Indian multinational healthcare group Apollo Hospitals has reported a profit attributable to owners of Rs1.66bn ($20.12m) for the first quarter of fiscal 2024 (Q1 FY24), a 47.5% loss compared with Rs3.24m ($39.11m) in the same quarter last year.

The performance was hit by an 18% rise in total expenses, from Rs35.45bn ($427.88m) to Rs41.82bn ($504.77m).

Despite this, the group’s revenue for the three months to June 2023 was Rs44.18bn ($533.44m), a 16% growth from Rs37.95bn ($458.31m) in Q1 FY23.

Healthcare Services revenue increased 13% year-on-year to Rs22.94bn ($276.96m). In the Healthco unit, which includes digital healthcare and the omni-channel pharmacy platform, revenue rose by 22% to Rs18,05bn ($218m).

AHLL covers diagnostics and retail healthcare and generated revenue of Rs 3.19bn ($38.5m) in the quarter that ended on 30 June 2023, up 9% from the year prior.

The group’s consolidated earnings before interest, taxes, depreciation, and amortisation (EBITDA), excluding 24/7 operating costs and ESOP charges, increased 13% to Rs.7.13bn ($86.08m).

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After 24/7 operating costs, the EBITDA rose 4% to Rs5.09bn ($61.43m).

Apollo Hospitals Group chairman Dr. Prathap C Reddy said: “We have witnessed healthy growth and performance in the first quarter of the fiscal year 2024.

“Apollo Hospitals remains dedicated to advancing healthcare excellence, embracing innovation, and expanding our reach to provide quality medical services to even more communities.

“We are grateful to our dedicated team of healthcare professionals, whose relentless commitment to patient care has contributed significantly to these remarkable achievements.”