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Apollo Hospitals on Friday said its consolidated profit after tax declined by 47% to Rs 167 crore in the first quarter ended June 30, 2023. The healthcare major had reported a PAT (profit after tax) of Rs 317 crore in the April-June quarter of previous fiscal.

Revenue grew by 16% to Rs 4,418 crore in the first quarter as against Rs 37,96 crore in the same period a year ago, Apollo Hospitals said in a regulatory filing. As on June 30, 2023, Apollo Hospitals had 7,798 operating beds across the network, out of which 14 hospitals were new with 2,380 operating beds, it said.

The new hospitals have a utilisation of 60% and are expected to witness double-digit growth in volumes and improvement in utilisation and profitability going forward, it added. Shares of the company were trading 0.32% down at Rs 4,905.05 apiece on the BSE.

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“As we step into the next quarter, our focus remains steadfast – to augment our doctors’ expertise and revolutionize the overall patient experience as we continue steering Apollo towards a future where healthcare is proactive, personalized, and accessible to all,” Apollo Hospitals Group Chairman Prathap C Reddy noted.