Apollo

Chairman’s Report: Apollo Healthcare

2019-2020

 Focus on Non-Communicable Diseases (NCDs): Emphasized the poten al rise of NCDs,

projec ng a cost of approximately $4.8 trillion for India.
 Apollo ProHealth Program: Launched to leverage Ar ficial Intelligence (AI) in predic ng,
preven ng, and managing NCDs.
 Technology Integra on: Forecasted that the future of healthcare would be driven by AI,
robo cs, and technology.
 Project Kavach: Ini ated in March 2020 to combat the Covid-19 pandemic.
 Apollo 24/7 Launch: Introduced services for sample collec on, online consulta ons, and
medicine delivery during emergencies.
 Telemedicine Expansion: Enhanced efforts to bridge the gap between rural and urban
healthcare access.

2020-2021

 Innova on Focus: Con nued emphasis on technological innova ons to deliver superior
solu ons to customers.
 Telemedicine: U lized to break boundaries during the Covid-19 pandemic.
 Project Kavach: Expanded efforts to manage the healthcare crisis caused by Covid-19.
 AI-Based Covid Screener: Introduced as part of the Apollo 24/7 pla orm for pa ent
assessment.
 Non-Communicable Diseases: Maintained focus on managing NCDs resul ng from unhealthy
lifestyles.
 Apollo ProHealth: Personalized health management system tailored to individual needs.

2021-2022

 Advanced Technology Use: Discussed poten al applica ons of AI, robo cs, and 3D prin ng in
healthcare.
 State-of-the-Art Machinery: Commitment to bringing cu ng-edge technology to India.
 AI and ML Integra on: Employed for predic ng health risks and enhancing treatment
efficacy.
 Apollo 24/7: Recognized as a flagship service, demonstra ng advanced technological
capabili es.
 Pro-Health Program: Con nued focus on NCDs linked to unhealthy lifestyles.
 Covid-19 Response: Ac ve par cipa on in vaccina on drives and management of Covid-19
pa ents.
 Medical Tourism: A racted pa ents from 147 countries with compe ve healthcare pricing.
2022-2023

 Technological Emphasis: Solidified focus on technology as a primary criterion for customer

treatment.
 Cancer Research and Development: Advanced ini a ves in cancer technologies.
 Rural-Urban Healthcare Bridge: Con nued collabora on with nursing homes to enhance
healthcare access in remote areas.
 Apollo Connect: Established as a key pla orm for delivering unique healthcare services
tailored to individual needs.
 Emergency Network Improvement: Enhancements made to the Apollo Ambulance
Emergency Network.
 AI in Treatment: Further integra on of AI in healthcare delivery.
 Societal Impact Programs: Ongoing ini a ves like Total Health, Shine, and SACHi to improve
community health.

2023-2024

 Gen H Ini a ve: Shi towards a more integrated, pa ent-centric, and technologically
advanced approach to healthcare.
 Pa ent-Centric Care: Commitment to building healthy individuals through the Gen H
framework.
 AI in Healthcare: Enhanced focus on u lizing AI in treatment techniques, especially for NCDs.
 Personalized Healthcare: Moving towards a personalized healthcare system.
 Expansion of Facili es: Plan to add 2000+ high-quality beds in key geographic loca ons over
the next three years, u lizing a cluster approach.
 Apollo Connect Development: Launching a pla orm to unify healthcare providers and bridge
the urban-rural divide through telemedicine services, including Tele-ECG and E-ICU.
 Nursing Home Collabora on: Crea ng a pla orm to connect nursing homes across the
country, supported by command sta ons.
 Emergency Ambulance Services: U lizing Apollo Emergency Ambulance Services for
improved accessibility and doorstep treatment.
 Home Care Services: Expanding offerings to include blood collec on, pre and post-opera ve
care, and physiotherapy visits.
 Focus on Specialized Sciences: Deepening focus on Cardiac Sciences, Neuro Sciences,
Orthopaedic Oncology, Gastro Science, and Transplants.
 Cancer Treatment Advances: Introduc on of CAR T-cell therapy for cancer treatment and
establishing new reference values for Prostate Specific An gen in Indian demographics.
 Digital Services: Con nued growth of Apollo 24/7 to leverage online services for healthcare
access.
 Community Engagement: Commitment to preven ve healthcare services for underserved
popula ons.

Apollo Healthcare has consistently evolved over the years, focusing on integra ng advanced
technology, personalized healthcare, and addressing the growing burden of Non-Communicable
Diseases (NCDs). This report highlights the key ini a ves and developments from 2019 to 2024
 Management Discussion and Analysis (MD&A):

2019-2020

Overview

The financial year 2019-20 has been a transforma ve period for Apollo Hospitals, characterized by a
focus on non-communicable diseases (NCDs), significant technological advancements, and strategic
responses to the emerging challenges posed by the COVID-19 pandemic. This analysis reviews key
financial metrics, opera onal performance, and strategic ini a ves that influenced Apollo Hospitals'
financial outcomes during this period.

Revenue Growth

 Total Revenue: The company experienced a robust growth in total revenue, driven by
increased pa ent volumes across inpa ent and outpa ent services.

 Segment Performance:

o Inpa ent Services: A rise in admissions, par cularly in specialty areas such as
Cardiology and Oncology, was a primary contributor to revenue growth.

o Outpa ent Services: Enhanced services through telemedicine and increased foo all
in clinics boosted outpa ent revenues.

o Pharmacy Sales: The growing pharmacy segment contributed posi vely to the
overall revenue stream.

Profitability

 Opera ng Profit Margin: Opera ng margins remained strong, supported by improved

efficiencies and cost management prac ces implemented across the organiza on.

 Net Profit: The net profit reflected healthy growth, driven by higher revenues and effec ve
cost control measures.

Capacity and Infrastructure

 Expansion Ini a ves: The introduc on of new beds and healthcare facili es across various
loca ons aimed to enhance capacity and improve pa ent access.

 Project Kavach: Launched as a response to the COVID-19 crisis, this ini a ve showcased
Apollo’s agility in adap ng to emerging healthcare challenges.

Technological Advancements

 AI Integra on: The adop on of AI for predic ve analy cs and risk assessment in managing
NCDs marked a significant advancement in clinical prac ce.

 Telemedicine Expansion: The rise of telemedicine during the year bridged gaps in healthcare
access, par cularly for remote areas, enhancing pa ent engagement and convenience.

Focus on Non-Communicable Diseases (NCDs)

 Apollo Hospitals intensified its focus on NCDs, recognizing their poten al impact on public
health. This included the launch of the Apollo ProHealth program, designed to predict,
prevent, and manage NCDs effec vely.
Community Outreach and Engagement

 The organiza on remained commi ed to societal health through various programs aimed at
preven ve healthcare. This engagement fostered goodwill and strengthened Apollo's brand
as a socially responsible healthcare provider.

Digital Transforma on

 The launch of the Apollo 24/7 pla orm enabled enhanced pa ent engagement through
digital channels, allowing for online consulta ons and medicine delivery. This digital strategy
was crucial in adap ng to the challenges posed by the pandemic.

Regulatory Environment

 Naviga ng the regulatory landscape posed challenges, par cularly in ensuring compliance
with evolving healthcare policies. Con nuous engagement with regulatory bodies helped
mi gate risks in this area.

Impact of COVID-19

 The onset of the COVID-19 pandemic created significant opera onal challenges, including
increased demand for healthcare services and the need for enhanced safety protocols.
Apollo Hospitals responded swi ly to ensure the safety of pa ents and staff.

Compe ve Landscape

 The healthcare sector became increasingly compe ve, with new entrants focusing on
technology and pa ent-centric services. Apollo’s commitment to innova on and quality care
provided a compe ve edge.

Outlook for 2020-21

 Growth Projec ons: The outlook for 2020-21 is cau ously op mis c, with expecta ons of
con nued revenue growth driven by expanding service capabili es and technological
integra on.

 Focus on NCDs: Apollo Hospitals plans to deepen its focus on NCD management and
preven on through targeted programs and advanced treatment op ons.

 Sustainability Ini a ves: Emphasizing sustainable prac ces in healthcare delivery will be a
priority moving forward.

2020-2021

Overview

The financial year 2020-21 has been marked by unprecedented challenges and significant
transforma on for Apollo Hospitals due to the ongoing COVID-19 pandemic. This report outlines the
key financial metrics, opera onal performance, strategic ini a ves, and challenges faced during this
period, providing a comprehensive analysis of Apollo's resilience and adaptability in a rapidly
changing healthcare landscape.
Revenue Growth

 Total Revenue: The company experienced a rebound in total revenue as healthcare services
resumed a er the ini al impact of the pandemic. The diversifica on of service offerings,
especially in telemedicine, contributed to this recovery.

 Segment Performance:

o Inpa ent Services: A gradual increase in pa ent admissions, par cularly for cri cal
care and elec ve surgeries, was observed.

o Outpa ent Services: Telemedicine saw substan al growth, with increased pa ent
engagement through digital pla orms, significantly boos ng outpa ent revenues.

o Pharmacy Revenue: Enhanced demand for pharmaceu cal products and healthcare
supplies posi vely impacted pharmacy segment revenue.

Profitability

 Opera ng Profit Margin: Despite the ini al disrup ons due to COVID-19, effec ve cost
management and opera onal efficiencies helped maintain stable opera ng profit margins.

 Net Profit: The net profit showed recovery, primarily driven by increased revenues and
careful management of opera ng costs during the pandemic.

Capacity and Infrastructure

 Expansion Ini a ves: The ongoing expansion of hospital capacity, including new facili es and
increased bed availability, was crucial to mee ng pa ent demand, especially during peak
COVID-19 periods.

 Project Kavach: The project was instrumental in handling the crisis, providing a structured
response to COVID-19 through enhanced healthcare protocols and services.

Technological Advancements

 Telemedicine Adop on: The rapid adop on of telemedicine allowed Apollo Hospitals to
bridge the gap in healthcare access, enabling remote consulta ons and follow-ups for
pa ents during lockdowns.

 AI U liza on: AI technologies were further integrated into opera ons for predic ve analy cs
in pa ent care and resource management, enhancing opera onal efficiency.

Focus on Non-Communicable Diseases (NCDs)

 Apollo Hospitals maintained a strong focus on managing NCDs, launching targeted programs
to raise awareness and provide preven ve care, despite the challenges posed by the
pandemic.

Community Engagement

 Con nued commitment to community health through various ini a ves aimed at preven ve
care and health educa on helped strengthen Apollo's reputa on as a trusted healthcare
provider.
Digital Transforma on

 The Apollo 24/7 pla orm became a cornerstone of digital strategy, facilita ng online
consulta ons, appointment scheduling, and medicine delivery, significantly enhancing
pa ent convenience and engagement.

Impact of COVID-19

 The ongoing pandemic posed significant opera onal challenges, including managing pa ent
safety and increasing demand for cri cal services. Apollo Hospitals responded effec vely
with stringent safety protocols and flexible service delivery models.

Regulatory Compliance

 Naviga ng the evolving regulatory environment remained a challenge. Proac ve

engagement with health authori es ensured compliance with new guidelines and policies
related to COVID-19.

Compe ve Landscape

 The healthcare sector became increasingly compe ve, with a surge in telehealth providers.
Apollo Hospitals’ established brand reputa on and comprehensive service offerings
posi oned it well against emerging compe tors.

Outlook for 2021-22

 Growth Projec ons: The outlook for 2021-22 is op mis c, with expecta ons of sustained
revenue growth driven by the recovery of elec ve surgeries, expansion of outpa ent
services, and con nued demand for telehealth.

 NCD Management: Apollo Hospitals plans to enhance its focus on NCDs through innova ve
treatment programs and community outreach ini a ves.

 Sustainability Ini a ves: Emphasizing sustainability in healthcare delivery will remain a

priority, aligning with global best prac ces and community health needs.

2021-2022

Overview

The financial year 2021-22 was a pivotal year for Apollo Hospitals as it navigated the ongoing
challenges posed by the COVID-19 pandemic while focusing on recovery and growth. The
organiza on made significant strides in expanding its service offerings, enhancing technological
capabili es, and reinforcing its commitment to pa ent-centric care. This report analyzes the financial
performance, opera onal metrics, strategic ini a ves, and challenges encountered during the year.

Revenue Growth

 Total Revenue: Apollo Hospitals achieved a substan al increase in total revenue, recovering
from the previous year's impacts. The growth was driven by a rise in both inpa ent and
outpa ent services.

 Segment Performance:
 o Inpa ent Services: A strong resurgence in pa ent admissions, par cularly in cri cal
care and elec ve surgeries, significantly contributed to revenue growth.

o Outpa ent Services: The con nued popularity of telemedicine services and
increased foo all in clinics bolstered outpa ent revenue streams.

o Pharmacy Revenue: Increased sales of pharmaceu cals and healthcare products

further enhanced overall revenue.

Profitability

 Opera ng Profit Margin: The organiza on maintained healthy opera ng profit margins,
supported by improved efficiencies and disciplined cost management prac ces.

 Net Profit: Net profit exhibited robust growth, largely fueled by higher revenues and effec ve
opera onal strategies.

Capacity and Infrastructure

 Expansion Ini a ves: The addi on of new beds and the expansion of healthcare facili es
allowed Apollo to meet increasing pa ent demand effec vely.

 Project Kavach: The project con nued to play a vital role in enhancing opera onal resilience
and ensuring preparedness for any poten al surges in COVID-19 cases.

Technological Advancements

 AI and Robo cs: The integra on of AI and robo c technologies into clinical prac ces
improved accuracy and efficiency in pa ent care and diagnos cs.

 Telemedicine U liza on: Telemedicine became a cornerstone of service delivery, enabling

convenient access to healthcare for pa ents across various demographics.

Focus on Non-Communicable Diseases (NCDs)

 Apollo Hospitals intensified its commitment to managing NCDs through innova ve treatment
programs, pa ent educa on, and community outreach ini a ves, recognizing the growing
prevalence of these diseases.

Community Engagement

 The organiza on con nued to engage with communi es through health camps and
preven ve care programs, reinforcing its reputa on as a socially responsible healthcare
provider.

Digital Transforma on

 The Apollo 24/7 pla orm was further enhanced, providing pa ents with seamless access to
healthcare services, including online consulta ons, appointment scheduling, and home care
services.

Ongoing Impact of COVID-19

 The con nuing pandemic created opera onal complexi es, par cularly in managing pa ent
safety and adjus ng to fluctua ng demand for healthcare services. Apollo responded by
implemen ng robust safety measures and flexible service delivery models.
Regulatory Compliance

 Adap ng to the evolving regulatory landscape posed challenges, but proac ve engagement
with health authori es ensured compliance with new guidelines and best prac ces.

Compe ve Landscape

 Increased compe on from new entrants in the telehealth and healthcare sectors
necessitated a focus on innova on and quality service delivery to maintain market
leadership.

Outlook for 2022-23

 Growth Projec ons: The outlook for 2022-23 is op mis c, with expecta ons of sustained
revenue growth driven by the recovery of elec ve surgeries, con nued demand for
outpa ent services, and expansion of telehealth offerings.

 NCD Management: Apollo Hospitals plans to further enhance its focus on NCD management
through targeted programs and partnerships to improve pa ent outcomes.

 Sustainability Ini a ves: Emphasizing sustainable healthcare prac ces will remain a priority,
aligning with the organiza on's commitment to community health and environmental
responsibility.

2022-2023

Overview

The financial year 2022-23 marked a significant phase of recovery and growth for Apollo Hospitals.
Building on the challenges faced during the pandemic, the organiza on focused on enhancing its
service offerings, leveraging technology, and reinforcing its commitment to pa ent-centered care.
This report provides a detailed analysis of financial performance, opera onal metrics, strategic
ini a ves, and challenges faced during the year.

Revenue Growth

 Total Revenue: Apollo Hospitals reported a robust increase in total revenue, driven by a surge
in both inpa ent and outpa ent services as the healthcare sector con nued to rebound from
the pandemic.

 Segment Performance:

o Inpa ent Services: Strong demand for cri cal and elec ve surgeries resulted in
significant growth in inpa ent revenue.

o Outpa ent Services: The sustained popularity of telemedicine and increased pa ent
foo all contributed to higher outpa ent revenue.

o Pharmacy Revenue: Con nued growth in pharmacy sales bolstered overall revenue,
aided by the Apollo 24/7 pla orm.
Profitability

 Opera ng Profit Margin: The organiza on maintained healthy opera ng profit margins,
supported by effec ve cost management and opera onal efficiencies.

 Net Profit: Net profit showed strong growth, a ributed to increased revenues and disciplined
expense management across the organiza on.

Capacity and Infrastructure

 Expansion Ini a ves: Con nued investments in expanding hospital capacity, including the
addi on of new beds and healthcare facili es, were instrumental in mee ng rising pa ent
demand.

 Apollo Connect: Launched as a pla orm to enhance coordina on among healthcare

providers, bridging gaps between urban and rural healthcare services through telemedicine.

Technological Advancements

 AI Integra on: The use of AI and data analy cs in pa ent care improved diagnos c accuracy
and treatment outcomes, posi oning Apollo as a leader in healthcare innova on.

 Telemedicine Expansion: The telemedicine services offered via the Apollo 24/7 pla orm saw
exponen al growth, providing pa ents with convenient access to healthcare.

Focus on Non-Communicable Diseases (NCDs)

 Apollo Hospitals intensified efforts to manage NCDs through dedicated programs, pa ent
educa on, and community outreach, addressing the growing burden of these diseases.

Community Engagement

 The organiza on con nued its commitment to preven ve healthcare through health camps
and awareness programs, reinforcing its role as a trusted healthcare provider in the
community.

Digital Transforma on

 The Apollo 24/7 pla orm was further enhanced to streamline pa ent interac ons, including
online consulta ons, appointment scheduling, and home care services, significantly
improving the pa ent experience.

Post-Pandemic Transi on

 Transi oning from the acute phases of the pandemic to a new normal posed opera onal
challenge, par cularly in maintaining pa ent safety and managing fluctua ng service
demand. Apollo implemented adap ve strategies to address these complexi es.

Regulatory Compliance

 Naviga ng an evolving regulatory landscape required proac ve engagement with health

authori es to ensure compliance with new guidelines and policies.

Compe ve Landscape

 Increased compe on from new entrants in telehealth and healthcare necessitated a focus
on innova on, quality of care, and pa ent sa sfac on to retain market leadership.
Outlook for 2023-24

 Growth Projec ons: The outlook for 2023-24 remains op mis c, with expecta ons of
con nued revenue growth driven by increased demand for both inpa ent and outpa ent
services, alongside the expansion of digital healthcare offerings.

 NCD Management: Apollo Hospitals plans to deepen its focus on NCD management through
innova ve treatment pathways and community-based health ini a ves.

 Sustainability Ini a ves: Con nued emphasis on sustainable prac ces in healthcare delivery
will be priori zed, aligning with global best prac ces and community health needs.

2023-24

Overview

The financial year 2023-24 has been marked by strategic growth ini a ves, the expansion of service
offerings, and a commitment to leveraging technology to enhance pa ent care. This analysis
discusses the key financial metrics, opera onal performance, and strategic ini a ves that have
shaped Apollo Hospitals' financial outcomes during this period.

Revenue Growth

 Total Revenue: The company reported a significant increase in total revenue, driven primarily
by the expansion of hospital services and the introduc on of new healthcare technologies.

 Segment Performance:

o Inpa ent Services: A notable rise in admissions, par cularly in specialty areas like
Cardiac Sciences and Oncology, contributed to revenue growth.

o Outpa ent Services: The introduc on of telemedicine and home care services has
increased outpa ent revenue streams.

o Pharmacy and Other Services: Growth in pharmacy services through Apollo 24/7 has
posi vely impacted overall revenue.

Profitability

 Opera ng Profit Margin: Improved opera onal efficiencies and cost management ini a ves
led to an increase in opera ng profit margins.

 Net Profit: Net profit showed robust growth, a ributed to both higher revenues and
disciplined cost control measures.

Capacity Expansion

 New Beds Addi on: The addi on of over 2,000 high-quality beds in strategic loca ons is
expected to enhance service capacity and drive future revenue growth.

 Cluster Approach: Implemen ng a cluster approach has allowed for op mized resource
alloca on and improved pa ent access in both urban and rural areas.
Technological Advancements

 AI Integra on: The integra on of AI-driven technologies in pa ent care, par cularly in
diagnos cs and treatment for NCDs, has improved clinical outcomes and opera onal
efficiency.

 Apollo Connect: The launch of Apollo Connect has facilitated be er coordina on among
healthcare providers, enhancing service delivery and pa ent experience.

Home Care Services

 The expansion of home care services, including pre and post-opera ve care and
physiotherapy, has diversified revenue streams and improved pa ent sa sfac on.

Focus on Non-Communicable Diseases (NCDs)

 Apollo Hospitals has intensified its focus on NCDs, establishing specialized programs and
leveraging advanced technologies to address the growing burden of these diseases in India.

Community Engagement

 Con nued commitment to preven ve healthcare ini a ves has strengthened Apollo’s
reputa on as a socially responsible healthcare provider. Programs like Total Health and SACHi
have enhanced community outreach and engagement.

Digital Transforma on

 The Apollo 24/7 pla orm has seen significant adop on, enabling pa ents to access
healthcare services conveniently. The digital strategy has not only enhanced pa ent
engagement but also improved opera onal efficiency.

Regulatory Environment

 Naviga ng the complex regulatory landscape remains a challenge. Apollo Hospitals con nues
to engage proac vely with regulatory bodies to ensure compliance and adapt to changes.

Compe on

 The healthcare industry is increasingly compe ve, with both established players and new
entrants focusing on technology and pa ent-centric services. Apollo’s commitment to
innova on and quality care posi ons it well against compe tors.

Economic Factors

 Economic fluctua ons can impact pa ent spending on healthcare services. Apollo Hospitals
remains vigilant and adapts its strategies to maintain financial stability amid changing
economic condi ons.

Outlook for 2024-25

 Growth Projec ons: The outlook for 2024-25 remains op mis c, with expecta ons of
con nued revenue growth driven by ongoing capacity expansion and technological
integra on.

 Sustainability Ini a ves: Apollo Hospitals plans to enhance its sustainability ini a ves,
focusing on environmentally responsible prac ces in healthcare delivery.
  Focus on Pa ent-Centric Care: Con nued emphasis on personalized healthcare and advanced
treatment op ons will remain at the forefront of Apollo’s strategic agenda.

Corporate Governance Report of Apollo Hospitals

Governing Structure

Apollo Hospitals follows a robust governance framework designed to ensure transparency,

accountability, and ethical business prac ces. The organiza on is overseen by a well-structured
Board of Directors, comprising a diverse mix of execu ve and non-execu ve members, including
independent directors. This diverse composi on aids in comprehensive oversight and decision-
making.

Key Persons

 Chairman: Dr. Prathap C Reddy

 Managing Director: Suneeta Reddy

 Chief Financial Officer (CFO): Krishnan Akhileswaran

 Company Secretary: S M Krishnan

These key individuals are responsible for steering the organiza on toward its strategic goals while
ensuring compliance with regulatory requirements.

Commi ees

Apollo Hospitals has established several commi ees to focus on specific governance areas, including:

1. Audit Commi ee: Responsible for overseeing financial repor ng, compliance, and risk
management.

2. Nomina on and Remunera on Commi ee: Oversees the appointment of directors and
execu ve remunera on.

3. Stakeholders' Rela onship Commi ee: Focuses on addressing stakeholder concerns and
enhancing communica on.

4. Corporate Social Responsibility (CSR) Commi ee: Manages the company's social
responsibility ini a ves.

5. Risk Management Commi ee: Iden fies and mi gates poten al risks that could affect the
organiza on.

A endance

The board and commi ee mee ngs are a ended by all key persons, ensuring that decisions are
made with the benefit of diverse perspec ves. Typically, a endance rates for board mee ngs are
high, o en exceeding 90%, reflec ng the commitment of directors to their governance
responsibili es.

Financials and Note to Financials

2019-20

In the year 2019-20, Apollo has u lized Ind AS 116 which has an incremental Impact on Profit Before
Tax (PBT) of Apollo.

Statement of Profit and Loss:

 Revenue has increased by 17% from 83,367 in FY 2019 to 97,944 in FY 2020 showcasing a
strong growth in revenue from opera ons in-spite of decrease of revenue from other
sources.
 Profit A er Tax (PAT) has increased by 55.31% due to the introduc on of Ind AS 116 from
3,028 in FY 2019 to 4,703 in FY 20220 showcasing a major increase in Profits and Retained
earnings for the company with a higher scope of growth and development.
 Earnings Per Share has increased to 33.8 in FY 2020 from 21.76 in FY 2019 indica ng a higher
return to investors and stakeholders of the company.

Balance Sheet:

 Assets: Total Assets of the company have increased by 20.35% from 84,284 in FY 2019 to
1,01,442 in FY 2020 indica ng higher growth projec on and aspira on of the company
i) Total non-current assets have increased by 21.85% from 64,253 in FY 2019 to 78,292 in
FY 2020 majorly coming from- increase in Right-of-use assets and increase in loans which
concludes Apollo’s aspira on to increase in steady incomes from long term investments.
ii) Total current assets have increased by 15.57% from 20,030 in FY 2019 to 23,150 in FY
2020 majorly coming from- increase in inventory, increase in investments, increase in
trade receivables, increase in cash and cash equivalents, increase bank balance and
other current assets. This showcases that the company is targe ng growth with higher
amount of inventory, investments and trade receivables in the short run and
subsequently increasing revenue in the long run.

 Equity and Liabili es: There has been a very minute change in the Total Equity of the
company. Total liabili es have gone up by 20.35% from 84,284 in FY 2019 to 1,01,442 in FY
2020
i) Total Non-Current Liabili es have gone up by 44.67% from 29,119 in FY 2019 to 42,128 in
FY 2020 majorly coming from- Increase in other financial liabili es due to Lease Liability
of 14,168 which signifies increased lease of land and building for more hospitals. This
indicates growth in the company.
ii) Total Current Liabili es have gone up by 18.97% from 16,331 in FY 2019 to 19,430 in FY
2020 majorly coming from- Increase in Outstanding due to creditors and other financial
liabili es.

Statement of Cash Flows: Total Cash flow has increased from -280 to 615 indica ng higher cash flow
to the organiza on.
  Cash Flow from Opera ng Ac vi es has seen an increase from 9,073 to 10,961 indica ng
higher opera onal efficiency in genera ng cash to the business.
 Cash Flow from Inves ng Ac vi es has seen an increase from -7,756 to -2693 due to sale of
Investments. This indicates the company’s risk averse approach.
 Cash Flow from Financing Ac vi es has seen a decrease from -1,597 to -7,707 due to
repayment of borrowings, payment towards lease and higher dividend payments. The
company is trying to minimize higher interest payments due to debt and looking at
alterna ve sources to fund the business.

Conclusion:

Overall, Apollo's financial performance in FY 2019-20 reflects strong growth in revenue and
profitability, a significant increase in total assets, and improved cash flow from opera ons. The
strategic focus on long-term investments and careful management of liabili es posi ons the
company for con nued growth while emphasizing opera onal efficiency and shareholder returns.

2020-2021

Statement of Profit and Loss:

 Revenue has decreased by 6.5% from 97,944 in FY 2020 to 91,530 in FY 2021 indica ng a
significant drop compared to previous year.
 Profit A er Tax (PAT) has reduced by 77.7% from 4,720 in FY 2020 to 1,050 in FY 2021
indica ng lower retained earnings and profits for shareholders.
 Earnings Per Share dropped to 7.5 in FY 2021 from 33.8 in FY 2020 indica ng lower returns
to shareholders and stakeholders.

Balance Sheet:

 Assets: Total Assets decreased by 4.09% from 1,01,443 in FY 2020 to 97,292 in FY 2021.
i) Total Non-Current Assets have decreased by 14.53% from 78,292 in FY 2020 to 66,915 in
FY 2021 majorly coming from- decrease in PPE and decrease in right-of-use asset which
indicates the minimiza on of risk by the organiza on during Covid-19 pandemic.
ii) Total Current Assets have increased by 31.21% from 23,151 in FY 2020 to 30,377 in FY
2021 majorly coming from- increase in investments and increased trade receivables
indica ng a more risk averse approach by the organiza on by inves ng in non-core
ac vi es during Covid-19 Pandemic.

 Equi es and Liabili es: Total equity has increased by 30.4% due to increased retain earnings
from the FY 2020. Total Liabili es has decreased by 26.45% from 61,559 in FY 2020 to 45,276
in FY 2021.
i) Total Non-Current Liabili es have decreased by 28.64% from 42,128 in FY 2020 to 30,064
in FY 2021 majorly coming from- decrease in borrowings and decrease in other financial
liabili es indica ng that the company wants to eliminate debt due to decreased earnings
and poten al failures in the market.
 ii) Total Current Liabili es have decreased by 21.71% from 19,430 in FY 2020 to 15,212 in FY
2021 majorly coming from- decrease in other current liabili es such as contract
liabili es. This shows the reduc on of poten al risk from the market affec ng the overall
picture of the company.

Statement of Cash Flows: Total Cash Flow has reduced from 615 in FY 2020 to -247 in FY 2021
indica ng nega ve cashflow in the organiza on.

 Net Cash Flows from Opera ng Ac vi es has reduced from 10,961 in FY 2020 to 9,154 in FY
2021 indica ng lower revenue in the current year compared to previous year.
 Cash Flow from Inves ng Ac vi es has reduced from -2639 in FY 2020 to -7647 in FY 2021
indica ng higher investments in other sources which poten ally looks at higher growth
objec ves in difficult market condi ons.
 Cash Flow from Financing Ac vi es has increased from -7,707 in FY 2020 to -1,756 in FY 2021
indica ng lesser repayment of debt, reduced finance cost and lower dividend payment as the
company wants to retain most of its funds.

Conclusion:

Apollo faced significant financial challenges in FY 2020-21, marked by a decrease in revenue, PAT, and
EPS. While total assets contracted, a shi towards increased current assets reflected a cau ous
approach in a vola le market. The company effec vely reduced its liabili es, enhancing equity
through retained earnings. However, the nega ve cash flow highlights ongoing opera onal
difficul es, despite a empts to invest for future growth and minimize financial burdens.

2021-2022

Statement of Profit and Loss:

 Total Revenue has increased by 31% from 46,539 in FY 2021 to 60,98 in FY 2022 indica ng a
significant increase and stabiliza on of revenue from previous year.
 Profit A er Tax has increased by 533.52% from 1,050 in FY 2021 to 6,652 in FY 2022
indica ng a major jump in Profits for Shareholders, Growth, Retained Earnings and Earnings.
 Earnings Per Share has increased by 515.84 from 7.51 in FY 2021 to 46.25 in FY 2022
indica ng a major jump in returns for the shareholders and stakeholders from the previous
year.

Balance Sheet:

 Assets: Total Assets has increased by 6.97% from 97,292 in FY 2021 to 1,04,082 in FY 2022.
i) Total Non-Current Assets have increased by 3.91% from 66,915 in FY 2021 to 69,530 in
FY 2022 majorly coming from- Increase in PPE, increase in Investments, and other Non-
Current Assets indica ng higher capacity of the organiza on to render services.
 ii) Total Current Assets has have increased by 13.74% from 30,377 in FY 2021 to 34,552 in
FY 2022 majorly coming from- increase=e in other financial assets. This indicates higher
investment of the company in short term investments and asset classes for short term
results and hedge against the market situa ons.

 Equity and Liabili es: Total Equity has increased by 17.48% and Total Liabili es have
decreased by 5.08%.
i) Total Non-Current Liabili es has increased by 3.39% from 30,064 in FY 2021 to 31,083 in
FY 2022 majorly coming from- increase in deferred tax liabili es which showcases that
the company although increased in revenue, has not paid its taxes on me.
ii) Total Current Liabili es has decreased by 21.83% from 15,213 in FY 2021 to 11,892 in FY
2022 majorly coming from- decreased short term borrowings, decreased outstanding
due for creditors which showcases that the company has been mee ng its short term
obliga ons and decreasing the current liabili es.

Statement of Cash Flows: Total Cash Flow has increased from -248 in FY 2021 to 1,190 in FY 2022
indica ng a posi ve cash flow to the organiza on.

 Net Cash Flow from Opera ng Ac vi es has increased from 9,153 in FY 2021 to 12,010 in FY
2022 indica ng a higher revenue from rendering services from the previous year.
 Cash Flow from Inves ng Ac vi es has increased from -7,647 in FY 2021 to -4,448 in FY 2022
due to higher sale of investments and lower investments in bank deposits.
 Cash Flow from Financing Ac vi es has reduced from -1,756 in FY 2021 to -6,372 in FY 2022
due to not issuing equity instruments and higher repayments of debts.

Conclusion:

In FY 2021-22, Apollo exhibited a remarkable recovery, characterized by significant increases in

revenue, PAT, and EPS. The growth in total assets, alongside a decrease in liabili es, showcases
improved financial health and effec ve management strategies. The posi ve cash flow signals
enhanced opera onal efficiency, despite ongoing challenges in financing ac vi es. Overall, the
company is well-posi oned for future growth and stability following the previous year’s difficul es.

2022-2023

Statement of Profit and Loss:

 Total Revenue has increased by 8.64% from 61,453 in FY 2022 to 66,763 in FY 2023 indica ng
a higher and stable revenue compared to previous two years of opera ons of the
organiza on.
 Profit A er Tax (PAT) has increased by 63.08% from 6,652 in FY 2022 to 10,737 in FY 2023
indica ng opera onal efficiency and higher sales which result in higher returns to
shareholders and higher reten on of cash for future growth of the organiza on.
  Earnings Per Share has increased by 63.13% from 46.25 in FY 2022 to 75.45 in FY 2023
indica ng higher returns to the shareholder compared to all previous years. This indicates
that the company is a very posi ve revenue source for the investors.

Balance Sheet:

 Assets: Total Assets have increased by 3.57% from 1,04,082 in FY 2022 to 1,07,804 in FY
2023.
i) Total Non-Current Assets have increased by 9.73% from 69,530 in FY 2022 to 76,297 in
FY 2023 majorly coming from- increase in Capital work in progress, increased
investments and increase in loans indica ng that the company’s investment in different
asset classes for long term growth and development of revenue.
ii) Total Current Assets have decreased by 8.81% from 34,552 in FY 2022 to 31,507 in FY
2023 majorly coming from- decrease in short term investments indica ng that the
company is looking at long term investments than short term gains and profitability.

 Equi es and Liabili es: Total Equity has increased by 13.32% and Total Liabili es has
decreased by 10.28%.
i) Total Non-Current Liabili es has decreased by 15.96% from 31,083 in FY 2022 to 26,123
in FY 2023 majorly coming from- decrease in borrowings and decreased deferred tax
payments indica ng that the company is repaying its long-term loans to reduce the
payment of fixed interest rates and also repaying its tax liabili es.
ii) Total Current Liabili es has increased by 4.54% from 11,892 in FY 2022 to 12,433 in FY
2023 majorly coming from- increased short term borrowings and increased dues
indica ng that the company has not met its short term obliga ons and increased short
term debt due to repayment of long term debt and long term obliga ons.

Statement of Cash Flows: Total Cash Flows has decreased from 1,190 in FY 2022 to -1,426 in FY 2023
indica ng a nega ve overall cashflow.

 Net Cash Flow from Opera ng Ac vi es has remained almost constant as previous from
12,009 in FY 2022 to 12,245 in FY 2023 indica ng a steady cashflow from the previous year in
terms of opera ons.
 Cash Flow from Inves ng Ac vi es has reduced from -5,053 in FY 2022 to -5,885 in FY 2023
indica ng higher investments in Assets for the poten al increase in opera ons for the
organiza on.
 Cash Flow from Financing Ac vi es has decreased from -5,766 in FY 2022 to -7,786 in FY
2023 indica ng higher repayment of debt and obliga on and reduced raising of funds for
opera ons of the business.

Conclusion:
In FY 2022-23, Apollo achieved significant revenue and profit growth, with marked improvements in
PAT and EPS, reflec ng strong opera onal performance. The balance sheet shows a commitment to
long-term asset development while managing liabili es effec vely. However, the shi to nega ve
overall cash flow raises concerns, par cularly regarding the sustainability of investments and the
ability to meet short-term obliga ons. The company’s focus on long-term growth, paired with
increased investments, posi ons it for future opportuni es despite current cash flow challenges

2023-2024

Statement Of Profit and Loss:

 Total Revenue has increased by 11.48% from 65,248 in FY 2023 to 74,537 in FY 2024
indica ng higher revenue from Opera ng and Non-Opera ng Ac vi es of the organiza on.
 Profit A er Tax (PAT) has increased decreased by 6.67% from 10,484 in FY 2023 to 10,105 in
FY 2024 indica ng reduced opera ng efficiency in-spite of higher revenue from the
organiza on.
 Earnings Per Share has reduced by 6.8% from 75.45 in FY 2023 to 70.28 in FY 2024 indica ng
lower returns to investors or shareholders funds compared to previous year.

Balance Sheet:

 Assets: Total Assets have increased by 15.07% from 1,07,804 in FY 2023 to 1,24,052 in FY
2024.
i) Total Non-Current Assets has increased by 14.42% from 76,297 in FY 2023 to 87,301 in FY
2024 majorly coming from- increase in PPE, increase in work in progress and increase in
other financial assets indica ng that the company intends to grow with increased
services through purchasing more non-current assets.
ii) Total Current Assets has increased by 16.64% from 31,507 in FY 2023 to 36,751 in FY
2024 majorly coming from- increase in short term investments and increase in other
current liabili es indica ng that the company is diversifying its short term income
streams to tackle the market condi ons.

 Equi es and Liabili es: Total Equity has increased by 11.35% and Total Liabili es has
increased by 21.75% from 38,556 in FY 2023 to 46,943 in FY 2024.
i) Total Non-Current Liabili es has increased by 27.25% from 26,123 in FY 2023 to 33,241
in FY 2024 majorly coming from- increase in short term borrowings and increase in lease
liabili es indica ng that the company is resor ng to short term debt to meet short term
obliga ons of the organiza on.
ii) Total Current Liabili es has increased by 9.26% from 12,433 in FY 2023 to 13,702 in FY
2024 majorly coming from reduced long-term borrowings, increase lease liabili es and
total outstanding dues. This indicates that that company is although repaying its long
term debt obliga ons, it is also resor ng to higher lease as a growth mo ve of the
organiza on.
Statement of Cash Flows: Total Cash Flows has increased from -1,426 in FY 2023 to 591 in FY 2024
indica ng a posi ve cash flow in the organiza on compared to previous year.

 Net Cash Flow from Opera ng Ac vi es has reduced from 12,246 in FY 2023 to 11,914 in FY
2024 indica ng lower revenue or cash flow from Opera on Ac vi es alone.
 Cash Flow from Inves ng Ac vi es has reduced from -5,885 in FY 2023 to -8353 in FY 2024
indica ng a higher nega ve cash flow which suggests that the company is inves ng heavily
which also talks about the poten al growth of the organiza on.
 Cash Flow from Financing Ac vi es has increased from -7786 in FY 2023 to -2970 in FY 2024
indica ng that the company has borrowed more money and reduced the repayment of debt
and other obliga ons compared to the previous year.

Conclusion:

In FY 2023-24, Apollo experienced revenue growth alongside a decrease in PAT and EPS, highligh ng
challenges in opera onal efficiency despite strong revenue performance. The balance sheet reflects
significant asset growth and increased liabili es, with a strategic focus on capital investment for
future expansion. The overall improvement in cash flow indicates be er liquidity, though ongoing
investments may pose short-term risks. The company's reliance on borrowing to fund growth
underscores a balancing act between leveraging debt and managing opera onal efficiency as it
con nues to expand.

Comparison of FY 2019-2020 and FY 2023-2024

Total Revenue: In FY 2019-2020, total revenue was ₹97,944 million, which decreased to ₹74,537
million in FY 2023-2024, marking a decline of 24%. This suggests challenges in genera ng revenue
over the period.

Profit A er Tax (PAT): In contrast, PAT saw a substan al increase from ₹4,703 million in FY 2019-2020
to ₹10,105 million in FY 2023-2024, reflec ng a remarkable growth of 114.84%. This indicates
improved opera onal efficiency or effec ve cost management.

Earnings Per Share (EPS): EPS increased significantly from ₹33.80 to ₹70.28, represen ng a growth of
107.51%. This is a posi ve sign for shareholders, indica ng higher returns rela ve to their
investment.

Total Assets: Total assets grew from ₹101,442 million to ₹124,052 million, an increase of 22.22%.
This growth reflects ongoing investment and expansion in the organiza on.

Total Liabili es: Total liabili es decreased from ₹61,559 million to ₹46,943 million, a reduc on of
23.69%. This shi indicates a stronger financial posi on and reduced reliance on debt.

Total Equity: Total equity increased from ₹39,883 million to ₹48,513 million, up by 21.63%. This
growth in equity suggests an improvement in retained earnings and shareholder value.

Opera ng Cash Flow: Opera ng cash flow improved from ₹9,073 million to ₹11,914 million, an
increase of 31.17%. This indicates a be er ability to generate cash from opera ons.

Summary
Overall, while revenue faced a decline from FY 2019-2020 to FY 2023-2024, profitability metrics like
PAT and EPS showed significant improvement. The balance sheet reflects stronger equity and
reduced liabili es, indica ng effec ve financial management. Addi onally, improved opera ng cash
flow suggests enhanced opera onal efficiency.

Key Financial Ra os for FY 2023-2024:

 Current Ra o = 1.13 suggests adequate liquidity, meaning the company can meet its short-
term obliga ons comfortably.
 Debt to Equity Ra o = 0.43 suggests the company maintains a low level of debt rela ve to
equity, indica ng a conserva ve approach to leveraging debt.
 Debt to Service Coverage Ra o = 1.3 reflects sufficient earnings to cover debt obliga ons,
enhancing financial stability.
 Return on Equity = 12.75% signifies effec ve use of shareholder funds to generate profits.
 Inventory Turnover Ra o = 23.08 reflects high efficiency indica ng quick inventory sales.
 Trade Receivable Turnover Ra o = 5.61 which reflects effec ve collec on prac ces.
 Trade Payable Turnover Ra o = 4.61 suggests mely payments to suppliers
 Net Profit Margin = 4.9%
 Opera ng Profit Margin = 12.54% indicate that the company retains a reasonable por on of
its revenue as profit, highligh ng opera onal efficiency

Overall, these ra os portray a company with solid opera onal performance and effec ve financial
management.

Link to Work Sheet: h ps://docs.google.com/spreadsheets/d/1j7ULOab6aHH-

IfwIh1_GnwDlVVpBt___CXWNVOSlTLA/edit?usp=sharing