Apollo Hospitals Enterprise LTD (Apollohosp) : Financial and Strategic SWOT Analysis Review

Apollo Hospitals Enterprise Ltd
(APOLLOHOSP)
Financial and Strategic SWOT Analysis Review
Report Code: GDPH34828FSA

Published: February 2020
Apollo Hospitals Enterprise Ltd (APOLLOHOSP) - Financial and Strategic SWOT Analysis Review
Company Snapshot
Ali Towers III Floor, No.55, Greams Road Phone +91 44 28290956 Revenue 96,174.37 (million INR)
Chennai, Tamil Nadu Fax +91 44 28290956 Net Profit 2,360.46 (million INR)
www.apollohospitals.co
600006 Website Employees 54,698
m
APOLLOHOSP [National Pharmaceuticals &
India Exchange Industry
Stock Exchange of India] Healthcare
Company Overview
Apollo Hospitals Enterprise Ltd (Apollo Hospitals) is a healthcare service provider. It offers healthcare services, clinical and diagnostic
services, medical business process outsourcing, third party administration services and health insurance. The company also provides
services to support business, telemedicine services, education, training programs and research services and other non-profit projects.
Apollo Hospitals specializes in cardiology, orthopedics, spine, cancer care, gastroenterology, neurosciences, nephrology and urology,
critical care and preventive health care. Apart from India, it operates through hospitals in Dhaka, Mauritius and the UK.
Key Executives SWOT Analysis
Name Title Apollo Hospitals Enterprise Ltd, SWOT Analysis
Prathap C. Reddy Chairman Strengths Weaknesses
Sangita Reddy Director
Business Performance : Capital Requirement
Suneeta Reddy Director Standalone Pharmacies (SAP)
Preetha Reddy Vice Chairperson
Operational Network
Vinayak Chatterjee Director
Source: Annual Report, Company Website, Primary and Secondary
Research, GlobalData Opportunities Threats
Share Data
Strategic Collaborations Dearth of Healthcare
Professionals
Share Price (INR) as on 07-Feb- 1,663.15 Expansion Initiatives
2020 Competition
EPS (INR) 16.97
Market Cap (million INR) 231,386 Source: Annual Report, Company Website, Primary and Secondary Research,
GlobalData
Enterprise Value (million INR) 265,921
Shares Outstanding (million) 139
Research, GlobalData
Financial Performance Recent Developments
Nov 13,2019 Maastricht partners with Apollo – Microsoft
Cardiac Global Data Consortium to expand AI
Network for cardiology in Europe
Oct 22,2019 Apollo Hospitals' unique initiative to provide
best treatment plan for cancer patients
May 15,2019 Apollo Proton Cancer Centre, Chennai performs
India's first total marrow irradiation procedure
Apr 24,2019 Apollo Hospitals, Chennai successfully
performed TAVR on an 82-year-old Ex-Army
Major General and helped him cast a vote in Lok
Sabha Elections
Source: Annual Report, Company Website, Primary and Secondary Research,
GlobalData
Research, GlobalData
© GlobalData 2020. This product is licensed and is not to be photocopied. Page 2

Table of Contents
Table of Contents............................................................................................................................................................................... 3
List of Tables.................................................................................................................................................................................. 5
List of Figures ................................................................................................................................................................................ 5
Section 1 - About the Company ......................................................................................................................................................... 6
Apollo Hospitals Enterprise Ltd - Key Facts........................................................................................................................................ 6
Apollo Hospitals Enterprise Ltd - Key Employees .............................................................................................................................. 7
Apollo Hospitals Enterprise Ltd - Key Employee Biographies ............................................................................................................ 8
Apollo Hospitals Enterprise Ltd - Major Products and Services......................................................................................................... 9
Apollo Hospitals Enterprise Ltd - History ......................................................................................................................................... 10
Apollo Hospitals Enterprise Ltd - Company Statement.................................................................................................................... 13
Apollo Hospitals Enterprise Ltd - Locations And Subsidiaries .......................................................................................................... 15
Head Office.................................................................................................................................................................................. 15
Other Locations & Subsidiaries ................................................................................................................................................... 15
Joint Venture ............................................................................................................................................................................... 17
Section 2 – Company Analysis.......................................................................................................................................................... 19
Company Overview .......................................................................................................................................................................... 19
Apollo Hospitals Enterprise Ltd - Corporate Strategy ...................................................................................................................... 20
Apollo Hospitals Enterprise Ltd - Business Description ................................................................................................................... 21
Business Segment: Healthcare Services ........................................................................................................................................... 22
Healthcare Services - Overview ....................................................................................................................................................... 22
Healthcare Services - Performance .................................................................................................................................................. 22
Healthcare Services - Key Stats ........................................................................................................................................................ 22
Apollo Hospitals Enterprise Ltd, Healthcare Services, Revenue Performance INR (m) .................................................................. 23
Business Segment: Other Segment .................................................................................................................................................. 24
Other Segment - Overview .............................................................................................................................................................. 24
Business Segment: Retail Pharmacy ................................................................................................................................................ 24
Retail Pharmacy - Overview ............................................................................................................................................................. 24
Retail Pharmacy - Performance ....................................................................................................................................................... 24
Retail Pharmacy - Key Stats.............................................................................................................................................................. 24
Apollo Hospitals Enterprise Ltd, Retail Pharmacy, Revenue Performance INR (m) ........................................................................ 25
Apollo Hospitals Enterprise Ltd - SWOT Analysis ............................................................................................................................. 26
SWOT Analysis - Overview ............................................................................................................................................................... 26
Apollo Hospitals Enterprise Ltd - Strengths ..................................................................................................................................... 26
Apollo Hospitals Enterprise Ltd - Weaknesses ................................................................................................................................. 27
Apollo Hospitals Enterprise Ltd - Opportunities .............................................................................................................................. 28
Apollo Hospitals Enterprise Ltd - Threats ........................................................................................................................................ 29
Apollo Hospitals Enterprise Ltd - Key Competitors .......................................................................................................................... 30
Section 3 – Company Financial Ratios ............................................................................................................................................. 31
Financial Ratios - Capital Market Ratios........................................................................................................................................... 31
Financial Ratios - Annual Ratios ....................................................................................................................................................... 32
Performance Chart ........................................................................................................................................................................... 35
Financial Performance ..................................................................................................................................................................... 35
Financial Ratios - Interim Ratios ...................................................................................................................................................... 36
Financial Ratios - Ratio Charts.......................................................................................................................................................... 37
Section 4 – Company’s Mergers & Acquisitions, Capital Raising and Alliances ............................................................................... 38
Apollo Hospitals Enterprise Ltd, Transactions by Year, 2014 to YTD 2020 ...................................................................................... 38
Apollo Hospitals Enterprise Ltd, Transactions by Type, 2014 to YTD 2020 ..................................................................................... 39
Apollo Hospitals Enterprise Ltd, Transactions by Region, 2014 to YTD 2020 .................................................................................. 40
Apollo Hospitals Enterprise Ltd, Recent Transactions Summary ..................................................................................................... 41
Acquisition ....................................................................................................................................................................................... 42
Apollo Hospitals Enterprise May Acquire 50% Stake in Apollo Gleneagles Hospitals from Parkway Pantai ................................... 42
Apollo Hospitals Acquires 51% stake in Assam Hospitals for USD9 Million ..................................................................................... 43

Sanofi-Synthelabo Acquires 20% Stake in Apollo Sugar Clinics for USD14.6 Million ....................................................................... 44
Apollo Hospital Acquires Nova Specialty Hospitals.......................................................................................................................... 45
Netcare and Reliance Foundation May Acquire Sevenhills Healthcare ........................................................................................... 46
Asset Transactions ........................................................................................................................................................................... 48
Reliance Foundation May Acquire Seven Hills Hospital ................................................................................................................... 48
Apollo Hospitals May Acquire Assets of SevenHills Healthcare (SevenHills Hospital) ..................................................................... 50
Apollo Hospitals Plans to Acquire Healthcare Facility ..................................................................................................................... 51
Partnerships ..................................................................................................................................................................................... 52
Microsoft Intelligent Enters into Agreement with Apollo Hospitals ................................................................................................ 52
Apollo Hospitals Plans to Form Joint Venture with Sanofi............................................................................................................... 53
Section 5 – Company’s Recent Developments ................................................................................................................................ 54
Oct 22, 2019: Apollo Hospitals' unique initiative to provide best treatment plan for cancer patients ........................................... 54
May 15, 2019: Apollo Proton Cancer Centre, Chennai performs India's first total marrow irradiation procedure ........................ 55
Apr 24, 2019: Apollo Hospitals, Chennai successfully performed TAVR on an 82-year-old Ex-Army Major General and helped him
cast a vote in Lok Sabha Elections ................................................................................................................................................... 56
Mar 11, 2019: Apollo Hospitals Group and Zebra Medical Vision (Zebra-Med) collaborate to validate and deploy AI (artificial
intelligence) based screening tools across India .............................................................................................................................. 57
Feb 22, 2019: Apollo Hospitals, Chennai has successfully performed India's first minimally invasive Robotic Hybrid
Revascularisation surgery on a 63-year-old female patient ............................................................................................................ 58
Section 6 – Appendix ....................................................................................................................................................................... 59
Methodology ............................................................................................................................................................................... 59
Ratio Definitions .......................................................................................................................................................................... 59
About GlobalData ........................................................................................................................................................................ 63
Contact Us ................................................................................................................................................................................... 63
Disclaimer .................................................................................................................................................................................... 63

List of Tables
Apollo Hospitals Enterprise Ltd, Key Facts......................................................................................................................................... 6
Apollo Hospitals Enterprise Ltd, Key Employees................................................................................................................................ 7
Apollo Hospitals Enterprise Ltd, Key Employee Biographies ............................................................................................................. 8
Apollo Hospitals Enterprise Ltd, Major Products and Services .......................................................................................................... 9
Apollo Hospitals Enterprise Ltd, History .......................................................................................................................................... 10
Apollo Hospitals Enterprise Ltd, Other Locations ............................................................................................................................ 15
Apollo Hospitals Enterprise Ltd, Subsidiaries................................................................................................................................... 16
Apollo Hospitals Enterprise Ltd, Joint Venture ................................................................................................................................ 17
Apollo Hospitals Enterprise Ltd, Key Competitors ........................................................................................................................... 30
Apollo Hospitals Enterprise Ltd, Ratios based on current share price ............................................................................................. 31
Apollo Hospitals Enterprise Ltd, Annual Ratios................................................................................................................................ 32
Apollo Hospitals Enterprise Ltd, Annual Ratios (Cont...1)................................................................................................................ 33
Apollo Hospitals Enterprise Ltd, Annual Ratios (Cont...2)................................................................................................................ 34
Apollo Hospitals Enterprise Ltd, Interim Ratios ............................................................................................................................... 36
Apollo Hospitals Enterprise Ltd, Recent Transactions Summary ..................................................................................................... 41
Currency Codes ................................................................................................................................................................................ 59
Capital Market Ratios....................................................................................................................................................................... 59
Equity Ratios .................................................................................................................................................................................... 60
Profitability Ratios............................................................................................................................................................................ 60
Cost Ratios ....................................................................................................................................................................................... 61
Liquidity Ratios................................................................................................................................................................................. 61
Leverage Ratios ................................................................................................................................................................................ 62
Efficiency Ratios ............................................................................................................................................................................... 62
List of Figures
Apollo Hospitals Enterprise Ltd, Performance Chart (2015 - 2019) ................................................................................................. 35
Apollo Hospitals Enterprise Ltd, Ratio Charts .................................................................................................................................. 37

Section 1 - About the Company

Apollo Hospitals Enterprise Ltd - Key Facts
Apollo Hospitals Enterprise Ltd, Key Facts
Corporate Address Ali Towers III Floor, No.55, Ticker Symbol, Exchange APOLLOHOSP [National Stock
Greams Road, Chennai, Tamil Exchange of India]
Nadu, 600006, India
Telephone +91 44 28290956 No. of Employees 54,698
Fax +91 44 28290956 Fiscal Year End March
URL www.apollohospitals.com Revenue (in USD Million) 1,408.8
Industry Pharmaceuticals and Revenue (in INR Million) 96,174.4

Healthcare, Retail, Wholesale &
Foodservice, Telecoms & IT
Locations Bangladesh, India, Mauritius, United Kingdom, United States
Source: Annual Report, Company Website, Primary and Secondary Research GlobalData

Apollo Hospitals Enterprise Ltd - Key Employees

Apollo Hospitals Enterprise Ltd, Key Employees
Name Job Title Board Level Since Age
Prathap C. Reddy Chairman Executive Board

Sangita Reddy Director, Joint Managing Director Executive Board
Suneeta Reddy Director, Managing Director Executive Board
Preetha Reddy Vice Chairperson Non Executive Board

Vinayak Chatterjee Director Non Executive Board
T. Rajgopal Director Non Executive Board
Murali Doraiswamy Director Non Executive Board
V. Kavitha Dutt Director Non Executive Board
Shobana Kamineni Executive Vice Chairperson Senior Management
Dattatreyudu Nori Director International Director, Senior Management 2019
Apollo Cancer Centres

Apollo Hospitals Enterprise Ltd - Key Employee Biographies

Apollo Hospitals Enterprise Ltd, Key Employee Biographies
Mr. Prathap C. Reddy is the Founder-Chairman of the company. He was the

Prathap C. Reddy
Chairman of the Confederation of Indian Industry's National Health Council and
Job Title: Chairman
advisor to its committees on Healthcare, Health Insurance, Public Health and
Pharma.
Board Level: Executive Board

Apollo Hospitals Enterprise Ltd - Major Products and Services

Apollo Hospitals is a healthcare service company. The company's key services include the following:
Apollo Hospitals Enterprise Ltd, Major Products and Services
Services:
Secondary and Tertiary Healthcare
Primary Care
Pharmacy Services
Consulting Services
Health Education
e-Learning
Clinical Research and Site Management
Health Insurance and TPA
Technology Services and Solutions

Apollo Hospitals Enterprise Ltd - History

Apollo Hospitals Enterprise Ltd, History
2019 New Products/Services In September, Apollo Hospitals launched Apollo ProHealth, a predictive,
proactive and comprehensive health management program.
2019 Plans/Strategy In February, the company announced its plans to sell its entire holding of 41%
in Apollo Munich Health Insurance Co.
2018 Acquisitions/Mergers/Takeovers In July, the company acquired 50% stake in Medics International Lifesciences
Ltd.
2018 Contracts/Agreements In August, Apollo Hospitals entered into a collaboration with Medics Super
Speciality Hospital to form Uttar Pradesh's largest 330-bedded quaternary
care hospital, ApolloMedics at Lucknow.
2018 Contracts/Agreements In October, the company and Qfix partnered to open proton cancer centre in
Apollo Hospitals India.
2018 Corporate Changes/Expansions In October, Apollo Cradle opened a new pediatric intensive care unit in
Hyderabad, India, to provide intensive care for children with critically-ill
situation.
2017 Plans/Strategy In January, Apollo Hospital Muscat plans to open two super specialty clinics;
Paediatric Urology and Reproductive Medicine.
2016 Contracts/Agreements In May, India-based Apollo Hospitals and Canada's William Osler Health
System partnered together to improve the health and wellness of their
patients.
2016 Corporate Changes/Expansions In November, Apollo Hospitals, Navi Mumbai, opened Apollo Sugar, a Centre
of Excellence for diabetes and endocrine care.
2016 Plans/Strategy In April, Apollo Hospitals and global drug major Sanofi planned to open 30
clinics in five new cities this fiscal.
2015 Acquisitions/Mergers/Takeovers In January, Apollo Hospital acquired Nova Specialty Hospitals for a cash
consideration of INR135-145 crore.
2015 Contracts/Agreements In June, Apollo Hospitals entered into a definitive agreement to acquire 51%
stake in Assam Hospitals Ltd.
2015 Corporate Changes/Expansions In February, the hospital opened a new Apollo speciality hospitals in the IT
corridor of Chennai, India.
2015 Corporate Changes/Expansions In March, Apollo has launched its new hospital at Nellore.
2015 Plans/Strategy In April, Apollo announced its plans of providing proton therapy.
2015 Plans/Strategy In January, the company planned to raise around US$250 million in private
equity financing.
2015 Plans/Strategy In May, the company plans to acquire Healthcare Facility in India.
2014 Contracts/Agreements In July, the company entered into a partnership with Strand Center for
Genomics and Personalized Medicine, to launch of Strand's cutting-edge
clinical genomic tests across its hospital network.
2014 Contracts/Agreements In May, the company formed a joint venture with Saarum Innovations, and
launched the bio-bank.
2014 Contracts/Agreements In November, the company plans to launch 500 Apollo Sugar Clinics in India
and abroad by 2019to spread network of diabetes care program.
2014 Contracts/Agreements In November, the company signed an MoU with Fiji National University to
work together to develop healthcare in Fiji.
2014 Contracts/Agreements In September, the company entered into an agreement with AliveCor, to

tackle the growing problem of heart arrhythmias, by providing an innovative

mobile device to improve access to cardiac screening tools for patients across
India.
2014 Plans/Strategy In August, the company announced plans to expand in smaller towns and
cities of eastern region of India.
2014 Plans/Strategy In December, the company announced plans to construct a medical college
and hospital.
2014 Plans/Strategy In September, the company planned to open 12 more hospitals with a total
bed capacity of 2,175 beds in the country with an investment of INR2,032.7
crore in the next three years.
2014 Plans/Strategy In September, the company planned to open 3 more hospitals with a total
bed capacity of 500 beds in the country with an investment of INR400 crore
in this year.
2014 Plans/Strategy In September, the company plans to acquire pharmacy stores of Hetero Med
Solutions Ltdoperated in Hyderabad for approximately US$23.8 million.
2014 Plans/Strategy In September, the company plans to form a joint venture with Sanofi, to
provide diabetes care programmes under Apollo Sugar Clinics Ltd. (ASCL) in
India.
2013 Contracts/Agreements In October, the company entered into a partnership with Medtronic to
develop a cost-effective and efficient dialysis system in India.
2013 Divestiture In February, Apax Partners LLP, the UK based private equity company
divested 4.3% stake in Apollo Hospitals Enterprise Ltd.
2013 Plans/Strategy In June, IHH Healthcare Bhd announced plans to divest its stake in Apollo
Hospitals.
2012 Plans/Strategy The company announced to form a joint venture with Wal-Mart Stores, Inc,
Walgreen Drugs, and others to enhance its pharmacy business.
2011 Commercial Operation In February, Apollo Gleneagles Cancer Hospital Launched Eastern India's first
dedicated comprehensive Bone Marrow Transplant Unit.
2011 Commercial Operation In February, Apollo Hospital Chennai launched a special Sunshine Store - a
retailer shop catering to the needs of cancer patients.
2011 Contracts/Agreements In May, Apollo Hospitals launched specialist health services in Tanzania as per
the signing of a Memorandum of Understanding ( MoU ) between India and
Tanzania.
2011 New Product Approvals In July, the organization launched Apollo Day Surgery with a focus on
providing comprehensive healthcare services in Chennai.
2011 New Products/Services In January, Apollo Bramwell Hospital, Mauritius in conjunction with Global
Bio-health Solutions, launched the Stem Cell Therapy Program.
2011 New Products/Services In May, the organization launched multi-vessel beating heart coronary artery
bypass surgery, using Minimally Invasive Cardiac Surgery (MICS) technique in
Ludhiana.
2010 Contracts/Agreements In August, Apollo Hospitals, tied up with US based StemCyte to set up a stem
cell facility besides conducting research development activities at its
Hyderabad centre.
2010 Contracts/Agreements In January, Apollo Hospital and Maldives gonernment signed agreement to
manage the Indira Gandhi Memorial Hospital, Republic of Maldives.
2010 Contracts/Agreements In November, Apollo Hospitals and British Medical Journal Group a tie-up for
mobile health applications for patients and continuous medical education for
doctors and other professionals.
2010 Corporate Awards In December, Apollo Hospitals awarded with the Viewer’s Choice Award
which was announced byCNBC - TV18 and ICICI Health Insurance.

2010 Corporate Awards In January, Chairman Dr. Prathap Reddy awarded with the Padma Vibhushan
award by the Government of India, for his excellence and exceptional service
in the Healthcare industry in the country.
2010 Corporate Awards In November, Apollo Hospitals Group acheived Rank at top position as a best
hospitals in India, by The Week Magazine servey 2010.
2010 New Products/Services Apollo Hospitals Group launched 50th hospital at Secunderabad.
2010 New Products/Services In Suptember, Apollo Hospitals launched the first standalone dialysis centre
in Public Private Partnership with Central Government Health Scheme.
2009 Contracts/Agreements In January, company tied up with Quintiles Mauritius Holdings Inc, to set up a
phase I clinical trial research facility in Hyderabad.
2009 New Products/Services In December, Apollo Hospital launched The 'Apollo Knee Clinic' at Apollo
Hospitals Chennai.
2009 New Products/Services In Suptember, Apollo Hospitals Group introduced the most advanced
CyberKnife Robotic Radio Surgery System in Asia Pacific, the world's first and
only robotic radiosurgery system designed to treat tumors anywhere in the
body with sub-millimeter accuracy.
2008 Acquisitions/Mergers/Takeovers In November, company established joint venture with Medic Vision Limited
to setup medical and surgical skills training centres across India and other
countries.
2008 Spin-off In December, company sold a 49% stake in its pharmacy business to raise
INR6.50 billion, to be used to add hospital beds.
2007 Contracts/Agreements The company formed a joint venture with British American Investment
Company (Mauritius) Ltd to set up a multi-speciality hospital in Mauritius.
1979 Incorporation/Establishment Apollo Hospitals Enterprise Limited was established.

Apollo Hospitals Enterprise Ltd - Company Statement
A statement by Mr. Prathap C Reddy, the Chairman of Apollo Hospitals Group is given below. The statement has been taken from the
company's 2019 annual report.
Dear Shareholders,
At the outset, allow me to mark the 35-y ear milestone of Apollo Hospitals – a journey that began for me as a mission to bring top quality
equitable healthcare of international standards to Indians. Our commitment to that mission led by consistent and uncompromising standards
in clinical practices, quality measures, and patient centric care, has not only heralded the birth of an industry in the country, but has also
enabled us to set benchmarks in healthcare delivery as a whole. I am proud that Indian private healthcare is able to serve two-thirds of the
Indian population today as well as people from more than 120 countries seeking better healthcare options.
Apollo Hospitals Group is the only global institution with presence in every facet of the healthcare eco-system, encompassing curative health,
pharmacies, retail health, diagnostics, telehealth, home health, as well as preventive health and wellness, medical education and skill
development, not to mention health insurance and over 3,400 pharmacies. We have touched over 120 million people through our eco-system
led by our hallmark clinical excellence tendered with care, compassion and cost benefit – an achievement which no other private institution
can claim. Dr. HJ Morowitz, Professor at the Yale University, analyzed various parts of the body and its functions and pegged the value of its
creation at six trillion dollars. Such a priceless body needs strong guidance to protect its health and well-being.
I feel extremely privileged that in February this year, the Hon’ble Governor of Tamil Nadu, Shri Banwarilal Purohit, launched a Postal Stamp to
mark our pioneering efforts in the area of Preventive Healthcare in India. The Master Health Check which we pioneered is a great tool to help
people in the pursuit of wellness. It can pick up abnormal health parameters and help in early diagnosis of potential health problems. I am
happy to tell you that we have completed over 20 million health checks till date. Over the years, the Postal Department of India has honoured
us with four stamps to mark our achievements-something that no other hospital group in the world can claim.
Non Communicable Diseases or NCDs which include diabetes, cardiac, strokes, infections, and cancer, are soon going to become a major
challenge to the physical health and economic security of many lower and middle income people. I would like to add two recently recognized
conditions to this list—Obesity and Sleeplessness. The World Economic Forum has predicted that 75% of deaths by the end of this decade will
be from NCDs, creating a global cost burden of 30 trillion dollars. India’s share in this will be a staggering 4.8 trillion dollars; more than 50% of
the GDP. I call this a Tsunami. In our experience, we have realized that early detection is important and NCDs can be prevented or reversed.
But we need to take good care of our precious bodies. At Apollo, we have made it our Mission to carry the message of prevention and early
detection countrywide and overseas also.
In this regard we have launched ProHealth, a three-year health and wellness programme for our 60,000 plus members of the Apollo family
and their dependents, a total of 200,000 people. The programme facilitates early detection and healthy living through health guides, online
tools and call doctors. On completion of the program, I plan to send each one a cake to celebrate their health and happiness. I urge captains
of industries to extend this beneficial programme to all their employees so that the community as a whole can celebrate health and
happiness. I firmly believe when India takes the lead, the world will follow.
We have since inception, underpinned our clinical excellence with superior technology in every discipline, comparable to any hospital in the
world. Our most recent addition of the multi-room Proton Centre in Chennai will serve patients not just in India, but also from other countries
that do not have this facility. The credibility of the Apollo brand and the cost of treatment which is less than one-third of international prices,
attract many medical value travelers to our hospitals and our highly skilled team of medical, surgical, and radiation oncologists and physicists.
Our facilities are equipped with the latest technology to enable them in their diagnoses and treatments. This spirit pervades our 70 hospitals.
Our Cardiac Institutes have consistently produced outcomes on par with the best hospitals in the world. The Institutes have completed over
170,000 coronary bypass surgeries and are the single largest establishment for minimally invasive cardiac surgeries. We have completed over
50,000 CABGs just in Chennai.
We continue to focus on growing our Centers of Excellence, with a view to strengthening our leadership position in key specialties in all our
geographies. Neurosciences, Orthopaedics, Emergency and Critical Care are identified as COEs, in addition to Cardiac, Oncology and
Transplants. Our COE focus spans the entire spectrum of care, starting with the best talent, latest technology, cutting-edge protocols,
differentiated product and service portfolio, and benchmarked clinical outcomes.
We opened our 3400th pharmacy store this fiscal. The pharmacy business now contributes 39% to our topline. Our retail business has a
robust network of birthing centres, primary clinics, dental clinics, sugar clinics, dialysis centres and diagnostic labs; we remain the leading
retail healthcare provider in the country.

The Indian government made a landmark move to launch ‘Ayushman Bharat’ — the Universal Health Insurance scheme. This resonates with
my own personal sentiment that “health is a global right and a global duty”. Our PPPs in this regard stand testimony to our commitment to
bring affordable healthcare of superior standards to every fellow Indian. We have partnered with several state governments and leveraged
technology to improve access to healthcare for the under-served in remote rural areas of our country.
Through initiatives like TeleHealth and TeleMedicine, we are able to run diagnostics and provide specialized consultations for appropriate
treatments, creating innovative service delivery models for primary, secondary, and tertiary care.
We piloted our efforts in population health and well-being in Aragonda village, my birth place in Chittoor district (AP) in 2013 to fight the
onset of Non Communicable Diseases. The initiative, Total Health, provides “Holistic Health Care” for the community, starting from birth, into
childhood, adolescence, adulthood and in the later years of life. Today the program covers the whole of Thavanampalle Mandal with 170
hamlets and 60,000 people and the results are extraordinary. I am proud to announce that Apollo Hospitals in Aragonda has performed 150
Knee Replacement surgeries – the first hospital in India to do so in a remote village.
On the 24th of F ebruary, Shri Ram Nath Kovind, the Hon’ble President of India, inaugurated our Multi Specialty Hospital in Lucknow —
ApolloMedics. This marks our 70th Hospital with a capacity of 330 beds.
Our FY 19 results show YOY growth of 17% in Re venue with Healthcare Services contributing 55% and Standalone Pharmacies, 39%. Overall,
the EBITDA stood at INR10,637 mio, a YOY growth of 34%. I am pleased to announce a dividend of INR6 per share.
I am delighted to tell you that this year, we have received 44 awards and accolades in India and abroad, in recognition of our commitment
towards patient centricity, clinical excellence and innovation. We were also awarded the No 1 rank among Indian hospitals, for the 16th year
in a row by The Week magazine, a true testimony to our consistency in delivering superior quality healthcare to or patients.
The future of healthcare is dawning on us. A future in which the global health care systems will focus on keeping people well-not just curing
them when they are ill; where technology-enabled care will be available when and where people need it; where drugs and devices are
personalized and based on an individual’s needs; and where people understand the cost, value, and impact of their options for care. The use
of Artificial Intelligence in diagnostics, for example, genomic sequencing, is fast gaining ground. The opportunity for us to shape this future is
promising and rich. We have partnered with prominent global enterprises to create viable avenues to make healthcare delivery more efficient
and sophisticated, and to cater to the evolving needs of our patients.
The success of Apollo Hospitals has always been about teamwork. We want to place on record my sincere appreciation and gratitude for all
the hard work my Apollo family has put in to bring us to where we are today. We earnestly ask you to continue in that stride for I am
confident that together we can deliver value to all our stakeholders — patients, investors and the community we serve.
I personally place on record my appreciation for our Board Members and investors for the trust they have placed on us. I look forward to that
in the coming y ears as we move forward to achieve our goals.
Our steadfast goal is to bring down the huge burden of NCDs through our comprehensive preventive health programme. Always remember
that your body is priceless and it is your duty to maintain and preserve it, towards your Health and Happiness.
Stay Healthy and my warm personal regards to all of you.

Apollo Hospitals Enterprise Ltd - Locations And Subsidiaries

Head Office
Ali Towers III Floor
No.55, Greams Road
Chennai
Tamil Nadu
600006
India
Tel: +91 44 28290956
Fax: +91 44 28290956
Other Locations & Subsidiaries
Apollo Hospitals Enterprise Ltd, Other Locations
Plot No: 251, Old Sainik School Road No.12, C P Ramaswamy Road
Alwarpet
Unit-15 Chennai
Bhubaneswar 600018
India
751005
Tel: +91 44 24672200
India
Tel: +91 674 6661016
154/11 Opposite IIM B Sherpur Chowk GT Road

Bannerghatta Road Ludhiana
Bangalore 141003
560076 India
India Tel: +91 161 5037777
Tel: +91 80 40304050 Fax: +91 161 5088568
Fax: +91 80 41463151
AB Road Aragonda Village

Near L.I.G Square Tavanampalli Mandal
Indore Chittoor
452008 517129
India India
Tel: +91 731 2549095 Tel: +91 8573 283221
Fax: +91 8573 283223
Hyderabad Road Waltair Main Road

Raichur Visakhapatnam
584102 530002
India India
Tel: +91 8532 236201 Tel: +91 891 2727272
Fax: +91 891 2560858
Seepat Road Plot: 81, Block: E, Bashundhara R/A

Bilaspur Dhaka
495001 1229
India Bangladesh
Tel: +91 7752 24830006 Tel: +880 2 9891661
Fax: +880 2 9896834
Adhichunchanagiri Road 32 Sassoon Road

Kuvempunagar Pune

Mysore 411001
570023 India
India Tel: +91 20 26122551
Tel: +91 821 2568888 Fax: +91 20 26050866
Fax: +91 821 2460870
Lake View Road

K.K. Nagar
Madurai
625020
India
Tel: +91 452 2580892
Fax: +91 452 2580199
Apollo Hospitals Enterprise Ltd, Subsidiaries
Indraprastha Medical Corp Ltd Apollo Pharmaceuticals USA Inc

Suite 102
Sarita Vihar,, Delhi-Mathura Road 4400 PGA Blvd
New Delhi Palm Beach Gardens
FL
Delhi
33410
110076 United States
India Tel: +1 561 4699058
Fax: +1 561 7278943
Tel: +91 11 29872126
Url: apollopharmainc.com
Url: www.apollohospdelhi.com
CHL-Apollo Hospitals Ltd Unique Home Health Care Limited

AB Road, Near LIG Square 320 Anna Salai, Nandanam,
Indore Chennai
Madhya Pradesh Tamil Nadu
452008 600035
India India
Tel: +91 731 2549090 Fax: +91 24341750
Fax: +91 731 2549095
Url: www.chl-apollo.com
Ab Medical Centres Limited Samudra Healthcare Enterprises Limited

Chennai 13 - 1 - 3, Main Road
Tamil Nadu Kakinada
India Andhra Pradesh
India
Tel: +91 0884 2345900
Apollo Hospital (UK) Limited Apollo Health and Lifestyle Limited

First floor, karkland House 1-10-60/62, 5Th Floor
11-15 PETERBOROUGH ROAD Ashoka Raghupati Chambers
HARROW Hyderabad
ENG Telangana
United Kingdom 500016
India
Alliance Medicorp (India) Limited Nova Specialty Hospitals

India R-2, Nehru Enclave, Near Okhla Flyover on the Outer Ring road,
South
New Delhi
Delhi

110019
India
Tel: +91 11 66297500
Fax: +91 11 66297600
Apollo Specialty Cancer Hospital Pinakini Hospitals Limited

New No:6 India
Cenotaph Road
Chennai
Tamil Nadu
600035
India
Url: www.apollohospitals.com
Apollo Cosmetic Surgical Centre Private Limited ISIS HealthCare India Private Limited
India India
Mera HealthCare Private Limited Western Hospitals Corporation Pvt. Limited

India India
Indraprastha Apollo Hospitals Apollo Cosmetic Surgical Centre

Delhi Mathura Road India
New Delhi
Delhi
110076
India
Tel: +91 11 26925858
Url: delhi.apollohospitals.com
Imperial Hospitals & Research Samudra Health Care Enterprise Limited

India India
SPS Apollo Hospital Apollo Hospitals Bilaspur

Sherpur Chowk Seepat Road
G.T. Road
Ludhiana Bilaspur
Punjab Chhattisgarh
141003 495006
India India
Tel: +91 161 6617111 Tel: +91 7752 24830006
Fax: +91 161 6617171 Url: www.apollohospitals.com
Url: www.spsapollo.com
Assam Hospitals Ltd Imperial Hospital and Research Centre Ltd

Lotus Tower, G S Road Shastri Nagar
Guwahati Jaipur
Assam Rajasthan
781005 302016
India India
Tel: +91 0361 2347700 Tel: +91 0149 4246733
Fax: +91 0149 4246736
Url: www.nissinkogyo.co.jp
Joint Venture
Apollo Hospitals Enterprise Ltd, Joint Venture

StemCyte India Therapeutics Pvt Ltd Apollo Hospitals International Ltd

Plot No.1 A, Bhat GIDC Estate
Ahmedabad
Gujarat Gandhinagar
Gujarat
India
382428
India
Tel: +91 79 66701800
Fax: +91 79 66701843
Url: apolloahd.com
Apollo Gleneagles Hospitals Ltd

58, Canal Circular Road
Kolkata
West Bengal
Alliance Dental Care Private Limited
700054
India
India
Tel: +91 33 23203040
Fax: +91 33 23205184
Url: www.apollohospitals.com
Apollo Munich Health Insurance Co Ltd

1st Floor, SCF-19
Sector-14
Gurugram
Apollo Gleneagles PET-CT Private Limited Haryana
India 122001
India
Tel: +91 124 4584333
Fax: +91 124 4584111
Url: www.apollomunichinsurance.com
Sapien Biosciences
Hyderabad
Apollo Lavasa Health Corporation Limited
Telangana
India
India
Url: sapienbio.com
"Qunitiles Phase One Clinical Trials India Western Hospital Corporation Limited
India India

Section 2 – Company Analysis

Company Overview
Apollo Hospitals Enterprise Ltd (Apollo Hospitals) is a healthcare service provider. It offers healthcare services, clinical and diagnostic services,
medical business process outsourcing, third party administration services and health insurance. The company also provides services to
support business, telemedicine services, education, training programs and research services and other non-profit projects. Apollo Hospitals
specializes in cardiology, orthopedics, spine, cancer care, gastroenterology, neurosciences, nephrology and urology, critical care and
preventive health care. Apart from India, it operates through hospitals in Dhaka, Mauritius and the UK. Apollo Hospitals is headquartered in
Chennai, Tamil Nadu, India.

Apollo Hospitals Enterprise Ltd - Corporate Strategy

Apollo Hospitals is a leading healthcare services provider in India, catering to the primary, secondary and tertiary health requirements of
individuals. The company also offers services in its interrelated businesses of retail pharmacies, clinical and diagnostic services, medical BPO
services, health insurance services and third party administrator services. The company’s strategic intent focuses on maintaining its leading
position in the Indian healthcare market domain by leveraging on its clinical and technological excellence, care, compassion & commitment,
and cost benefits.
The company’s key strategic priorities includes strengthening its presence in its key strategic markets (Chennai, Hyderabad, Delhi, Kolkata,
Ahmedabad, Mumbai and Bangalore), expansion of owned hospitals, with a plan to increase its beds; focus on Apollo REACH initiative, to
address the growth markets in Tier II and Tier III cities.

Apollo Hospitals Enterprise Ltd - Business Description

Apollo Hospitals Enterprise Ltd (Apollo Hospitals) provides end-to-end services to patients. As of March 31, 2019 the company operated a
network of hospitals with 12,000 beds across 71 locations, 3,428 pharmacies, 240 primary care and diagnostics clinics and over 110
telemedicine units.
The company classifies its services under two reportable segments, namely, Healthcare Services and Retail Pharmacy.
The company conducts research activities in the areas of investigation of disease pathogenesis, therapeutic trials, and discovery-oriented
basic science.
The company has hospitals in Ahmedabad; Bengaluru; Chennai; Delhi; Hyderabad; Kolkata; Aragonda; Bacheli; Bellary; Bhubaneshwar;
Bilaspur; Goa; Kakinada; Karur; Lavasa; Ludhiana; Madurai; Mysore; Pune; Ranchi; Ranipet; Tiruvannamalai; Trichy and Visakhapatnam. It also
extends its international presence through hospitals in Dhaka and Mauritius.

Business Segment: Healthcare Services

Healthcare Services - Overview
Provides primary, secondary and tertiary care services for the treatment of acute and chronic diseases.
- Apollo Hospitals established Centers of Excellence in its key focus areas of cardiology, oncology, neurology, gastroenterology, organ
transplantation, emergency, nephrology and urology, spine surgery, preventive medicine and critical care.
- The segment also has healthcare facilities under its Apollo REACH initiative to provide healthcare services in Tier-II and Tier-III cities.
Apollo Reach Hospitals are available in Karaikudi and Karimnagar.
The segment aims to strengthen its presence in key strategic markets by focusing on geographic expansion through setting up hospitals in Tier
II and in Tier III cities; increasing patient touch points; focus on a portfolio of high value clinical specialties and life enhancing procedures and
elective surgeries.
Healthcare Services - Performance

Reported revenue of INR44,514.1 million for FY2019, which grew 13.7% YoY (2019 vs 2018). The segment accounted for 53.4% of the
company's revenue in FY2019.
Healthcare Services - Key Stats

No. of Beds: 12,000
No. of Hospitals: 71
- 9,233 beds located in 65 owned hospitals

- 185 beds in 12 cradles centers
- 934 beds are in 5 managed hospitals

Apollo Hospitals Enterprise Ltd, Healthcare Services, Revenue Performance INR (m)
Year Revenue
2016 32,667.51
2017 35,165.25
2018 39,147.85
2019 44,514.12

Business Segment: Other Segment

Other Segment - Overview
Provides consulting services (pre-commissioning consultancy services, feasibility studies and infrastructure consultation); medical business
process outsourcing; clinical research & site management; e-Learning; health education; technology services and solutions; health insurance
and third party administration services.
Business Segment: Retail Pharmacy

Retail Pharmacy - Overview
Provides retail pharmacy services, by offering medicines, hospital consumables, surgical and health products, and general over the counter
products.
Retail Pharmacy - Performance

Reported revenue of INR38,860.4 million for FY2019, which grew 18.9% YoY (2019 vs 2018). The segment accounted for 46.6% of the
company's revenue in FY2019.
Retail Pharmacy - Key Stats

No. of Pharmacies: 3,428

Apollo Hospitals Enterprise Ltd, Retail Pharmacy, Revenue Performance INR (m)
Year Revenue
2016 23,219.71
2017 27,852.45
2018 32,688.75
2019 38,860.38

Apollo Hospitals Enterprise Ltd - SWOT Analysis

SWOT Analysis - Overview
Apollo Hospitals Enterprise Ltd (Apollo Hospitals) is a healthcare services provider in India, catering to the primary, secondary and tertiary
health requirements of individuals. The company leverages its extensive range of services and its widespread operational network to fuel its
business growth. However, intense competitive factors in the industry and the dearth of healthcare professionals could affect its growth
prospects in the long run.
Apollo Hospitals Enterprise Ltd - Strengths

Strength - Business Performance : Standalone Pharmacies (SAP)
Apollo Hospitals has built and sustained a strong leadership brand position over 35 years of its existence. The company is India’s foremost
integrated healthcare provider. This position is due to the pioneering spirit and its effort to be at the cutting edge of clinical protocols and
technology. Apollo Hospitals has taken the initiative to bring many Firsts to India, including First MRI, First PET CT, First Proton Therapy among
others thereby ensuring that Indian patients have accessibility to world-class healthcare. The reputation and trust built by the company is a
strong asset, and continues to help the company attract large numbers of patients, as well as the talented clinicians and staff.
Strength - Operational Network
The company maintains an extensive network of hospitals and healthcare facilities, and pharmacies to across India to tap the immense market
potential in the healthcare domain. The company provides healthcare services, catering to the primary, secondary and tertiary health
requirements of individuals. As of March 31, 2019, the company had about 10,167 beds across 70 locations, 3,428 pharmacies and more than
110 telemedicine units. It also offers health insurance services and global consultancy projects. It operates academic institutions and a
Research Foundation with a focus on global clinical trials, epidemiological studies, stem-cell and genetic research. Six of the company’s
hospitals hold accreditations from the Joint Commission International, USA (JCI) and 14 hospitals hold certification from National
Accreditation Board for Hospitals and Healthcare Providers (NABH). The company operates hospitals in various locations across India including
Ahmedabad; Bengaluru; Chennai; Delhi; Hyderabad; Kolkata; Aragonda; Bacheli; Bellary; Bhubaneshwar; Bilaspur; Goa; Kakinada; Karur;
Lavasa; Ludhiana; Madurai; Mysore; Pune; Ranchi; Ranipet; Tiruvannamalai; Trichy and Visakhapatnam. It also extends its international
presence through hospitals in Dhaka and Mauritius. The company also established hospitals under its Apollo Reach initiative to provide
affordable healthcare services and medical facilities to semi-urban and rural. As a part of this initiative the company constructed hospitals in
Kakinada, Karimnagar, Bhubaneswar, Karaikudi, Madurai, Karur, Vanagaram, Trichy, Nellore and Nashik.
Strength - Integrated Business Model
The company offers integrated healthcare services in every possible healthcare delivery format. It plays a key role in providing quality service
at different touch points and fulfills every patient’s basic healthcare requirement. It ensures that the patient receives the highest possible
quality of care so as to halt the increasing complexity of the ailment at the earliest possible opportunity. The integrated offering enables the
company to handle the patient care processes in multiple stages resulting in better outcomes. This also results in an enhanced value
proposition both for the patient as well as the service provider. Apollo Hospitals has been the frontrunner in adopting new technology for the
medical procedures. It invests in cutting edge technology to enhance treatment procedures, reduce recovery time and enhance healthcare
outcomes.

Apollo Hospitals Enterprise Ltd - Weaknesses

Weakness - Capital Requirement
The healthcare sector is highly capital-intensive due to high costs of land and building, construction costs for interiors, regularly upgrading
medical equipment and for obtaining various licenses & approvals costs, which creates a significant barrier to entry and expansion. In addition
to this, maintenance of healthcare equipment also requires considerable expenditure and significant resources are expended on skilled
manpower which includes doctors, nurses, lab technicians, radiographers and therapists. This increases the basic cost of setting up and
running a hospital with a corresponding increase in break-even levels which stretches economic viability.

Apollo Hospitals Enterprise Ltd - Opportunities

Opportunity - Strategic Collaborations
The company entered into strategic agreements to improve its market presence and operational performance. In July 2019, Apollo Hospitals
in collaboration with Samsung India Electronics has launched Samsung-Apollo Mobile Clinic to provide access to quality, preventive healthcare
against growing non-communicable diseases to the less privileged. With this, the organisations aim to leverage technology to ensure that
citizens in rural areas have access to healthcare when in need. In June 2019, Apollo Hospitals signed an agreement with Nirali Memorial
Medical Trust (NMMT) for the operation and management of first multispecialty hospital in Navsari, Gujarat. The setting up of multispeciality
hospital is a step ahead in the direction of extending affordable healthcare to all.
Opportunity - Expansion Initiatives
The company focuses on the expansion of its business operations through new facilities. In September 2019, Apollo Hospitals Group launched
Apollo ProHealth Program, a first-of-its-kind, predictive, proactive and comprehensive health management program powered by pHRA
(personalised Health Risk Assessment), enabled by Artificial Intelligence. ProHealth empowers individuals & businesses with actionable health
analytics, to know & eradicate health risks, thereby enabling them to lead healthier & happier lives. The program brings technology & human
elements together by providing a personal Health Mentor to guide each individual to stay focused on health track and gain better health.
Opportunity - Medical Tourism in India
The company can leverage the emerging growth opportunities related to the emerging field of medical tourism in India. The medical tourism
domain in India is among the emerging segment in the country’s healthcare sector, as this domain is receiving boost mainly due to the high
treatment cost in the development nations (mainly the US and the UK), which are driving patients towards more cost effective treatment
destinations such as India. In addition, the domain is also receiving a boost due to the emergence of recognized private sector players, well
trained healthcare staff, diagnostic conveniences, and others. In addition, the Indian private healthcare services providers holds expertise in
advanced treatments such as cardiology, joint replacement, orthopedic surgery, gastroenterology, ophthalmology, transplants and urology.
Apollo Health City received International recognition for excellence in customer service, by winning the prestigious “International Medical
Tourism Award”.

Apollo Hospitals Enterprise Ltd - Threats

Threat - Dearth of Healthcare Professionals
The country is facing a shortage related to the trained healthcare professionals in the healthcare services domain, and as a major private
player in the domain Apollo is no exception to that. According to the World Health Organization’s (WHO) Heath Statistics, the country
maintains one of the largest medical workforces with almost 660,000 doctors and over 1.3 million nursing force, there is still a shortage of
professionals in the industry. The figures revealed that, the country’s ratio of physicians per 10,000 individuals is six compared to a global
median of 14, and the ratio of nursing and midwifery professionals per 10,000 individuals stands at 13, compared to the global median of 29.
The government of India has taken various initiatives to address issues such as relation of regulations and permission to private players to set
up educational institutions; however these are not enough to cater to the high demand.
Threat - Competition
The company operates in a highly competitive healthcare services domain in India and faces stiff competition from various public and private
players. In the large private hospital market the main competition for the organization is from India based hospital chains, which are
effectively and efficiently managed in terms of area coverage, common resources and networks, economies of scale, patient referrals, and
widely recognized brands. Few of the major competitors of the group include CARE Hospitals, FORTIS Hospitals, MAX Healthcare, and Sterling
hospital group. In addition, continuous development of medium sized hospitals, and specialized centers or disease specific centers also poses
significant competition to the company. Furthermore, the organization directly or indirectly competes with other major healthcare
organizations including preferred provider organizations (PPOs), independent practitioner associations (IPAs), TPAs, multi-disciplinary medical
groups, and other specialty healthcare and managed care services providers. In addition, due to the emergence of the healthcare sector of
India and the ample of opportunities in the market could drive multinational healthcare chains to foray in the Indian market, and poses
significant threat for the company in terms of competition. The entry of or expansion by any of these competitors could increase the
competitive pressure on the company and limit its ability to maintain or increase its price levels. The competitors of the company may have
greater experience, operational capabilities, marketing, financial, and managerial resources, and can pose a substantial threat to the
company’s business in the long run.
Threat - Industry Regulations
The company operates in the healthcare industry, and has to comply with various governmental regulations. In the domestic market of India
the company has to comply with the regulatory requirements of the Medical Council of India, and other related bodies. All the healthcare
facilities should meet these regulation requirements and inspection laws to be certified as a healthcare facility and qualified to participate in
government health programs. These requirements relate to the adequacy of medical care, personnel, equipment, operating policies and
procedures, hospital use, maintenance of adequate records, rate-setting, environmental protection laws and compliance with building codes.
If the organization fails to comply with applicable laws and regulations, it is subject to penalties and civil sanctions, and the hospital can lose
its licenses and also lose the ability to participate in the programs. The existing government regulations could change, which will result in
changes in the facilities, personnel, equipment, and services. The federal, state, and local authorities may inspect the hospitals to determine
compliance with applicable regulations and requirements necessary for licensing and certification. Failure to comply with these industry
regulations could result in uneven effect on the business.
NOTE:
* Sector average represents top companies within the specified sector
The above strategic analysis is based on in-house research and reflects the publishers opinion only

Apollo Hospitals Enterprise Ltd - Key Competitors

Apollo Hospitals Enterprise Ltd, Key Competitors
Name Headquarters Revenue (US$ m)
Amrita Institute of Medical Sciences and Research India
Centre
Care Hospitals India
Fortis Healthcare Ltd India 668
Image Hospitals India
Sterling Hospitals Ltd India

Section 3 – Company Financial Ratios

Financial Ratios - Capital Market Ratios
Apollo Hospitals Enterprise Ltd, Ratios based on current share price
Key Ratios 07-Feb-2020
P/E (Price/Earnings) Ratio 98.03

EV/EBITDA (Enterprise Value/Earnings Before Interest, Taxes, Depreciation and Amortization) 24.78
Enterprise Value/Sales 2.76
Enterprise Value/Operating Profit 39.26
Enterprise Value/Total Assets 2.90
Dividend Yield 0.36
Note: Above ratios are based on share price as of 07-Feb-2020, the above ratios are absolute numbers

Financial Ratios - Annual Ratios

Apollo Hospitals Enterprise Ltd, Annual Ratios
Key Ratios Unit/Currency 2015 2016 2017 2018 2019
Equity Ratios
EPS (Earnings per Share) INR 24.43 16.99 15.88 8.44 16.97
Dividend per Share INR 5.75 6 6 5 6
Dividend Cover Absolute 4.25 2.83 2.65 1.69 2.83
Book Value per Share INR 236.02 239.43 238.15 233.71 239.60
Cash Value per Share INR -0.16
Profitability Ratios
Gross Margin % 50.16 50.84 50.40 51.08 51.54
Operating Margin % 10.43 7.36 5.88 5.40 7.04
Net Profit Margin % 6.56 3.80 3.05 1.42 2.45
Profit Markup % 100.62 103.44 101.61 104.42 106.34
PBT Margin (Profit Before Tax) % 8.79 5.34 3.06 2.08 3.88
Return on Equity % 10.35 7.10 6.67 3.61 7.08
Return on Capital Employed % 9.92 7.49 5.96 6.31 9.37
Return on Assets % 5.82 3.46 2.86 1.40 2.65
Return on Working Capital % 56.87 63.13 36.61 68.12 207.56
Growth Ratios
Sales Growth % 18.12 20.01 16.75 13.61 16.67
Operating Income Growth % 6.35 -15.33 -6.71 4.21 52.31
EBITDA Growth % 11.27 -4.08 2.62 8.50 33.51

Apollo Hospitals Enterprise Ltd, Annual Ratios (Cont...1)

Net Income Growth % 7.31 -30.46 -6.51 -46.87 101.03
EPS Growth % 4.04 -33.86 1.33 -44.97 93
Working Capital Growth % 34.93 -23.72 60.87 -44 -50.01
Cost Ratios
Operating Costs (% of Sales) % 89.57 92.64 94.12 94.60 92.96
Administration Costs (% of Sales) % 35.72 39.42 39.85 40.82 39.84
Liquidity Ratios
Current Ratio Absolute 2.11 1.58 2.21 1.42 1.17
Quick Ratio Absolute 1.68 1.13 1.63 1.01 0.84
Cash Ratio Absolute 0.53 0.32 0.40 0.23 0.18
Leverage Ratios
Debt to Equity Ratio % 0.62 0.80 0.92 0.94 0.95
Net Debt to Equity Absolute 0.55 0.75 0.86 0.96 1.02
Debt to Capital Ratio % 0.38 0.44 0.48 0.48 0.49
Efficiency Ratios
Asset Turnover Absolute 0.89 0.91 0.94 0.99 1.08
Fixed Asset Turnover Absolute 1.59 1.60 1.66 1.71 1.83
Inventory Turnover Absolute 7.77 6.55 6.41 6.72 7.26
Current Asset Turnover Absolute 3.13 3.28 3.54 3.79 4.27
Capital Employed Turnover Absolute 0.95 1.02 1.01 1.17 1.33

Apollo Hospitals Enterprise Ltd, Annual Ratios (Cont...2)

Working Capital Turnover Absolute 5.45 8.57 6.22 12.63 29.47
Revenue per Employee INR 1,592,977
Net Income per Employee INR 39,097
Capex to Sales % 16.76 16.35

Performance Chart
Apollo Hospitals Enterprise Ltd, Performance Chart (2015 - 2019)
Financial Performance
The company reported revenues of (Rupee) INR96,174.4 million for the fiscal year ended March 2019 (FY2019), an increase of 16.7% over
FY2018. In FY2019, the company’s operating margin was 7%, compared to an operating margin of 5.4% in FY2018. In FY2019, the company
recorded a net margin of 2.5%, compared to a net margin of 1.4% in FY2018.
The company reported revenues of INR25,718.9 million for the first quarter ended June 2019, a decrease of 73.3% over the previous quarter.

Financial Ratios - Interim Ratios

Apollo Hospitals Enterprise Ltd, Interim Ratios
Key Ratios Unit/Currency Jun-2018 Sep-2018 Mar-2019 Jun-2019 Sep-2019
Interim EPS (Earnings per Share) INR 2.44 4.56 16.97 4.11 6.20
Dividend per Share INR 6
Book Value per Share INR 219.66
Gross Margin % 51.22 51.34 51.54 51.87 51.67
Operating Margin % 6.21 7.27 6.95 8.54 9.12
Net Profit Margin % 1.54 2.63 2.45 2.22 3.04
Profit Markup % 105 105.52 106.34 107.79 106.92
PBT Margin (Profit Before Tax) % 2.84 3.98 3.88 3.67 4.70
Operating Costs (% of Sales) % 93.79 92.73 93.05 91.46 90.88
Administration Costs (% of Sales) % 16.59 16.07 16.62 16.85 16.50
Current Ratio Absolute 1.08
Quick Ratio Absolute 0.83
Debt to Equity Ratio % 1.15
Net Debt to Equity Absolute 1.21
Debt to Capital Ratio % 0.40

Financial Ratios - Ratio Charts

Apollo Hospitals Enterprise Ltd, Ratio Charts
EPS Operating Margin
Return on Equity Return on Assets
Debt to Equity Ratio Current Ratio

Section 4 – Company’s Mergers & Acquisitions, Capital Raising and Alliances

Apollo Hospitals Enterprise Ltd, Transactions by Year, 2014 to YTD 2020
Note: Deals include all announced deals from 2014 onwards, deal values included wherever disclosed. GlobalData
Above data is extracted from GlobalData’s Deals and Alliances Profile.
Apollo Hospitals Enterprise Ltd's, deal volume decreased from four deals in 2018 to zero deals in 2019. No deals were reported by the
company in YTD 2020.
YEAR No. of Deals Deal value ($m)
2014 2 325.80
2015 3 37.42
2016 1 8.98
2017 0 NA
2018 4 313.32
2019 0 NA
YTD 2020 0 NA
Note: Deals include all announced deals from 2014 onwards, deal values included wherever disclosed.Above data is extracted GlobalData
from GlobalData’s Deals and Alliances Profile.

Apollo Hospitals Enterprise Ltd, Transactions by Type, 2014 to YTD 2020

Note: Deals include all announced deals from 2014 onwards GlobalData
Apollo Hospitals Enterprise Ltd’s deals activity has been reportedly focusing on acquisition with five deals during the period 2014 to YTD
2020.
Deal type No. of Deals Deal Value (US$ million)
Acquisition 5 372.20
Asset Transactions 3 313.32
Partnerships 2

Apollo Hospitals Enterprise Ltd, Transactions by Region, 2014 to YTD 2020

Apollo Hospitals Enterprise Ltd’s, deals activity has been reportedly focusing on Asia-Pacific with 10 deals worth $685.52 million
during the period 2014 to YTD 2020.
Region No. of Deals Deal Value (US$ million)
Asia-Pacific 10 685.52

Apollo Hospitals Enterprise Ltd, Recent Transactions Summary
Apollo Hospitals Enterprise Ltd, Recent Transactions Summary
Deal Date Deal type Deal Status Deal Headline Deal Value (US $
million
21-Aug-2018 Acquisition Dead Rumor Apollo Hospitals Enterprise May Acquire 50% Stake in
Apollo Gleneagles Hospitals from Parkway Pantai
07-Jun-2018 Asset Transactions Dead Rumor Reliance Foundation May Acquire Seven Hills 313.32
Hospital
29-May-2018 Asset Transactions Dead Rumor Apollo Hospitals May Acquire Assets of SevenHills
Healthcare (SevenHills Hospital)
08-Mar-2018 Partnerships Completed Microsoft Intelligent Enters into Agreement with
Apollo Hospitals
12-Mar-2016 Acquisition Completed Apollo Hospitals Acquires 51% stake in Assam 8.98
Hospitals for USD9 Million
18-May-2015 Asset Transactions Planned Apollo Hospitals Plans to Acquire Healthcare Facility
30-Jan-2015 Acquisition Completed Sanofi-Synthelabo Acquires 20% Stake in Apollo 14.60
Sugar Clinics for USD14.6 Million
06-Jan-2015 Acquisition Completed Apollo Hospital Acquires Nova Specialty Hospitals 22.82
10-Nov-2014 Acquisition Dead Rumor Netcare and Reliance Foundation May Acquire 325.80
Sevenhills Healthcare
30-Sep-2014 Partnerships Planned Apollo Hospitals Plans to Form Joint Venture with
Sanofi

Acquisition
Apollo Hospitals Enterprise May Acquire 50% Stake in Apollo Gleneagles Hospitals from
Parkway Pantai
Apollo Hospitals Enterprise May Acquire 50% Stake in Apollo Gleneagles Hospitals from Parkway Pantai
Deal Type Acquisition Deal Sub Type Minority Acquisition
Deal in Brief
According to Economic Times, Apollo Hospitals Enterprise Limited, an Indian Hospital, may acquire 50% stake in Apollo Gleneagles
Hospitals Ltd, an Indian provider of hospital services, from Parkway Pantai Ltd, a Singaporean medical company.Parkway Pantai, a
subsidiary of IHH Healthcare Berhad, a Malaysian private healthcare group focused on upmarket health services.Apollo Gleneagles is a joint
venture between Apollo Hospitals and Parkway Pantai.
Deal Information
Deal Status DeadRumor
% Acquired 50
Companies Information
Acquirer Company Information
Company Name Apollo Hospitals Enterprise Ltd
Business Description
critical care and preventive health care. Apart from India, it operates through hospitals in Dhaka, Mauritius and the UK. Apollo Hospitals is
headquartered in Chennai, Tamil Nadu, India.
Vendor Company Information
Company Name Parkway Pantai Ltd Parent IHH Healthcare Berhad
Parkway Pantai Ltd (PPL), a subsidiary of IHH Healthcare Berhad, is a healthcare service provider offers healthcare services through a
network of hospitals, medical centers and clinics and ancillary healthcare businesses. PPL offers healthcare services such as general fee-for-
service consultations, specialized industrial healthcare consultancy; general and acute care services such as, orthopaedics and general
surgery, Arkinson disease, trauma, radiotherapy, oncology, cardiology, dental, paediatric, cardiology, neurology, neurosurgery and
cardiothoraric surgery and clinical laboratory services. It also offers educational and real-estate investment services. The company operates
in Singapore, Brunei, China, Malaysia, Hong Kong, UAE and India. PPL is headquartered in Singapore.
Target Company Information
Company Name Apollo Gleneagles Hospitals Ltd
Source: GlobalData

Apollo Hospitals Acquires 51% stake in Assam Hospitals for USD9 Million
Apollo Hospitals Acquires 51% stake in Assam Hospitals for USD9 Million
Deal Type Acquisition Deal Sub Type Majority Acquisition
Deal in Brief
Apollo Hospitals Enterprise Limited, a provider of healthcare services, acquired 51% stake in Assam Hospitals Limited, a provider of
healthcare services, for a purchase consideration of INR572.5 million (USD9 million). Assam Hospitals operates a 220 bed hospital in
Guwahati. Following the transaction, Apollo intends to upgrade as well as expand the capacity of the existing facility to 300 beds. In the
coming years, AHEL will introduce new services and offerings built on its deep domain expertise.This transaction will enable Apollo
Hospitals to strengthen its presence in the Northeast region.
Deal Rationale
This transaction will enable Apollo Hospitals to strengthen its presence in the Northeast region.
Deal Information
Deal Status Completed
Announced Date 02-Jun-2015
Completed Date 12-Mar-2016
% Acquired 51
Deal Financials
Deal Value (INR million) 572.50 Deal Value (US$ m) 8.98
Company Name Assam Hospitals Ltd Parent Apollo Hospitals Enterprise
Ltd
Source: GlobalData

Sanofi-Synthelabo Acquires 20% Stake in Apollo Sugar Clinics for USD14.6 Million
Sanofi-Synthelabo Acquires 20% Stake in Apollo Sugar Clinics for USD14.6 Million
Deal Type Acquisition Deal Sub Type Minority Acquisition
Deal in Brief
Sanofi-Synthelabo, a pharmaceutical company, has acquired 20% stake in Apollo Sugar Clinics Ltd. (ASCL), a provider of diagnosis and
treatment to diabetic patients and subsidiary of Apollo Health and Lifestyle Limited, for a purchase consideration of INR900 million
(USD14.59 million).Under the transaction, Apollo group will transfer their operational clinics to ASCL. ASCL will be jointly controlled by
Sanofi-Synthelabo and Apollo Health and Lifestyle. Sanofi-Synthelabo also has an option to increase its shareholding in ASCL to 26%, which
can be exercised during certain period of time.This acquisition enables Sanofi-Synthelabo to provide out-patient health care services for
diabetes and to expand its service portfolio as well as geographic reach. Deal History:Update: On August 27, 2014, Sanofi-Synthelabo
received approval from competition commission of India (CCI) to acquire 20% stake in Apollo Sugar Clinics.Announced: On June 25, 2014,
Sanofi-Synthelabo agreed to acquire 20% stake in Apollo Sugar Clinics Ltd. (ASCL), and filed a notice with competition commission of India
(CCI) seeking its approval on the transaction.
Deal Rationale
This acquisition enables Sanofi-Synthelabo to provide out-patient health care services for diabetes and to expand its service portfolio as
well as geographic reach.
Deal Information
Announced Date 25-Jun-2014
Completed Date 30-Jan-2015
% Acquired 20
Deal Financials
Deal Value (INR million) 900 Deal Value (US$ m) 14.60
Company Name Sanofi-Synthelabo Parent Sanofi

Company Name Apollo Health and Lifestyle Parent Apollo Hospitals Enterprise Ltd
Limited
Company Name Apollo Sugar Clinics Ltd
Source: GlobalData

Apollo Hospital Acquires Nova Specialty Hospitals

Apollo Hospital Acquires Nova Specialty Hospitals
Deal Type Acquisition Deal Sub Type 100% Acquisition
Deal in Brief
Apollo Hospitals Enterprise Ltd, a provider of healthcare services, through its wholly owned subsidiary Apollo Health and Lifestyle Ltd
(AHLL), has completed the acquisition of Nova Specialty Hospitals, a provider of healthcare services, from Nova Medical Centers Pvt Ltd., an
operator of surgical centres. The transaction is to be valued in the range of INR1,350 million (USD21.24 million) to INR1,450 million
(USD22.81 million), subject to the final closure. Nova Specialty Hospital’s existing centres will serve as new centres under the Apollo brand
name. Nova Specialty Hospitals has 11 short stay surgery centres.Apollo Hospitals will fund the acquisition through amount raised through
issuance debt and equity. With this acquisition, Apollo gets 350 beds and 500 doctors spread over eight cities where Nova Speciality
Hospitals has its presence. This transaction enables Apollo Hospital to expand its healthcare servicesDeal History:Planned: On December
30, 2014, Apollo Hospitals has announced its intention to acquire the day care and short stay surgeries division from Nova Medical Centers
Pvt Ltd. Earlier, TPG Capital intended to acquire the day care and short stay surgeries division from Nova Medical Centers.
Deal Rationale
This transaction enables Apollo Hospital to expand its healthcare services.
Deal Information
Completed Date 06-Jan-2015
% Acquired 100
Deal Financials
Deal Value - Estimated
Minimum Value (US$ m) 21.25 Maximum Value (US$ m) 22.82
Company Name Nova Specialty Hospitals Parent Apollo Hospitals Enterprise
Ltd
Source: GlobalData

Netcare and Reliance Foundation May Acquire Sevenhills Healthcare

Netcare and Reliance Foundation May Acquire Sevenhills Healthcare
Deal Type Acquisition Deal Sub Type 100% Acquisition
Deal in Brief
Netcare Limited, a provider of healthcare services, intends to acquire 60% to 75% stake in Sevenhills Healthcare Private Limited, a provider
of hospital care services, from Jitendra Das Maganti, owner of Seven Hills Healthcare, and JPMorgan Chase & Co. for a purchase
consideration of INR18,000 million (USD289.13 million), along with Reliance Foundation, a philanthropic foundation of Reliance Industries
Limited, according to The Economic Times citing people familiar with the matter.Earlier, on December 8, 2014, Reliance Foundation intends
to acquire Sevenhills Healthcare, according to The Times of India citing people familiar with the matter. According to the sources, IHH
Healthcare Berhad, Apollo Hospitals Enterprise Limited, Fortis Healthcare Limited, cardiac surgeon Naresh Trehan, founder of Medanta and
Radiant Life Care Private Limited, are among the potential buyers for Sevenhills valuing at INR20,000 million (USD325.8 million). SevenHills
Healthcare owns two hospitals in India with 2,000-bed chain one is located in Visakhapatnam and the other in Mumbai with 1,500-bed
facility. Deal History:Update: On December 8, 2014, Reliance Foundation intends to acquire Sevenhills Healthcare, according to The Times
of India citing people familiar with the matter. Rumor: On November 10, 2014, Sevenhills Healthcare may sell itself, according to The Times
of India citing people familiar with the matter.
Deal Information
% Acquired 100
Deal Financials
Deal Value (INR million) 20,000 Deal Value (US$ m) 325.80
Company Name Fortis Healthcare Ltd
Fortis Healthcare Ltd (Fortis) is an integrated healthcare provider that delivers healthcare services in the Asia-Pacific region. The company’s
services portfolio comprises diagnostics, primary care, day care and specialty hospitals. It owns, operates, and manages a chain of multi-
specialty hospitals and super-specialty centers in India. Fortis’s hospitals provide tertiary and quaternary healthcare services to patients
primarily in the areas of cardiac care, orthopedics, cancer, neuro sciences, renal care, gastroenterology, renal sciences, and mother and
child care, as well as kidney and liver transplants. The company also provides pharmacy items including medical consumables and drugs. It
provides healthcare services in India, Dubai, and Sri Lanka. Fortis is headquartered in Gurgaon, Haryana, India.
Company Name Radiant Life Care Pvt Ltd
Company Name IHH Healthcare Berhad
IHH Healthcare Berhad (IHB) is a health care services company. The company engages in provision of healthcare, secondary healthcare,
tertiary care, quaternary care, complementary ancillary services and medical education services. IHB offer its services under the brand
names Mount Elizabeth, Gleneagles, Pantai, Parkway and Acibedam. The company operates health care facilities such as hospitals;
diagnostic and analytical laboratories. It also involves in healthcare related software development, real estate, construction of healthcare
facilities along with providing management, consultancy and secondary logistic services. The company operates in Malaysia, the UK, the
UAE, India, Turkey, China, Brunei, Vietnam, Macedonia, Mauritius and Singapore. IHB is headquartered in Kuala Lumpur, Malaysia.
Company Name Reliance Foundation Parent Reliance Industries Ltd
Company Name Netcare Ltd
Netcare Ltd (Netcare) is a healthcare service provider that offers patient care services. The center provides medical facilities and

treatments in the fields of breast care, oncology, orthopedics, renal care, transplants and weight management. Its facilities include
medicross centers, netcare 911, primecure clinics, maternity, netcare hospitals, travel clinics, emergency and trauma, and netcare
pharmacy. Netcare offers holistic transplant services such as transplant assessments, heart transplants, heart-lung transplants, single lung
transplants, double lung transplants, kidney transplants, kidney-pancreas transplants, and others. The center operates hospitals in
Gauteng, KwaZulu Natal, Mpumalanga, North West Province, Free State, Eastern Cape and Western Cape. It has operations in South Africa,
the UK and Lesotho. Netcare is headquartered in Johannesburg, South Africa.
Company Name Jitendra Das Maganti
Company Name Seven Hills Hospital
Vendor Firm Information
Firm Name JPMorgan Chase & Co
JPMorgan Chase & Co (JPM) is a financial holding company that provides consumer and commercial banking, investment
banking, financial transaction processing, and asset management solutions through its subsidiaries. It offers consumer and
commercial banking business under the Chase brand in the US. The consumer businesses include credit cards, small
businesses, auto finance, education finance, and merchant services, among others. The commercial banking business
includes middle market banking, business credit, equipment finance, and commercial term lending, among others. JPM
provides asset management, investment banking, treasury services, private banking, and wealth management and brokerage
services under the J.P. Morgan brand. The brand also includes certain commercial banking services such as corporate client
banking; and government, not-for-profit and healthcare banking. The company has operations globally including in Europe,
the Middle East and Africa, Asia-Pacific, and the Americas. JPM is headquartered in New York City, New York, the US.
Source: GlobalData

Asset Transactions
Reliance Foundation May Acquire Seven Hills Hospital
Reliance Foundation May Acquire Seven Hills Hospital
Deal Type Asset Transactions
Deal in Brief
According to Mumbai Mirror, Reliance Foundation, an Indian charitable trust, is in race to acquire Seven Hills Hospital, a hospital in Marol,
Maharashtra, India.Reportedly, the transaction is valued at approximately INR21 billion (USD313.32 million).Jitendra Das Maganti and
Brihanmumbai Municipal Corporation (BMC) are the shareholders of Seven Hills Hospital. Reportedly, JP Morgan Chase Bank, National
Association, a 49.9% shareholder of Seven Hills Hospital, Apollo Hospitals Enterprise Ltd, Manipal Hospital, Narayana Hrudayalaya Ltd
(Narayan Health), Bain Capital LLC, AION Capital Partners Ltd and Aster DM Healthcare are in race to acquire Seven Hills Hospital.
Deal Information
Deal Financials
Deal Value (INR million) 21,000 Deal Value (US$ m) 313.32
Company Name JPMorgan Chase Bank, National Parent JPMorgan Chase & Co
Association
JPMorgan Chase Bank, National Association is a subsidiary of JP Morgan Chase & Co. The company provides personal, business and
commercial banking services.The company also provides saving and checking accounts, credit cards, online and mobile banking, and cash
management services.
Company Name Manipal Hospital Parent Manipal Education and Medical
Group International India Pvt
Ltd
Manipal Hospital, formerly Manipal Health Systems is a healthcare service provider that offers primary, secondary and tertiary healthcare
services. The hospital offers services such as robotic assisted surgery, eye care, rehabilitation, skin care, accident and emergency care, child
care, dental care, home healthcare, and others. It provides services in the areas of cardiovascular, neurology, nephrology, oncology,
urology, dental science and metabolic disorders, among others. Manipal Hospital also provides services in therapeutic areas such as
andrology, lab diagnostics, sports medicine, psychology, general medicine, and others. Manipal Hospital is headquartered in Bangalore,
Karnataka, India.
Company Name Narayana Hrudayalaya Ltd
Narayana Hrudayalaya Ltd (Narayana Hrudayalaya) is a healthcare service provider that offers medical services. The center offers services
in the areas of cardiology and cardiac surgery, cancer care, neurology, orthopedics, nephrology and urology, gastroenterology, dental
sciences, dermatology and cosmetology, internal medicine, gynaecology, pathology, pulmonology and medical oncology. It also provides
paediatric surgery, psychiatry and clinical psychology, speech and swallow rehabilitation, thoracic and vascular surgery, kidney transplant,
head and neck surgery, and others services. The center operates through its hospitals located in Gujarat, Chhattisgarh, West Bengal,
Maharashtra, Jharkhand, Jammu & Kashmir, Assam, Rajasthan, Delhi, and India. Narayana Hrudayalaya is headquartered in Bangalore,
Karnataka, India.
Company Name Reliance Foundation Parent Reliance Industries Ltd
Company Name Aster DM Healthcare

Aster DM Healthcare (Aster DM) formerly Dr Moopens Healthcare Management Services LLC is a healthcare service provider that provides
patient care services. The company offers services such as mobile medical units, cardiac surgery, early cancer detection centers, village
adoption, and dialysis centre services. It also provides social empowerment programs for adoption of villages for healthcare, social uplifting
and educational developmental activities. Aster DM operates through its hospitals and clinics, diagnostic centers, pharmacies, healthcare
management, educational institutions, and healthcare support systems. The company has its operations in Saudi Arabia, Qatar, the UAE,
India, Bahrain, Oman, and the Philippines. Aster DM is headquartered in Dubai, the UAE.
Company Name Brihanmumbai Municipal
Corporation
Acquirer Firm Information
Firm Name Bain Capital LLC
Bain Capital LLC (Bain Capital) is an investment holding company that offers equity services. The company offers private equity, public
equity, fixed income and credit, venture capital and absolute return investments. It provides long and short hedge funds, and management
consulting services. Bain Capital offers asset management investors, teams, businesses, and the communities. The company provides
services for multiple sectors, industries and sector classes. It serves clients in consumer, retail and dining, financial and business services,
healthcare, industrial and energy, technology, media and telecom sectors. The company has operations in different parts of the world.
Bain Capital is headquartered in Boston, Massachusetts, the US.
Firm Name AION Capital Partners Ltd
AION Capital Partners is a joint venture established by ICICI Venture and Apollo Global Management. AION focuses on growth capital and
buyout private equity transactions including financial restructurings, recapitalizations, leveraged buyouts and promoter financing.
Vendor Firm Information
Firm Name Jitendra Das Maganti
Asset Information
Seven Hills Hospital
Asset Description Seven Hills Hospital is a hospital in Marol, Maharashtra, India
Source: GlobalData

Apollo Hospitals May Acquire Assets of SevenHills Healthcare (SevenHills Hospital)

Apollo Hospitals May Acquire Assets of SevenHills Healthcare (SevenHills Hospital)
Deal in Brief
According to Economic Times, Apollo Hospitals Enterprise Ltd, a healthcare service provider, involved in offering a range of healthcare
services, is bidding to acquire the assets of SevenHills Healthcare Pvt Ltd (SevenHills Hospital), an operator of multi-specialty hospital chain.
Both the companies are based in India.Reportedly, Aster DM Healthcare Private Limited, Narayana Hrudayalaya Ltd (Narayan Health) and
Piramal Enterprises Ltd are also the potential bidders for the transaction.
Deal Information
Company Name Piramal Enterprises Ltd
Piramal Enterprises Ltd (PEL), formerly Piramal Healthcare Ltd, is a provider of medicines and healthcare finance services. The company
offers products such as Critical Care, Consumer Care, BST-CarGel, Phyto Medicines, Anaesthesias, Orthopedic medicines, Halothane,
Isoflurane , Sevoflurane and other OTC related medicines. It also offers contract manufacturing and development services, pharma
solutions, critical care solutions, imaging services, and other services such as fund management, structured investments and information
management services. The company serves life sciences, financial services,health care, health care information management, specialty
glass packaging and real estate sectors. It operates over 110 countries, including, India, Sri Lanka, Germany, Italy, the UK, France, Canada,
the US and other countries. PEL is headquartered in Mumbai, Maharashtra, India.
Company Name Narayana Hrudayalaya Ltd
Narayana Hrudayalaya Ltd (Narayana Hrudayalaya) is a healthcare service provider that offers medical services. The center offers services
in the areas of cardiology and cardiac surgery, cancer care, neurology, orthopedics, nephrology and urology, gastroenterology, dental
sciences, dermatology and cosmetology, internal medicine, gynaecology, pathology, pulmonology and medical oncology. It also provides
paediatric surgery, psychiatry and clinical psychology, speech and swallow rehabilitation, thoracic and vascular surgery, kidney transplant,
head and neck surgery, and others services. The center operates through its hospitals located in Gujarat, Chhattisgarh, West Bengal,
Maharashtra, Jharkhand, Jammu & Kashmir, Assam, Rajasthan, Delhi, and India. Narayana Hrudayalaya is headquartered in Bangalore,
Karnataka, India.
Company Name Aster DM Healthcare Private
Limited
Aster DM Healthcare Private Limited is a provider of healthcare services. The company operates a network of medical centers, hospitals
and pharmacies. It also owns and operates secondary and tertiary care hospitals.
Company Name SevenHills HealthCare Pvt Ltd
Asset Information
SevenHills Healthcare Pvt Ltd - Assets
Asset Description The assets belongs to SevenHills Healthcare Pvt Ltd (SevenHills Hospital), an Indian operator
of multi-specialty hospital chain.
Source: GlobalData

Apollo Hospitals Plans to Acquire Healthcare Facility

Apollo Hospitals Plans to Acquire Healthcare Facility
Deal in Brief
Apollo Hospitals Enterprise Limited, a provider of healthcare services, intends to acquire healthcare facility in Mumbai.This transaction will
enable Apollo Hospitals to expand its presence in northern India.
Deal Rationale
This transaction will enable Apollo Hospitals to expand its presence in northern India.
Deal Information
Deal Status Planned
Announced Date May 18, 2015
Asset Information
Healthcare Facility
Asset Description The asset includes healthcare facility in Mumbai.
Source: GlobalData

Partnerships
Microsoft Intelligent Enters into Agreement with Apollo Hospitals
Microsoft Intelligent Enters into Agreement with Apollo Hospitals
Deal Type Partnership Deal Sub Type Co-Development
Deal in Brief
Microsoft Intelligent Network for eyecare (MINE) (Now AI Network for Healthcare), a consortium of eye care providers, has entered into
agreement with Apollo Hospitals Enterprise Ltd, an integrated healthcare service provider, to create an artificial intelligence (AI) focused
network on cardiology in India.The AI Network for healthcare is part of Microsoft Healthcare NExT aimed to accelerate healthcare
innovation through artificial intelligence and cloud computing.The partners will work together to develop and deploy new machine
learning models to predict patient risk for heart disease and assists doctors on treatment plans. The team is already working on an AI-
powered Cardio API (application program interface) platform.The agreement enables the partners to use AI for early detection of cardiac
diseases.
Deal Rationale
The agreement enables the partners to use AI for early detection of cardiac diseases.
Deal Information
Completed Date 08-Mar-2018
Partner Company Information
Company Name Microsoft Intelligent Network
for Eyecare
Microsoft India, in collaboration with L.V. Prasad Eye Institute, on Monday launched Microsoft Intelligent Network for
Eyecare (MINE). This is a mission-driven global consortium of like-minded commercial, research and academic institutions,
who have joined hands to apply artificial intelligence to help in the elimination of avoidable blindness and scale delivery of
eyecare services worldwide.
Source: GlobalData

Apollo Hospitals Plans to Form Joint Venture with Sanofi

Apollo Hospitals Plans to Form Joint Venture with Sanofi
Deal Type Partnership Deal Sub Type Joint Venture
Deal in Brief
Apollo Hospitals Enterprise Limited, a provider of healthcare services, intends to form a joint venture with Sanofi, a pharmaceutical
company, to provide diabetes care programmes under Apollo Sugar Clinics Ltd. (ASCL) in India. Following the agreement, Sanofi will acquire
about 20% stake in ASCL, subject to approval from the Foreign Investment Promotion Board (FIPB).Under the agreement, the partners will
be opening more than 120 sugar clinics by 2016 and provide integrated diabetes care programmes. Apollo Hospitals and Sanofi plan to
leverage their respective expertise in diabetes to provide patients with access to comprehensive educational resources, treatment and care
programmes for better management. Apollo currently runs 28 sugar clinics and post the association with Sanofi, the number of clinics are
expected to move up to 50 by the end of October. As a part of the agreement, ASCL will be jointly controlled by Sanofi-Synthelabo (India)
Limited and Apollo Health and Lifestyle Limited. Sanofi-Synthelabo will also have an option to increase its shareholding in ASCL to 26%
which can be exercised during certain period of time. This agreement will enable Apollo Hospitals and Sanofi to jointly expand sugar clinics
for diabetics in India.
Deal Rationale
This agreement will enable Apollo Hospitals and Sanofi to jointly expand sugar clinics for diabetics in India.
Deal Information
Deal Status Planned
Announced Date Sep 30, 2014
Partner Company Information
Company Name Sanofi
Sanofi is a healthcare company that researches, develops, manufactures and markets a wide range of medicines and vaccines. Its product
portfolio includes medicines for the treatment of cancer, diabetes, rare diseases, multiple sclerosis and cardiovascular diseases; human
vaccines for protection against various bacterial and viral diseases; and other products. Sanofi also offers consumer healthcare products for
digestion; allergy; cough, cold, flu and sinus; pain; women’s health; and vitamins, minerals and supplements. The R&D efforts of Sanofi
include working on combination drugs to increase the effectiveness of treatments and advancing the formulation of new biologics to
produce medicines with precision. It has operations across Europe, the Americas, Asia-Pacific, Africa and the Middle East. Sanofi is
headquartered in Paris, France.
Apollo Hospitals Enterprise Ltd (Apollo Hospitals) is a healthcare service provider. It offers healthcare services, clinical and
diagnostic services, medical business process outsourcing, third party administration services and health insurance. The
company also provides services to support business, telemedicine services, education, training programs and research
services and other non-profit projects. Apollo Hospitals specializes in cardiology, orthopedics, spine, cancer care,
gastroenterology, neurosciences, nephrology and urology, critical care and preventive health care. Apart from India, it
operates through hospitals in Dhaka, Mauritius and the UK. Apollo Hospitals is headquartered in Chennai, Tamil Nadu, India.
Source: GlobalData

Section 5 – Company’s Recent Developments

Oct 22, 2019: Apollo Hospitals' unique initiative to provide best treatment plan for cancer
patients
Cancer is the second leading cause of death globally and was responsible for over 9.6 million deaths in 2018 alone. The global burden of
cancer has risen to 18.1 million new cases and cancer is having a major impact on society across the globe.
According to the World Health Organization, one in 5 men and one in 6 women worldwide develop cancer during their lifetime and one in 8
men and one in 11 women die from the disease. However, a timely diagnosis and adequate treatment can help a person beat cancer.
Apollo Hospitals Cancer Opinion Initiative works on the principle of providing the best treatment available. The initiative allows a patient to
submit his medical records online, which are then assessed by the board of oncologists – comprising of some of the best oncologists in India –
and the patient is subsequently provided the best treatment plan. And all this is done before the patient travels for treatment! Apollo's
Cancer Opinion is a Machine Learning based system, which gives evidence-based treatments by accessing and assessing the latest cancer
research from thousands of clinical trials.
The guidance on detailed treatment plan enables the patient to get a clear understanding of his cancer diagnosis, treatment goals and allows
the individual to discuss his options with the family and make an informed decision about the best option for his treatment – surgery,
chemotherapy, radiation therapy or proton beam therapy.
"Cancer is a disease that not only affects the individual but the entire family. The lifestyle changes caused by cancer and its treatment can
sometimes become overwhelming for the patient and people close to him. We launched the Apollo Cancer Opinion Initiative to provide the
best treatment to people suffering from cancer," said Dr. Prathap C Reddy, Chairman, Apollo Hospitals Group.
Getting an accurate diagnosis is key to receiving the most effective treatment for one's cancer type. Apollo Hospitals currently has over 1,000
experienced physicians and experts that utilize the most advanced equipment and techniques to ensure that the best and personalized
treatment plans are provided.
Earlier this year, Apollo launched South East Asia's first proton beam therapy centre. The 150-bed facility offers the most precise treatment
for cancer using pencil-beam scanning technology.

May 15, 2019: Apollo Proton Cancer Centre, Chennai performs India's first total marrow
irradiation procedure
In a first-ever milestone in cancer treatment in India, the Apollo Proton Cancer Center (APCC) in Chennai has successfully performed Total
Marrow Irradiation (TMI) as a conditioning protocol prior to Bone Marrow Transplant.
Dr. Preetha Reddy, Vice Chairperson, Apollo Hospitals Group said, "The Apollo Proton Cancer Centre has opened new frontiers in cancer care
and it is a proud moment today, just a few months after the launch, to see the APCC achieve this significant landmark for the first time in the
country. This achievement validates our investment in the APCC in bringing this best and latest medical technology to India. We are sure that
the future will see the APCC achieve many more milestones and take the battle against cancer forward not just for patients in India but also
from South East Asia."
A 35-year-old nurse from Oman underwent the procedure at South East Asia's first Proton Therapy Center. She was diagnosed with Chronic
Myeloid Leukemia (CML) with mixed phenotypic acute leukemia. After the diagnosis, she was referred to Apollo Hospitals for Bone Marrow
Transplant. The doctors at Apollo decided to proceed with Total Marrow Irradiation based conditioning for the transplant.
"The patient was admitted last month and after detailed diagnosis, we decided to proceed with Total Marrow Irradiation followed by chemo
and peripheral blood stem cell transplantation. The patient's brother turned out to be a full-matched donor. The patient has responded very
well to the treatment and is getting ready for discharge," said Dr. Jose M Easow.
The patient, Ms. Fatima, said, "I am grateful to the Oman Government, Oman for selecting and sending me to Apollo Hospitals, Chennai which
is the best hospital to treat cancer in India. I was advised BMT, and my brother was selected as a donor. I was admitted on April 5th and felt at
home from Day One. As a nurse, I know how radiation therapy can affect a patient's normal life due to side effects. The Total Marrow
Irradiation procedure done for me was different and it has saved my life with much less side-effects. The procedure made me more confident
and positive."
"With modern radiation technology, it is now possible to deliver Total Marrow Irradiation (TMI) which spares the normal organs from
radiation induced damage," said Dr. Srinivas Chilukuri, Senior Consultant Radiation Oncology.

Apr 24, 2019: Apollo Hospitals, Chennai successfully performed TAVR on an 82-year-old Ex-
Army Major General and helped him cast a vote in Lok Sabha Elections
Apollo Hospitals, Chennai successfully operated on an 82-year-old Ex-Army Major General, Dr. Sathyapalan (a medical doctor from 1955 batch
of Stanley Medical college - served 33 years in the Indian Army), who was suffering from severe aortic stenosis due to surgical valve failure.
Dr. Sai Satish, Senior Interventional Cardiologist and his team replaced the damaged heart valve through Transcatheter Aortic Valve
Replacement (TAVR) procedure and gave a new lease of life.
Aortic valve stenosis is a common valvular disease that occurs usually in old age due to wear and tear of aortic valve as well as due to calcium
deposits on the valve's flaps that narrow the aortic valve opening. Symptoms include shortness of breath and chest pain that, if left untreated,
can be life threatening. Trans Catheter Aortic Valve Implantation or Replacement (TAVI or TAVR) procedure is performed under local
anesthesia, the best option to treat such complicated cases. In this procedure a thin, flexible tube housing the new collapsed valve is inserted
most commonly through the femoral artery and delivered to the heart, replacing the old diseased valve. This procedure is available only in
very few Centres across in India including Apollo Hospitals.
82 years old Ex-Army Major General Dr. Sathyapalan was suffering from severe aortic valve narrowing due to surgical valve failure leading a
poor quality of life with repeated episodes of pulmonary edema. He was refused any treatment option by multiple centres because of his age,
frailty and that it was a degenerated surgical valve now causing the problem. He approached Dr. Sai Satish, Senior Interventional Cardiologist,
Apollo Hospitals, Chennai for further treatment and underwent a Transcatheter Aortic Valve Replacement procedure.
Explaining the case Dr. Sai Satish, Senior Interventional Cardiologist, Apollo Hospitals, Chennai said, "This was an extremely challenging case as
the vessels in his leg were severely calcified and narrowed and no valve could be moved across them for replacement. Since the patient did
not have any old records or information on the previously implanted surgical valve including its size etc., it was further challenging for us to
replace the failed valve with a new one. His age and physical health again stood as a high risk making the procedure very demanding."
He also added, "The procedure however went extremely smoothly, the narrowed leg vessel was first dilated with multiple balloons gently
until the space was big enough to accommodate the valve system, the valve was then moved across this and placed safely, inside the old
degenerated surgical valve in under 20 minutes."
The patient was shifted back to the CCU fully conscious and then back to the normal ward the very same evening. He got discharged on the
second day of post-surgery and cast his vote for the Lok Sabha Elections.

Mar 11, 2019: Apollo Hospitals Group and Zebra Medical Vision (Zebra-Med) collaborate to
validate and deploy AI (artificial intelligence) based screening tools across India
Global Innovation & Technology Alliance (GITA) on behalf of Department of Science & Technology, Government of India and Israel Innovation
Authority (IIA), on behalf of Government of Israel, granted HealthNet Global, a part of the Apollo Hospitals Group, India and Zebra Medical
Vision, Israel funding to validate, co-develop and deploy medical imaging Artificial Intelligence (AI) across India and to increase Tuberculosis
(TB) screening capabilities in the rural areas.
HealthNet Global (HNG), a part of the Apollo Hospitals Group, India and Zebra Medical Vision (Zebra-Med), one of the global leaders in AI
Imaging software, Israel announced a new collaboration that will focus on validating and deploying AI based tools at scale across India. The
companies shall jointly receive support from India-Israel Industrial R&D and Technological Innovation Fund (I4F) for their $4.9 Million project
to co-develop and to provide clinical validation, and evidence of the efficacy of radiology Al based tools in India as per I4F norms.
The final developed project will be able to assist as a primary screening method for major diseases in large scale screenings. For example,
World Health Organization (WHO) estimates that 3.6 million people with TB are missed by health systems every year and do not receive
adequate care. This is primarily because patients with TB may present with mild or no symptoms, particularly early on. Many affected people
arrive at clinics too late with advanced disease or multi-drug resistant TB (MDR-TB), which is difficult to treat and more likely to cause death.
One of the key strategies to tackling TB is early diagnosis. Unfortunately, sputum testing is only 50% accurate and frequently misses the
disease in its early stages. Both companies will focus on development of AI-based Chest X-ray interpretation tool for TB which can help
address the gap.
Speaking of the initiative, Sangita Reddy, Joint Managing Director, Apollo Hospitals said "When it comes to health, the promise of AI to
provide access and improve outcomes in very intriguing. There is a critical need to provide good healthcare access in remote and rural
communities, and we believe this initiative will allow us the opportunity to make significant advances in this area. Apollo's clinical and
scientific depth and Zebra-Med's expertise in AI complement each other perfectly. This project is part of our continuing endeavour to design
new tools to improve healthcare access and deliver best outcomes to patients at lower cost."
In addition to leveraging clinical depth and breadth of the Apollo Hospitals network, HNG will work in close collaboration with Apollo
Radiology International, a distinguished part of Apollo Hospitals, to bring in leadership, experience and technology in Radiology reporting to
the project. The partnership will capitalize on the advancements already achieved by Zebra-med in developing dozens of AI tools. The arsenal
of algorithms will include deep learning algorithms for the detection of acute conditions such as brain bleeds in head CTs and Pneumothorax
in chest X-ray, detection of breast cancer in mammograms, Osteoporosis in CT scans and 40 other conditions.
"We are excited to partner with the leading healthcare services provider in India and to help bring AI to India at such a scale," noted Eyal
Gura, Co-founder and CEO of Zebra-Med. "When we met the Indian team for the first time few years ago we found common ground and
similar dream of scaling healthcare from millions to billions of patients. We are honored that the two governments have placed their trust in
us and we are committed to utilize this opportunity to impact millions of lives."
The grant will aid the partners to focus on development of India specific algorithms tool which would be of immense benefit to patients across
India and other emerging nations. The project will also modify existing algorithms to make them suitable for the Indian population. The final
product will assist provide high quality radiology access to remote locations by alerting the presence of critical findings immediately. This will
help provide timely, cost-effective, quality care to patients in remote and rural locations.
"This is an exciting time for AI in medicine," said Vikram Thaploo, CEO of HNG. "As these systems increase in accuracy, so will the viability of
using AI to extend the reach of Chest X-Ray interpretation, improve reporting efficiency and save lives. We believe in the impact that
technology can have in helping provide timely, cost-effective, quality care to patients in remote locations and our partnership with Zebra-Med
is a step in this journey."
"We believe that this project will be a very important milestone in the introduction of AI in Indian healthcare. We are excited to provide
clinical leadership and expertise to this initiative", said Dr. Sreenivasa Raju Kalidindi, CEO and Medical Director of Apollo Radiology
International.

Feb 22, 2019: Apollo Hospitals, Chennai has successfully performed India's first minimally
invasive Robotic Hybrid Revascularisation surgery on a 63-year-old female patient
The Cardiology department of Apollo Hospitals, Chennai has successfully performed India's first minimally invasive Robotic Hybrid
Revascularisation surgery on a 63-year-old female patient.
The Robotic Minimally Invasive Hybrid Revascularisation is a procedure that combines minimally invasive coronary artery bypass grafting
surgery (CABG) and angiography stenting procedure with Robotic assistance to achieve precision while treating patients with multi vessel
coronary artery disease.
Mrs. J. Malliga, a 63-year-old lady from Ambattur (Chennai) was brought to Apollo Hospitals, Chennai on 18th February, 2018 with worsening
chest pain that was persistent over 6 months. It was identified that she had blocks in two of the major blood vessels that supply blood to the
heart. Patients with such severe blockage are mostly treated with a conventional Bypass surgery (by splitting the central chest bone) which is
an intense procedure that needs a longer recovery time post-surgery, which is over three to four months.
Dr. M M. Yusuf - Cardiothoracic Surgeon who specialising in Minimally Invasive Cardiac Surgery at Apollo Hospitals and his team decided to
use a minimally invasive technique rather than the traditional approach on the patient. This minimally Invasive-Hybrid Revascularisation
procedure with Robotic assistance allows the surgeon to work on a beating heart through a small chest incision (small thoracotomy) without
having to split the chest bone.
Dr. M M. Yusuf and his team performed this procedure with a unique two stage approach using Robotic assistance. Two of the three major
blood vessel of the patient was severely blocked reducing the heart function completely. She also had blocks in other vessels, which could be
treated either with surgery or angiography stent insertion. As the patient was not convinced of a conventional bypass, Dr. Yusuf performed
the Minimally Invasive CABG using a robot under the guidance of Dr Frank Vanpraet, Director of Robotic and Minimally Invasive cardiac
surgery, OLV Hospital, Aalst, Belgium. This procedure helped quick recovery and minimal morbidity.
Describing the procedure Dr. M. M. Yusuf - Cardiothoracic surgeon specialising in Minimally Invasive Cardiac Surgery, Apollo Hospitals said, "In
the thoracotomy - beating heart approach, the surgeon can perform the operation through a tiny incision under the left nipple (four or five
centimeters wide) while the heart continues to beat. This technique lowers the risk of complications that arises if a conventional bypass
method is used. The patients have reduced pain and less need for postoperative pain medication, smaller scars, a shorter stay in the hospital
and a faster recovery."
He added, "As a stage two approach the patient underwent Angiography and Drug Eluting Stent insertion to the remaining blockages in the
coronary artery under specialised Intravascular Ultrasound Guidance. This was performed by Dr. Damodharan, Senior Consultant Cardiologist,
Apollo Hospitals, Chennai. The patient had excellent results in the check angiography after stent insertion and surgery. This patient was very
cooperative and recovered in 48 hours and was discharged."
Robotic assisted CABG is the least invasive method of minimally invasive cardiac surgery. Blood loss, pain is negligible and it reduces hospital
stay with extremely quick recovery. This procedure would be suitable to treat many patients with multi-vessel coronary artery disease.
Patients can return back to full normal activity within 2 weeks.
Dr. Mohammad Yusuf and team had earlier in March 2018 performed India's first Minimally Invasive Hybrid Revascularisation procedure
(without Robotic assistance) on a 53-year-old man saving him from a triple vessel blocks.

Section 6 – Appendix
The data and analysis within this report is driven by GlobalData.
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Our coverage includes 200,000 + reports on 185,000+ companies (including 150,000+ private) across 200+ countries and 29 industries. The
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Methodology
GlobalData company reports are based on a core set of research techniques which ensure the best possible level of quality and accuracy of
data. The key sources used include:
• Company Websites
• Company Annual Reports
• SEC Filings
• Press Releases
• Proprietary Databases
Currency Codes
Currency Code Currency
INR Rupee
GlobalData
Ratio Definitions
Capital Market Ratios
Capital Market Ratios measure investor response to owning a company's stock and also the cost of issuing stock.
Price/Earnings (P/E) ratio is a measure of the price paid for a share relative to the annual income earned
per share. It is a financial ratio used for valuation: a higher P/E ratio means that investors are paying more
Price/Earnings Ratio
for each unit of income, so the stock is more expensive compared to one with lower P/E ratio. A high P/E
(P/E)
suggests that investors are expecting higher earnings growth in the future compared to companies with a
lower P/E. Price per share is as of previous business close, and EPS is from latest annual report.
Calculation: Market Cap / Net Income
Enterprise Enterprise Value/EBITDA (EV/EBITDA) is a valuation multiple that is often used in parallel with, or as an
Value/Earnings before alternative to, the P/E ratio. The main advantage of EV/EBITDA over the PE ratio is that it is unaffected by a
Interest, Tax, company's capital structure. It compares the value of a business, free of debt, to earnings before interest.
Depreciation & Price per share is as of previous business close, and shares outstanding last reported. Other items are from
Amortization latest annual report.
(EV/EBITDA) Calculation: {(Market Cap + Debt + Minority Interest + Preferred Stock (Redeemable + Non-
Redeemable) - Cash & Cash Equivalents)} / (Operating Income + Depreciation + Amortization)
Enterprise Value/Sales (EV/Sales) is a ratio that provides an idea of how much it costs to buy the company's
sales. EV/Sales is seen as more accurate than Price/Sales because market capitalization does not take into
account the amount of debt a company has, which needs to be paid back at some point. Price per share is
Enterprise Value/Sales
as of previous business close, and shares outstanding last reported. Other items are from latest annual
report.
Calculation: {(Market Cap + Debt + Minority Interest + Preferred Stock (Redeemable + Non-
Redeemable) - Cash & Cash Equivalents)} / Revenue

Enterprise Value/Operating Profit measures the company's enterprise value to the operating profit. Price
Enterprise per share is as of previous business close, and shares outstanding last reported. Other items are from latest
Value/Operating Profit annual report.
Redeemable) - Cash & Cash Equivalents)} / Operating Income
Enterprise Value/Total Assets measures the company's enterprise value to the total assets. Price per share
Enterprise Value/Total is as of previous business close, and shares outstanding last reported. Other items are from latest annual
Assets report.
Redeemable) - Cash & Cash Equivalents)} / Total Assets
Dividend Yield Dividend Yield shows how much a company pays out in dividends each year relative to its share price. In
the absence of any capital gains, the dividend yield is the return on investment for a stock.
Calculation: Annual Dividend per Share / Price per Share
GlobalData
Equity Ratios
These ratios are based on per share value.

Earnings per share (EPS) is the portion of a company's profit allocated to each outstanding share of
Earnings per Share (EPS)
common stock. EPS serves as an indicator of a company's profitability.
Calculation: Net Income / Weighted Average Shares
Dividend per Share Dividend is the distribution of a portion of a company's earnings, decided by the board of
directors, to a class of its shareholders.
Dividend Cover Dividend cover is the ratio of company's earnings (net income) over the dividend paid to shareholders.
Calculation: Earnings per share / Dividend per share
Book Value per Share measure used by owners of common shares in a firm to determine the level of safety
Book Value per Share associated with each individual share after all debts are paid accordingly.
Calculation: {Shareholders Equity - Preferred Stock (Redeemable + Non-Redeemable)} / Outstanding
Shares
Cash Value per Share is a measure of a company's cash (cash & equivalents on the balance sheet) that is
Cash Value per Share
determined by dividing cash & equivalents by the total shares outstanding.
Calculation: Cash & equivalents / Outstanding Shares
GlobalData
Profitability Ratios
Profitability Ratios are used to assess a company's ability to generate earnings, based on revenues generated or resources used. For
most of these ratios, having a higher value relative to a competitor's ratio or the same ratio from a previous period is indicative that
the company is doing well.
Gross margin is the amount of contribution to the business enterprise, after paying for direct-fixed and
Gross Margin
direct-variable unit costs.
Calculation: (Gross Profit / Revenue}*100
Operating Margin Operating Margin is a ratio used to measure a company's pricing strategy and operating efficiency.
Calculation: (Operating Income / Revenue) *100
Net Profit Margin is the ratio of net profits to revenues for a company or business segment - that shows
Net Profit Margin
how much of each dollar earned by the company is translated into profits.
Calculation: (Net Profit / Revenue) *100

Profit Markup Profit Markup measures the company's gross profitability, as compared to the cost of revenue.
Calculation: Gross Income / Cost of Revenue
PBIT Margin (Profit Profit Before Interest & Tax Margin shows the profitability of the company before interest expense &
Before Interest & Tax) taxation.
Calculation: {(Net Profit+Interest+Tax) / Revenue} *100
PBT Margin (Profit Profit Before Tax Margin measures the pre-tax income over revenues.
Before Tax)
Calculation: {Net Income Before Tax / Revenue} *100
Return on Equity measures the rate of return on the ownership interest (shareholders' equity) of the
Return on Equity common stock owners.
Calculation: (Net Income / Shareholders Equity)*100
Return on Capital Employed is a ratio that indicates the efficiency and profitability of a company's capital
Return on Capital investments. ROCE should always be higher than the rate at which the company borrows; otherwise any
Employed
increase in borrowing will reduce shareholders' earnings.
Calculation: Operating Income / (Total Assets – Current Liabilities) * 100
Return on Assets is an indicator of how profitable a company is relative to its total assets, the ratio
Return on Assets
measures how efficient management is at using its assets to generate earnings.
Calculation: (Net Income / [Current Year Total Assets + Last Year Total Assets)/2])*100
Return on Fixed Assets measures the company's profitability to its fixed assets (property, plant &
Return on Fixed Assets
equipment).
Calculation: (Net Income / [Current Year Fixed Assets + Last Year Fixed Assets)/2]) * 100
Return on Working Return on Working Capital measures the company's profitability to its working capital.
Capital
Calculation: {Operating Income / (Current Assets-Current Liabilities)} * 100
GlobalData
Cost Ratios
Cost ratios help to understand the costs the company is incurring as a percentage of sales.
Operating costs (% of Operating costs as percentage of total revenues measures the operating costs that a company incurs
Sales) compared to the revenues.
Calculation: (Operating Expenses / Revenue) *100
Administration costs (% Administration costs as percentage of total revenue measures the selling, general and administrative
of Sales) expenses that a company incurs compared to the revenues.
Calculation: (Administrative Expenses / Revenue) *100
Interest costs (% of Interest costs as percentage of total revenues measures the interest expense that a company incurs
Sales) compared to the revenues.
Calculation: (Interest Expenses / Revenue) *100
GlobalData
Liquidity Ratios
Liquidity ratios are used to determine a company's ability to pay off its short-terms debts obligations. Generally, the higher the value
of the ratio, the larger the margin of safety that the company possesses to cover short-term debts. A company's ability to turn short-
term assets into cash to cover debts is of the utmost importance when creditors are seeking payment. Bankruptcy analysts and
mortgage originators frequently use the liquidity ratios to determine whether a company will be able to continue as a going concern.

Current Ratio measures a company's ability to pay its short-term obligations. The ratio gives an idea of the
company's ability to pay back its short-term liabilities (debt and payables) with its short-term assets (cash,
Current Ratio inventory, receivables). The higher the current ratio, the more capable the company is of paying its
obligations. A ratio under 1 suggests that the company would be unable to pay off its obligations if they
came due at that point.
Calculation: Current Assets / Current Liabilities
Quick Ratio Quick ratio measures a company's ability to meet its short-term obligations with its most liquid assets.
Calculation: (Current Assets - Inventories) / Current Liabilities
Cash ratio is the most stringent and conservative of the three short-term liquidity ratio. It only looks at the
most liquid short-term assets of the company, which are those that can be most easily used to pay off
Cash Ratio
current obligations. It also ignores inventory and receivables, as there are no assurances that these two
accounts can be converted to cash in a timely matter to meet current liabilities.
Calculation: {(Cash & Bank Balance + Marketable Securities) / Current Liabilities)}
GlobalData
Leverage Ratios
Leverage ratios are used to calculate the financial leverage of a company to get an idea of the company's methods of financing or to
measure its ability to meet financial obligations. There are several different ratios, but the main factors looked at include debt, equity,
assets and interest expenses.
Debt to Equity Ratio is a measure of a company's financial leverage. The debt/equity ratio also depends on
Debt to Equity Ratio the industry in which the company operates. For example, capital-intensive industries tend to have a higher
debt-equity ratio.
Calculation: Total Debt / Shareholders Equity
Debt to capital ratio gives an idea of a company's financial structure, or how it is financing its operations,
along with some insight into its financial strength. The higher the debt-to-capital ratio, the more debt the
company has compared to its equity. This indicates to investors whether a company is more prone to using
Debt to Capital Ratio
debt financing or equity financing. A company with high debt-to-capital ratios, compared to a general or
industry average, may show weak financial strength because the cost of these debts may weigh on the
company and increase its default risk.
Calculation: {Total Debt / (Total Debt + Shareholders Equity)}
Interest Coverage Ratio is used to determine how easily a company can pay interest on outstanding debt,
Interest Coverage Ratio
calculated as earnings before interest & tax by interest expense.
Calculation: Operating Income / Interest Expenses
GlobalData
Efficiency Ratios
Efficiency ratios measure a company's effectiveness in various areas of its operations, essentially looking at maximizing its use of
resources.
Fixed Asset Turnover ratio indicates how well the business is using its fixed assets to generate sales. A
higher ratio indicates the business has less money tied up in fixed assets for each currency unit of sales
Fixed Asset Turnover
revenue. A declining ratio may indicate that the business is over-invested in plant, equipment, or other
fixed assets.
Calculation: Revenue / [Current Year Fixed Assets + Last Year Fixed Assets)/2]
Asset turnover ratio measures the efficiency of a company's use of its assets in generating sales revenue to
Asset Turnover the company. A higher asset turnover ratio shows that the company has been more effective in using its
assets to generate revenues.
Calculation: Revenue / [Current Year Total Assets + Last Year Total Assets)/2]

Current Asset Turnover Current Asset Turnover indicates how efficiently the business uses its current assets to generate sales.
Calculation: Revenue / [Current Year Current Assets + Last Year Current Assets)/2]
Inventory Turnover ratio shows how many times a company's inventory is sold and replaced over a period.
Inventory Turnover A low turnover implies poor sales and, therefore, excess inventory. A high ratio implies either strong sales
or ineffective buying.
Calculation: Cost of Goods Sold /[Current Year Inventory + Last Year Inventory)/2]
Working Capital Turnover is a measurement to compare the depletion of working capital to the generation
Working Capital of sales. This provides some useful information as to how effectively a company is using its working capital
Turnover to generate sales.
Calculation: Revenue / (Current Assets – Current Liabilities)
Capital Employed Capital employed turnover ratio measures the efficiency of a company's use of its equity in generating sales
Turnover revenue to the company.
Calculation: Revenue / (Total Assets – Current Liabilities)
Capex to Sales ratio measures the company's expenditure (investments) on fixed and related assets'
Capex to sales
effectiveness when compared to the sales generated.
Calculation: (Capital Expenditure / Sales) *100
Net income per Net income per Employee looks at a company's net income in relation to the number of employees they
Employee have. Ideally, a company wants a higher profit per employee possible, as it denotes higher productivity.
Calculation: Net Income / No. of Employees
Revenue per Employee measures the average revenue generated per employee of a company. This ratio is
Revenue per Employee most useful when compared against other companies in the same industry. Generally, a company seeks the
highest revenue per employee.
Calculation: Revenue / No. of Employees
Efficiency Ratio is used to calculate a bank's efficiency. An increase means the company is losing a larger
Efficiency Ratio percentage of its income to expenses. If the efficiency ratio is getting lower, it is good for the bank and its
shareholders.
Calculation: [Non-interest expense / (Net Interest Income + Non-Interest Income)] * 100
GlobalData
Notes
• Financial information of the company is taken from the most recently published annual reports or SEC filings
• The financial and operational data reported for the company is as per the industry defined standards
• Revenue converted to USD at average annual conversion rate as of fiscal year end
About GlobalData
GlobalData is one of the world’s leading providers of company operational data and strategic analysis, providing detailed information on tens
of thousands of companies globally. Our highly qualified team of Analysts, Researchers, and Solution Consultants use proprietary data sources
and various tools and techniques to gather, analyze and represent the latest and the most reliable information essential for businesses to
sustain a competitive edge. Data is continuously updated and revised by large teams of research experts, so that it always reflects the latest
events and information. With a large dedicated research and analysis capability, GlobalData employs rigorous primary and secondary research
techniques in developing unique data sets and research material for this series and its other reports. GlobalData offers comprehensive
geographic coverage across world’s most important sectors, focusing particularly on energy and healthcare.
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sources and does not necessarily represent the views of the company profiled.
The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings,
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Apollo Hospitals Enterprise LTD (Apollohosp) : Financial and Strategic SWOT Analysis Review

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Apollo Hospitals Enterprise Ltd

Report Code: GDPH34828FSA

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Section 1 - About the Company

Telephone +91 44 28290956 No. of Employees 54,698

Fax +91 44 28290956 Fiscal Year End March

URL www.apollohospitals.com Revenue (in USD Million) 1,408.8

Industry Pharmaceuticals and Revenue (in INR Million) 96,174.4

Locations Bangladesh, India, Mauritius, United Kingdom, United States

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Apollo Hospitals Enterprise Ltd - Key Employees

Name Job Title Board Level Since Age

Prathap C. Reddy Chairman Executive Board

Suneeta Reddy Director, Managing Director Executive Board

Preetha Reddy Vice Chairperson Non Executive Board

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Apollo Hospitals Enterprise Ltd - Key Employee Biographies

Mr. Prathap C. Reddy is the Founder-Chairman of the company. He was the

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Apollo Hospitals Enterprise Ltd - Major Products and Services

Apollo Hospitals Enterprise Ltd, Major Products and Services

Secondary and Tertiary Healthcare

Clinical Research and Site Management

Health Insurance and TPA

Technology Services and Solutions

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Apollo Hospitals Enterprise Ltd - History

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tackle the growing problem of heart arrhythmias, by providing an innovative

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1979 Incorporation/Establishment Apollo Hospitals Enterprise Limited was established.

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Apollo Hospitals Enterprise Ltd - Company Statement

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Stay Healthy and my warm personal regards to all of you.

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Apollo Hospitals Enterprise Ltd - Locations And Subsidiaries

Other Locations & Subsidiaries

Apollo Hospitals Enterprise Ltd, Other Locations

154/11 Opposite IIM B Sherpur Chowk GT Road

AB Road Aragonda Village

Hyderabad Road Waltair Main Road

Seepat Road Plot: 81, Block: E, Bashundhara R/A

Adhichunchanagiri Road 32 Sassoon Road

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Lake View Road

Apollo Hospitals Enterprise Ltd, Subsidiaries

Indraprastha Medical Corp Ltd Apollo Pharmaceuticals USA Inc

CHL-Apollo Hospitals Ltd Unique Home Health Care Limited

Ab Medical Centres Limited Samudra Healthcare Enterprises Limited

Apollo Hospital (UK) Limited Apollo Health and Lifestyle Limited

Alliance Medicorp (India) Limited Nova Specialty Hospitals

© GlobalData 2020. This product is licensed and is not to be photocopied. Page 16

Apollo Specialty Cancer Hospital Pinakini Hospitals Limited

Mera HealthCare Private Limited Western Hospitals Corporation Pvt. Limited

Indraprastha Apollo Hospitals Apollo Cosmetic Surgical Centre

Imperial Hospitals & Research Samudra Health Care Enterprise Limited

SPS Apollo Hospital Apollo Hospitals Bilaspur

Assam Hospitals Ltd Imperial Hospital and Research Centre Ltd

Apollo Hospitals Enterprise Ltd, Joint Venture