numbers for the quarter ended September 2018.


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The company's Q2FY19 consolidated net profit rose 11 percent at Rs 79 crore against Rs 70.9 crore in the same quarter last fiscal.

Revenue was up 15.3 percent at Rs 2,090 crore versus Rs 1,813 crore.

Operating profit or EBITDA was up 16.5 percent at Rs 257.8 crore, while margin was at 12.3 percent.

The company board approved the scheme of arrangement between Apollo Hospitals Enterprise and Apollo Pharmacies.

The Scheme is subject to requisite statutory and regulatory approvals and sanction by the respective shareholders of each of the companies involved in the Scheme.

Citi has maintained buy rating on the stock and raised target to Rs 1,640 per share.

This is a third straight quarter of steady growth and margin gains. It expect FY19-20 to see full impact of rising occupancy and cost control.

Credit Suisse has maintained outperform call on Apollo Hospitals and keep the target at Rs 1,300 per share.

According to Credit Suisse, the Q2 had an all-round improvement. Its Navi Mumbai hospital turned profitable, while margin for existing hospitals increased.

The FY19 EPS estimate increased by 8 percent to factor Q2 earnings.

At 09:55 hrs Apollo Hospitals Enterprises was quoting at Rs 1,194.00, up Rs 27.85, or 2.39 percent.

The share touched its 52-week high Rs 1,262.00 and 52-week low Rs 911.10 on 26 February, 2018 and 23 July, 2018, respectively.

Currently, it is trading 5.39 percent below its 52-week high and 31.05 percent above its 52-week low.

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