Apollo Hospitals Shares Rise on Robust Growth Outlook
Apollo Hospitals Enterprise shares rose more than 2% on September 11, 2023, on a robust growth outlook for the healthcare services provider.
The stock was trading at Rs 5,096.55 at 12:45 pm on the National Stock Exchange, up Rs 111.40, or 2.23%, from the previous day’s close.
The brokerage firm UBS has a “buy” rating on Apollo Hospitals with a target price of Rs 6,050 a share.
UBS said that the occupancy trend in the healthcare industry is improving sequentially and expects Apollo’s core healthcare business to see occupancy improve to 65% in the second quarter from 62% in the April-June quarter.
The stock has a trailing P/E of 109.26x, making it the most expensive stock in absolute terms among its peers.
In the June quarter, Apollo Hospitals reported a 16.38% year-on-year (YoY) increase in its revenue from operations at Rs 4,418 crore. Net profit was down 46.60% YoY to Rs 173 crore. The operating profit margins contracted by 100 basis points on year to 12%.
One basis point is one-hundredth of a percentage point.
Apollo Hospitals is engaged in the business of healthcare services, including operation of hospitals, clinics, and pharmacies.
The company has a strong presence in India and is also expanding its operations in international markets.
The stock is likely to continue to be supported by the robust growth outlook for the healthcare sector.
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