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Apollo Hospitals stock rallies 9% on robust Q1 results

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Shares of Apollo Hospitals hit its 52-week high of Rs 1,444, up over 9 percent on Wednesday after it reported robust June quarter results.

Apollo Hospitals stock rallies 9% on robust Q1 results
Shares of Apollo Hospitals hit its 52-week high of Rs 1,444, up over 9 percent on Wednesday after it reported robust June quarter results. The company's net profit rose over two-fold to Rs 49.15 crore in Q1 as against Rs 23.34 crore in the corresponding quarter a year ago. At 10:15 AM, the stock price was trading 8.3 percent higher at Rs 1,432 per share on BSE, while the benchmark Sensex rose 0.3 percent, or 113 points, to 37,071.
The rise in profit was mainly on account of robust growth in healthcare services and pharmacy verticals. Consolidated revenue from operations stood at Rs 2,571.89 crore during the quarter under review as against Rs 2,210.47 crore in the same period a year ago.
"We have made a strong start to the financial year building on the momentum gained last year to deliver steady growth in revenue and margins across all our verticals," Apollo Hospitals Chairman Prathap C Reddy said.
"We are hopeful that our efforts towards having a strong pan-India presence and towards adopting new skills and cutting edge technology should help us in maintaining the momentum going forward as well," he added.
The sentiment was also bullish after global brokerage Macquarie maintained 'outperform' call on the stock with a target at Rs 1,636 per share. It said that the operating performance continues to improve and the steps taken by promoters to resolve leverage situation provides relief.
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