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Contents
C or p o rate R e vi e w
A
2 Message from the Chairman
4 About Us person’s DNA, which is pivotal to human growth, contains the instructions for that
6 Business Overview particular individual’s development. DNA stores vast amounts of biological data in its
8 Financial Snapshot four-letter code, and is an extremely efficient and robust storage device. At Apollo Hospitals,
12 The Apollo Impact our unique 4-character, 24/7, is our unique DNA and remains staunchly fundamental to how
17 Future Ready we view the health and wellbeing of our patients; for the hundreds of decisions we have to
36 Clinical Excellence and Innovation make about treatment protocols we will adopt, technology we will invest in, the standards of
52 Novel Corona Virus – Covid-19 healthcare we will embrace and the growth strategy we will adopt to cater to the needs of
57 Awards & Recognitions different patient populations and their associated care journeys.
Since establishment 36 years ago, it has been our mission to make India self-reliant in
S t a t u to r y S e c ti o n
58 Board Members healthcare; to make superior care of international standards available to the common
59 Corporate Information man. Apollo 24/7, the Group’s transition to omnichannel, which is always switched on,
60 Directors’ Report to the Shareholders
is for every Indian. Today Apollo’s expertise is within reach for everyone in a more user-
102 Corporate Governance Report
friendly way from the mobile phone, anywhere and at any time. During these challenging
- Business Responsibility Report*
times Apollo has led from the front and created the most responsive consumer healthcare
Bu sin e s s R e v i e w offering, an endeavour that resonates with the Prime Minister’s call to make India self-
139 Management Discussion and Analysis reliant - ‘Atmanirbhar Bano’. Using our network of 71 hospitals, 200+ clinics, 11000+
194 Clinical Governance best doctors, you can get an Apollo Doctor Consultation in 15 minutes . . . expertise
meets efficiency. Apollo Pharmacy, India’s largest pharmacy network serves 600 cities
F in a n c i al S tate m e n ts
203 Auditors’ Report on and towns; Apollo 24/7 pushes this further; now all of India can get the safest and
Standalone Financial Statements
widest range of medicines delivered to their doorstep in 2 hours . . . expertise meets
214 Standalone Financial Statements
convenience. Apollo leads with the best technology merged with medical science and its
295 Statement pursuant to Section 129
of the Companies Act, 2013 signature patient first approach; once again reinventing how healthcare is delivered in
297 Auditors’ Report on
Consolidated Financial Statements
India. This is our DNA. This is your Apollo.
306 Consolidated Financial Statements
* Business Responsibility Report is a separate enclosure and forms a part of this Annual Report.
Note: Patient names have been withheld from all case studies and patient testimonials in this report in order to protect patient privacy.
Corporate Statutory Business Standalone Consolidated
Review Section Review Financials Financials
| APOLLO HOSPITALS ENTERPRISE LIMITED |
During this time, we also launched our digital shareholders and I am very pleased to share with you
healthcare app Apollo 24/7 - agile and digitally our consolidated FY20 results. Our YOY growth in
Message from the chairman connected to the consumer, and we have been Revenue is 17% at ` 112,468 mio in Healthcare
humbled by the response - 3.7 million registered Services which contributes 53% to our Topline, and
users, ~3,200 doctors live on the platform, over Standalone Pharmacies contribute 41%. Overall, the
125,000 digital consults till date and over 12.7 EBITDA (Pre Ind AS 116) stood at ` 12,880 mio, a YOY
can be easily controlled through surgery, including million COVID-19 risk scans completed. growth of 21%. I am delighted to announce a final
robotic surgery. For more advanced cases, we also
dividend of ` 2.75 per share.
have state-of-the-art Photon therapy, through While managing COVID-19 as well as other ailments,
Novalis, Tomo and Halcyon machines, and Proton we have created an iron curtain, in all our hospitals, The ultimate goal of innovation in healthcare has
therapy. Our Proton Centre in Chennai, is the first-of- between COVID-19 patients and non-COVID-19 always been to find a model which fosters complete
its kind in South East Asia and people from all over patients so that the safety of the hospitals for the convergence and benefits for all stakeholders -
the world come here for treatment. Today, we are not non-COVID-19 patients is not compromised. We have investors, consumers, clinicians, employees,
only the No. 1 provider of cardiac services, we are also fully separated the staff - doctors, nurses, governments and society. Ours is a purpose-led model
marching towards making India the best cancer care housekeeping staff and others - and are housing that achieves this balance, and proves that a profitable
center in the world. them separately. This has helped us to make our business can have significant socio-economic impact.
facilities completely safe for the treatment of normal
As a definitive step towards combating NCDs, and to medical and surgical procedures as they arise. The entire Apollo Family has risen to the challenge of
encourage early-detection and prevention, we have caring for COVID and non-COVID patients. I would at
completed over 22 million Preventive Health Checks Against the backdrop of COVID-19, it has now this time, like to acknowledge the efforts of our
so far. We have now created a new program Apollo become abundantly clear that controlling NCDs, doctors, nurses and support staff who have shown
ProHealth, powered by Artificial Intelligence, which especially conditions like hypertension and diabetes fierce determination and dedication in performing
will help Predict, Prevent and Overcome NCDs. The is critical for building immunity to protect oneself their duties. This gives me the confidence that we
program includes personalised healthcare under the from infections that can become life threatening.
can overcome any challenge that may come our way
supervision of health mentors. The prevailing social stigma around COVID-19, and enable us to serve the interests of all our
Dear Members, coupled with the fear of contracting infections may stakeholders.
The second decade of the twenty-first century will
also see the advent of Artificial Intelligence, have made patients rather lax about their health,
I would also like to thank the Board members for their
The second decade of the twenty-first century will be lifestyle, regular medications and follow-up for their
Automation, Robotics and 3-D printing in Healthcare. trust and unfailing support in our journey. I sincerely
the decade of Non- Communicable diseases (NCDs). ailments. There is an urgent need to bring in a
We have already adopted all of these to make a look forward to that in the coming year as well.
The World Economic Forum and the United Nations behavioural shift and ensure that people do not
significant impact in the way we manage our patients
have both warned that the world will face a huge NCD ignore conditions and illnesses, which may become Work of the magnitude that we have done this year
and their medical conditions, with precision. I am
crisis in the next ten years in the form of diabetes, life-threatening if left unattended. was possible only because of the faith and trust, you,
happy to share that the Apollo Hospitals network is
heart disease, strokes, cancer, respiratory disorders, performing the highest number of robot-assisted the shareholders have reposed in us; helping us move
With 71 hospitals with a total of 10261 beds; 3766
infectious diseases and obesity. It is estimated that by surgeries in the country; we have also started using beyond conventional boundaries. I thank you for
pharmacies, and 956 retail touchpoints, and emerging
the end of this decade, 80% of deaths worldwide will robots for cardiac procedures now. your support.
formats of care such as digital healthcare and home
be from NCDs, which will amount to a staggering
healthcare, across the length and breadth of India, I We stand on the frontline to assist our country
global cost of USD 30 Trillion, with India’s share of Suddenly and unexpectedly, in the month of March
can confidently say no other hospital in the world has during these difficult times and will continue to
that cost being USD 4.8 Trillion. It is a huge threat 2020, another major health crisis erupted for the
the gamut of health services we offer. Our Centres of partner with Governments - both central and state, as
that no family, corporate or nation can sustain. It has world with the COVID-19 pandemic. We launched
Excellence continue to differentiate themselves we pursue the dream of building a self-reliant India
been always our endeavour to work with Project Kavach, an integrated and holistic plan for
through clinical excellence, high standards of quality, in the healthcare space.
Governments, corporates and communities in general, the fight against COVID-19. Kavach includes
and skilled, experienced doctors. Our COE focus
Annual Report 2019–20

to reduce this burden, especially for younger people modalities for screening, testing, assessment, Let me remind you once again that your body is
enables us to maintain a leadership position in
in the age group of 30-60, who are precious to their isolation, treatment, monitoring and follow-up. We Priceless and should be preserved with care.
treatment protocols and outcomes. Our focus on
employers, their families, and above all to the nation. have designated close to 2,000 beds across our
Telemedicine has deepened, facilitating our reach My warm personal regards to all of you,
hospitals for COVID-19. We have been working with
Apollo 24 / 7
into non-urban geographies to provide access to

In pursuit of the well-being of people at large, we the Governments of 16 states where our hospitals are
primary, secondary and tertiary care. Stay safe. Stay Healthy.
have devised specific programs for diabetes located. We have set up fever clinics in 30 locations.
management, detection of risk factors and corrective So far, we have made a positive difference to the lives Returns are measured not merely in financial terms
treatment for heart disease, strokes and cancer. It is of over 30,000 patients and we will continue to alone; we’ve done so much work beyond just the Dr. Prathap C. Reddy
important to remember that cancer, if detected early, extend care. numbers. But numbers are important for Executive Chairman, Apollo Hospitals Group
2 3
aBOUT uS
Ou r M ission
The largest private healthcare services provider in India, To bring healthcare of international standards
our geographic footprint now includes 71 hospitals across
within the reach of every individual. We are
55 specialties. The first Apollo Hospital was established in
Chennai in 1983, giving us an experience of 36 years in
committed to the achievement and maintenance of
patient care. Our offerings span the entire value chain of excellence in education, research, and
healthcare services and are delivered through different healthcare for the benefit of humanity.
entities with their own specialist experience. Together they
form an integrated healthcare ecosystem.
Ad vantage Apollo
10 + L
Patient active
Access Apollo Hospitals has played a significant role in advancing
users/week
quality patient care to the general populace in India. The
27 L+ OPs
impact is vivid in many areas. This impact is invaluable in
Diagnostics
& Clinics
in a year creating a solid foundation for the emergence of a powerful
healthcare ecosystem with potential to deliver a personalized
and integrated experience to consumers, enhance provider
Care Continuum
5 L+ IPs
Provider 50 L+ OPs productivity, and improve outcomes and affordability.
in a year
Our vision is in offering top end care to our patients. Our Hospitals offer
multiple specialties under one roof with great infrastructure (both physical
67.5 M+ infrastructure and technology), influencing the best possible outcomes for
TPA active
patients. We have endeavoured consistently to be a trend-setter when it comes to
lives
the adoption of high-end medical technologies, equipment and clinical standards.

For example, we have been an early adopter of Telemedicine, a major technology
150 M+ innovation which has helped us break geographic boundaries for improving patient
footfalls access to care. We use the latest diagnostic technologies and genetic markers for
Apollo 24 / 7
Pharmacy
per year the ‘Apollo Health Checks’ which supports our approach to disease management.
‘Apollo Personalized Health Checks,’ as well as age and gender specific plans
which people can schedule online, are evidence of our resolve to promote health
Wellness and wellbeing as a whole.
& Advocacy
4 5
Business Overview FY 20 at Apollo Hospitals*
Admissions Out-Patients Preventive

Largest hospital network in India Health Checks
Day Surgery/
Owned CRADLE Managed Total
8822 + 530 + 90 9 = 102 61

Beds
470,000+ 4,300,000+ 450,000+
~53% * Healthcare
45 + 21 + 5 = Hospitals
71
of Consolidated (Tertiary, Super Specialty & Secondary Care)
Revenues Servi ces Heart Neuro Surgical Robotic Surgeries
Surgeries Discharges
Employed + Nurses Paramedics

“Fee for service”
Doctors
10,000+ 35,000+ 1,000+
11000+ 13000+ 5000+
Largest pharmacy chain in India

Liver Transplants Kidney Bone Marrow
~41% * Stan dalon e 37 6 6 outlets across 21 states & Transplants Transplants
of Consolidated
Revenues P harmaci es 4 union territories
2 60 1,100 250+
Leading retail healthcare network in India
Primary Clinics 148
~6% * Other
Sugar Clinics
Dental Clinics
25
64 Radiotherapy Chemotherapy Joint Countries
of Consolidated

Fractions Cycles Replacements Medical
Revenues Bu si n esses Birthing Centres – “CRADLE” 12
Value Travel
Spectra Facilities 15
Diagnostic Centres 650
Apollo 24 / 7
Dialysis Centres 42
180,000+ 70,000+ 6,500+ 120
* Including proforma for Kolkata (50% holding), Delhi (22% holding) and Medics Lucknow (50%) whose
Revenues are not consolidated under Ind AS due to joint control.
6 * Data for owned hospitals only. Does not include managed hospitals. 7
Financial Snapshot
Standalone Financial Performance Consolidated Financial Performance
Rupees million, except for share data FY 2 0 2 0 FY 2 0 19 Revenue growth Rupees million, except for share data FY 2 0 2 0 FY 2 0 19 Revenue growth
Revenue from operations 97,944 83,367 17% Revenue from operations 112,468 96,174 17%
EBITDA growth EBITDA growth
Operating EBITDA - Pre Ind AS 116 * 11,894 1 0 ,181 Operating EBITDA - Pre Ind AS 116 * 12,88 0 1 0 ,637
(Pre Ind AS 116) (Pre Ind AS 116)
(Earnings before Interest, Tax & (Earnings before Interest, Tax &
Depreciation) 17% Depreciation) 21%
Operating EBITDA - Post Ind AS 116 * 14,152 N.A PBT includes: Operating EBITDA - Post Ind AS 116 * 15,873 N.A PBT includes:
a) effect of higher a) effect of higher
Operating EBIT 9,33 0 7,182
depreciation and
Operating EBIT 9,676 6,681
depreciation and
(Earnings before Interest & Tax) interest from new (Earnings before Interest & Tax) interest from
hospitals new hospitals
Profit Before Tax (PBT) 6,824 4,625 Profit Before Tax (PBT) 6,57 0 3,735
b) Ind-AS 116, b) Ind-AS 116,
Profit After Tax (PAT) 4,7 0 3 3, 0 28 effective 1st April Profit After Tax (PAT) 4,549 2,36 0 effective 1st April
2019 has recognized 2019 has recognized
Earnings per share (EPS) (`) 33.8 0 21.76 Earnings per share (EPS) (`) 32.7 0 16.97
interest expense on interest expense on
lease liabilities lease liabilities
and depreciation on and depreciation on
Standalone Financial Position right-of-use asset. Consolidated Financial Position right-of-use asset.
Incremental impact Incremental impact
Rupees million FY 2 0 2 0 FY 2 0 19 in FY20 PBT due to Rupees million FY 2 0 2 0 FY 2 0 19 in FY20 PBT due to
Ind AS 116 is Ind AS 116 is
Application of Funds 1 0 1,442 84,285 ` 550 mio Application of Funds 113,384 91,831 ` 716 mio
Fixed Assets 61,875 46,939 c) Exceptional income Fixed Assets 73,215 54,572 c) Exceptional income
of ` 1,644 mio. of ` 1,644 mio.
Goodwill 948 948 (Gain from sale of Goodwill 3,462 3,462 (Gain from sale of
stake in Apollo stake in Apollo
Non-Current Investments 1 0 ,488 1 0 ,727 Non-Current Investments 3,592 3,929
Munich Health Munich Health
Net Current Assets & Long term 28,132 25,671 Insurance netted Net Current Assets & Long term 33,114 29,868 Insurance netted
Advances off by impairment Advances* off by impairment
of investment of investment
Sources of Funds 1 0 1,442 84,285 in Apollo Lavasa) Sources of Funds 113,384 91,831 in Apollo Lavasa)
Shareholders Fund 39,883 38,834 Shareholders Fund 33,39 0 33,335

Loan Funds & Long term Provisions/ 58,646 42,347 Minority Interest 1,3 0 7 1,355
Liabilities
Loan Funds & Long term Provisions/ 75,745 53,992
Apollo 24 / 7
Deferred Tax Liability 2,913 3,1 0 4 Liabilities

Deferred Tax Liability 2,942 3,149
* i
ncludes cash and investment in liquid mutual funds of ` 4,737 million in FY20 and ` 3,550 million
in FY19.
8 9
Su st a ine d G ro wth Strong Ope rational P e rf orm ance
Bed Count CAGR 11% Standalone Pharmacy Count CAGR 28% Discharges (in ‘000s) CAGR 6% Occupancy
71%† 68%† 63%† 64%† 66%† 68%† 67%†
(number)
(number)
750* 1,500* 4,000* 7,984* 9,215* 10,261* NA 25 170 1,049 1,822 3,766 332 354 374 399 428 452 478 5,811‡ 6,321‡ 6,724‡ 6,940‡ 7,111‡ 7,246‡ 7,491‡
FY 95 FY 00 FY 05 FY 10 FY 15 FY 20 FY 95 FY 00 FY 05 FY 10 FY 15 FY 20 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20
Revenue CAGR 25% EBITDA CAGR 20% ALOS (Days) ARPOB (` per day) CAGR 8%
(` million)
(` million)
457 2,684 6,621 20,265 51,785 112,468 127 715 1,167 3,006 7,347 12,880 4.54 4.43 4.17 4.04 3.99 3.99 3.86 23,684 25,381 29,867 31,377 31,963 34,226 37,397
FY 95 FY 00 FY 05 FY 10 FY 15 FY 20 FY 95 FY 00 FY 05 FY 10 FY 15 FY 20** FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20
Debt Equity Ratio SAP EBITDA Margins Mature Stores (Pre FY08) EBITDA Margins
14 new hospitals with 2,850+ beds

(including Proton Therapy Cancer

Centre) added over the last 3
years with capital invested of
` 32,375 mio
Apollo 24 / 7
0.69 0.45 0.42 0.44 0.52 0.79 3.3% 3.3% 3.5% 4.4% 4.5% 5.2% 6.0% 5.6% 5.9% 6.5% 7.3% 7.7% 8.4% 9.1%
FY 95 FY 00 FY 05 FY 10 FY 15 FY 20 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20
* Bed includes both owned & managed hospitals. ** Pre Ind AS 116 EBITDA (effective 1st April 2019). ALOS – Average Length of Stay; ARPOB – Average Revenue per Occupied Bed. Note: Figures from FY17 onwards have been
10 Note: Figures from FY17 onwards been presented on the basis of Ind AS. presented on the basis of Ind AS. † Occupancy rate. ‡ Operating beds. 11
Im prove d acce ss Improving access to care is one of the official goals

of Apollo. Since it opened its doors in Chennai in
The Apollo Impact to care 1983, Apollo’s mission statement has been “to bring
healthcare of international standards within the reach
of every individual”. Facilitating access to care
means helping people to command appropriate health
Apollo Hospitals has deep and sustained experience in all areas care resources in order to preserve or improve their
health.
of diagnostics, treatment, and world-class clinical excellence.
The Group has consistently endeavoured to offer India’s populace, Improved There are five main ways in which Apollo has aimed to
geographic access increase geographic access to health care for Indian
clinical care of international standards, often surpassing citizens:
benchmarks of leading hospitals globally. An assessment carried
First, Apollo clearly contributed to increasing the
out by a leading development finance institution, as part of overall availability of care. At the time Apollo was
established, the supply of health care services was
their Environmental, Social & Governance (ESG) assessment, among far below (potential) demand (in 1980, the number of
other things, outlines Apollo’s indelible impact on India’s available hospital beds in India was only 0.77 bed
per 1000 people), so that any additional supply was
health sector, visible in four distinct ways. truly ‘additional’ as opposed to ‘crowding out’
existing supply.
` ` Has consistently improved ` ` Has provided equitable access to
overall availability of private health health services through price Second, starting from its inception in 1983, Apollo
care services in India, and promoted differentiation / cross- has been bringing certain world-class medical
better access to care in semi-urban subsidization, telemedicine, and treatments to India for which people previously had to
and rural geographies CSR initiatives go abroad. Many specialized health care treatments
based on high international standards were simply not
ed ss fina Impr available prior to Apollo’s entry into the market.
ov acce nc
ci ia Upper-class Indians who could afford it, therefore
rap r
ov acces
geog Imp
ed s
h
traveled abroad for such services. Those who could

l
not, were not be able to access such services at all.

By bringing world-class technology and expertise to
India, Apollo dramatically improved access and
I n d ia
availability of such services.

D e m p ac e
s
me
ut c e d
i m ivat
n p
s
on t
o t r a b l
co
ha
n
Third, from the 1990s, Apollo gradually expanded from

r
nt
he he
e E n al o
alt ic Tier 1 cities into Tier 2 and even Tier 3 cities, to
h se clin
ctor
cater to the increasing demand of a growing population
with a desire to be treated locally. The ‘hub-and-
` ` Has led the way in influencing health ` ` Has continuously raised the bar on spoke model’ which Apollo introduced, offered certain

care sector policies clinical standards by being one of the
first in India to obtain international
specialized services like oncology in the ‘hub
` ` Been on the front line in introducing
JCI accreditation hospital’ which could be accessed by the remote
modern business standards into the
‘spokes’. Through a combination of owned hospitals,
Apollo 24 / 7
Indian health care sector ` ` Has ensured that many of the quality
` ` Steadily provided an attractive and outcome indicators are either at managed hospitals and network healthcare centres,
destination for medical talent in par or better than international Apollo has been driving increased coverage and
India and from overseas benchmarks penetration across the key districts in India.
` ` Helped India become the destination of
choice for medical tourists
12 13
Fourth, from the 2000s, Apollo introduced the Clinics Apollo has improved financial access through
model to move care “closer to the home” in larger cities innovations like change in surgical modalities to lower
providing those living away from multi-specialty healthcare costs for all patients. The cost of some of
hospitals easier access to specialist doctors, primary the surgeries (e.g., heart surgery) is less than 10% of
care diagnostics services, treatment facilities international costs. One way in which Apollo has
(treatment room, physiotherapy, dentistry) and reduced these costs is by treating some surgeries as
preventive health care (health checks and vaccinations). day-care services, which becomes possible as a growing
share of treatments is now non-invasive. This also
Fifth, in more recent years, Apollo has further allows some of these treatments to be moved into
expanded into lesser populated regions via public- day-care service centres, which are less expensive
private partnerships (PPPs). Within a PPP, Apollo works to operate.
with existing public hospitals by managing them. This
is also sometimes combined with other CSR activities Another way in which Apollo has catered to low-income
such as local production of uniforms, free surgeries, patients is via CSR initiatives and foundations that
or free stabilizations of emergency cases. Through its fund subsidized diagnostics and treatments to those
PPP health care programs in remote areas, Apollo is who otherwise cannot afford them.
currently providing health coverage to over 4 million
Examples include the following:
patients. An estimated 1.5 million patients have
benefitted from telemedicine alone in these areas. ` ` Save a Child’s Heart Initiative (SACHi)
Apollo has also made other efforts on its own to reach ` ` Society to Aid the Hearing Impaired (SAHI)
more remote regions through telemedicine. The Apollo ` ` The CURE Foundation
doctor communicates with the local team and they
exchange information, e.g. medical images or vital
health statistics. Via telemedicine, minor procedures Enhanced One of the key ways through which Apollo achieves
can be carried out and emergency cases can be clinical outcomes improved health outcomes is via major improvements in
stabilized, so that such patients can be moved its quality of care. Apollo has by far the best
physically by ambulance to a larger centre if needed. specialists, technologies and medical equipment in
India and is thereby able to offer highly specialized
world-class diagnostics and treatments.
Improved There are four ways in which Apollo has improved
financial access to care. The monitoring and evaluation of quality care
financial access
indicators are founded on three key sources: (1) data
The first is through reduction in travel costs via collected by the department; (2) patient feedback; and
enhanced geographic access. Patients no longer need to (3) feedback from internal customers, teams of doctors
travel long distances to access care, nor do they need and nurses. Data collection is accomplished daily
to put their livelihoods on hold for extended periods through medical records (e.g., on infection control)
of time. and incident reports.
Apollo offers everything from a presidential suite to Although it is not mandatory for Apollo’s hospitals to

a multi-bed ward. Price differentiation has been obtain JCI accreditation, 8 Apollo hospitals have thus
possible via cross-subsidies. Certain services are far obtained it. Another 30 Apollo hospitals have NABH
offered at lower cost to low-income patients who are certification, which is the national standard, very
Apollo 24 / 7
not charged for fixed costs, and only for 40-50% of similar to the JCI but requiring fewer indicators to
the variable costs, even though this means that there be met.
are no margins in these services.
14 15
Imp a c t on th e Apollo has had a major impact on the regional and even
national health sector, by influencing health care
pr iv a t e sector policies and through significant demonstration
future Ready
h ea lt h c a r e s e c to r effects. Apollo has positively contributed to health
sector employment by increasing both the quantity and
quality of qualified medical staff in India comprising Fu tu re He althcare Ecosyste m
all health workers in India, namely, doctors, nurses,
and ancillary health workers.
Several years ago, the healthcare ecosystem consisted merely of
the patient, the doctor, and the provider. If medical attention
As per the report, the demand for healthcare in India has been precipitated by
growing awareness about health and wellbeing, and this can be contributed to was required, or even hospital stay, the doctor was incharge of
three main factors: coordinating the care and would consult with specialists as needed.
Today, healthcare is getting closer to home and away from the

hospital. It is more centered on the consumer. The ecosystem
With the rapid growth of the Indian economy over the past decade, the Indian
has expanded to include countless care providers — primary and
middle class’s ability and willingness to pay for wellbeing and private
treatments has grown rapidly as well. specialty physicians, nurses, other clinical staff, as well as
different hospitals, clinics, and labs. It also includes
healthcare organizations like insurance companies which act as
payors, and pharmacies that dispense and manage medications. In
The general increase in the incidence of non-communicable diseases (e.g., fact, the landscape now includes medical device companies and
most heart diseases, most cancers, diabetes) in the Indian population, due
to the general increase in life expectancy, urbanization, and better ability distributors whose products and services are used to prevent
to treat communicable diseases. diagnose, treat, and cure disease; and health information and
technology providers who manage the all-important patient
records and data.
Technological progress has contributed to significant improvement in the In the near future, the healthcare ecosystem will likely be defined by the needs
quality of care. of different patient populations and their associated care journeys. The
consumer-oriented nature of this ecosystem will increase the number of healthcare

touchpoints, with the goal of modifying patient lifestyle and improving outcomes.
On one end of the spectrum, the ecosystem will address the needs of healthy
patients, who have less consistent medical challenges but want to pursue personal
Apollo 24 / 7
wellness goals. These patients will likely experience a more digital ecosystem,
where patient data and insights are consumed in a highly personalized and
meaningful way, such as with wearable devices. Only a small percentage of the
touchpoints will be in modalities of traditional care.
16 17
At the other end of the spectrum, the healthcare ecosystem will address the needs Apollo Hospitals is well placed to be a forerunner in the future
of patients who have multiple complex chronic conditions. Technology components
of this ecosystem will often be leveraged to enhance the in-person experience. healthcare ecosystem. The many services we already offer the
Although patient segments help organize how we think about care journeys and the patient, run the gamut from Personalized Health Checks to
ecosystem required to support them, the services provided along these journeys Precision Medicine, HomeCare, Remote Healthcare, and others.
will be tailored to the specific needs of each patient.
We have a strong brick and mortar network of 71 Hospitals, where
The digital ecosystem consists of three layers:
we deliver on our promise of personalized care through
unrelenting focus on clinical excellence, world-class outcomes
The infrastructure Next comes the Finally, a robust and differentiated patient experience. With 956 neighborhood
layer is foundational, intelligence layer, engagement layer
which converts data
retail health centers and 3,766 standalone pharmacies, the three
composed of effective brings an ecosystem
data capture, elements to to life enabled by segments are capacitized for growth and are pivotal to our
curation, management, consumable and the infrastructure
actionable insights. future journey.
storage, and and intelligence
interoperability to layers, to
create a common data effectively curate an We have harnessed the power of technology to launch a
set upon which the end-to-end experience proprietary integrated digital platform which empowers patients
ecosystem can operate. for patients.
as well as doctors. Using information utilities, real-time
surveillance and augmented intelligence, we have gathered
1. Data liquidity, the ability to access, ingest, and deploy standardized data sets actionable insight on disease progression, using which we have
allows stakeholders to operate off the same data sets with increased coordination. demonstrated effective clinical and operational outcomes. These
They can access a complete longitudinal patient record consisting of patient, and
provider-generated data, health, wellness, financial, and social data. Data initiatives, some off the ground, and some, ‘work-in-progress’,
liquidity will likely enable more coordinated care and accelerate innovation. provide a strong foundation for our journey into the future.
2. Advanced analytics, including machine learning, artificial intelligence, and
big data analytics—is critical for gaining actionable insights to guide
stakeholders across ecosystems. It will lead to more robust patient risk Apollo Hospitals of the f u tu re
identification, clinical pathway development, and personalized and precision
” ” ”
medicine. Advanced analytics allows stakeholders to use personalized and
predictive insights to more effectively manage population health.
3. The engagement layer requires a shared digital platform where end-users can Catering to the Digitally Embracing the

access through one principal channel, the curated set of services and offerings.
empowered networked changing
In healthcare, these engagement offerings include appointment scheduling,
transportation assistance, daily health-monitoring, and financial assistance. In
patient Apollo future
Apollo 24 / 7
this layer, data liquidity and infrastructure will support advanced digital
therapeutics and coordinated care across traditional and innovative care models
that rely on up-to-date and comprehensive patient information.
18 19
These changing consumer preferences combined with their demand for convenience and
Ca te r in g t o t he em p o w e r e d p at ie nt
flexibility, and the increased use of technology have successfully influenced our
The fulcrum of our journey is firmly embedded in our three transition to retail healthcare. These locally relevant spaces are primarily
focused on vaccinations, patient education, health checks, diagnostics, specimen
segments of business. collection and reports, day surgeries and aftercare, injections and in-person and
tele consultations. They include primary care clinics, specialized birthing
centres, single specialty clinics, primary health centres, dialysis centres, and
diagnostic chains, apart from dental and daycare formats.
Ap o llo H o s p i tal s ’ n e two rk t o da y
Hospitals
Mature New
` `31 Hospitals, ` `14 Hospitals, including

including units in units in major tier 1
major tier 1 cities and tier 2 cities ` `Multi specialty ` Èxpertise across ` `B2C focused
clinics that specialties pathology
` `5,966 capacity beds ` `2,856 capacity beds extend Apollo’s business; Hub-and-
` `15 planned surgery
expertise to the centres spoke model.
` `5,489 operational beds ` `2,002 operational beds
neighbourhood
` `2300 doctors ` `650 centres
` `148 centres ` `431 room beds ` `145 doctors
` `1150 doctors ` `1700 surgeries / month
M o v ing c lo s e r to th e c o n s umer
Re t a il H eal th c are — Ap o l l o Hea lt h a nd L i fest y le L i mi t ed
‘Retail’ in healthcare means creating opportunities for a clinical

encounter in a space other than in the hospital. The philosophy of
‘Retail Healthcare’ is to meet the consumers’ healthcare needs

right where they are. The growing interest among a large section ` `Provides treatment ` `Women and children ` `Dialysis services ` `Combination of stand-
solutions for focused hospital alone, in-hospital
of the population in maintaining good health and being medically Diabetes ` `12 centres
` `42 centres
& in-clinic models.
Apollo 24 / 7
` `921 doctors ` `55 doctors

fit, supports a seamless healthcare delivery format which not only ` `25 clinics
` `205 room beds
` `64 clinics
` `340 room beds
` `54 doctors ` `95 NICU/PICU beds ` `220 doctors
treats minor illnesses within a relaxed environment rather than in ` `530 deliveries/month ` `15700 sessions/month
` `31 dieticians ` `121 chairs
` `80 IVF cycles/month
a hospital, but also offers options for prevention and wellness.
20 21
St a n d a lone P h arm ac i e s
The Indian Retail Pharmacy market has been registering healthy

growth thanks to a rising demand for both acute and chronic Apollo Pharmacy Apollo Pharmacy Apollo Pharmacy
pharmaceutical products. Although retail pharmacy is one of the FY20 Presence # of stores 365x24x7
most fragmented sub-segments in healthcare service delivery, ~400 FY20 26,000
cities/towns
Added 426 people serving
Apollo Pharmacy is India’s first and largest organized, branded across
21 states & ~450,000
Closed 88
pharmacy network. It has been a key market player in this segment 4 union customers
terriroties Total 3,766 a day
for over two decades.
Apollo Pharmacy, with 3,766 outlets in key locations across India, is accredited
with International Quality Certification. We offer genuine medicines round-the-
clock through our 24-hour pharmacies. We have now enhanced our offerings Proven ability to expand the store network
extensively to include a wide variety of wellness products in addition to the %
15
traditional pharmaceutical products and built an effective supply chain with 4- 20) Apollo Pharmacy
FY1
R (
strong distribution channels. We also offer home delivery of medicines. CAG
Product Mix
Own brand
private labels
(FMCG & OTC drugs)
constitute 8%+
617 883 1049 1199 1364 1503 1632 1822 2326 2556 3021 3428 3766 of turnover
6.0% FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20
` 48,206 mn ` 2,893 mn (FY20)
FY20 FY20 EBITDA

Revenues EBITDA MARGINS
Well established track record of growth
24% 42% 5.2%
yoy growth yoy growth (FY19) (Revenue in ` Mn)
23%
20 ) Apollo Pharmacy
FY 14-
R (
Note: Pre Ind AS 116 EBITDA (effective 1st April 2019) CAG ROCE
FY20

24%
(best-in-class)
Apollo 24 / 7
1996 3322 4817 6614 8606 11017 13648 17725 23237 28745 32689 38860 48206
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20
22 23
Changing consumer demographics have heralded new patient preferences Integrated Digital Platform – From Workbench to Decision Insights
for healthcare delivery. Patients place a lot of importance on ` `Make insights actionable “in the workflow” of the user
accessibility while pursuing their health and wellness goals. ` `Make insight available via a portfolio of APIs
` `Visualize outcomes
` `Drive real-time intervention
Tr a ns f or m i n g th ro ug h te c h no lo g y
We are thus re-engineering the way we work on and with IT to

Systems of Enriched Data
create the future healthcare ecosystem. We embrace a collaborative Engagement for Analysis
culture as we believe that is the only sure path to success.
Our hallmark Data Access Management
Data Utilization Services
The promise of
Consolidating Standardization Data Management Services
personalized
silos with uniqueness
care
Knowledge Services
Systems of Insight
Data Enhancement Services
Vendor Neutral Data Repository
Data Normalization Services

Enriched Data Insight
reporting harmonization creation
Data Integration Services
Data Processing Pipeline
MedMantra | Persona | Oracle ERM |

Systems of Record
AskApollo | Diagnostics | Others

Enhanced Heightened
Apollo 24 / 7
Superior
clinical patient
quality of care
outcomes experience
24 25
Digit a l l y n et w o r k ed A p ol l o Collaboration with Zebra Global Innovation and Technology Alliance (GITA),
Medical Vision to (on behalf of Department of Science and Technology,
New and emerging technologies have transformed healthcare in validate and deploy AI Government of India), and Israel Innovation Authority
(IIA), (on behalf of the Government of Israel), have
recent years. IT services for healthcare has never been more based screening tools
signed off a joint effort by HealthNet Global,
across India (part of the Apollo Hospitals Group), and Zebra
vital in influencing patient outcomes. As medical facilities
Medical Vision, Israel, to validate, co-develop and
continue to modernize, the need for robust and responsive deploy medical imaging Artificial Intelligence (AI)
healthcare IT is only increasing. across India in the area of Tuberculosis screening.
We will co-develop and provide clinical validation, and

Our IT backend services enable integrated care evidence to prove the efficacy of radiology AI based
Digit iz in g tools in India as per 14F norms. The project when
continuum for our patients, optimizing outpatient care
the Core including health checks. The approach focuses on the completed will be able to function as a primary screening
optimizing of admin and clinical processes, empowering method for major diseases during large scale screenings.
care givers, eliminating manual processes and achieving Both companies will focus on development of an AI-
fully paperless ward operations. Investigative based Chest X-ray interpretation tool for TB which
analytics streamline data as per predefined KPIs will provide high quality, timely and cost-effective
(Operational/Clinical/Financial). The outcome is to radiology access to remote locations and poor
enable an increased level of information, transparency, communities. The AI1 (All-in One) solution is one of
collaboration, personal choice and responsibility in the largest installations of AI in India and has the
the caregiving process. Crucially, it’s about potential to help over 40 million people.
supporting patients’ preferences in the management of
their care and providing convenient options for where Partnership with The Maastricht University has signed an agreement with
and when they can receive it. the Apollo-Microsoft Cardiology Consortium to help
Maastricht University &
Apollo – Microsoft Cardiac expand the AI Network for Cardiology and Research, on
The AI-powered Cardiovascular Disease Risk Score API cardiovascular diseases in the Netherlands.
Working with Global Data Consortium
is an intelligent platform that can predict
Artificial
cardiovascular disease risk score in the Indian Apollo TeleHealth Services (ATHS), has a two–decade
Intelligence Apollo
population. Over 200,000 people have been screened experience in Telemedicine Services with presence
using the AI-driven API on Microsoft Azure across Te le he alth across 25 states in India. With close to 700
Collaboration with
Microsoft India for
Apollo Hospitals over the last one year. The platform Se rvice s Teleclinics, we have the largest telemedicine network
has been successful in allowing physicians to predict providing specialized solutions like Tele-consults,
launch of Preview–AI the risk score of patients, 5 to 7 years in advance. Tele-radiology, Tele-cardiology, Tele-condition
CVD Risk Score The national launch of the platform enables doctors management, e-ICU and others.
across our network as well as doctors in other leading
Indian hospitals to access and leverage this tool to ATHS is enabling remotely located populations across

predict risk of CVD in patients. the globe to access Apollo Hospitals’ world renowned
medical expertise through this state-of-the-art
As part of the Microsoft’s AI Network for Healthcare technology. With on-going advancement of technology
Apollo 24 / 7
initiative, Microsoft India and Apollo Hospitals Group and the enhanced use of connected medical devices the
have set up a National Clinical Coordination Committee bar on services is being raised higher year on year.
(NCCC) for Cardiovascular Disease Risk Score, with
leading doctors from Apollo Hospitals; All India
Institute of Medical Sciences, New Delhi; and King
George’s Medical University, Lucknow.
26 27
is the provision of affordable, accessible technology

On-Going Projects enabled 24/7 health care to anyone, anytime anywhere
Nearly More than
700 operational 1 million
on this remote site.
centres across teleconsultations
Facilities will include primary, secondary and
25 states in India performed till
date tertiary healthcare services, on-site pharmacy,
laboratory services, and health literacy programs for
these under-served people. The Apollo Tele Clinic in
Tuver will also have an Apollo Tele Health and
Wellness Centre to promote health literacy and
Tele-Clinics disseminate knowledge on subjects related to wellness.
Tele-clinics Providing
enabled business
with integrated opportunities
POCT devices to over Innovations The Cardiac Command Centre was launched with the aim
(ECG, basic lab 90 franchises by ATHS of remote monitoring patients and reporting Tele ECG,
parameters, Tele ECHO, Remote Cathlab, and CICU. The projected
vitals etc.) Providing direct Launch of India’s command centre is a one point remote cardiac care
employment to Comprehensive “Cardiac delivery centre which will be enabled across the
approximately 350 Apollo Hospitals network for the integration of all
people Command Centre”
digitally connected medical devices pertaining to
cardiovascular care. Apart from the command centre, a
dedicated communication line, i.e. a dedicated phone
line and website, has been launched to help
In several far reaching PPPs with the Government of
physicians, nursing homes, and clinics, join the
India, Apollo Hospitals is making a difference in
remote cardiac care delivery network powered by
healthcare service delivery across remote areas in
Apollo Hospitals.
India. The initiatives span 134 Tele-radiology centres
in Uttar Pradesh, 100 Digital Dispensary centres in
A Solution Launch – Apollo Remote Healthcare has tied up with US-based
Jharkhand, 115 Tele-ophthalmology units and 183
Drones enabling Zipline to launch Drone Healthcare Delivery Solutions.
Electronic Urban Primary Health centres in Andhra
Healthcare Delivery The unit will explore and leverage drone technology to
Pradesh, 3 Tele-emergency service centres in Himachal
deliver emergency aid and organs for transplantation.
Pradesh, and 120 Telemedicine centres in Uttar Pradesh.
Partnership with De The University of Pittsburgh has recognized Apollo

HEaRT, IIT Madras, TeleHealth for the implementation of a tele-clinic
Ahmedabad University, at Tuver village in association with De HEaRT,
IIT Madras, Ahmedabad University, and Apollo
and Apollo Telemedicine
Telemedicine Networking Foundation. Tuver, a
Networking Foundation underprivileged village in Gujarat, faces critical

healthcare issues relating to the respiratory system
and suffers very high mortality rates due to the
scarcity of even basic resources.
Apollo 24 / 7
This partnership works on the micro-grid project

implementation to provide basic amenities including
power to households, potable water, sanitation,
hygiene and health education. A truly unique addition
28 29
Em bra c in g t he c ha n g in g fut ur e
Distinctive d igital e cosyste m cou ple d with a
Reinventing the health system of tomorrow, today f orm id able physical ne twork & capabilitie s
Ap o llo 2 4 / 7
We have now created India’s largest omni-channel healthcare
platform leveraging our physical network of 71 hospitals. This
establishes Apollo Hospitals as a forerunner in creating a patient
centric future healthcare ecosystem. The app Apollo 24/7 offers a Part of
full suite of distinctive and dedicated digital healthcare Apollo 24 / 7
offerings that are fully integrated to track a person’s complete

5
Digital services / ecosystem
medical health and wellness journey. From virtual consultations to 4 6
using a platform that can leverage on-line and off-line records to Condition
management
Online
making AI based health predictions, it is available literally 24/7 diagnostic Health
3 booking predictor 7
to a consumer. Be it testing, diagnostics, consultations, or Virtual
doctor Well-being
treatment, Apollo never sleeps. This assurance goes beyond the consultation
PHR companion
physical hospitals, transcending geographic boundaries through the tf

orm
2 la Co 8
use of technology and digital innovations. Online medicine n Health
p
insurance
ne
delivery
i genc
cted dev
Consumer
tell
Registrations
Physical network & capabilities

Apollo offline
reached, fastest by ic
300+ corporate
in
pharmacy
any healthcare app
es
(3,700+ stores)
l tie-ups
1 ca
Clini
3.7m + Weekly
Vis i o n COVID 1M+ active
Leverage
11,000+ doctors learnings
scans users
To be the leading across Apollo from 30mn+ IP/
taken
consumer-centric health Hospitals & 3mn+ OP till date
ecosystem of the future 12.7m n + clinics Apollo’s annual at Apollo
Apollo 500+ chronic Hospitals
24/7
anchored in world class diagnostic patients

health care assets, 65k+ centres managed at
Total
innovative technologies, consults Doctor Apollo
ubiquitous access, and per day appointments
booked
Apollo 24 / 7
trusted brand including

230 0
Kavach
3200+ Unique enablers
Doctors provided by Apollo
onboarded
Group companies
30 31
Re mot e H e al th c are P re cision M e d icine
Remote Medical Care is a telemedicine service, which allows Precision Medicine is "an emerging approach for disease
constant monitoring of a patient's condition outside of a treatment and prevention that takes into account individual
clinical setting. This is made possible by the use of mobile variability in genes, environment, and lifestyle." Basis the
devices which measure vital signs. Remote Patient Monitoring genetic understanding of the patient, this approach will allow
(RPM) uses digital technologies to collect medical and health doctors to predict more accurately which treatment and
data from individuals in one location, and then electronically preventive strategies will work for which patient for a
transmit that information securely to health care providers in particular disease vs. a one-size-fits-all approach.
a different location for assessment and recommendations. RPM
can help improve patient outcomes and reduce healthcare
delivery costs especially for chronic disease management. Personalized Medicine Preventive Care
` `Pharmacogenetics ` `Liquid Biopsy
` `Sensitivity ` `Prognostics
` `Next gen-sequencing ` `Wearables – connected care
An integrated approach to healthcare
Cost
100+
Clinical Protocols
700K+ 432 K in-built
Tele-Consults delivered Reports per Year 200+ Outcome Access
across 25 specialties 1200 ICU Beds Managed
400K+ Average reports per day 24x7x365
Voice & video primary 32 5000+ Machine Intelligence Digital Health
consults delivered Clients being served Adverse events prevented ` `Predictive Analytics ` `Video consultation
Tele-consults Tele-radiology E - ICU ` `Cognitive Intelligence ` `Tele-Radiology & E-ICU
Algorithms
Digital & Genomic Revolution

Wireless Sensors & Devices
Mobile Connectivity Di
gn
Connected Devices Apollo 24|7 Tele-clinics Condition Management os
s is
1500+ 3.7M+ 670 16 K+
Social Networking
a se
e
is 2

Connected Devices downloads Owned & Franchised Diabetics reached/month D 1
nt
Genomics
Tele-clinics across through 29 clinics in
geme
3700+ several thousand medicine
Total Devices orders placed and 19 16 Indian cities
Mana
3
Internet
Prev
5
delivered every day Countries 350 K+
Apollo 24 / 7
12.7M+ Diabetics served through 4
enti
Imaging
COVID scans taken Disease Management Program Prediction
on
Data Universe
Health Info System
32 33
Pr o H e a lt h P ro g r am Hom e C are
Cardiovascular diseases, cancers, chronic respiratory diseases, Apollo HomeCare is now operational in 9 cities in India with a
diabetes and other NCDs account for nearly 60% of all deaths in 1000 member team. We have segregated services into distinct
India according to WHO. NCDs are also the reason for about 40% programmes — Home Visit (Transactional Care), Home Nursing (Long
of all hospital stays. Preventive health management allows us to term care), Home ICU Care, Mother & Baby Care, Geri Care
detect and tackle risks before they manifest. About 80% of Services and other supportive care in patients’ homes. These
mortality is preventable with early detection and proper services are complemented with medical devices and equipment,
management. Regular health check-ups help control the silent but rental services, and support services like investigations at
deadly NCDs, helping a person stay healthy and productive. home, and medication delivery.
Apollo ProHealth is a first of its kind, holistic and comprehensive health On a given day there are several hundred long term home nursing clients and as
program powered by pHRA (personalised Health Risk Assessment) and enabled by many home visits that are attended to with a combination of the Apollo healing
artificial intelligence. ProHealth empowers individuals with actionable health touch and effective monitoring of care using technology at the backend.
analytics, helping them eliminate or reduce health risks through appropriate
During these trying times we have been able to supplement community healthcare
clinical and lifestyle interventions. ProHealth is driven by technology but
infrastructure in the country. We established a contactless care program even at
brings a human touch in the form of a personal health mentor.
some remote locations in India by deploying a robust, monitored home isolation
program focusing on healthcare needs, mental health, lung rehab, and treatment of
issues like loneliness during home isolation. We have been able to accomplish
this because of the rapid adoption of technology by patients and a paradigm shift
Integrating various touchpoints in the Apollo Healthcare ecosystem to create a in the consumption of healthcare, through the use of technology.
seamless and integrated care continuum.
Annual Health Check Condition Management
` Ìn-hospital guided ` `Health Coaching

navigation Shifts of Home Physiotherapy
` `Preventive Care Nursing care +6L +1L Sessions
` `Dynamic queuing ` `Health Goals ` `Physician
` `Disease Management
Consultation
` `Diagnostic Tests
` `Diagnostic Checks
` `Speciality Patient care
Consultation ` `Medicines
Lives Touched +1.8L +9.5L Episodes

` `Lifestyle
Modifications
Hours of Home Transaction

+75L +1.6L
Apollo 24 / 7
Doctor Feedback Patient Follow-up Nursing Care Visits
34 35
Apollo Clinical Excellence Scorecard – ACE 1

Clinical Excellence and Innovation ACE 1 is a clinical balanced scorecard incorporating 25 clinical parameters
involving complication rates, mortality rates, one-year survival rates and
average length of stay after major procedures like liver and renal transplant,
CABG, TKR, THR, TURP, PTCA and endoscopy. It covers all major specialities.
Also included are hospital acquired infection rates and patient satisfaction
In 2019, we continued our concerted efforts to enhance with pain management. Parameters have been benchmarked against published
clinical excellence, and embrace innovative processes and benchmarks of the world's best hospitals including Cleveland Clinic, Mayo
Clinic, National Healthcare Safety Network, University of California, San
technologies. This has enabled better outcomes for patients Francisco and Agency for Healthcare Research and Quality, US.
and enhanced brand credibility.
RACE
A balanced score card for Centres of Excellence, the parameters include
Th e A p ollo S tan d ar d s o f C l i ni c a l Ca re (TAS CC)
complication rates, morality rates, infection rates & ALOS after major
TASCC embodies standardization of processes and outcomes for clinical procedures, compared with international benchmarks.
excellence and patient safety, across all Group Hospitals. TASCC has shown a
steady increase in scores since implementation, reflecting increasing ACPP
standardisation of processes and improving outcomes. The Apollo Hospitals
Group aims at establishing the highest standards of clinical care and patient Apollo Clinical Policies, 25 in number, cover clinical care, nursing care,
safety at all its hospitals irrespective of their location and size. TASCC managerial processes & infrastructural requirements.
encompasses six initiatives – Apollo Clinical Excellence dashboards (ACE 1 and
ACE 2), Apollo Quality Program (AQP), Apollo Mortality Review (AMR), Apollo
AMR
Incident Reporting System (AIRS) and Apollo Critical Policies Plans and
Procedures (ACPPP). Apollo Morality Review is a standardized methodology of identifying deaths in
hospital which may have occurred from an error through trigger criteria. It is
a systematic peer review through a checklist & categorization to identify
Apollo Quality Program preventable deaths and steps for future action.
The Apollo Quality Program was started in December 2010 to implement patient
safety practices in all Apollo Hospitals irrespective of the accreditation AIRS
status. It covers five broad areas: Safety during Clinical Handovers, Surgical Apollo Incident Reporting System is a mechanism for tracking incidents that
Safety, Medication Safety, the Six International Patient Safety Goals of JCI pose a safety risk to patients.
and Standardisation of Minimum Content of Medical Records. An analysis in 2019
has shown an increase in compliance levels for various parameters.
The ACE Platform (ACEP) is a standardized tool formulated by Apollo Hospitals,

to share best practices for clinical excellence and quality improvement with

other healthcare providers outside Apollo Hospitals Group. The initiative is
pro-bono and is aimed at enhancing the quality of healthcare delivered across
India, in the areas of quality improvement, patient safety and better clinical
JCI NABH
Apollo 24 / 7
outcomes. ACEP comprises important indicator sets for monitoring quality and
clinical excellence along with policies which deal with the core processes in
patient care. Over 60 hospitals outside the Apollo Hospitals Group have so far 8 30
implemented ACEP through affiliation and have consistently improved the
implementation of quality parameters in their respective hospitals.
36 37
Cl in ic a l I n n o v ati o n s C e nte rs of Exce lle nce
Apollo Hospitals has dedicated Centers of Excellence (COEs) for

several key specialties and superspecialties. These Centers of
24 221 50 Excellence are unique in terms of their service spectrum and
meetings consultants innovation
conducted engaged proposals are spread across the various Apollo Hospitals locations.
Cardiac Neuro
Examples of Innovative Technologies/Clinical Protocols Implemented in 2019 OrthopAedics
Sciences sciences
Procedures and Processes
Video Laryngoscopy ª Code Fast ª Cardiac Rhythm Disorder Centre ª Mechanical Thrombectomy
ª HiPEC TransOral Robotic Surgery (TORS) for Sleep Apnoea ª Prostatic Artery Embolization Oncology Transplant Emergency
ª Vacuum Assisted Biopsy ª Pharmacogenetic Testing ª Out Patient Arthroplasty
ª Trans Arterial Chemo Embolization
ª Stretta – RF treatment for GERD ª Spinal Cord Stimulator
ª Deep Brain Stimulation (DBS) ª Mechanical CPR ª Automatic Bladder Scanner
ª Movement Disorder Clinic ª Automatic Breast Volume Scanner
Academics & Research Experience

A learning institution Trust of several
with focus on million patients built
Academics & Research with 35 years of
Deep Brain Stimulation (DBS) for treating Parkinson’s Disease Experience
Mrs XY was suffering from very advanced Parkinson’s Disease for the last 8 years
with severe debilitating symptoms, such as tremors, rigidity, stiffness, slowed
Key differentiating
movement, and gait problems. The patient was almost bedridden for several months. Clinical factors for Expertise
After thorough evaluation she underwent DBS procedure. DBS is a surgical procedure outcomes Centers of Excellence Expertise of over
used to treat a variety of disabling neurological symptoms for patients on whom World class 11000 clinicians
medications are not adequate. It uses a surgically implanted, battery-operated outcomes in 55 specialties

medical device called a neurostimulator—similar to a heart pacemaker and comparable to the
best globally
approximately the size of a stopwatch—to deliver electrical stimulation to targeted
areas in the brain that control movement, blocking the abnormal nerve signals that
Apollo 24 / 7
cause tremors and PD symptoms. The patient recovered significantly with DBS. She was Safety through
able to walk around without support and all her symptoms improved. She later system & protocols
successfully underwent ‘Remotely Programmed Deep Brain Stimulation’. We understand how to keep
you safe as we know that
"Life is Priceless"
38 39
Cardiac Sciences
Rare Procedures
~375 10,000+ Services

offered at
A 5-year-old child from Myanmar, A 3-week-old baby girl with rare
clinicians heart surgeries
across in FY20
34 underwent a 10-hour long surgery to
successfully repair a hole in his
heart condition — Anomalous Left
Coronary Artery from the Pulmonary
network units
heart along with a leaking heart Artery (ALCAPA) was successfully
valve. For the very first time, a managed by the intensivists. The
bypass in a small child by baby had presented to the emergency
cannulating the groin blood vessels department with cardiac arrest and
was successfully done. was immediately resuscitated
and stabilized.
Clinical Expertise
Minimally Invasive Coronary Artery Surgery ª Mitral Clip ª TAVI ª Heart failure
assist devices ª Hybrid Procedures ª Heart Transplant/Heart-Lung Transplant (En-bloc)
ª Off-pump and beating-heart surgeries
Service Spectrum Apollo Hospitals became the first A successful arterial switch
centre in India to perform minimally operation was successfully performed
` `Minimally Invasive Coronary ` `First biplane interventional Cath
Artery Surgery labsuite- Philips Allura Clarity 20/15 invasive- Robotic Hybrid on a one-month old baby, diagnosed
Revascularization surgery to treat with rare congenital complaints of
` Àdult cardiac surgery ` ÌVUS
blocks in two major blood vessels to Transposition of Great Arteries
` `Pediatric cardiac surgery ` `Cardiac risk score assessment improve blood flow to the heart. The (TGA), intact IVS (Intra-Ventricular
and tracking
` `Neonatal cardiac surgery cutting-edge procedure gave a new Septum), Fossa Ovalis ASD and PDA.
` Èlectrophysiology procedure for lease of life to a 63-year-old Patient recovered well and was
` `Stentless heart valve bioprosthesis
heart failure female patient from Chennai. discharged in a stable condition.

` `Cutting edge technologyto aid in
` `Catheter Ablation
cardiac care
` `Combined cardiac procedure
` `Coronary Angiography
Apollo 24 / 7
` `Peripheral Vascular surgery

` `640 slice CT
` Àrrhythmia surgery
40 41
OrthopAedics
Rare Procedures
~300 6,500+ Services

offered at
India’s first VenaSeal procedure to An elderly male patient with injury
clinicians Joint Replacements
across in FY20
40 treat varicose veins was performed
on a 40-year-old male patient using
to back with paraplegia, with
advanced Parkinson’s disease and
network units
VenaSeal closure system, which is a ankylosing spondylitis was
minimally invasive treatment option successfully managed. Percutaneous
that permanently treats varicose titanium pedicle screw rod fixation
veins of the legs by sealing the followed by distraction and
affected superficial veins using an decompression of the spinal cord was
adhesive agent. performed using “Make in India”
Clinical Expertise implants. This was the first such
case in the region.
Bilateral minimally invasive knee surgery ª 3D Robotic knee replacement (Unicondylar)
ª Cell Therapy ª Small Joint Surgery ª Eazy-AIM — Electronic digital targeting system
ª Rehabilitation Centre — ApoKos ª Renaissance Spine Robot ª Joint Navigation
ª Robotic rehabilitation – Lokomat
Service Spectrum
` Àrthroscopic & Reconstructive techniques ` `Physical Therapy units to provide
rehabilitation and pain management
` Àrthritis Care A 67-year-old Nigerian national, who Total thyroidectomy with bilateral
` `Shoulder surgeries and the most had lost all hopes of walking again, radical neck dissection was
` `Joint replacements including hip
delicate hand micro surgeries was back on her feet after successfully performed to treat a
resurfacing and knee replacements
(primary, complex primary and ` `Cartilage regeneration surgery, undergoing an advanced procedure, a patient with a rare condition of
revision replacements) including microfracturing, mosaic-plasty half-knee replacement surgery, also huge thyroid swelling with extensive
` Àrticular cartilage Implantation (ACI) ` `Regenerative medicine called Oxford Knee Surgery. neck node metastasis.
` `Dedicated units for Traumatology ` Ùsing a revolutionary combination of
CT imaging/mapping, modelling
` Òrthopedic Oncology for treating

software (virtual)
bone cancers
` `3D printing technology, medical miracles
` `Modern Sports medicine centres
` `Robotic-Guided techniques routinely used
` `Specialised Pediatric Orthopedics
Apollo 24 / 7
units offering the whole range of ` `Minimally Invasive Knee Replacement

Pediatric Orthopedics Surgery (MIKRS)
42 43
Oncology
Rare Procedures
Celebrating
~225 Services
offered at A complex surgery was performed on a A rare condition, ‘Invasive Fungal
clinicians 2,100 18 48-year-old male patient to treat Infection with Scattered
across the advanced squamous cell carcinoma Granunomatous Inflamation Demateceus
network BMTs since inception units of temporal bone with metastatic (Pigmented) Fungal Organisms’ was
deposits to neck, parotid and skin diagnosed in a 23 year old male
infiltration. The incidence of patient. The patient had had
temporal bone cancer worldwide is headache for 2 months and the brain
one in a million. The ardous MRI revealed peripheral enhancing
Clinical Expertise procedure took 8-hours to complete space occupying lesion in left
Robotic surgery ª Limbo salvage surgery ª HIPEC ª TACE ª RFA ª Bio bank ª Cancer and the technique included left temporal lobe. He underwent Left
genetics ª Liquid biopsy ª Vaccine therapy ª Immunotherapy and targeted therapy lateral temporal bone resection; Frontotemporal Craniotomy and Total
wide local excision; resection of TM Excision of the Lesion. Post-
joint; radical parotidectomy; MRND; operatively he was treated with
reconstruction with scalp rotation antifungal medications and did not
Service Spectrum flap and SSG. The patient recovered have any neurological deficit at the
without any complications. time of discharge.
` `The only Proton Therapy system in this ` `Total/ Partial Penectomy with Groinnode
part of the world sampling/dissection
` `Comprehensive suite of Chemotherapy services ` `Stereotactic Surgery suite using Cyber Knife
` `Paediatric Oncology services ` Ìmage Guided Radiation Therapy (IGRT)
` `Tumour Board ` Ìntensity Modulated Radiation Therapy (IMRT)
` `Bone Marrow Transplantation Services ` `Stereotactic Radio Surgery (SRS) with
` Ìmmunotherapy Brainlab, Stereotactic Radio Therapy (SRT)
and Stereotactic
` `Hematological malignancy treatment
` `Body Radiation Therapy (SBRT) A 31 year-old surgeon in the UK noticed clumsiness of the right leg after finishing
` `Molecular Profiling
` `Rapidarc Radiosurgery his clinical duty. A week later, he noticed tremulousness in the leg. An MRI revealed
` `Genetic Profiling
` `Volumetric Radiotherapy (VMAT) a lesion in the left posterior frontal lobe, involving the motor cortex which controls
` `Hormonal Therapy
` `Brachytherapy – Intra Cavitary the leg functions of the right side. He decided to come to Chennai, to the Apollo
` `Breast Conservative surgery ` `Brachytherapy (ICBT), Interstitial Proton Cancer Centre for treatment. Perfusion studies were suggestive of a high-grade
` `Radical neck dissection ` `Brachytherapy (ISBT), Intraluminal High tumour. He agreed for surgical decompression of the tumour with an attempt to remove
` `Radical Nephrectomy & Radical Cystectomy Dose Rate Brachytherapy (ILBT) as much of it as possible while preserving his leg function. Our multidisciplinary
` `Limb surgeries—peripheral solid tumours ` `Palliative Radiotherapy tumour board recommended an awake craniotomy with Intraoperative neuromonitoring for
` `Surgical Gastroenterology services ` `Total Body Irradiation safe maximal tumour resection. Neuro navigation guidance was used to mark the site of
` `Mandiblectomy and advance Plastic ` Èxtra Corporeal Radiotherapy the tumour. The craniotomy was performed over the marked area and the tumour and leg
surgery services

` `Respiratory Gated Radiotherapy areas were mapped. Fluorescein dye was used to find the abnormal regions of the brain
` `Minimally invasive oesophagectomy ` `SPECT Fibroscan using a state of the art neurosurgical microscope Carl Zeiss Kinevo. Halfway into the
` `Robotic intervention specially for ` `99 Tc Bone Scan procedure, the patient felt increasing clumpsiness in his leg and hip, and the tumour
Urology and Colorectal cancers ` `CELLVIZIO – Endomicroscopy system which resection had to be stopped although 20% of the tumour was left behind. His biopsy
Apollo 24 / 7
` `Lobectomy/ Pnemonectomy generates Optical biopsy report showed Diffuse astrocytoma, WHO grade II. The tumour board recommended 6 weeks
` `Mediastinal mass excisions and Chest ` `Digital Mammography of proton therapy for the remaining tumour. After a brief period of rest he returned
wall tumour excision with reconstruction ` `128 slice PET scan to his duties in the UK, completely active, hale and healthy.
` `Liver resections—staged Hepatectomy & ALLPS ` `Precision Oncology” focusing on precise
` `Retroperitoneal Lymph nodedissection treatment and outcomes
44 45
Neurosciences
Rare Procedures
~250 35,000 Services

offered at
A fully awake craniotomy with A complicated procedure was
clinicians Neuro surgical
across discharges in FY20
38 neurophysiology monitoring was
performed successfully to remove
performed on a 50-year-old-woman
with brain aneurysm. The aneurysm of
network units
a tumor adjacent to the motor cortex the woman was particularly rare due
of the brain. to its ‘giant’ size and location. To
treat the condition, the doctors
performed a procedure called ‘high
flow brain bypass surgery’.
Clinical Expertise
Micro – Neurosurgery ª Complex Spinal Surgeries/Minimal Access Spine Surgery
ª Surgery for Spinal Cord Tumors ª Surgery for Acute Head Injury and Spinal Injuries
ª Stroke prevention / Stroke treatment ª Epilepsy Surgery ª Skull Base Surgery
ª Surgery for Parkinson’s disease
ª Neuro-Endoscopic Surgery for Pituitary Tumors/CSF Leaks
ª Endovascular Coiling of Aneurysms/ Vascular Malformations ª Vertebroplasty
Service Spectrum A fully awake craniotomy with Intra cranial stenting was
neurophysiology monitoring was successfully performed in a
` `Deep Brain Stimulation (DBS) ` Àuditory Brain-stem implant (ABI) performed successfully to remove 53-year-old male patient. The stent
for Parkinson’s disease and
` ÈC-IC bypass (Extracranial-intracranial a tumor adjacent to motor cortex was specially designed for
movement disorders
bypass)–where the brain’s blood supply of brain. brain arteries and was recently
` `Thrombolysis—intravenous intra-arterial is augmented by diverting blood for launched in India.
and mechanical for acute stroke blood vessels of face to brain
` `Mechanical Thrombectomy for Acute stroke ` `Surgery for Parkinson’s disease

` `Botulinum toxin injection for ` `Pediatric Neurosurgery
neurological disorders
` `Vertebroplasty
Apollo 24 / 7
46 47
Transplant
Rare Procedures
19,000+ ~1,400 Busiest Solid Organ

transplants Solid Organ Transplant Program in The family of a 19-year old, brain “Split Liver Transplant” was
since Transplants the world since 2012 dead female patient at Kolkata, performed successfully. Liver
inception donated the liver and kidneys to donated by a 37-year-old brain-dead
in FY20
save the lives of 3 patients. The patient was split into two and
liver and the kidney were transplanted into two adult
transplanted in a 59-year-old male recipients (64 years and 53 years)
patient and a 30-year-old female suffering from liver cirrhosis.
patient, respectively. The second Both the recipients were discharged
kidney was donated to a patient in a from the hospital after successful
Clinical Expertise nearby hospital in the city. liver transplants.
Haemodiafilteration ª Everling Services
ª Liver Transplants in very small infants (<5kgs) offered at
ª Multi-organ/Small bowel transplants
ª ABO incompatible transplants 21
ª Transplants in individuals with Situs units
Service Spectrum A 45-year-old patient underwent a In an extremely rare case of Budd

record third kidney transplant. Chiari Syndrome with Biliary Atresia
` `Kidney transplant ` Ìntestinal transplant The patient’s husband donated his seen in one in a million babies, the
` `Liver transplant ` `Multi-organ transplant kidney this time. They were liver team successfully performed a
` `Heart transplant ` `Cornea transplant ABO incompatible, however the team liver transplant on a 5-month old
performed the highly complicated baby from Kakinada, Andhra Pradesh.
` `Lung transplant ` ÀBO incompatible transplants
transplant successfully.
` `Combined Heart and Lung ` Òrgan Oxmetra, can keep a liver ‘alive’
for up to 24 hours after donation

` `Pancreas transplant
Apollo 24 / 7
48 49
Emergency
Rare Procedures
24-hour 200,000 Apollo Emergency Medical Team A high risk surgery was successfully
successfully managed an emergency performed to remove the blood clots
emergency emergency delivery of a baby in an ambulance. from the lungs of a 22-year-old
service footfalls The Apollo Team was intimated about engineer who was brought to the
annually the emergency landing of a Cebu emergency department at Delhi, in an
Pacific Airlines’ scheduled Flight unconscious state with extreme
from Dubai to Manila, at Hyderabad cardiorespiratory failure.
airport in the early hours because
of a medical emergency. The patient,
a 26-year-old and 37 weeks pregnant,
was complaining of severe abdominal
pain and bleeding PV. While
Clinical Expertise the patient was being shifted to the
hospital, she went into active labor
Emergency 2.0 ª Air Ambulance ª Code FAST ª Acute MI – primary angioplasty Revival of Out of Hospital Cardiac
and the baby was delivered in the
ª E-ICU ª ReSQCPR System Arrest (OOHCA) emergency patients
ambulance itself. The mother and
was successfully performed
the baby were stabilized on reaching
for patients aged 78 years
the hospital.
and 60 years.
Service Spectrum
` Àir Ambulance ` `Management of all Medical and
Toxicological Emergencies
` `Golden Hour concept for early
A 34 year old gentleman presented to the Emergency Department at Apollo Main
management of stroke - Code ` `Medico Legal Specialists (RTA, Burns,
FAST Protocol Fall from height, Workplace injuries, Hospital in Chennai with severe chest and back pain on the 25th of May in the midst
Assault, Poisonings, Animal bites, of the COVID pandemic. The Emergency team after evaluation suspected an “Aortic
` Àcute MI management – primary angioplasty
Child and sexual Abuse) Dissection” - a tear in the largest artery (Aorta) that arises from the heart. After
` `Trauma management initial stabilization, the patient underwent a CT Aortogram which revealed an
` `Poly Trauma Management Specialists
` `Sepsis management “Aortic Root Dilatation” (Aneurysm) and the bedside echo revealed “Acute Aortic
` Àcute Stroke and Cardiac Thrombolysis
Regurgitation” (a leaky aortic valve). This condition carries a very high risk of
` È-ICU services Centre and Radiological Intervention

death. The Cardiothoracic surgeon and the OT team were alerted immediately and the
Pre-hospital Care services: 1066 ` Ìnfectious Disease specialist centre patient was pushed into the OT for life saving surgery. He underwent a valve sparing
` `24 x 7 ACLS Ambulance services – Road, ` `Bedside Ultrasound and Echo procedures aortic root repair and replacement of the ascending aorta which was a very high risk
Apollo 24 / 7
Bike and Air Ambulance with – For FAST scan, Central Lines, HHD and rare surgery performed for the first time in this hospital. The patient
Emergency Physicians catheters, Lung Ultrasound and 2 D Echo had an uneventful recovery and was discharged home 6 days later.
` `24 x7 Burns centre
50 51
Novel Corona Virus – Covid-19 Institu te of Inf e ctiou s Dise ase s
In at least a hundred years, no virus has wreaked havoc of such The COVID-19 outbreak has shown us that infectious diseases
a scale on humanity as the Novel Coronavirus (COVID-19). The should be handled with skill and specialized care. Our
pandemic characterized by its rapid spread and lack of control significant experience with COVID-19 and the knowledge we have
mechanisms, has caused unprecedented health crises across the thus gained needs to be brought together in a Centre of
world, attacking one country after another while destroying Excellence (CoE) such that it will not only help in the future
economies, altering work styles, and revising professional and but also facilitate further growth of the centre in clinical
social interactions. Healthcare resources and infrastructure are strength, expertise, research, and academics. We have therefore
being stretched unimaginably in trying to counter the scourge. just established the Apollo Institute of Infectious Diseases, a
CoE with a comprehensive service offering.
Across our network we worked closely with the State Governments and the Central
Government and initiated a comprehensive response plan to tackle the pandemic.
The Institute focuses on diseases that are caused by a pathogen, such as a virus,
Our new initiative — 'Project Kavach (shield)' — is a integrated response plan, bacteria, fungus or parasite, which are infectious. These diseases are contagious
from dissemination of information to preventive measures, online self-assessment and have the potential to spread amongst the population. Covid-19, Ebola, SARS,
for risk, testing, isolation/quarantine rooms, treatment and hospital beds, and Tuberculosis, H1N1, Measles, Chicken Pox, etc., are some of the clinical
ICU facilities for critically ill patients. Our national emergency number 1066 conditions which fall under this category.
remained active across India with a centralised ambulance network to ease the
logistics requirements. Special clinics offer consults related to Infectious Diseases in all Apollo
Hospitals & primary care formats and can be easily scheduled at the click of a
Our partnerships with several hotel chains and other organizations like Hindustan
button from an individual mobile phone through the 24/7 app without visiting a
Unilever, State Bank of India, and Deutsche Bank helped us to set-up quarantine
hospital. A battery of tests, like antigen test, titre values, etc., are used to
facilities in Hyderabad, Chennai, Mumbai, Kolkata, Bengaluru and Delhi and we
evaluate the risk to any infectious disease and advise is given on a relevant
launched ‘Project Stay I’. The partnerships pooled ~5,000 isolation rooms across
the cities in proximity to our hospitals. vaccination program. Such tests and evaluation can also be conducted at the
convenience of a patient’s home. Treatment may involve hospital stay in isolation
The diagnostic laboratories in several of our hospitals were authorized by the if necessary. It is also possible to render home care in some cases.
Indian Council of Medical Research to conduct COVID-19 tests in India. Apollo
24/7 has a round-the-clock doctor helpline and online consultation with Apollo
certified doctors. We have dedicated close to 2,000 beds for the treatment of
COVID-19. Additionally, our hospitals supported an initiative by the Medical

Council of India and Telemedicine Society of India to sensitize and train doctors
around the country for deploying tele-health services on a wide scale to meet the
healthcare needs of people during the crisis.
Apollo 24 / 7
We are proud to be a partner in the nation’s fight against the pandemic by

contributing our facilities, healthcare services, medical equipment, training
facilities, medicines and basic equipment. We are proud of the courage and
tenacity demonstrated by our health practitioners, health workers and support
staff who have been the real backbone of all our efforts.
52 53
Services of the Apollo Institute of Infectious Diseases P roj e ct Kavach
ID Clinic INFORMATION EDUCATION

Tele-consults
Transplant ID consults
Health check in hospitals
Health check at home
Information & Awareness Round the clock Helpline Apollo 24/7
Immunization
` `Credible and expert information ` `1860 500 1066 ` Ònline Doctor consultation
Travel Clinic ` `Compliant to Govt guidelines ` Èngaging with stakeholders ` Ònline booking of medicines
Home collection ` `Multi-channel ` Ònline booking for diagnostics
Screening & Immunization ` `Multi-Stakeholder ` `Doorstep delivery of medicine
Drive-in Clinic
Clinic on wheels (for communities) ` `Multi-lingual ` `Doorstep sample collection
` Ònline reports
TELEMEDICINE
In hospital testing
Immunity testing & Counseling
Hospital facility for treatment & care COVID-19 Scan 3700+ pharmacies
continuum (assessment & treatment) Testing ` `COVID risk assessment tool ` Àcross 21 states
ACTION AND FUTURE RESEARCH

Isolation facilities available to download from Google ` `Home delivery
play store, Apple store
Home healthcare
DATA COLLECTION FOR

Counseling services
ID Board for consults
Treatment
Testing
Care Kits for employees/customers
` `Certified centres for swab testing
ID kit for patients ` `Drive-through testing at select cities
` `Report available online
` `Home testing
Consulting services
Treatment
Process design Products
` `Specialized & dedicated team in
Training modules Fever clinic treating Infectious disease
UPDATING PROTOCOLS
Trainings/Webinars ` `Specialized clinics ` Ìnternational Infection control
Education material ` Ìnfectious disease experts protocol
` `Screening of patient with Flu ` `Close to 2,000 dedicated beds
Antimicrobial Stewardship Program like symptoms ` Ìsolated quarantine treatment
Video/on ground audits ` `Multi-location facilities which are away from the
Corporate Consultation/ main unit
Contact tracing services
Services (Support & Education) ` `High quality PPE for
Screening services hospital personnel
Cleaning & disinfection protocols ` Àppropriate stocking of required
Stay I consumables and disposables
Review of protocols — Apollo Seal ` `Social impact initiative for Isolation care ` è-ICU service to monitor patients in
` `Medically sanitized individual rooms across the country remote acute care using Telemedicine
Surveillance ` Àll clinical protocols driven by Apollo Ecostsyem ` Àdvanced treatment intensive care
Certificate programs for ` `24/7 Clinical monitoring ` `Research education data analytics
healthcare professionals ` `Round the clock e-Consult ` `Support to Government
Certificate programs for ` `Door step delivery of Medicine, Sample collection

non healthcare professionals ` `Door step delivery of F & B in contacteless tamper proof
packing
Education & Research

Apollo 24 / 7
SCALING
54 55
Th e P r oj ec t Kavac h A p p ro ac h
Awards & Recognitions
` `Driving Information & Apollo Hospitals Group was conferred 88 awards and accolades at various national
Awareness and international forums in 2019.
` Èncouraging Physical
Screening
` Ènabling Digital
& Excellence in Quality Award (2020) & Best Medical Tourism India Award (2019)
Screening ÌÌApollo Cancer Centre, Chennai has won Excellence ÌÌApollo Health City, Hyderabad won the Best Medical
in Quality Award 2020 by FICCI & Department of Tourism Facility Award, presented by Shri Prahlad
` Ènsuring Care Continuum
Health & Family Welfare, Government of Tamil Nadu Singh Patel, Honorable Minister of State.
in the 12th Edition of TANCARE 2020 in Chennai and
as the BestasCancer
recognised the Best
CareCancer
Hospital
Careamong
Hospital
NABH among
& The Week-Hansa Research Best Hospitals Survey (2019)
Hospitals.
NABH accredited Hospitals. ÌÌApollo Hospitals in Chennai, Delhi, Kolkata and
Hyderabad ranked as the Best Hospitals by The
& The Best Hospital Survey (2019) Week-Hansa Research Survey 2019.
ÌÌ The survey conducted by THE WEEK, ranked Apollo
Hospitals, Chennai as
wasthe
ranked
BestasCorporate
the BestMulti–
Corporate
& FICCI Healthcare Excellence Awards (2019)
` Ènhancing protocol Multi–Speciality
Speciality Hospital
Hospital
in thein
country.
the country. Service Excellence for Innovative Internal Patient
driven testing Transport System
capabilities & The All India Critical Care Hospital Ranking
Survey (2019) ÌÌIndraprastha Apollo Hospitals, Delhi
` `Clinical preparedness ` Ìncreasing accessibility
and cross-sectional via fever clinics ÌÌConducted by the Times of India, it ranked Apollo Skill Development for Skill Training & Enhancement
training ` Ènsuring Isolation stays Hospitals, Chennai as the Best Hospital in India, program project (Reskilling & Upskilling training for
at medically supervised for the Specialities of Oncology, Cardiac Government hospital staff)
accommodations Sciences, Paediatrics, Gastroenterology and ÌÌApollo MedSkills
Hepatology, Nephrology, Neuro Sciences, Urology,
` `Providing support to Emergency and Trauma. & India’s Most Admirable Brand Award (2019)
vulnerable patients
& TN Chief Minister’s Comprehensive Health ÌÌApollo Hospitals, Group has been awarded as
India’s Most Admirable Brand 2019 by The Brand
Insurance Scheme (2019)
Story.
ÌÌGovernment of Tamil Nadu felicitated Apollo Cancer
Centre, Teynampet for “High scores among the & 5S Sustenance Award (2019)
empanelled hospitals” in the TN Chief Minister’s ÌÌApollo Cancer Centre, Teynampet, Chennai has been
Comprehensive Health Insurance Scheme. awarded the 5S Sustenance Award 2019 in “The Large
Scale Service Category” by
fromthetheConfederation
Confederationofof
Sample initiatives & FICCI Medical Travel Value Awards (2019)
Indian Industry - Southern Region.
Medical Value Travel Specialist Hospitals
& Best CRM Programme (2019)
Kidney Transplant ÌÌApollo Health City, Hyderabad has been awarded
ÌÌIndraprastha Apollo Hospitals, Delhi - Winner Best CRM Programme at the 6th Customer Loyalty
Awards.
Liver Transplant
ÌÌIndraprastha Apollo Hospitals, Delhi - Winner & AHPI — Patient Friendly (2019)

Oncology ÌÌApollo Health City, Hyderabad has been awarded by
AHPI as aPatient
PatientFriendly
FriendlyHospital.
Hospital.
ÌÌApollo Cancer Centre, Chennai - Winner
ÌÌApollo Gleneagles Hospital, Kolkata - Runner up
& Golden Peacock — HR Excellence Award (2019)
Apollo 24 / 7
ÌÌApollo Health City, Hyderabad has been declared as

Bone Marrow Transplant winner for
of the
Golden
Golden
Peacock
Peacock
- HR
- HRExcellence
ExcellenceAward.
Award.
ÌÌApollo Cancer Centre, Chennai - Winner
Cardiology Cardiac Surgery
Apollo Corona E-book Corporate Handbook COVID19 ÌÌApollo Hospital, Chennai - Runner up
https://bit.ly/2UNE0Mi https://bit.ly/2W0pznt
56 57
Board Members Corporate Information
Founder Chairman Senior Management Team Bankers Registered Office

Dr. K. Hariprasad Andhra Bank # 19, Bishop Gardens,
President - Hospitals Division Axis Bank Raja Annamalaipuram,
Bank of India Chennai – 600 028
Shri. Krishnan Akhileswaran
Canara Bank
Chief Financial Officer
HDFC Bank Corporate Office
Shri. S.M. Krishnan HSBC Sunny Side Building,
Vice President – Finance ICICI Bank East Block, 3rd Floor,
& Company Secretary IDBI Bank # 8/17 Shafee Mohammed Road,
IDFC First Bank Chennai – 600 006
Dr. Prathap C Reddy Auditors Indian Bank
Founder and Executive Chairman
Indian Overseas Bank Administrative Office
Deloitte Haskins & Sells LLP
MUFG Bank Ali Towers, # 55, Greams Road,
Chartered Accountants
Oriental Bank of Commerce Chennai – 600 006
Executive Directors Bengaluru
State Bank of India (E) investor.relations@apollohospitals.com
(W) www.apollohospitals.com
Board Committees
Audit Committee Nomination and Stakeholders Corporate Social
Remuneration Committee Relationship Committee Responsibility Committee
Shri. MBN Rao Shri. Vinayak Chatterjee Smt. V. Kavitha Dutt Dr. Prathap C Reddy
Chairman Chairman Chairperson Chairman
Smt. Preetha Reddy Smt. Shobana Kamineni Smt. Suneeta Reddy Smt. Sangita Reddy
Executive Vice Chairperson Executive Vice Chairperson Managing Director Joint Managing Director Dr. T. Rajgopal Shri. MBN Rao Smt. Preetha Reddy Smt. Preetha Reddy
Member Member Member Member
Smt. V. Kavitha Dutt Dr. T. Rajgopal Smt. Suneeta Reddy Smt. Sangita Reddy
Independent Directors Member Member Member Member
Dr. Murali Doraiswamy Shri. MBN Rao
Member Member
Dr. Murali Doraiswamy
Member
Risk Management Committee Investment Committee Share Transfer Committee

Smt. Suneeta Reddy Shri. Vinayak Chatterjee Smt. V. Kavitha Dutt
Shri. M B N Rao Shri. Vinayak Chatterjee Dr. T Rajgopal

Chairperson Chairman Chairperson
Smt. Preetha Reddy Shri. MBN Rao Smt. Preetha Reddy
Member Member Member
Shri. Vinayak Chatterjee Smt. Preetha Reddy Smt. Suneeta Reddy
Apollo 24 / 7

Dr. Sathyabhama Smt. Suneeta Reddy
Member Member
Dr. K. Hariprasad Dr. Murali Doraiswamy
Member Member
Smt. V Kavitha Dutt Dr. Murali Doraiswamy
58 59
However, the pandemic has led to a material impact on the healthcare industry in general and the Company’s healthcare services
Directors’ Report to the business operations, due to the following reasons:
• Severe travel related restrictions impacting both employee movements and patient flows to our hospitals .
Shareholders • Out Patient footfalls being impacted apart from incidence of postponement of elective procedures. Both factors in turn have led
to a substantial reduction in the inpatient case loads .
Your Directors are pleased to present the THIRTY NINETH ANNUAL REPORT and the audited financial statements for the year ended
• Continued investments being required to be made on investments in equipment, consumables and other resources to ensure
31st March 2020.
100% preparedness for safety in the hospital(s) and eventual treatment of patients in case of a need.
• Current embargo on international travel has also impacted patient flows to hospital units located in metro centres as well.
Financial Results
We are continuously calibrating our responses to the COVID-19 situation as it evolves. However, patient case loads and occupancies
(ìn million)
across the hospitals network have witnessed improvements post easing of lockdown related restrictions.
Standalone Consolidated
Particulars Year ended Year ended Year ended Year ended Given the current huge demand supply imbalance that persists with regard to healthcare infrastructure within the country, Apollo
31st March 2020 31st March 2019 31st March 2020 31st March 2019 Hospitals as the largest private health care services provider in the country is well positioned to continue to address the demand for
Income from Operations 97,944 83,367 112,468 96,147 high quality tertiary care across the country over the long term.
Profit before Exceptional Items and Tax after 5,180 4,625 4,587 3,735
share of profits in Joint Ventures & Associates Consolidated Financial Statements
Exceptional Items 1,644 - 1,983 - In accordance with the Companies Act, 2013 (“the Act”) and Ind AS 110 - Consolidated Financial Statements read with Ind AS 28 -
Profit after Exceptional Items before Tax after 6,824 4,625 6,570 3,735 Investment in Associates and Ind AS 31 - Interests in Joint Ventures, the audited consolidated financial statements form part of the
share of profits in Joint Ventures & Associates Annual Report.
Provision for Tax 2,121 1,597 2,252 1,734
In terms of provision to sub section (3) of Section 129 of the Act, the salient features of the financial statements of the Subsidiaries,
Profit for the Year 4,703 3,028 4,317 2,002 Associates and Joint Venture Companies are set out in the prescribed Form AOC-1, which forms a part of the Annual Report.
Earnings Per Share (`) 33.80 21.76 32.70 16.97
In accordance with Section 136 of the Act, the audited financial statements, including the consolidated financial statements of the
Company and audited accounts of the subsidiaries are available at the Company’s website: www.apollohospitals.com. The documents
Results of Operations
will also be available for inspection during business hours at the registered office of the Company.
During the year under review, the income from operations of the Company increased to `97,944 million compared to `83,367 million
in the previous year, registering a growth of 17%. The profit after tax for the year increased by 55% to `4,703 million compared to
Material Changes affecting the Company
`3,028 million in the previous year.
There have been no material changes and commitments affecting the financial position of the Company between the end of the financial
During the year under review, the consolidated gross revenue of the Company increased to `112,468 million compared to `96,147 year and the date of this Report. There has been no change in the nature of business of the Company.
million registering an impressive growth of 17%. Net profit after minority interest for the group increased by 116% to `4,317 million
compared to `2,002 million in the previous year.
Scheme of Arrangement
Exceptional income of `1,644 million includes profit realised from sale of the Company’s equity stake in Apollo Munich Health Insurance The Board of Directors at their meeting held on November 14, 2018 had approved a Scheme of Arrangement (“the Scheme”) between
Company Limited of `1,965 million as adjusted for Impairment of investment in Apollo Lavasa Health Corporation Limited of `321 Apollo Hospitals Enterprise Limited (“AHEL”) and Apollo Pharmacies Limited (“APL”) and their respective shareholders in accordance
million. with the provisions of Sections 230 to 232 of the Companies Act, 2013, for the transfer of the front-end portion of the retail pharmacy
business (“the disposal group”) carried out in the standalone pharmacy segment to APL by way of slump sale, subject to necessary
Impact of the COVID-19 pandemic on the business approvals by stock exchanges, shareholders, the National Company Law Tribunal and all other requisite Regulatory Authorities.

Due to the COVID-19 pandemic situation, the Government had announced a country wide lockdown for three weeks starting from the The Company received no objection letters from National Stock Exchange of India Limited and BSE Limited. Further, the Company
third week of March 2020 involving restrictions on international and domestic travel while also issuing an advisory on postponing obtained approvals from Competition Commission of India (CCI) and from the equity shareholders in October 2019.
elective surgeries and undergoing preventive health checks.
Apollo 24 / 7
The petition seeking sanction of the Scheme, is pending before the National Company Law Tribunal (NCLT) as on the date of the report.
Stand Alone Pharmacy segmental revenues and business performance were not impacted during the lockdown, and continued to show
growth momentum.
60 61
Scheme of Amalgamation The Company had divested its entire equity stake in Apollo Munich Health Insurance Company Ltd (AMHIL) on 9th January 2020 and
consequently. AMHIL has ceased to be an Associate Company.
The Board of Directors at their meeting held on February 13, 2020 had approved the amalgamation of Apollo Home Healthcare (India)
Limited and Western Hospitals Corporation Private Limited, wholly owned subsidiaries of the Company (hereinafter referred to as As on 31st March 2020, your Company had eighteen direct subsidiaries, ten step down subsidiaries, four joint ventures and three
“Transferor Companies”) into Apollo Hospitals Enterprise Limited (Transferee Company) by way of a Scheme of Amalgamation between associate companies.
the Transferor Companies and the Transferee Company and their respective shareholders and creditors, in accordance with Sections
The statement containing the summarized financial position of the subsidiary companies viz., Apollo Home Healthcare (I) Ltd (AHHCIL),
230 to 234 of the Companies Act, 2013.
A.B. Medical Centres Limited (ABMCL), Samudra Healthcare Enterprises Limited (SHEL), Apollo Hospital (UK) Limited (AHUKL), Apollo
The amalgamation is subject to requisite statutory and regulatory approvals and sanction by the respective shareholders of each of the Hospitals Singapore Pte Limited (AHSPL), Apollo Health and Lifestyle Limited (AHLL), Western Hospitals Corporation Pvt Limited
companies involved in the scheme. (WHCPL), Total Health (TH), Imperial Hospital and Research Centre Limited (IHRCL), Apollo Medicals Pvt Limited (AMPL), Apollo Home
Healthcare Limited (AHHL), Apollo Nellore Hospital Limited (ANHL), Sapien BioSciences Pvt Limited (SBPL), Apollo Rajshree Hospitals
The amalgamation of the Transferor Companies with the Transferee Company is aimed at achieving the following primary benefits:
Pvt Limited (ARHPL), Apollo Lavasa Health Corporation Limited (ALHCL), Assam Hospitals Limited (AHL), Apollo Hospitals International
• Facilitate consolidation of the undertakings in order to enable effective management and unified control of operations; Limited (AHIL), Future Parking Pvt Limited (FPPL), Apollo Sugar Clinics Limited (ASCL), Apollo Specialty Hospitals Pvt Limited (ASHPL),
• Create economies in administrative and managerial costs by consolidating operations; Alliance Dental Care Limited (ADCL), Apollo Dialysis Pvt Limited (ADPL), Apollo CVHF Limited (CVHF), Apollo Bangalore Cradle Limited
(ABCL), Kshema Healthcare Pvt Limited (KHPL), AHLL Diagnostics Limited (ADL), AHLL Risk Management Pvt Limited (ARMPL) and
• Reduce duplication of administrative responsibilities and multiplicity of records and legal and regulatory compliances.
Apollo Pharmacies Limited (APL) pursuant to Section 129 read with Rules 5 of the Companies (Accounts) Rules, 2014 is contained in
There will not be any change in the shareholding pattern of the Transferee Company pursuant to implementation of the Scheme of Form AOC-1, which forms part of the Annual Report.
Amalgamation as the Transferor Companies are wholly owned subsidiaries of the Transferee Company.
1. Apollo Home Healthcare (India) Limited (AHHCIL)
Dividend AHHCIL, a wholly owned subsidiary of the Company recorded a revenue of `0.43 million, and net loss of `3.01 million.
During the year, your Company declared an interim dividend of `3.25 (65%) per equity share of face value of `5/- each and the said
dividend was paid to the shareholders on 5th March 2020 whose names appeared in the register of members as on 26th February 2. A.B. Medical Centres Limited (ABMCL)
2020, being the record date fixed for this purpose. ABMCL, a wholly owned subsidiary of the Company does not have any commercial operations as it has leased out its infrastructure
viz., land and building to the company for running a hospital. For the year ended 31st March, 2020, ABMCL recorded an income
Your Directors are pleased to recommend a Final Dividend of `2.75 (55%) per equity share of face value of `5/- each for the year
of `8.23 million and a net profit of `6.52 million.
ended 31st March, 2020.
The Final Dividend, subject to the approval of Members at the Annual General Meeting on Friday, September 25, 2020, will be paid on 3. Samudra Healthcare Enterprises Limited (SHEL)
October 5, 2020, to the Members whose names appear in the Register of Members, as on the Book Closure date, i.e. from Saturday, SHEL, a wholly owned subsidiary of the company, runs a 120 bed multi speciality hospital at Kakinada.
September 19, 2020 to Friday, September 25, 2020 (both days inclusive). For the year ended 31st March, 2020, SHEL recorded an income of `376.05 million and a net profit of `1.71 million.
The total dividend for the financial year, including the proposed Final Dividend, amounts to `6/- (120%) per equity share and will
aggregate to `927.69 million (including Dividend Distribution Tax of `92.94 million on Interim Dividend).
4. Apollo Health and Lifestyle Limited (AHLL)
AHLL, is a 70.25% subsidiary of the Company engaged in the business of providing primary healthcare facilities through
In view of the changes made under the Income Tax Act, 1961, by the Finance Act, 2020, dividends paid or distributed by the Company a network of owned/franchised clinics across India offering specialist consultations, diagnostics, preventive health checks,
shall be taxable in the hands of the shareholders. Your Company shall, accordingly, make the payment of the Final Dividend after telemedicine facilities and 24-hour pharmacy all under one roof. For the year ended 31st March, 2020, AHLL recorded an
deduction of tax at source. income of `7,096.12 million and a net loss of `727.40 million.
The Board approved and adopted a dividend distribution policy at its meeting held on 30th May 2017 which is annexed herewith as
Annexure – I to this report and also posted on the Company’s website: www.apollohospitals.com. 5. Western Hospitals Corporation Private Limited (WHCPL)
WHCPL, a wholly owned subsidiary of the Company, recorded an income of `6.21 million and a net loss of `8.63 million for the
Subsidiaries, Associate Companies and Joint Ventures year ended 31st March 2020.

At the beginning of the year, your Company had nineteen direct subsidiaries, ten step down subsidiaries, four joint ventures and four
associate companies. 6. Total Health (TH)
TH, is a wholly owned subsidiary of the Company registered under Section 8 of the Companies Act, 2013, which is engaged in
During the year Apollo Healthcare Technology Solutions Limited, a subsidiary of the Company had applied for strike off of its name to
carrying on CSR activities in the field of community/rural development.
Apollo 24 / 7
the Registrar of Companies on 19th March 2020.
7. Apollo Hospital (UK) Limited (AHUKL)

AHUKL, is a wholly owned foreign subsidiary of the Company and has not yet commenced its operations.
62 63
8. Apollo Hospitals Singapore Pte Limited (AHSPL) 19. Apollo Speciality Hospitals Private Limited (ASHPL)
AHSPL, is a wholly owned subsidiary of the Company which has invested in a venture capital fund which focuses on funding early ASHPL, a subsidiary of Apollo Health and Lifestyle Limited, is engaged in the business of running day surgery centres. For the
stage healthcare technology startups in Asia. year ended 31st March, 2020, ASHPL recorded an income of `3,682.94 million and a net loss of `380.73 million.
9. Apollo Medicals Private Limited (AMPL) 20. Apollo Sugar Clinics Limited (ASCL)
AMPL, is a wholly owned subsidiary of the Company and is yet to commence its operations. ASCL, a subsidiary of Apollo Health and Lifestyle Limited, is engaged in the business of running diabetes management centres.
For the year ended 31st March, 2020, ASCL recorded an income of `291.34 million and a net loss of `4.61 million.
10. Imperial Hospital and Research Centre Limited (IHRCL)
IHRCL, is a 90% subsidiary of the Company and owns a 290 beds multi-specialty hospital at Bengaluru. 21. Alliance Dental Care Limited (ADCL)
For the year ended 31st March, 2020, IHRCL recorded an income of `2,744.22 million and a net profit of ADCL, a subsidiary of Apollo Health and Lifestyle Limited which is engaged in the business of running dental care centres
`205.92 million. recorded an income of `300.32 million and a net loss of `21.35 million for the year ended 31st March 2020.
11. Apollo Home Healthcare Limited (AHHL) 22. Apollo Dialysis Private Limited (ADPL)
AHHL, a 70.75% subsidiary of the Company is engaged in the business of providing high quality, personalized ADPL, a subsidiary of Apollo Health and Lifestyle Limited is engaged in the business of running dialysis centers. For the year
and professional healthcare services at the doorsteps of the patients. AHHL recorded an income of ended 31st March 2020, ADPL recorded a revenue of `252.66 million and a net loss of `17.42 million.
`450.99 million and a net loss of `36.28 million.
23. AHLL Diagnostics Limited (ADL)
12. Apollo Nellore Hospital Limited (ANHL) ADL, a subsidiary of Apollo Health and Lifestyle Limited is yet to commence its operations.

ANHL a 80.87% subsidiary of the Company has leased out its land at Nellore to the Company.
ANHL recorded an income of `8.17 million and a net profit of `6.48 million. 24. AHLL Risk Management Private Limited (ARML)
ARML, a subsidiary of Apollo Health and Lifestyle Limited is engaged in the business of acting as agents, consultants, advisors in
13. Sapien Biosciences Private Limited (SBPL) all insurance business and related activities. For the year ended 31st March. 2020, ARML recorded a revenue of `0.05 million
SBPL, is a 70% subsidiary of the company which is engaged in the business of bio-banking of tissues. For the year ended 31st and a net loss of `2.80 million.
March, 2020, SBPL recorded an income of `31.43 million and a net profit of `11.18 million.
25. Apollo CVHF Limited (CVHF)
14. Apollo Rajshree Hospitals Private Limited (ARHPL) CVHF, a subsidiary of Apollo Hospitals International Limited is in the business of providing healthcare services for the year ended
ARHPL, a 54.63% subsidiary of the company, runs a multi speciality hospital at Indore. For the year ended 31st March, 2020, 31st March, 2020, CVHF recorded a revenue of `136.48 million and a net loss of `132.74 million.
ARHPL recorded an income of `753.01 million and a net profit of `25.23 million.
26. Apollo Bangalore Cradle Limited (ABCL)
15. Apollo Lavasa Health Corporation Limited (ALHCL) ABCL, a subsidiary of Apollo Speciality Hospitals Private Limited, is engaged in the business of running Cradle centres. For the
ALHCL, a 51% subsidiary of the company, runs a hospital at Lavasa. For the year ended 31st March, 2020, ALHCL recorded an year ended 31st March, 2020, ABCL recorded an income of `360.26 million and a net profit of `5.75 million.
income of `2.82 million and a net loss of `41.69 million.
27. Kshema Healthcare Private Limited (KHPL)
16. Assam Hospitals Limited (AHL) KHPL, a subsidiary of Apollo Speciality Hospitals Private Limited is yet to commence its operations.
AHL, a 65.52% subsidiary of the company, runs a multi speciality hospital at Guwahati. For the year ended 31st March, 2020,
AHL recorded an income of `1,550.61 million and a net profit of `50.53 million. 28. Apollo Pharmacies Limited (APL)
APL, a subsidiary of Apollo Medicals Private Limited is yet to commence its operations.
17. Apollo Hospitals International Limited (AHIL)

AHIL, a 50% subsidiary of the company, runs a multi speciality hospital at Ahmedabad. For the year ended 31st March, 2020, Disinvestment/Impairment of Investments
AHIL recorded an income of `2,076.88 million and a net loss of `27.80 million • During the year, your Company fully divested its 9.94% equity stake in its associate company, Apollo Munich Health Insurance
Company Ltd (AMHIL), a joint venture between the Apollo Hospitals Group and Munich Health Holdings AG. AMHIL was one of the
18. Future Parking Private Limited (FPPL)
Apollo 24 / 7
first standalone health insurance companies to enter the market after liberalization of the Indian insurance industry.
FPPL, a subsidiary of the company, has been promoted for the development of a Multi level Car parking facility at Wallace Garden,
Having successfully incubated AMHIL since its inception and with a view to unlocking value, in January 2020, the Company
Nungambakkam, Chennai. FPPL recorded an income of `47.63 million and a net loss of `15.41 million
divested its 9.94% equity stake in AMHIL thus realizing a net gain of `1,965 million (net of transaction costs and indemnity
related deductions) through this transaction.
64 65
• The Board also decided to write down the value of the Company’s investment and advances aggregating to `321 million in All Independent Directors have given their declarations that they meet the criteria of independence as laid down under Section 149(6)
its subsidiary, Apollo Lavasa Health Corporation, which runs a secondary care hospital in the Lavasa town ship, consequent to of the Companies Act, 2013 and Regulation 16 (b) of the SEBI Listing Regulations.
continuing constraints faced in the Lavasa township combined with further uncertainties arising out of the COVID -19 pandemic
situation. Retirement by Rotation
Pursuant to Section 152 of the Companies Act 2013, Smt.Sangita Reddy, Director retires by rotation at the ensuing Annual General
Corporate Governance Meeting and being eligible offers herself for re-appointment.
The Company is committed to maintain the highest standards of corporate governance and adhere to the corporate governance
requirements set out by SEBI. The report on corporate governance as required under the Securities and Exchange Board of India (Listing Key Managerial Personnel
Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter Listing Regulations), forms an integral part of this report. Pursuant to the provisions of Section 203 of the Companies Act, 2013, the Key Managerial Personnel of the Company are Smt. Suneeta
The requisite certificate from the Auditors of the Company confirming the compliance with the conditions of corporate governance is Reddy, Managing Director, Shri. Krishnan Akhileswaran, Chief Financial Officer and Shri. S.M. Krishnan, Vice President-Finance &
attached to the report on Corporate Governance. Company Secretary. There has been no change in the Key Managerial Personnel during the year.
Management Discussion and Analysis Report Board Evaluation

Management Discussion and Analysis Report for the year under review, as stipulated under Regulation 34 of the Listing Regulations is Pursuant to the provisions of the Companies Act, 2013 and in terms of Regulation 17(10) of the SEBI Listing Regulations, the Board has
presented in a separate section forming part of the Annual Report. carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working
of the Committees. The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report.
Business Responsibility Report
As stipulated under the Listing Regulations, the Business Responsibility Report describing the initiatives taken by the Company from an Remuneration Policy
environmental, social and governance perspective is attached as part of the Annual Report. The Board has, on the recommendation of the Nomination & Remuneration Committee, approved a policy for selection and appointment
of Directors, Senior Management and their remuneration. The Remuneration Policy is stated in the Corporate Governance Report.
Sexual Harassment
The Company has adopted a policy on prevention, prohibition and redressal of sexual harassment at the workplace in line with the Meetings of the Board
provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed The Board met five times during the financial year, the details of which are given in the Corporate Governance Report. The intervening
thereunder. The Company has an Internal Complaints Committee for providing a redressal mechanism pertaining to sexual harassment gap between the Meetings was within the period prescribed under the Companies Act, 2013.
of women employees at the work place. During the year, 4 complaints were received under the policy, all of which were disposed off.
Risk Management
Vigil Mechanism/Whistle Blower Policy The Board of Directors had constituted a Risk Management Committee to identify elements of risk in different areas of operations and
The Company has established a vigil mechanism for Directors and Employees to report their genuine concerns, the details of which are to develop a policy for actions associated to mitigate the risks. The Committee on a timely basis informed the members of the Board of
given in the Corporate Governance Report. The policy on Vigil Mechanism and Whistle Blower Policy has been posted on the website of Directors about risk assessment and minimization procedures and in the opinion of the Committee there was no risk that may threaten
the Company www.apollohospitals.com. the existence of the Company. The details of the Risk Management Committee are included in the Corporate Governance Report.
Particulars of Loans, Guarantees and Investments Internal Financial Controls and their Adequacy
The details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations
in the notes to the Financial Statements.
The scope and authority of the Internal Audit (IA) function is defined in the Internal Audit Charter. To maintain its objectivity and
independence, the Internal Audit function reports to the Chairman of the Audit Committee of the Board. The details of the internal control
Fixed Deposits
system and its terms of reference are set out in the Management Discussion and Analysis Report forming part of the Board’s Report.
The Company had stopped accepting fixed deposits as well as renewal of existing deposits from the public since 2014. The total
outstanding deposits with the Company as on 31st March 2020 were `1.90 million (`13.42 million as on 31st March 2019) which The Board of Directors has laid down internal financial controls to be followed by the Company and the policies and procedures to be
adopted by the Company for ensuring the orderly and efficient conduct of its business, including adherence to the Company’s policies,

were not claimed by the depositors.
the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting
Directors and other Key Managerial Personnel (KMPs) records, and the timely preparation of reliable financial information. The Audit Committee evaluates the internal financial control systems
periodically.
Apollo 24 / 7
Board Composition and Independent Directors

The Board consists of the Executive Chairman, four Executive Directors and five Independent Directors. Independent directors are Significant and Material Orders passed by the Regulators or Courts
appointed for a term of five years and are not liable to retire by rotation. There are no significant material orders passed by the Regulators / Courts which would impact the going concern status of the Company
and its future operations.
66 67
Directors’ Responsibility Statement Disclosures relating to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies
Pursuant to Section 134(5) of the Companies Act 2013, the Board of Directors to the best of their knowledge hereby state and confirm: (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are also provided in the Annual Report, which forms part of this
Report.
a. that in the preparation of the annual financial statements for the year ended March 31, 2020, the applicable
accounting standards have been followed along with proper explanations relating to material departures, Having regard to the provisions of Section 136(1) read with the relevant provisions of the Companies Act, 2013, the Annual Report
if any; excluding the aforesaid information is being sent to the members of the Company. The said information is available for inspection at the
Registered Office of the Company during working hours. Any member interested in obtaining such information may write to the Company
b. that such accounting policies have been selected and applied consistently and judgement and estimates have been made that Secretary and the same will be furnished free of cost.
are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2020 and
of the profit of the Company for the year ended on that date; Employee Stock Options
c. that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the No Employee Stock Options have been granted to the employees of the Company and thus no disclosure is required.
provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities; Corporate Social Responsibility Initiatives
As part of its initiatives under Corporate Social Responsibility (CSR), the Company has undertaken projects in the areas of Rural
d. that the annual financial statements have been prepared on a going concern basis;
Development, Healthcare, Education & Skill Development and Research in Healthcare.
e. that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively;
These projects are in accordance with Schedule VII of the Companies Act, 2013. The Report on CSR activities for the financial year
f. that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating 2019-2020 is annexed herewith as “Annexure A”.
effectively.
Statutory Auditors
Share Capital The Members at the Annual General Meeting held on 20th September 2017 approved the appointment of Deloitte Haskins & Sells LLP,
The paid up Equity Share Capital as on March 31, 2020 was `695.63 million. During the year under review, the Company has not issued Chartered Accountants as statutory auditors for a period of five years commencing from the Thirty Sixth Annual General Meeting till
shares with differential voting rights nor granted stock options nor sweat equity. As of March 31, 2020, the details of shareholding in the conclusion of the Forty First Annual General Meeting subject to ratification by the Members every year. Pursuant to amendments in
the Company held by the Directors are set out in the Corporate Governance Report forming part of the Board’s Report and none of the Section 139 of the Companies Act, 2013, the requirements to place the matter relating to such appointment for ratification by members
directors hold convertible instruments of the Company. at every annual general meeting has been dispensed with effect from 7th May, 2018 and the appointment of Deloitte Haskins & Sells
LLP, Chartered Accountants as statutory auditors is valid till the conclusion of the Forty First Annual General Meeting to be held during
Contracts and Arrangements with Related Parties the year 2022.
All contracts/arrangements/transactions entered by the Company during the financial year with related parties were in the ordinary
There are no qualifications, reservation or adverse remarks made by the statutory auditors in the audit report.
course of business and on an arm’s length basis. During the year, the Company had not entered into any contract/arrangement/
transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of
Cost Auditors
related party transactions.
Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Amendment Rules, 2014, the
During the year, the Company had obtained members approval for entering into a long term supply agreement with Apollo Pharmacies Directors on the recommendation of the Audit Committee, appointed M/s. A.N. Raman & Associates, Cost Accountants, Chennai (FRN
Limited (APL), a related party for supply of pharmacy items. The Company would be undertaking back end supplies of pharmacy items 102111) to audit the cost accounts of the Company for the financial year 2020- 2021 on a remuneration of `1.50 million.
to APL, soon after receiving the order from the NCLT. Sanctioning the Scheme of Arrangement involving transfer of the front end portion
As required under the Companies Act, 2013, the remuneration payable to the cost auditor is required to be placed before the Members
of the standalone pharmacy business to APL, which may exceed the threshold limit of 10% of the consolidated turnover of the Company.
in a general meeting for their ratification. Accordingly, a resolution seeking Member’s ratification for the remuneration payable to M/s.
The Policy on materiality of related party transactions and dealing with related party transactions as approved by the Board may be A.N. Raman & Associates, Cost Accountants, Chennai (FRN102111) is included at Item No.9 of the Notice convening the Annual General
accessed on the Company’s website www.apollohospitals.com. Your Directors draw the attention of the members to the Notes to the Meeting.
financial statements which sets out related party disclosures.
The Company has maintained cost records in accordance with the provisions of the Companies Act, 2013 read with the Companies (Cost

None of the Directors have any pecuniary relationships or transactions vis-à-vis the Company. Records and Audit) Amendment Rules, 2014 in respect of healthcare services.
Particulars of Employees and related disclosures Secretarial Auditors

Apollo 24 / 7
In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration The Board had appointed Smt. Lakshmmi Subramanian, Senior Partner, M/s. Lakshmmi Subramanian & Associates, a firm of Company
of Managerial Personnel) Rules, 2014, as amended, a statement showing the names and other particulars of the employees drawing Secretaries in Practice, to conduct Secretarial Audit for the financial year 2019-2020. The Secretarial Audit Report for the financial
remuneration in excess of the limits set out in the said rules are provided in the Annual Report, which forms part of this Report. year ended March 31, 2020 is annexed herewith as “Annexure B”. The Secretarial Audit Report does not contain any qualification,
reservation or adverse remark.
68 69
Statutory Auditors and Secretarial Auditors Report

The Directors hereby confirm that there is no qualification, reservation or adverse remark made by the statutory auditors of the company
Annexure I
or in the secretarial audit report by the practicing company secretary for the year ended 31st March, 2020. Dividend Distribution Policy
Particulars regarding Conservation of Energy, Technology Absorption and Background
This policy is being adopted and published in compliance with the Securities and Exchange Board of India (Listing Obligations and
Foreign Exchange Earnings and Outgo. Disclosure Requirements) (Second Amendment) Regulations, 2016.
Information as required to be disclosed on conservation of energy, technology absorption and foreign exchange earnings and outgo
SEBI vide its notification dated July 8, 2016 introduced a new regulation 43A which prescribed that the top five hundred listed entities
stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, is annexed
based on market capitalization (calculated as on March 31 of every financial year) shall formulate a dividend distribution policy which
herewith as “Annexure C”.
shall be disclosed in their annual reports and on their websites.
Extract of Annual Return The regulation further prescribes that, the dividend distribution policy shall include the following parameters:
The details forming part of the extract of the Annual Return in Form MGT-9 is annexed herewith as “Annexure D”.
a. the circumstances under which the shareholders of the listed entities may or may not expect dividend;
Acknowledgement b. the financial parameters that shall be considered while declaring dividend;
Your Directors wish to place on record their appreciation of the contribution made by the employees at all levels, towards the continued c. internal and external factors that shall be considered for declaration of dividend;
growth and prosperity of your Company. d. policy as to how the retained earnings shall be utilized; and
Your Directors also wish to place on record their appreciation of business constituents, banks and other financial institutions and e. parameters that shall be adopted with regard to various classes of shares.
shareholders of the Company for their continued support. Provided that if the listed entity proposes to declare dividend on the basis of parameters in addition to clauses (a) to (e) or proposes to
For and on behalf of the Board of Directors change such additional parameters or the dividend distribution policy contained in any of the parameters, it shall disclose such changes
along with the rationale for the same in its annual report and on its website.
Place : Chennai Dr. Prathap C Reddy
Date : June 25, 2020 Executive Chairman Objective
Apollo Hospitals Enterprise Limited (the “Company”) has always strived to enhance stakeholder value. The Company believes that
returning cash to shareholders is an important component of overall value creation.
Parameters/Factors considered by the Company while declaring dividend
The Board of Directors of the Company shall consider the following parameters before declaring or recommending dividend to the
shareholders:
A) Financial Parameters / Internal Factors
(a) Financial performance including profits earned (standalone), available distributable reserves etc;
(b) Cash Balance and Cash Flow;
(c) Current and future capital requirements such as
• Business Expansion/Modernisation
• Mergers and Acquisitions
• Additional Investment in JVs / Subsidiaries / Associates
(d) Fund requirement for contingencies and unforeseen events with financial implications;

(e) Past Dividend trend including Interim dividend paid, if any; and
(f) Any other factor as deemed fit by the Board
B) External Factors
Apollo 24 / 7
(a) Macro-economic conditions

(b) Financing costs
(c) Government Regulations
(d) Taxation
70 71
Annexure - A to the Directors’

After meeting internal cash requirements and maintaining a reasonable cash balance towards any strategic investments, the Company
will endeavour to return the rest of the free cash generated to shareholders through regular dividends.
Circumstances under which the shareholders of the Company may or may Report
not expect dividend Report on Corporate Social Responsibility (CSR)
There may be certain circumstances under which the shareholders of the Company may not expect dividends, including the following
activities for the financial year 2019-2020
(a) Adverse market conditions and business uncertainty;
1. A brief outline of the Company’s CSR policy, Your Company has undertaken CSR activities to create a meaningful
(b) Inadequacy of profits earned during the financial year; and lasting impact on the communities in remote areas by helping them
including overview of projects or programmes
(c) Inadequacy of cash balance; proposed to be undertaken and a reference transcend barriers of socio-economic development.
to the web-link to the CSR policy and projects Your company wishes to extend comprehensive integrated healthcare
(d) Substantial forthcoming capital requirements which are best funded through internal accruals; or programmes services to the community. Your company is also committed to developing
the skills of the youth through high quality education and research in
(e) Changing government regulations etc.
healthcare services.
Even under such circumstances, the Board may at its discretion, and subject to applicable rules, choose to recommend a dividend out Your company continues to focus on CSR activities under the following broad
segments :
of the Company’s free reserves.
1. Rural Development
2. Healthcare
Utilisation of Retained Earnings 3. Education and Skill Development
Growth: The Company will utilise its retained earnings for the growth of the Company. The Company can consider venturing into new 4. Research in Healthcare
markets/geographies/ verticals. The CSR Policy can be assessed on the company’s website.
Weblink:https://www.apollohospitals.com/apollo_pdf/csr-policy.pdf
Research and Development: The Company will utilise its retained earnings for research and development of new products in
order to increase market share
Capital Expenditure: The Company will utilise its retained earnings for capital expenditure by way of physical and technology 2. Composition of the CSR Committee • Dr. Prathap C Reddy, Chairman
infrastructure etc. • Smt. Preetha Reddy
• Smt. Sangita Reddy
Mergers and Acquisitions : The Company will utilise its retained earnings for mergers and acquisitions, as it may deem • Shri. MBN Rao and
necessary from time to time • Dr. Murali Doraiswamy
3. Average net profit of the Company for the last `4,053.72 million
Multiple classes of shares three financial years
Currently, the Company has only one class of shares. In future, if the Company issues multiple classes of shares, the parameters of the 4. Prescribed CSR Expenditure (two percent of `81.07 million
dividend distribution policy will be appropriately addressed. the amount as in item 3 above)
5. Details of CSR spent for the financial year 2019-2020
Policy Review Total Amount to be spent for the financial `81.07 million
The Board of Directors may review this policy periodically, by taking into account the national and global economic conditions, the year 2019-2020
Company’s growth and investment plans and financial position etc., and in accordance with any regulatory amendments. 6. Total Amount spent during the year `95.67 million
Amount unspent, if any Nil
Website
7. Manner in which the amount was spent during the financial year is detailed below
The Policy has been posted on the website of the Company www.apollohospitals.com.

For and on behalf of the Board of Directors The Company undertook CSR activities in line with the CSR policy approved by the Board of Directors focussing on the following themes.
Apollo 24 / 7
Place : Chennai Dr. Prathap C Reddy 1. Rural Development

Date : June 25, 2020 Executive Chairman 2. Healthcare
3. Education and Skill Development
4. Research in Healthcare
72 73
Manner in which the amount was spent during the financial year is detailed below:
Projects or
Projects or Programs Amount Amount
Amount Amount Cumulative
Programs (1) Local area or of Outlay spent Amount
Cumulative Sector in Expenditure
(1) Local area or of Outlay spent Amount other (Budget) on the spent directly
Sector in Expenditure Sl CSR Project or which the upto the
other (Budget) on the spent directly (2) Specify the project or project or or through
Sl CSR Project or which the upto the No. activity identified project is reporting
(2) Specify the project or project or or through State and district program programs implementing
No. activity identified project is reporting covered period
State and district program programs implementing where Projects or wise ìn ìn agency
covered period ìn million
where Projects or wise ìn ìn agency Programs were million million
ìn million
Programs were million million undertaken
undertaken
3 Free Medicines to Promoting Tamil Nadu 83.92 26.98 83.92 Implementing
1. a) Providing safe Rural Andhra Pradesh, 121.19 18.77 121.19 Implementing Geriatric Centres healthcare Agency: Direct
drinking water Development Chittoor District, Agency: Total including
b) Extension of Aragonda Health preventive
Sanitation facilities care
c) Setting up of Nutrition 4 Free Medical Treatments Promoting Pan India 18.47 5.70 18.47 Implementing
Centres, to the employees of healthcare Agency: Apollo
d) Vocational Training World Wild Life Fund for including Hospitals
Centres facilitating Nature India; WWF is preventive Charitable
skill development focusing on conservation care Trust
training of species through field
e) Mobile Medical level activities in 10
Units – primary and landscapes in India as
preventive healthcare well as through direct
including diagnostics, interventions aimed at
f) Promotion and conserving a particular
R evival of rural sports species
2. a) Health Check ups- Promoting Free Medical 156.01 23.01 156.01 Implementing 5 Free Medicines Promoting Delhi 10.07 0.61 10.07 Implementing
Free Medicines and Healthcare centres at: Agency: Direct healthcare Agency:
Medical Check ups for including 1. Tirumala Tirupathi including Billions Heart
poor people preventive Devasthanam preventive Beating
b) Health Care activities care (TTD), Tirupathi, care Foundation
– Health awareness Andhra Pradesh
6 Research Research Pan India 42.90 13.00 42.90 Implementing
camps for primary 2. Koyambedu Bus
Agency: Apollo
and preventive Stand, Chennai
Hospitals
health care including 3. Research centre
Educational
diagnostics at Tambaram,
and Research
Chennai
Foundation
4. Rural Community
Centre, 7 Education Promoting Andhra Pradesh, 31.02 5.00 31.02 Implementing
Ayanambakkam, Education Chittoor District, Agency:
Chennai Aragonda Aragonda
5. Medical Centre Apollo
at Sabarimala, Medical and

Pamba, Educational
Pathanamthitta Research
District, Kerala Foundation
Apollo 24 / 7
74 75
Projects or Annexure - B to the Directors’ Report

Programs Amount Amount
Cumulative
Sector in
(1) Local area or
other
of Outlay
(Budget)
spent
on the
Expenditure
Amount
spent directly
Secretarial Audit Report
Sl CSR Project or which the upto the
No. activity identified project is
(2) Specify the project or project or
reporting
or through for the financial year ended 31st March 2020
State and district program programs implementing
covered period [Pursuant to section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies
where Projects or wise ìn ìn agency
ìn million (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
Programs were million million
undertaken To
8 Environment Protecting the 2.50 2.50 2.50 Implementing The Members
Sustainability Environment Agency:
Apollo Hospitals Enterprise Limited
Donation
to Isha We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate
Foundation practices by Apollo Hospitals Enterprise Limited (hereinafter called the company). Secretarial audit was conducted in a manner that
– Cauvery
provided us a reasonable basis for evaluating the corporate conducts/ statutory compliances and expressing our opinion thereon.
Calling
9 Conservation of Heritage 0.10 0.10 0.10 Implementing Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by the
Agency: Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of
Donation to secretarial audit, we hereby report that in our opinion, the Company has, during the audit period covering the financial year ended on
Crafts Council 31st March, 2020, complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and
of India
compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:
Total 466.18 95.67 466.18
We have also examined the following with respect to the new amendment issued vide SEBI Circular number CIR/CFD/CMD1/27/2019
Responsibility Statement by the Corporate Social Responsibility Committee: dated 8th February, 2019 (Regulation 24A of SEBI(LODR)).
The implementation and monitoring of the CSR Policy, is in compliance with the CSR objectives and policy of (a) all the documents and records made available to us and explanations provided by Apollo Hospitals Enterprise Limited (“the
the Company. Listed Entity”);
(b) the filings/submissions made by the listed entity to the Stock Exchanges;
sd/- sd/-
Dr. Prathap C Reddy Suneeta Reddy (c) website of the listed entity;
Chairman, CSR Committee Managing Director
(d) books, papers, minute books, forms and returns filed with the Ministry of Corporate Affairs and other records maintained
by Apollo Hospitals Enterprise Limited (“the Company”) for the financial year ended on 31st March, 2020 according to the
Place : Chennai
provisions as applicable to the Company during the period under audit and subject to the reporting made hereinafter and
Date : June 25, 2020
in respect of all statutory provisions listed hereunder:
i. The Companies Act, 2013 (the Act) and the Rules made there under;
ii. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the Rules made there under;
iii. The Depositories Act, 1996 and the Regulations and Bye-laws framed there under;
iv. Foreign Exchange Management Act, 1999 and the Rules and regulations made thereunder to the extent of Foreign
Direct Investment and External Commercial Borrowings;

v. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992
(‘SEBI Act’):-
Apollo 24 / 7
(a) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015;
(b) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(c) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
76 77
(d) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018; 21 Mental Healthcare Act, 2017
(e) S EBI Circular No. CFD/DIL3/CIR/2017/21 dated 10th March, 2017 on Schemes of Arrangement by Listed 22 Narcotic Drugs and Psychotropic Substances Act, 1985
Entities and (ii) Relaxation under Sub-rule (7) of rule 19 of the Securities Contracts (Regulation) Rules, 1957; 23 Narcotic Drugs and Psychotropic Substances Rules, 1985
24 Pharmacy Act, 1948
We hereby report that
25 Poisons Act, 1919
a. The Listed Entity has complied with the provisions of the above Regulations and circulars/guidelines issued thereunder. 26 Poisons Rules (state specific)
b. The Listed Entity has maintained proper records under the provisions of the above Regulations and circulars/guidelines 27 Pre Conception and Prenatal Diagnostic Techniques Act, 1994
issued thereunder in so far as it appears from our examination of those records. 28 Pre Conception and Prenatal Diagnostic Techniques, Prohibition of Sex Selection Rules, 1996
29 Prevention of Illicit Traffic in Narcotics Drugs Act, 1988
c. There were no actions taken against the listed entity/its promoters/directors/material subsidiaries either by SEBI or by the
30 Prohibition of Smoking Act, 2008
Stock Exchanges (including under the Standard Operation Procedures issued by SEBI through various circulars) under the
31 The Static and Mobile Pressure Vessels (Unfired) Rules, 2016
aforesaid Acts/Regulations and circulars/guidelines issued thereunder.
32 The Bio Medical Waste Management Rules, 2016
We have also examined compliance with the applicable clauses of the following: 33 Transplantation of Human Organs and Tissues Act, 1994
(i) The Listing Agreements entered into by the Company with the Stock Exchanges, where the securities of the Company 34 Transplantation of Human Organs and Tissues Rules, 1995 and 2014
are listed and the uniform listing agreement with the said stock exchanges pursuant to the provisions of the SEBI (Listing 35 Clinical Establishments and Registration Act, 2010/ State Private Clinical Establishment Registration Act.
Obligations and Disclosure Requirements) Regulations, 2015 36 E-Waste Management Rules, 2016
37 Solid Waste Management Rules, 2016
(ii) Secretarial Standards with respect to Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) issued by the
38 Batteries Waste Management Rules, 2001
Institute of Company Secretaries of India.
39 Plastic Waste Management Rules, 2016
In our opinion and as identified and informed by the Management, the Company has adequate systems to monitor and ensure compliance 40 Copyright Act, 1976
(including the process of renewal/fresh/pending applications with Government Authorities), the following laws are specifically applicable 41 Patent Act, 1970
to the Company. 42 Trademark Act, 1999
It is reported that during the period under review, the Company has been regular in complying with the provisions of the Act, Rules,
1 Atomic Energy Act, 1962 Regulations and Guidelines, as mentioned above
2 Birth and Death and Marriage Registrations Act, 1886
We further report that there were no actions/events in the pursuance of
3 Blood Bank Regulations under Drugs and Cosmetics Act, 1940
4 Clinical Thermometers (Quality Control ) Order, 2001 1. The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 and the Employees Stock Option
5 The Dentists Act, 1948 Scheme, 2007 approved under the provisions of the Securities and Exchange Board of India (Employee Stock Option Scheme and
6 Drugs and Cosmetics Act, 1940 Employee Stock Purchase Scheme) Guidelines, 1999;
7 Drugs and Cosmetics Rules, 1945 2. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009
8 Drugs and Magic Remedies (Objectionable Advertisements) Act, 1954
3. The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018
9 Drugs and Magical Remedies Rules, 1955
10 Epidemic Diseases Act, 1897 4. The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
11 Ethical guidelines for Biomedical Research on Human Subjects
requiring compliance thereof by the Company during the financial year under review.
12 Excise Permit (For Storage of Spirit) under Central Excise Act, 1956
13 Infant Milk Substitute, Feeding Bottles and Infant Foods (Regulation of Production, Supply and Distribution) Act, 1992 We further report that, based on the information provided by the Company, its officers and authorized representatives during the conduct
14 Infant Milk Substitute, Feeding Bottles and Infant Foods (Regulation of Production, Supply and Distribution) Rules, 1993 of the audit, and also on the review of quarterly compliance reports by the respective department heads/ the Company Secretary taken

on record by the Board of Directors of the Company, in our opinion, adequate systems and control mechanism exist in the Company to
15 Legal Metrology Act, 2009
monitor and ensure compliance with other applicable general laws including Human Resources and Labour laws.
16 Legal Metrology Rules, 2011
17 Medical Termination of Pregnancy Act, 1971 We further report that the compliance status with regard to applicable financial laws, like direct and indirect tax laws, has not been
Apollo 24 / 7
18 Medical Termination of Pregnancy Regulations, 2003 covered under the scope of this Audit since the same has been subject to review by the the Statutory financial auditor and other
19 Medical Termination of Pregnancy Rules, 2003 designated professionals.
20 NACO Guidelines
78 79
We further report that 10. The Company, during the year under review had disinvested its holdings in Apollo Munich Health Insurance Company Limited (an
Associate Company ) (currently known as HDFC ERGO Health Insurance Limited).
The Company is well constituted with a proper balance of Executive Directors, Non-Executive Directors and Independent Directors. No
changes took place in the composition of the Board of Directors during the period under review except for confirmation of appointment 11. During the year under review, the Company has made additional investment in Apollo Health and Lifestyle Limited and fresh
of Independent Directors in the General Meeting. investments in Connect Wind India Private Limited, CWRE Power Private Limited and Immanuel Therapeutics Private Limited
Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were delivered and Place: Chennai For LAKSHMMI SUBRAMANIAN & ASSOCIATES
a system exists for seeking and obtaining further information and clarifications on the agenda items before the meetings and for
Date: 24th June 2020 Lakshmmi Subramanian
meaningful participation at the meetings.
Senior Partner
All decisions at the Board Meetings and Committee Meetings were carried out unanimously as recorded in the minutes of the meetings
FCS No.3534
of the Board of Directors or Committees of the Board, as the case may be.
C.P.No. 1087
We further report that during the audit period no events have occurred, which have a major bearing on the Company’s affairs, except UDIN:F003534B000477986
the following:
1. The Company had entered into a Scheme of Arrangement with Apollo Pharmacies Limited whereby the front end portion of the
Stand Alone Pharmacy business of the Company would be demerged and transferred to Apollo Pharmacies Limited for which the ANNEXURE – A
approval of shareholders was obtained through a General Meeting conducted on 21st October, 2019 as directed by the National
To,
Company Law Tribunal vide their orders date 28th August, 2019 and 9th September, 2019. The Company is awaiting the Order
of the National Company Law Tribunal, Chennai Bench for sanctioning the Scheme of Arrangement. The Members
2. Shri Vinayak Chatterjee (DIN: 00008933) was re-appointed as Independent Director for a second term of five years at the Annual
General Meeting held on 27th September, 2019. 1. Maintenance of secretarial records is the responsibility of the management of the Company. Our responsibility is to express an
opinion on these secretarial records based on our audit.
3. Dr. Murali Doraiswamy, Smt. Kavitha Dutt and Shri. MBN Rao were appointed as Independent Directors at the Annual General
Meeting held on 27th September, 2019. 2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of
the contents of the secretarial records. The verification was done on a random test basis to ensure that correct facts are reflected
4. The Company has altered the Memorandum of Association and adopted a new set of Articles at the Annual General Meeting held
in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis for our opinion.
on 27th September, 2019.
3. We have not verified the correctness and appropriateness of financial records and books of accounts of the Company.
The Company redeemed 2,000 Non-Convertible Debentures of `1,000,000 (Rupees Ten Lakh) each aggregating to
5.
`2,000,000,000 (Rupees Two Hundred Crores) issued in favour of Baroda Credit Risk Fund, Baroda Treasury Advantage Fund, 4. Where ever required, we have obtained the Management representation about the compliance of laws, rules and regulations and
Baroda Dynamic Equity Fund, General Insurance Corporation and NPS-Trust –A/C LIC Pension Fund Scheme through exercise of happening of events etc.
call option and is in the process of obtaining No due certificate from the Debenture Trustee for filing satisfaction of charges with 5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of the
the Ministry of Corporate Affairs. management. Our examination was limited to the verification of procedures on a random test basis.
6. The Company has entered into a Long Term Supply Agreement with Apollo Pharmacies Limited which is a related party for supply 6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness
of pharmaceutical products (as per the above mentioned Scheme of Arrangement with Apollo Pharmacies Limited) and the same with which the management has conducted the affairs of the Company.
was approved by members through Postal Ballot dated 3rd February, 2020.
7. A Scheme of Amalgamation with M/s. Apollo Home Healthcare (India) Limited and M/s. Western Hospitals Corporation Private
Place: Chennai For LAKSHMMI SUBRAMANIAN & ASSOCIATES
Limited, wholly owned subsidiaries of the Company was approved at the Board Meeting held on 13th February, 2020 and the
Date: 24th June 2020 Lakshmmi Subramanian
same is under process.
Senior Partner

8. The Company has duly transferred unclaimed matured deposits for the period 2012-13 and unclaimed dividend for the period
FCS No.3534
2011-12 to the Investor Education and Protection Fund Account under Section 125 of the Companies Act. However the process
C.P.No. 1087
initiated for transferring shares to IEPF account could not be completed due to the COVID-19 situation.
UDIN:F003534B000477986
Apollo 24 / 7
9. At the Annual General Meeting held on 27th September 2019, an enabling resolution was passed to offer or invite subscriptions
for redeemable non-convertible debentures, of an aggregate nominal value up to ` 5,000 million, in one or more series /
tranches, on private placement. The Company is yet to progress on the said issue.
80 81
Annexure - C to the Directors’ 1.

Da Vinci Xi® Robotic Surgical System :
The latest model da Vinci Xi® Robotic Surgical System has
Report been acquired at Apollo Hospitals, Bangalore to capitalize on its

advantages over earlier models being used in Group Hospitals.
Energy Conservation, Technology Absorption and Foreign Exchange Earnings The new system provides a natural extension of the surgeon’s
eyes and hands into the patient. Highly-magnified 3D HD Vision
and Outgo ensures that surgeons can see the surgical site with true depth
perception and crystal-clear vision. Wristed instruments bend
Conservation of Energy and rotate far beyond the human hand. The da Vinci Xi Surgical
The operations of the Company are not energy-intensive. However, significant measures are being taken to System is designed to be fluorescence imaging capable.
reduce the energy consumption by using energy-efficient equipment. Firefly Fluorescence Imaging provides real-time visualization
Your Company constantly evaluates and invests in new technology to make its infrastructure more energy efficient. and assessment of vessels, bile ducts and tissue perfusion.
The camera, endoscope, and cable are integrated into one
The following energy saving measures were adopted during the year 2019-2020.
handheld design. At less than half the weight, the scope allows
• Phasing out of CFL lamps to LED lights in Apollo Hospitals, Navi Mumbai achieved a savings of `2.29 for placement on any of the four arms, providing the increased
million. flexibility for visualizing the surgical site. Tremor filtration and
Intuitive® Motion technologies allow the surgeon to operate with steady, natural motion. Surgical cart can
• Bio Gas generation from food waste resulted in a savings of `0.20 million per year for Apollo Hospitals
be placed at any position around the patient - allowing for four-quadrant access. Redesigned arms offer
Madurai, Trichy, Karaikudi and Karur.
greater range of motion. The laser targeting system positions the boom and ensures optimal configuration
• Usage of Wind Power Generators achieved a savings of `6.50 million per year for Apollo Hospitals Madurai,
for the procedure. The da Vinci Xi Surgical System is designed to seamlessly integrate future innovations,
Trichy, Karaikudi and Karur.
such as advanced instrumentation, surgical skills simulation, software upgrades, and other advancements
• Installation of timers to switch off/on the A/c units and switching on the altemate lights at corridors, to in one dynamic platform.
reduce the power consumption thereby achieved a savings of `4.01 million by Apollo Hospitals, Navi
2. Corpath vascular robotic system :
Mumbai.
The Corpath vascular robotic system has been installed at Apollo Main Hospital, Chennai. This system
• Optimization of fuel consumption in boiler operations.
assists in performing cardiac and neuro vascular interventional
• Phasing out of conventional AHU blowers into EC plug fans. procedures with robotic precision, while protecting the physicians
• VFD installation for AHU motor in a phased manner. from exposure to radiation and preventing musculoskeletal
injuries due to their stress inducing postures during conventional
• All Lifts and OT AHUs are operated with VFD panels.
procedures in the Cathlab. The robotic drive placed at the
• Phasing out of split air conditioner units with chilled water FCU to reduce the power consumption and
Cathlab Table holds a disposable cassette which is loaded
capital cost.
with guide wire, balloon/stent catheter and guide catheter and
• Fixing retrofit blowers in AHUs and fixing pressure regulating water tap to conserve water. these are remotely controlled by the Physicians seated at the
• The Company sourced power generated from alternate sources like wind mills, solar energy etc. thereby interventional cockpit located in the Console room. Use of this
achieving substantial savings. system has also demonstrated reduction in fluoroscopy procedure times, reduction in quantity of contrast
media used for patients and reduced radiation exposure for patients.
As energy costs comprise a very small portion of your Company’s total expenses, the financial implications of
these measures are not material. 3. Excelsius GPS Robotic Navigation platform

The Excelsius GPS Robotic Navigation platform is the first technology
Technology Absorption to combine a rigid robotic arm and full navigation capabilities for precise
Over the years, your Company has brought into the country the best that the world has to offer in terms of trajectory alignment in Spine Surgery. This system has been installed
Apollo 24 / 7
technology. at Apollo Speciality Hospital, Teynampet. It is designed to improve

accuracy and optimize patient care by using robotics and navigation.
In its continuous endeavour to serve the patients better and to bring healthcare of international standards, your
ExcelsiusGPS supports screw placement for a variety of different
Company has introduced the latest technology in its hospitals.
approaches, including Posterior Cervical, Posterior Thoracic, Sacroiliac,
Posterior Lumbar and Lateral Lumbar in the Lateral position.
82 83
4. NAVIO surgical system 7. Intraoperative MRI System
Apollo Hospital, Jayanagar, Bangalore has acquired the The Intraoperative MRI system at Apollo Hospitals, Hyderabad
NAVIO surgical system for use in surgical knee procedures is very helpful to visualise tumor and normal tissue to confirm
where stereotactic surgery is appropriate like unicondylar successful tumor resection, guide surgical decision making
knee replacement, patellofemoral arthroplasty, and total and lower the incidence of repeat resections. In addition this
knee arthroplasty. The NAVIO Surgical System is a surgical also enables brain shift compensation by virtue of real time
planning, navigation, and intraoperative visualization intraoperative imaging capability. In order to optimally utilise
system, combined with a robotic controlled handheld the MRI system for routine radiological applications, rear
smart instrument for bone sculpting. The NAVIO Surgical docking of MR table has been enabled by this Philips system.
System is designed to aid surgeons in accurate implant The intraoperative MRI suite is complete with MR compatible
positioning, ligament balancing and bone preparation surgical table and patient transfer solution from Maquet, MR compatible monitor from Philips and MR
during knee arthroplasty. The system is upgradable for hip compatible anaesthesia workstation from Draeger, Skull frame from Doro, Navigation system and O-arm
and shoulder arthrosplasty when it becomes available in from Medtronic.
the future.
8. Varian Trubeam STX Linear Accelerator
5. MRI System – 1.5 Tesla
To advance the treatment of lung, breast, prostate, head and neck, and other types of cancers, the
The latest model MRI system from M/s.Philips – Ingenia TrueBeam™ platform for image-guided radiotherapy and radiosurgery has been installed at Apollo Hospitals
Ambition 1.5 Tesla system and first of its kind in India has Hyderabad, Vizag and Bhubaneswar to treat even moving targets with unprecedented speed and accuracy.
been installed at Apollo Main Hospital, Chennai. The system The system dynamically synchronizes imaging, patient positioning, motion management, and treatment
is designed with a unique fully sealed Blue Seal magnet that delivery. “Intelligent” automation further speeds treatments with an up to five-fold reduction in the number
does not require any Helium refill throughout its life time. of steps needed for imaging, positioning and treating patients.
It is fully loaded with software for clinical applications for The system can be used for all forms of advanced external-
Head, Neck, Spine, Body , Muskuloskeletal, Cardiovascular beam radiotherapy including image-guided radiotherapy and
and Neuro imaging . The system is delivered with improved radiosurgery (IGRT and IGRS), intensity-modulated radiotherapy
features of better image clarity and throughput. The classical (IMRT), stereotactic body radiotherapy (SBRT) and RapidArc®
Philips Ambient Experience solution with patient selectable radiotherapy. New ‘gated’ RapidArc radiotherapy, which
themes enables a combination of audio, video and lighting compensates for tumor motion by synchronizing imaging with
elements for a personalized experience through out the MR dose delivery during a continuous rotation around the patient, is
exam duration. a powerful tool for treating cancers of the thorax, such as lung
and liver cancer, when tumor motion is an issue.
6. Robotic Visualisation System
The best in class neurosurgical microscope from Carl Zeiss Foreign Exchange Earnings & Outgo
Kinevo 900 – robotic visualisation system has been installed at
Foreign Exchange Earnings: `908 million (This is exclusive of rupee payments made by Non-Resident
Apollo Proton Cancer Center. The system combines digital and
Indian and Foreign Nationals)
optical visualization modalities and surgeon controlled robotics
Foreign Exchange Outgo: `1,383 million towards purchase of medical equipment and capital expenditure.
including Point lock, Active vibration damping and Position
memory apart from surgical Navigation interface. The system
also incorporates intraoperative fluorescence technologies with

Vascular and Tumor fluorescence modules. The system also
includes integrated 3D HD camera and recording capabilities.
Apollo 24 / 7
84 85
Annexure - D to the Directors’ Report III Particulars of Holding, Subsidiary & Associate Companies
Form No. MGT 9 Subsidiary /

% of
SL Shares Section
Extract of Annual Return No
Name & Address of the Company CIN / GLN Associate /
Held Applicable
Holding
for the financial year ended 31st March 2020
1. Apollo Home Healthcare (India) Limited, U85110TN1995PLC031663 Subsidiary 100.00 2(87)
Pursuant to Section 92 (3) of the Companies Act, 2013 and Rule 12(1) of the Companies
Ali Towers, I Floor, No. 55 Greams Road,
(Management & Administration) Rules, 2014. Chennai - 600 006
2. A.B. Medical Centers Limited, U85320TN1974PLC006623 Subsidiary 100.00 2(87)
I. Registration & Other details No. 159 EVR Periyar Salai, Chennai - 600 010
i. CIN L85110TN1979PLC008035 3. Samudra Healthcare Enterprises Limited, U85110TG2003PLC040647 Subsidiary 100.00 2(87)
No. 13-1-3 Suryaraopeta, Main Road,
ii. Registration Date 5th December 1979 Kakinada - 533 001
iii. Name of the Company APOLLO HOSPITALS ENTERPRISE LIMITED 4. Western Hospitals Corporation Private Limited, U85110TN2006PTC061323 Subsidiary 100.00 2(87)
iv. Category/Sub-category of the Company Public / Company Limited by Shares Ali Towers, Ground Floor,
No. 55 Greams Road, Chennai - 600 006
v. Address of the Registered office #19, Bishop Gardens
& contact details Raja Annamalaipuram, 5. Total Health, Aragonda Village, U85100TN2013NPL093963 Subsidiary 100.00 2(87)
Chennai - 600 028, Thavanampalle Mandal, Chittoor District,
Tamil Nadu, India Andhra Pradesh - 517129
Tel : 91-44-28290956, Fax: 91-44-28290956 6. Apollo Medicals Private Limited (AMPL), U85300TN2018PTC124435 Subsidiary 100.00 2(87)
email: investor.relations@apollohospitals.com No. 19, Bishop Gardens,
vi. Whether listed company Yes Raja Annamalaipuram, Chennai - 600 028
7. Apollo Hospital (UK) Limited, NA Subsidiary 100.00 2(87)
Name of the Stock Exchanges where equity shares National Stock Exchange of India Limited, Mumbai
First Floor, Kirkland House, 11-15,
are listed Stock Code: APOLLOHOSP
Peterborough Road, Harrow, Middlesex,
BSE Limited, Mumbai HA1 2AX, United Kingdom
Stock Code: 508869
8. Apollo Hospitals Singapore Pte Limited, NA Subsidiary 100.00 2(87)
vii. Name, Address & contact details of the Integrated Registry Management Services Private Ltd 50, Raffles Place, Singapore Land Tower
Registrar & Transfer Agent, if any Kences Towers, II Floor, No. 1 Ramakrishna Street, # 30, Singapore-048623
North Usman Road, Chennai - 600 017
9. Imperial Hospital and Research Centre Limited, U85110KA1991PLC011781 Subsidiary 90.00 2(87)
Ph: 91-44 2814 0801 Fax: 91-44 2814 2479
No. 154/11 Bannerghatta Road,
Opp. IIM, Bengaluru 560 076
II Principal Business Activities of the Company 10. Apollo Nellore Hospital Limited, U85110TN1986PLC072193 Subsidiary 80.87 2(87)
No. 16/111/1133, Muthukur Road,
All the business activities contributing 10% or more of the total turnover of the Company shall be stated Pinakini Nagar, Nellore - 524004
SL Name & Description of NIC Code of the % to total turnover 11. Sapien Biosciences Private Limited, U73100TG2012PTC080254 Subsidiary 70.00 2(87)
No main products / services Product / service of the company 8-2-293/82/J-III/DH/900, 1st Floor, AIMSR
Building, Apollo Health City,

1 Healthcare Services & Pharmacies 86100 100
Jubilee Hills, Hyderabad - 500 033
12. Apollo Health and Lifestyle Limited (AHLL), U85110TG2000PLC115819 Subsidiary 70.25 2(87)
1-10-60/62, Ashoka Raghupathi Chambers,
Apollo 24 / 7
5th Floor, Begumpet, Hyderabad – 500 016.

13. Assam Hospitals Limited, U85110AS1997PLC004987 Subsidiary 65.52 2(87)
Lotus Tower, GS Road, Ganeshguri,
Guwahati - 781 005, Assam
86 87
% of % of
Subsidiary / Subsidiary /
SL Shares Section SL Shares Section
Name & Address of the Company CIN / GLN Associate / Name & Address of the Company CIN / GLN Associate /
No Held Applicable No Held Applicable
Holding Holding
14. Apollo Home Healthcare Limited, U85100TN2014PLC095340 Subsidiary 70.75 2(87) 25. Apollo Bangalore Cradle Limited, U85110TG2011PLC077888 Step-down 100.00 2(87)
No. 55, Greams Road, Ali Towers 3rd Floor, 1-10-60/62, Ashoka Raghupuli Chambers, subsidiary
Chennai - 600 006 5th floor, Begumpet, Hyderabad - 500 01 of AHLL
15. Apollo Rajshree Hospitals Private Limited, U85110MP2008PTC020559 Subsidiary 54.63 2(87) 26. Kshema Healthcare Private Limited, U85110TG2006PTC119295 Step-down 100.00 2(87)
Dispensary Plot, Scheme No. 74C Sector D, 1-10-60/62, Ashoka Raghupuli Chambers, subsidiary
Vijay Nagar , Indore, Madhya Pradesh - 452 010 5th floor, Begumpet, Hyderabad - 500 016 of AHLL
16. Apollo Lavasa Health Corporation Limited, U85100MH2007PLC176736 Subsidiary 51.00 2(87) 27. AHLL Diagnostics Limited, U85200TG2018PLC125317 Step-down 100.00 2(87)
Plot No.13, Parsik Hill Road, Off Uran Road, 7-1-617/A, 615 and 616 Imperial Towers, subsidiary
Sector 23, CBD Belapur, 7th Floor, Ameerpet, Hyderabad – 500 038 of AHLL
Navi Mumbai - 400 614, Maharashtra
28. AHLL Risk Management Private Limited, U66000TG2018PTC125224 Step-down 100.00 2(87)
17. Apollo Hospitals International Limited (AHIL), U85110TN1997PLC039016 Subsidiary 50.00 2(87) 7-1-617/A, 615 and 616 Imperial Towers, subsidiary
Plot No. 1A, GIDC Estate, Bhat Village, 7th Floor, Ameerpet, Hyderabad – 500 038 of AHLL
Gandhi Nagar, Gujarat - 382 428
29. Apollo Gleneagles Hospital Limited, U33112WB1988PLC045223 Joint 50.00 2(6)
18. Future Parking Private Limited, U45206TN2009PTC072304 Subsidiary 49.00 2(87) No. 58 Canal Circular Road, Venture
3rd Floor, G Block, No. 55 Greams Road, Kolkata - 700 054
Chennai - 600 006
30. Apollo Gleneagles PET-CT Private Limited, U85110TN2004PTC052796 Joint 50.00 2(6)
19. Apollo Sugar Clinics Limited, U85110TG2012PLC081384 Step-down 80.00 2(87) Apollo Hospitals Complex, Jubilee Hills, Venture
1-10-60/62, Ashoka Raghupathi Chambers, subsidiary Hyderabad - 500 033
5th Floor, Begumpet, (subsidiary
31. ApoKos Rehab Private Limited, U85191TG2012PTC084641 Joint 50.00 2(6)
Hyderabad – 500 016. of AHLL)
4th Floor, Apollo Hospitals Building, Venture
20. Apollo Speciality Hospitals Pvt Ltd, U85100TG2009PTC099414 Step-down 100.00 2(87) Jubilee Hills, Hyderabad - 500 033
1-10-60/62, Ashoka Raghupathi Chambers, subsidiary
32. Medics International Lifesciences Limited, U85191UP2011PLC043154 Joint 50.00 2(6)
5th Floor, Begumpet, Hyderabad – 500 016. (subsidiary
Plot No. KBC-31, Sector-B LDA Colony, Venture
of AHLL)
Kanpur Road, Lucknow – 226 012
21. Alliance Dental Care Limited, U85120TG2002PLC135199 Step-down 69.54 2(87)
33. Family Health Plan Insurance (TPA) Limited, U85110TN1995PLC031121 Associate 49.00 2(6)
Srinilaya Cyber Spazio, Ground Floor,
Road No.2, Banjara Hills, Hyderabad – 500034
of AHLL)
34. Stemcyte India Therapeutics Private Limited, U85100GJ2008FTC052859 Associate 24.50 2(6)
22. Apollo Dialysis Pvt Limited, U85100TG2014PTC135198 Step-down 59.30 2(87)
Apollo Hospitals Complex,
Plot No. 1A, GIDC Estate, Bhat Village,
Gandhi Nagar, Gujarat - 382 428
of AHLL)
35. Indraprastha Medical Corporation Limited, L24232DL1988PLC030958 Associate 22.03 2(6)
23. Apollo CVHF Limited, U74140GJ2016PLC086449 Step-down 66.67 2(87)
Sarita Vihar, Delhi Mathura Road,
Plot No. 1A, Bhat GIDC Estate, subsidiary
New Delhi - 110 044
Bhat, Gandhinagar, Gujarat – 382428 (subsidiary

of AHIL)
24. Apollo Pharmacies Limited, U52500TN2016PLC111328 Step-down 100.00 2(87)
No. 19, Bishop Gardens, subsidiary
Apollo 24 / 7
Raja Annamalaipuram, Chennai - 600 028 (subsidiary

of AMPL)
88 89
IV. Shareholding Pattern (Equity Share capital Break up as % to total No. of Shares held at the beginning No. of Shares held at the end of the year
of the year (As on 1st April 2019) (As on 31st March 2020) %
equity) Category of Change
Share holders % of % of during
(i) Category - wise Shareholding
Demat Physical Total Total Demat Physical Total Total the year
Shares Shares
No. of Shares held at the beginning No. of Shares held at the end of the year
of the year (As on 1st April 2019) (As on 31st March 2020) % f) Insurance Companies 7,934,481 - 7,934,481 5.70 2,694,190 - 2,694,190 1.94 (3.76)
Category of Change
Share holders % of % of during g) FIIs 61,589,715 - 61,589,715 44.27 65,273,702 - 65,273,702 46.92 2.65
Demat Physical Total Total Demat Physical Total Total the year h) Foreign Venture
Shares Shares - - - - - - - - -
Capital Funds
A. Promoters
i) Others - - - - - - - - -
(1) Indian
Sub Total (B)(1) 79,855,330 3,838 79,859,168 57.39 86,165,349 3,538 86,168,887 61.93 4.54
a) Individual/HUF 20,556,635 - 20,556,635 14.78 15,572,785 - 15,572,785 11.19 (3.59)
2) Non Institutions
b) Central Govt. or State
- - - - - - - - -
Govt. a) Bodies Corporates 1,252,634 51,250 1,303,884 0.94 419,821 46,650 466,471 0.34 (0.60)
c) Bodies Corporates 27,296,028 - 27,296,028 19.62 27,296,028 - 27,296,028 19.62 -
b) Individuals
d) Bank/FI - - - - - - - - - i) Individual shareholders
e) Any other - - - - - - - - - holding nominal share capital 4,654,248 1,442,215 6,096,461 4.38 4,942,415 1,284,688 6,227,103 4.48 0.10
upto `2 lakh
Sub Total (A) (1) 47,852,663 - 47,852,663 34.40 42,868,813 - 42,868,813 30.81 (3.59)
ii) Individuals shareholders
2) Foreign holding nominal share capital 1,296,365 96,650 1,393,015 1.00 703,105 40,250 743,355 0.53 (0.47)
in excess of `2 lakh
a) NRI-Individuals - - - - - - - - -
b) Other Individuals - - - - - - - - - c) Others 1,609,031 880,230 2,489,261 1.78 1,782,413 827,026 2,609,439 1.88 0.10
c) Bodies Corp. - - - - - - - - - Sub Total (B)(2) 8,812,276 2,470,345 11,282,621 8.10 7,847,754 2,198,614 10,046,368 7.23 (0.87)
d) Banks / FI - - - - - - - - - Total Public Shareholding
e) Any other - - - - - - - - - (B) = (B) (1) + (B) (2) 88,667,606 2,474,183 91,141,789 65.51 94,013,103 2,202,152 96,215,255 69.16 3.65
Sub Total (A) (2) - - - - - - - - - Total (A) + (B) 136,520,269 2,474,183 138,994,452 99.91 136,881,916 2,202,152 139,084,068 99.97 0.06
Total Shareholding of
C. Shares held by Custodian for
Promoter
GDRs & ADRs
(A)= (A)(1)+(A)(2) 47,852,663 - 47,852,663 34.40 42,868,813 - 42,868,813 30.81 (3.59)
B. Public Shareholding i) Promoter and Promoter Group - - - - - - - - -

(1) Institutions
ii) Public 130,707 - 130,707 0.09 41,091 - 41,091 0.03 (0.06)
a) Mutual Funds 9,883,181 - 9,883,181 7.10 12,374,634 - 12,374,634 8.89 1.79
Total Public Shareholding (C) 130,707 - 130,707 0.09 41,091 - 41,091 0.03 (0.06)

b) Alternate Investment
100,000 - 100,000 0.07 8,500 - 8,500 0.01 (0.06)
Funds Grand Total (A+B+C) 136,650,976 2,474,183 139,125,159 100.00 13,692,3007 2,202,152 139,125,159 100.00 -
c) Banks/FI 24,245 3,838 28,083 0.02 5,490,615 3,538 5,494,153 3.94 3.92
Apollo 24 / 7
d) Central govt / State

323,708 - 323,708 0.23 323,708 - 323,708 0.23 -
Govt.
e) Venture Capital Fund - - - - - - - - -
90 91
(ii) Shareholding of Promoters (iii) Change in Promoters’ Shareholding

Shareholding at the Cumulative
Shareholding at the beginning of the year Shareholding at the end of the year beginning of the year shareholding
(As on 1st April 2019) (As on 31st March 2020) Sl (As on 1st April 2019) during the year
Name
% of shares % of shares % change in No
Sl No. of % of total shares No. of % of total shares
Name % of total pledged / No. of % of total shares pledged / share holding
No No. of Shares of the Company Shares of the Company
shares of the encumbered to Shares of the Company encumbered during the year
Shares
Company total shares to total shares
1 Dr. Prathap C Reddy
At the beginning of the year 5,445,464 3.91 5,445,464 3.91

1 Dr. Prathap C Reddy 5,445,464 3.91 - 245,464 0.17 - (3.74)
11-Sep-2019: Interse transfer (5,200,000) (3.74)
2 Smt. Sucharitha P Reddy 569,800 0.41 - 169,800 0.12 - (0.29)
At the end of the year 245,464 0.17
3 Smt. Preetha Reddy 2,193,915 1.58 1.57 2,193,915 1.58 1.46 -
2 Smt. Sucharitha P Reddy
4 Smt. Suneeta Reddy 3,381,695 2.43 2.34 4,381,695 3.14 3.05 0.71
At the beginning of the year 569,800 0.41 569,800 0.41
5 Smt. Shobana Kamineni 2,239,952 1.61 1.61 2,239,952 1.61 - -
11-Sep-2019: Interse transfer (400,000) (0.29)
6 Smt. Sangita Reddy 2,432,508 1.75 1.75 2,432,508 1.75 - -
7 Shri. Karthik Anand 330,600 0.24 - 339,050 0.24 - -
3 Smt. Preetha Reddy
8 Shri. Harshad Reddy 320,200 0.23 - 327,900 0.24 - -
9 Smt. Sindoori Reddy 518,600 0.37 - 318,600 0.22 - (0.13)
At the end of the year 2,193,915 1.58
10 Shri. Aditya Reddy 210,200 0.15 - 10,200 0.01 - (0.14)
4 Smt. Suneeta Reddy
11 Smt. Upasana Kamineni 217,276 0.16 - 217,276 0.16 - -
12 Shri. Puansh Kamineni 212,200 0.15 - 212,200 0.15 - -
11-Sep-2019: inter se transfer 5,600,000 4.03
13 Smt. Anuspala Kamineni 259,174 0.19 - 259,174 0.19 - -
12-Sep-2019: Market Sale (5,000,000) (3.59)
14 Shri. Konda Anindith Reddy 230,200 0.17 - 230,200 0.17 - -
31-Mar-2020: interse transfer 400,000 0.27
15 Shri. Konda Vishwajit Reddy 222,300 0.16 - 222,300 0.16 - -
16 Shri. Konda Viraj Madhav Reddy 168,224 0.12 - 168,224 0.12 - -
5 Smt. Shobana Kamineni
17 Shri. P. Vijay Kumar Reddy 8,957 0.01 - 8,957 0.01 - -
18 Shri. P. Dwaraknath Reddy 18,000 0.01 - 18,000 0.01 - -
19 Shri. Anil Kamineni 20 - - 20 - - -
6 Smt. Sangita Reddy
20 Shri. K Vishweshwar Reddy 1,577,350 1.13 1.13 1,577,350 1.13 1.13 -
21 PCR Investments Ltd 27,223,124 19.57 15.67 27,223,124 19.57 5.64 -

22 Obul Reddy Investments Ltd 11,200 0.01 - 11,200 0.01 - -
7 Shri. Karthik Anand
23 Indian Hospitals Corporation Ltd 61,704 0.04 - 61,704 0.04 - -
Total 47,852,663 34.40 23.54 42,868,813 30.81 11.28 (3.59)
Apollo 24 / 7
24-Mar-2020: Market Purchase 8,450 -
92 93
Shareholding at the Cumulative Shareholding at the Cumulative

beginning of the year shareholding beginning of the year shareholding
Sl (As on 1st April 2019) during the year Sl (As on 1st April 2019) during the year
Name Name
No No
No. of % of total shares No. of % of total shares No. of % of total shares No. of % of total shares
Shares of the Company Shares of the Company Shares of the Company Shares of the Company
8 Shri. Harshad Reddy 16 Shri. Konda Viraj Madhav Reddy
At the beginning of the year 320,200 0.23 320,200 0.23 At the beginning of the year 168,224 0.12 168,224 0.12
24-Mar-2020: Market Purchase 7,700 0.01 At the end of the year 168,224 0.12
At the end of the year 327,900 0.24 17 Shri. P. Vijay Kumar Reddy
9 Smt. Sindoori Reddy At the beginning of the year 8,957 0.01 8,957 0.01
At the beginning of the year 518,600 0.37 518,600 0.37 At the end of the year 8,957 0.01
31-Mar-2020: Inter se transfer (200,000) (0.13) 18 Shri. P. Dwaraknath Reddy
At the end of the year 318,600 0.24 At the beginning of the year 18,000 0.01 18,000 0.01
10 Shri. Aditya Reddy At the end of the year 18,000 0.01
At the beginning of the year 210,200 0.15 210,200 0.15 19 Shri. Anil Kamineni
31-Mar-2020: Inter se transfer (200,000) (0.14) At the beginning of the year 20 - 20 -
At the end of the year 10,200 0.01 At the end of the year 20 -
11 Smt. Upasana Kamineni 20 Shri. K Vishweshwar Reddy
At the beginning of the year 217,276 0.16 217,276 0.16 At the beginning of the year 1,577,350 1.13 1,577,350 1.13
At the end of the year 217,276 0.16 At the end of the year 1,577,350 1.13
12 Shri. Puansh Kamineni 21 PCR Investments Limited
At the beginning of the year 212,200 0.15 212,200 0.15 At the beginning of the year 27,223,124 19.57 27,223,124 19.57
At the end of the year 212,200 0.15 At the end of the year 27,223,124 19.57
13 Smt. Anuspala Kamineni 22 Obul Reddy Investments Ltd
At the end of the year 259,174 0.19 At the end of the year 11,200 0.01
14 Shri. Konda Anindith Reddy 23 Indian Hospitals Corporation Ltd

At the end of the year 230,200 0.17 At the end of the year 61,704 0.04
15 Shri. Konda Vishwajit Reddy Note: The cumulative shareholding column reflects the balance as on day end.
Apollo 24 / 7
94 95
(iv) Shareholding Pattern of top ten Shareholders (Other than Directors, Promoters & Holders of GDRs)
Shareholding at the Cumulative
Shareholding at the Cumulative beginning of the year shareholding
beginning of the year shareholding (As on 1st April 2019) during the year
Sl
(As on 1st April 2019) during the year Shareholders Name % of total
Sl No % of total
Shareholders Name % of total No. of No. of shares
No % of total shares of the
No. of No. of shares Shares Shares of the
shares of the Company
Shares Shares of the Company
Company
Company 8 ITPL – Invesco India Business Leaders Fund
1 Life Insurance Corporation of India
Bought during the year 1,299,870 0.93 2,637,942 1.89
Sold during the year (2,463,052) (1.77) 5,437,262 3.91
Sold during the year (617,704) (0.44) 2,020,868 1.45
Schroder International Selection Fund Asian
2 9 HDFC Life Insurance Company Limited
Opportunities
At the beginning of the year 3,144,822 2.26 3,144,822 2.26 At the beginning of the year 100,000 0.07 100,000 0.07
Bought during the year 783,987 0.56 3,928,809 2.82 Bought during the year 1,786,400 1.28 1,886,400 1.36
At the end of the year 3,928,809 2.82 Sold during the year (99,300) (0.07) 1,787,100 1.29
3 Aditya Birla Sun Life Trustee Private Limited At the end of the year 1,787,100 1.29
At the beginning of the year 1,236,690 0.89 1,236,690 0.89 10 Kotak Funds – India Midcap Fund
Bought during the year 2,671,773 1.92 3,908,463 2.81 At the beginning of the year 1,718,373 1.24 1,718,373 1.24
Sold during the year (228,515) (0.16) 3,679,948 2.65 Bought during the year 95,316 0.07 1,813,689 1.30
At the end of the year 3,679,948 2.65 Sold during the year (86,301) (0.06) 1,727,388 1.24
4 Copthall Mauritius Investment Limited At the end of the year 1,727,388 1.24

Bought during the year 1,048,051 0.75 3,472,176 2.49 (v) Shareholding of Directors and Key Managerial Personnel
Sold during the year (644,192) (0.46) 2,827,984 2.03

Shareholding at the beginning Cumulative shareholding
At the end of the year 2,827,984 2.03 Sl of the year (As on 1st April 2019) during the year
Name
Munchener Ruckversicherungsgesellschaft No No. of % of total shares No. of % of total shares
5
Aktiengesellschaft In Munchen Shares of the Company Shares of the Company
At the beginning of the year 2,397,380 1.72 2,397,380 1.72 DIRECTORS
At the end of the year 2,397,380 1.72 1 Dr. Prathap C Reddy
6 Veritas Funds PLC on behalf of Veritas Asian Funds At the beginning of the year 5,445,464 3.91 5,445,464 3.91
At the beginning of the year 1,121,469 0.81 1,121,469 0.81 11-Sep-2019 : Interse transfer (5,200,000) (3.74)
Bought during the year 1,250,000 0.90 2,371,469 0.90 At the end of the year 245,464 0.17

2 Smt. Preetha Reddy
7 Touchstone Strategic Trust – Touchstone Sands At the beginning of the year 2,193,915 1.58 2,193,915 1.58
At the beginning of the year 1,350,521 0.97 1,350,521 0.97 At the end of the year 2,193,915 1.58
Apollo 24 / 7
Bought during the year 977,105 0.70 2,327,626 1.67 3 Smt. Suneeta Reddy
Sold during the year (3,700) 0.00 2,323,926 1.67 At the beginning of the year 3,381,595 2.43 3,381,595 2.43
At the end of the year 2,323,926 1.67 11-Sep-2019 .inter se transfer 5,600,000 4.03
96 97
Shareholding at the beginning Cumulative shareholding V INDEBTEDNESS

Sl of the year (As on 1st April 2019) during the year Indebtedness of the Company including interest outstanding/accrued but not due for payment
Name
No No. of % of total shares No. of % of total shares (` in million)
Shares of the Company Shares of the Company Secured Loans
Sl. Unsecured Total
12-Sep-2019: Market Sale (5,000,000) (3.59) Particulars excluding Deposits
No Loans Indebtedness
deposits
31-Mar-2020:interse transfer 400,000 0.27 Indebtedness at the beginning of the financial year
At the end of the year 4,381,695 3.14 i) Principal Amount 28,383 3,995 13 32,391
4 Smt. Shobana Kamineni ii) Interest due but not paid - - - -
At the beginning of the year 2,239,952 1.61 2,239,952 1.61 iii) Interest accrued but not due 309 14 - 323
Total (i+ii+iii) 28,692 4,009 13 32,714
Change in Indebtedness during the financial year
5 Smt. Sangita Reddy Additions 7,890 724 - 8,614
At the beginning of the year 2,432,508 1.75 2,432,508 1.75 Reduction 5,976 (3,418) 12 9,404
At the end of the year 2,432,508 1.75 Net Change 1,914 2,694 (12) (791)
6 Shri. Vinayak Chatterjee Indebtedness at the end of the financial year

i) Principal Amount 30,297 1,301 1 31,600
At the beginning of the year - - - -
ii) Interest due but not paid - - - -
At the end of the year - - - - iii) Interest accrued but not due 216 3 - 219
7 Dr. T. Rajgopal Total (i+ii+iii) 30,513 1,304 1 31,819
At the end of the year - - - -
(VI) Remuneration of Directors and Key Managerial Personnel
A. Remuneration to Managing Director, Whole time director and/or Manager
8. Dr. Murali Doraiswamy
(` in million)
Name of the MD/WTD/Manager
At the end of the year - - - - Sl. Total
Particulars of Remuneration Dr. Prathap C Smt. Preetha Smt. Suneeta Smt. Shobana Smt. Sangita
No Amount
9 Smt. V. Kavitha Dutt Reddy Reddy Reddy Kamineni Reddy
At the beginning of the year - - - - 1 Gross salary
(a) Salary as per provisions
contained in section 17(1) of the 93.51 47.44 47.44 47.44 47.44 283.27
10 Shri. MBN Rao Income Tax. 1961.
At the beginning of the year 400 - 400 - (b) Value of perquisites u/s 17(2) of
- - - - - -
the Income Tax Act, 1961
At the end of the year - - 400 -
(c) Profits in lieu of salary under
KEY MANAGERIAL PERSONNEL section 17(3) of the Income Tax - - - - - -
11 Shri. Krishnan Akhileswaran Act, 1961
At the beginning of the year 4 - 4 - 2 Stock option NA NA NA NA NA NA

3 Sweat Equity NA NA NA NA NA NA
At the end of the year - - 4 -

4 Commission
12 Shri. S.M. Krishnan
as % of profit 27.83 - - - - -
At the beginning of the year - - - - others (specify) - - - - - -
5 Others, please specify - - - - - -
Apollo 24 / 7

Total (A) 121.34 47.44 47.44 47.44 47.44 311.10
Note : The cumulative shareholding column reflects the balance as on day end. Ceiling as per the Act `518 million (being 10% of the net profits of the Company calculated as per Section 198 of the Companies
Act, 2013)
98 99
B. Remuneration to other Directors (VII) Penalties / Punishment / Compounding of Offences

(` in million)
Name of the Directors Details of Penalty
Sl. Total Appeal
Particulars of Remuneration Shri.Vinayak Dr. Murali Smt.Kavitha Section of the Brief / Punishment / Authority (RD /
No Dr.T. Rajgopal Shri.MBN Rao Amount Type made if any
Chatterjee Doraiswamy Dutt Companies Act Description Compounding fees NCLT / Court)
(give details)
imposed
Independent Directors
A. COMPANY
1 (a) Fee for attending board Penalty
0.70 1.00 0.60 0.80 1.20 4.30
committee meetings
Punishment
(b) Commission 1.25 1.25 1.25 1.25 1.25 6.25
(c ) Others, please specify - - - - Compounding
Total (1) 1.95 2.25 1.85 2.05 2.45 10.55 B. DIRECTORS

Other Non Executive Directors Penalty
NIL
2 (a) Fee for attending board
- - - - - - Punishment
committee meetings
Compounding
(b) Commission - - - - - -
(c) Others, please specify. - - - - - - C. OTHER OFFICERS IN DEFAULT
Total (2) - - - - - - Penalty
Total (B) = (1+2) 1.95 2.25 1.85 2.05 2.45 10.55 Punishment
Total Managerial Remuneration 321.65 Compounding

Overall Ceiling as per the Act `570 million (being 11% of the net profits of the Company calculated as per Section 198 of the
Companies Act, 2013
C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD
(` in million)
Sl. No Particulars of Remuneration Key Managerial Personnel Total
1 Gross Salary CFO Company Secretary

(a) Salary as per provisions contained in section 17(1)
24.64 7.35 31.99
of the Income Tax Act, 1961.
(b) Value of perquisites u/s 17(2) of the Income Tax

- - -
Act, 1961
(c) P rofits in lieu of salary under section 17(3) of the

- - -
Income Tax Act, 1961
2 Stock Option - - -
3 Sweat Equity NA NA NA

4 Commission - - -
as % of profit NA NA NA
others, specify NA NA NA
Apollo 24 / 7
5 Others, please specify - - -

Total 24.64 7.35 31.99
100 101
2. Board of Directors
The Company has an Executive Chairman. As per Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements)
Corporate Governance Report Regulations, 2015 (Listing Regulations), in case of an Executive Chairman, at least half of the Board should comprise of independent
directors. Independent Directors, including an independent woman director constitute 50 percent of the overall Board. The Board has
a healthy blend of executive and non-executive directors, and consequently ensures the desired level of independence in functioning
and decision-making. Moreover all the non-executive directors are eminent professionals, and bring the wealth of their professional
1. The Company’s philosophy on code of Governance expertise and experience to the management of the Company.
The basic objective of corporate governance policies adopted by the Company is to attain the highest levels of transparency, accountability
and integrity. This objective extends not merely to comply with statutory requirements but also to go beyond them by putting into place
(a) Composition and category of the Board of Directors, relationship
procedures and systems, which are in accordance with the best practices of governance. Your Company believes that good Corporate
Governance enhances the trust and confidence of all the stakeholders. Good practice in corporate behaviour helps to enhance and between directors inter se, shareholding of Directors in the Company
maintain public trust in companies and the stock markets. and Memberships in other Boards.
Your Company reviews its corporate governance practices to ensure that they reflect the latest developments in the corporate arena,
positioning itself to conform to the best corporate governance practices. Your Company is committed to pursuing excellence in all its Shareholding
Relationship
activities and in maximisation of shareholders’ wealth. Director DIN Category Designation in the
with other Directors
Company
The Company’s corporate governance policies and practices focus on the following principles:
1. To recognize the respective roles and responsibilities of the Board and management. Dr. Prathap C Reddy 00003654 Promoter Executive Father of Smt. Preetha 245,464
2. To achieve the highest degree of transparency by maintaining a high degree of disclosure levels. Chairman Reddy, Smt. Suneeta Reddy,
Smt. Sangita Reddy &
3. To ensure and maintain high ethical standards in its functioning. Smt. Shobana Kamineni
4. To accord the highest importance to investor relations.
Smt. Preetha Reddy 00001871 Promoter Executive Vice Daughter of Dr. Prathap C 2,193,915
5. To ensure a sound system of risk management and internal controls. Chairperson Reddy, Sister of
6. To ensure that employees of the Company subscribe to the corporate values and apply them in their conduct. Smt. Suneeta Reddy,
Smt. Sangita Reddy &
7. To ensure that the decision making process is fair and transparent. Smt. Shobana Kamineni
8. To ensure that the Company follows globally recognized corporate governance practices
Smt. Suneeta Reddy 00001873 Promoter Managing Daughter of Dr. Prathap C 4,381,695
Governance Structure Director Reddy, Sister of
Apollo’s Governance structure broadly comprises of the Board of Directors and the Committees of the Board at the apex level and the Smt. Preetha Reddy,
Management structure at the operational level. This layered structure brings about a harmonious blend in governance as the Board sets Smt. Sangita Reddy &
the overall corporate objectives and gives direction and freedom to the Management to achieve these corporate objectives within a given Smt. Shobana Kamineni
framework, thereby bringing about an enabling environment for value creation through sustainable profitable growth. Smt. Shobana Kamineni 00003836 Promoter Executive Vice Daughter of Dr. Prathap C 2,239,952
Chairperson Reddy, Sister of
The Board of Directors plays a pivotal role in ensuring that the Company runs on sound and ethical business practices and that its
Smt. Preetha Reddy,
resources are utilized for creating sustainable growth and societal wealth. The Board operates within the framework of a well defined
Smt. Suneeta Reddy &
responsibility matrix which enables it to discharge its fiduciary duties of safeguarding the interests of the Company, ensuring fairness Smt. Sangita Reddy
in the decision making process and integrity and transparency in the Company’s dealing with its Members and other stakeholders.
Smt. Sangita Reddy 00006285 Promoter Joint Managing Daughter of Dr. Prathap C 2,432,508
With a view to have a more focused attention on various facets of business and for better accountability, the Board has constituted Director Reddy, Sister of
the following committees viz. Audit Committee, Stakeholders’ Relationship Committee, Nomination and Remuneration Committee, Risk Smt. Preetha Reddy,

Management Committee, Corporate Social Responsibility Committee and Investment Committee. Each of these Committees have been Smt. Suneeta Reddy &
mandated to operate within a given framework. Smt. Shobana Kamineni
A management structure for running the business of the Company as a whole is in place with appropriate delegation of powers and Shri Vinayak Chatterjee 00008933 Independent Director - -
Apollo 24 / 7
responsibilities. Dr. T. Rajgopal 02253615 Independent Director - -

Dr. Murali Doraiswamy 08235560 Independent Director - -
Smt. V. Kavitha Dutt 00139274 Independent Director - -
Shri. MBN Rao 00287260 Independent Director - 400
102 103
Number of Number of Number of Name of other listed Nature of Skills/Expertise

Name of the Director Directorships Memberships Memberships companies where Corporate
(out of which as in Board in Board he / she is a Director Name of the Director Healthcare Financial Risk
Leadership/ Diversity Governance Technology
Chairman) Committees Committees Name of the Category Experience Acumen Management
Strategy
other than other than other than Company
Dr. Prathap C Reddy √ √ √ √
AHEL # AHEL ## AHEL ##
Dr. Prathap C Reddy 5(4) - 1. Indraprastha Medical Non-Executive Smt. Preetha Reddy √ √ √ √
Corporation Limited Director Smt. Suneeta Reddy √ √ √ √ √
Smt. Preetha Reddy 8 1 Member - - Smt. Shobana Kamineni √ √ √ √ √
Smt. Suneeta Reddy 5 2 Member 1. Apollo Sindoori Hotels Non Executive Smt. Sangita Reddy √ √ √ √
Limited Director Shri. Vinayak Chatterjee √ √ √ √ √ √
2. Indraprastha Medical Non Executive
Dr. T. Rajgopal √ √ √ √ √
Corporation Limited Director
Smt. Shobana Kamineni 6 - - 1. Indraprastha Medical Non Executive Dr. Murali Doraiswamy √ √ √ √ √
Corporation Limited Director Shri. MBN Rao √ √ √ √ √
Smt. Sangita Reddy 8 1 Member - - Smt. V. Kavitha Dutt √ √ √ √ √
Shri. Vinayak Chatterjee 3 1 Member 1. Indraprastha Medical Independent
Corporation Limited Director (c) Declaration of Independence
2. ACC Limited Independent Based on the disclosures received from all the independent directors and also in the opinion of the Board, the Independent
Director
Directors fulfill the conditions specified in Companies Act, 2013 and SEBI Listing Regulations and are independent of the
Dr. T. Rajgopal 1 - - - -
Management.
Dr. Murali Doraiswamy - - - - -
Smt. V. Kavitha Dutt 5 1 Member 1. The KCP Limited Executive Director (d) Board Meetings and Attendance of Directors
2. DCM Shriram Industries Independent Five board meetings were held during the financial year from 1st April 2019 to 31st March 2020. The dates on which the
Limited Director meetings were held are as follows:
3. Centum Electronics Independent
Limited Director 30th May 2019, 13th August 2019, 27th September 2019, 14th November 2019 and 13th February 2020.
Shri. MBN Rao 8(2) 1 Chairman 1. KG Denim Limited Independent Attendance details of each Director at the Board Meetings, at the last AGM.
4 Member Director
2. The Ramco Cements Independent Number of Board Number of Board Last AGM Attendance
Limited Director Name of the Director
Meetings held Meetings attended (Yes/No)
3. Taj GVK Hotels and Independent
Resorts Limited Director Dr. Prathap C Reddy 5 5 Yes
# excluding Directorships in Foreign Companies, Private Companies and Section 8 Companies Smt. Preetha Reddy 5 4 Yes
## Represents Membership/Chairmanship of Audit Committees and Stakeholders’/ Investors’ Relationship Committees.
Smt. Suneeta Reddy 5 5 Yes
As on 31st March, 2020, none of the Directors on the Board hold the office of Director in more than 10 Public Limited Companies,
Smt. Shobana Kamineni 5 4 Yes
or Membership of Committees of the Board in more than 10 Committees and Chairmanship of more than 5 Committees, across all
companies. None of the Independent Directors of the Company serve as an Independent Director in more than seven listed companies Smt. Sangita Reddy 5 4 Yes
and where any Independent Director is serving as whole- time director in any listed company, such director does not serve as an Shri. Vinayak Chatterjee 5 5 Yes
Independent Director in more than three listed companies.
Dr. T. Rajgopal 5 4 No
Dr. Murali Doraiswamy 5 4 Yes

(b) Skills/expertise/competence of the Bord of Directors
Smt. V. Kavitha Dutt 5 4 Yes
The Company has identified the core skills/expertise/competence of the Board of Diretors in the context of its business for it to function
effectively, which is available with the existing Board of Directors. Shri. MBN Rao 5 5 Yes
Apollo 24 / 7
The details of the core skills/expertise/competence of the Individual directors of the Company is detailed out as under: The Companies Act, 2013 read with the relevant rules made thereunder, now facilitates the participation of a Director in Board /
Committee Meetings through video conferencing or other audio visual mode. Accordingly, the option to participate in the Meeting
through video conferencing was made available for the Directors except in respect of such Meetings / Items which are not
permitted to be transacted through video conferencing.
104 105
(e) Availability of Information to Board Members Personnel

The Board periodically reviews the items required to be placed before it and in particular reviews and approves quarterly/half The Board of Directors had adopted a Code of Conduct for the Board Members and Senior Management Personnel of the
yearly unaudited financial statements and the audited annual financial statements, corporate strategies, business plans, annual Company. This Code helps the Company to maintain the Standard of Business Ethics and ensure compliance with the legal
budgets, projects and capital expenditure. It monitors overall operating performance, progress of major projects and reviews such requirements, specifically under Regulation 17(3) of the Listing Regulations. The Code is aimed at preventing any wrongdoing
other items which require the Board’s attention. It directs and guides the activities of the Management towards the set goals and and promoting ethical conduct of the Board and employees.
seeks accountability. It also sets standards of corporate behaviour, ensures transparency in corporate dealings and compliance The Company Secretary has been appointed as the Compliance Officer and is responsible to ensure adherence to the Code by
with laws and regulations. The Agenda for the Board Meeting covers items as prescribed under Part A of Schedule-II of Sub- all concerned. A copy of the code of conduct has been posted at the Company’s official website www.apollohospitals.com.
Regulation-7 of Regulation-17 of the Listing Regulations to the extent these are relevant and applicable. All agenda items are
The Code lays down the standard of conduct which is expected to be followed by the Directors and the designated employees in
supported by relevant information, documents and presentations to enable the Board to take informed decisions.
their business dealings and in particular on matters relating to integrity in the work place, in business practices and in dealing
The information made available to the Board includes the following: with stakeholders. All the Board Members and the Senior Management personnel have confirmed compliance with the Code.
1. Annual Operating plans, budgets and any updates. The declaration regarding compliance with the code of conduct is appended to this report.
2. Capital budgets and any updates.
3. Quarterly results of the Company and its operating divisions or business segments. Code of Conduct for prevention of Insider Trading
4. Minutes of meetings of the audit committee and other committees of the Board. The Company has adopted a code of conduct for prevention of insider trading in accordance with the Securities and Exchange
Board of India (Prohibition of Insider Trading) Regulations, 2015 as amended. Shri. S.M. Krishnan, Vice President Finance and
5. Information or recruitment and remuneration of senior officers just below the board level, including appointment and
Company Secretary is the Compliance Officer. All the Directors and Senior Management Personnel and such other designated
removal of the Chief Financial Officer and the Company Secretary.
employees of the Company who are expected to have access to unpublished price sensitive information relating to the Company
6. Show cause, demand, prosecution notices and penalty notices, which are materially important. are covered under the said code. The Directors, their relatives, senior management personnel, designated employees etc.,
7. Fatal or serious accidents, dangerous occurrences any material effluent or pollution problems. are restricted from purchasing, selling and dealing in the shares while being in possession of unpublished price sensitive
information about the Company during certain prohibited periods. All Board Directors and the designated employees have
8. Any material default in financial obligations to and by the Company or substantial non-payment for goods sold by the
confirmed compliance with the Code.
Company.
9. Any issue which involves possible public or product liability, claims of substantial nature including judgments or orders
(h) Familiarization Programmes for Board Members
which, may have passed strictures on the code of conduct of the Company or taken an adverse view regarding another
The Board Members of the Company are eminent personalities having wide experience in the fields of business, finance,
enterprise that can have negative implications on the Company.
education, industry, commerce and administration. Their presence on the Board has been valuable and fruitful in taking business
10. Details of joint venture or collaboration agreements.
decisions.
11. Transactions that involve substantial payments towards goodwill, brand equity or intellectual property.
The Board Members are provided with necessary documents/brochures, reports and internal policies to enable them to familiarize
12. Significant labour problems and their resolutions. Any significant development on the Human Resources/ Industrial with the Company’s procedures and practices.
Relations front like signing of wage agreement, implementation of VRS scheme etc.
Periodic presentations are made at the Board and Board Committee Meetings, on business apart from performance updates
13. Sale of material nature such as investments, subsidiaries, assets which is not in the normal course of business. of the Company, global business environment, business strategy and risks involved. Updates on relevant statutory changes
14. Quarterly details of foreign exchange exposures and the steps taken by management to limit the risks of adverse exchange encompassing important laws are regularly circulated to the Independent directors.
rate movement, if material.
The familiarization policy including details of familiarization programmes attended by independent directors during the year ended
15. Non-compliance of any regulatory, statutory or listing requirements and shareholder services such as non-payment of March 31, 2020 is posted on the website of the Company at https://www.apollohospitals.com/apollo_pdf/board-familiarization-
dividend, delay in share transfers etc. policy.pdf.

(f) The Board reviews periodically the compliance reports of all laws (i) Independent Directors’ Meeting
applicable to the Company During the year under review, the Independent Directors met on 13th February 2020 inter alia, to discuss:
Apollo 24 / 7
• Evaluation of the performance of Independent Directors and the Board of Directors as a whole;
(g)
Code of Conduct for Board Members and Senior Management
106 107
• Evaluation of the performance of the Chairman of the Company, taking into account the views of the Executive and Non- The Committee comprises of eminent professionals with expert knowledge in corporate finance and healthcare. The minutes of
Executive Directors. each audit committee meeting are placed before and discussed by the Board of Directors of the Company.
• Evaluation of the quality, content and timelines of flow of information between the Management and the Board that is necessary
for the Board to effectively and reasonably perform its duties. b) Meetings of the Audit Committee
The Audit Committee met four times during the financial year from 1st April 2019 to 31st March 2020. The dates on which the
All the Independent Directors were present at the Meeting.
meetings were held are as follows:
3. Composition of Board Committees 29th May 2019, 12th August 2019, 13th November 2019 and 12th February 2020.
Nomination & Stakeholders Corporate Social Responsibility Sl. Name of the Number of Number of
Audit Committee Designation
Remuneration Committee Relationship Committee Committee No. Member Meetings held Meetings attended
Shri. MBN Rao Shri. Vinayak Chatterjee Smt.V.Kavitha Dutt Dr. Prathap C Reddy 1 Shri. MBN Rao Chairman 4 4
Chairman Chairman Chairperson Chairman
2 Dr. T. Rajgopal Member 4 4
Dr. T. Rajgopal Shri. MBN Rao Smt. Preetha Reddy Smt. Preetha Reddy
Member Member Member Member 3 Smt. V. Kavitha Dutt Member 4 4
Smt. V. Kavitha Dutt Dr. T. Rajgopal Smt. Suneeta Reddy Smt. Sangita Reddy
Member Member Member Member c) Powers of the Audit Committee
Dr. Murali Doraiswamy Shri. MBN Rao The powers of the Audit Committee include the following:
Member Member 1. To investigate any activity within its terms of reference.
Dr. Murali Doraiswamy 2. To seek information from any employee.
Member
3. To obtain outside legal or other professional advice.
4. To secure attendance of outsiders with relevant expertise, if it considers necessary
Risk Management Committee Investment Committee Share Transfer Committee
Smt. Suneeta Reddy Shri. Vinayak Chatterjee Smt.V. Kavitha Dutt d) Functions of the Audit Committee
Chairperson Chairman Chairperson The role of the Audit Committee includes the following:
Smt. Preetha Reddy Smt. Preetha Reddy Smt. Preetha Reddy 1. Oversight of the Company’s financial reporting process and the disclosure of its financial information to ensure that the
financial statements are correct, sufficient and credible;
Shri. Vinayak Chatterjee Smt. Suneeta Reddy Smt. Suneeta Reddy
2. Recommendation for appointment, remuneration and terms of appointment of the auditors of the Company;
Dr. Satyabhama Shri. MBN Rao 3. Approval of payments to the statutory auditors for any other services rendered by the statutory auditors;
Member Member
4. Reviewing, with the management, the annual financial statements and auditor’s report thereon before submission to the
Dr. K. Hariprasad Dr. Murali Doraiswamy board for approval, with particular reference to:
Member Member
(a) Matters required to be included in the Director’s Responsibility Statement to be included in the Board’s report in
terms of clause (c) of sub-section 3 of section 134 of the Companies Act, 2013.
1. Audit Committee
(b) Changes, if any, in accounting policies and practices and reasons for the same.
a) Composition of the Audit Committee (c) Major accounting entries involving estimates based on the exercise of judgment by management.

The Company continued to derive immense benefit from the deliberations of the Audit Committee comprising of the following
(d) Significant adjustments made in the financial statements arising out of audit findings.
Independent Directors.
(e) Compliance with listing and other legal requirements relating to financial statements.
Apollo 24 / 7
1. Shri. MBN Rao, Chairman
2. Dr. T. Rajgopal, Member
3. Smt. V. Kavitha Dutt, Member
108 109
(f) Disclosure of any related party transactions. iv) Internal audit reports relating to internal control weaknesses and
(g) Modified opinion(s) in the draft Audit Report. v) The appointment/removal and terms of remuneration of the Internal Auditors shall be subject to review by the Audit
Committee and such other matters as prescribed.
5. Reviewing, with the management, the quarterly financial statements before submission to the board for approval;
vi) Statement of deviations
6. Reviewing, with the management, the statement of uses/application of funds raised through an issue (public issue, rights
issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated in the offer document/ (a) Quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted to stock
prospectus/notice and the report submitted by the monitoring agency monitoring the utilisation of proceeds of a public or exchanges as per the relevant stock exchange listing regulations
rights issue, and making appropriate recommendations to the Board to take up steps in this matter;
(b) Annual statement of funds utilized for purposes other than those stated in the offer document/ prospectus/
7. Reviewing and monitoring the auditor’s independence and performance, and effectiveness of the audit process; notice.
8. Approval or any subsequent modification of transactions of the Company with related parties; In addition to the areas noted above, the audit committee reviews controls and security relating to the Company’s critical IT
applications, the internal and control assurance audit reports of all major divisions and profit centers and deviations from the
9. Scrutiny of inter-corporate loans and investments;
code of business principle, if any.
10. Reviewing the utilization of loans and/or advances/investment made by the Company in its subsidiary exceeding a sum of
INR 1 billion or 10% of the asset size of the subsidiary, whichever is lower including existing loans/investments/advances;
2. Nomination & Remuneration Committee
11. Valuation of undertakings or assets of the Company, wherever it is necessary;
a) Composition and Scope of the Nomination & Remuneration Committee
12. Evaluation of internal financial controls and risk management systems;
The Nomination & Remuneration Committee comprises of the following Independent and Non-Executive Directors
13. Reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal control systems;
1. Shri. Vinayak Chatterjee, Chairman
14. Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing
and seniority of the official heading the department, reporting structure coverage and frequency of internal audit; 2. Shri. MBN Rao, Member
15. Discussion with internal auditors on any significant findings and follow up there on; 3. Dr. T. Rajgopal, Member
16. Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud 4. Dr. Murali Doraiswamy, Member
or irregularity or a failure of internal control systems of a material nature and reporting the matter to the board;
b) Meetings of the Nomination & Remuneration Committee
17. Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post-audit
discussion to ascertain any area of concern; Two meetings were held during the financial year from 1st April 2019 to 31st March 2020 and the dates on which the meetings
were held are as follows:
18. To look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case
of non-payment of declared dividends) and creditors; 30th May 2019 and 15th November 2019.
19. To review the functioning of the Whistle Blower mechanism;

Sl. Number of Number of
Name of the Member Designation
20. Approval of appointment of the CFO after assessing the qualifications, experience and background, etc. of the candidate; No. Meetings held Meetings attended
21. Carrying out any other function as is mentioned in the terms of reference of the Audit Committee. 1 Shri. Vinayak Chatterjee Chairman 2 2
The Audit Committee shall mandatorily review the following information. 2 Shri. MBN Rao Member 2 2
i) Management discussion and analysis of financial condition and results of operations. 3 Dr. T. Rajgopal Member 2 2
4 Dr. Murali Doraiswamy Member 2 1
ii) Statement of significant related party transactions (as defined by the audit committee submitted by management).

iii) Management letters / letters of internal control weaknesses issued by the statutory auditors.
c) Scope of the Nomination & Remuneration Committee
The Scope of the Nomination & Remuneration Committee includes the following:
Apollo 24 / 7
The Committee shall formulate the criteria for determining the qualification, positive attributes and independence of a director
and recommend to the Board a policy, relating to the remuneration for the directors, key managerial personnel and other
employees.
110 111
1. The Committee shall identify persons who are qualified to become directors and who may be appointed in senior 1. Criteria for selection of Non-Executive Directors and Independent Directors
management positions in accordance with the criteria laid down, recommend to the Board their appointment and removal
a. The Non-Executive Directors shall be persons of high integrity with relevant expertise and experience so as to
and shall carry out evaluation of every director’s performance.
have a diverse Board with Directors having expertise in the fields of healthcare, manufacturing, marketing, finance,
2. The Committee shall formulate the criteria for evaluation of performance of independent directors and the board of taxation, law, governance and general management
directors.
b. In case of appointment of Non-Executive Independent Directors, the N&R Committee shall satisfy itself with regard
3. The Committee shall ensure that the level and composition of remuneration is reasonable and sufficient, relationship of to the independent nature of the Directors vis-à-vis the Company so as to enable the Board to discharge its function
remuneration to performance is clear and meets performance benchmarks, and involves a balance between fixed and and duties effectively.
incentive pay.
c. The N&R Committee shall ensure that the candidate identified for appointment as a Director is not disqualified for
4. Review the policy from time to time for selection and appointment of Directors, Key Managerial Personnel and senior appointment under Section 164 of the Companies Act, 2013.
management employees and their remuneration.
d. The N&R Committee shall consider the following attributes / criteria, whilst recommending to the Board the
5. Review the performance of the Board of Directors and Senior Management Employees based on certain criteria as candidature for appointment as Director.
approved by the Board. In reviewing the overall remuneration of the Board of Directors and Senior Management, the
i. Qualifications, expertise and experience of the Directors in their respective fields;
Committee ensures that the remuneration is reasonable and sufficient to attract, retain and motivate the best managerial
talent, the relationship of remuneration to performance is clear and meets appropriate performance benchmarks and that ii. Personal, Professional or business standing;
the remuneration involves a balance between fixed and incentive pay reflecting short term and long term objectives of the iii. Diversity of the Board
Company.
e. In case of re-appointment of Non-Executive Independent Directors, the Board shall take into consideration the
6. Recommend to the Board on all the payments made, in whatsoever form, to the senior management. performance evaluation of the Director and his engagement level.
7. Filling up of vacancies in the Board that might occur from time to time and appointment of additional Non- Executive 2. Criteria for selection of Executive Directors
Directors. In making these recommendations, the Committee shall take into account the special professional skills required
For the purpose of selection of the Executive Directors, the N&R Committee shall identify persons of integrity who
for efficient discharge of the Board’s functions.
possess relevant expertise, experience and leadership qualities required for the position and shall take into consideration
8. Recommendation to the Board with regard to re-appointment of directors, liable to retire by rotation and appointment of recommendations, if any, received from any member of the Board.
Executive Directors.
The Committee will also ensure that the incumbent fulfills such other criteria with regard to age and other qualifications
9. To determine and recommend to the Board from time to time as laid down under the Companies Act, 2013 or other applicable laws.
a) the amount of commission and fees payable to the Directors within the applicable provisions of the Companies Act, 3. Remuneration Policy
2013.
a) Executive Directors
b) the amount of remuneration, including performance or achievement bonus and perquisites payable to the Executive The main aim of the remuneration policy is to pay the Executive Directors and senior management competitively, having
Directors. regard to other comparable companies and the need to ensure that they are properly remunerated and motivated
to perform in the best interests of all stakeholders, including shareholders. Performance-related rewards, based
c) To frame guidelines for Reward Management and recommend suitable schemes for the Executive Directors and
on measurable and stretch targets, are therefore an important component of an Executive Director’s remuneration
Senior Management.
package and aligned with Apollo’s long-term business strategy.
10. To determine the need for key man insurance policy for any of the Company’s personnel.
The N&R Committee obtains external advice from an independent compensation and benefit consultant firm while
11. To carry out the evaluation of performance of Individual Directors and the Board. reviewing the Executive Directors remuneration, including benchmarking based on prevailing market practices.
12. To carry out any function as is mandated by the Board from time to time and/or enforced by any statutory notification, Executive Directors compensation practice followed till Financial year 2018-19
amendment or modifications as may be applicable. Fixed Compensation (Base Salary)

The base salary or the fixed component is finalized based on prevailing market standards and reviewed annually having
d) Policy for selection of Directors and their remuneration regard to the Executive Director’s position, responsibilities, individual performance and competitive market practice.
Salaries are reviewed by the N&R Committee taking into account the Company’s performance and market conditions.
Apollo 24 / 7
The N&R Committee has adopted a Charter which, inter alia, deals with the manner of selection of Non-Executive Directors,
Independent Directors and Executive Directors and their remuneration. This Policy is accordingly derived from the said Charter. Performance-based Incentives (Annual Bonus and Commission)
All Executive Directors are eligible for a performance-based annual bonus with a maximum award limit set at 125% of
their respective base salaries.
112 113
The Executive Chairman’s annual bonus is entirely linked to achievement of operating profit targets. For all Executive Directors, excluding Remuneration Policy for Executive Directors as approved on 25th June, 2020
the Executive Chairman, 50% of the bonus is determined with reference to achievement of the operating profit targets and the remaining The main aim of the remuneration policy is to pay the Executive Directors competitively, based on market levels and the need
50% is determined with reference to the individual Key Result Areas (the “KRAs”) as finalized by the N&R Committee each year. to ensure that they are motivated to perform in the best interests of stakeholders. Performance- related rewards, based on measured
and stretch targets, are therefore an important component of remuneration packages.
As evidenced by the bonuses earned by the Executive Directors over recent years (i.e. on average less than one-third of the maximum
amount), the N&R Committee sets extremely stringent performance targets which ensures that Executive Directors are only rewarded The components of the remuneration package for Executive Directors comprises of base salary and a performance-based annual
for outperformance from approved Annual Operating Plans. bonus. The Executive Chairman is also eligible to receive a commission based on meeting pre-determined criteria. Given that the
Executive Directors are already significant shareholders of the Company, the Executive Directors are not eligible to receive further equity
In addition to the annual bonus, the Executive Chairman is eligible for a commission of up to 1% of the net profits before tax of the
compensation. Furthermore, none of the Executive Directors are eligible to receive severance pay and benefits.
Company. The payment of the commission is determined by the N&R Committee based on the review of the Executive Chairman’s
achievement linked to improvement in shareholders returns and brand enhancement which involves evaluation of the following Salary
parameters: Base salaries, reviewed annually, are based on prevailing market practices, the Executive Director’s position, responsibilities, and
performance in the role. The N&R Committee, comprised solely of Independent Directors, also consider market trends and prevailing
i) Retaining market leadership through higher patient footfalls;
inflation in the economy.
ii) Maintaining best in class clinical outcomes;
In the interest of providing further clarity to our shareholders, the N&R Committee has decided to communicate an upper limit for which
iii) Attracting and retaining top clinical talent; and the base salaries may be increased in respect of all the Executive Directors as follows till the end of the financial year 2025-2026:
Base Salary Base Salary
iv) Deepening share of business from high end specialties. S.No Name of the Director
(2019-20) (Upper Limit)
Revisions made to Executive Directors compensation from Financial Year 2019-2020 Amt in ` million Amt in ` million
During the period under review, the N&R Committee undertook a robust review of the Executive Director’s total remuneration packages 1. Dr Prathap C Reddy, Executive Chairman 71.85 85.00
given that the last extensive review was conducted during the financial year 2014-15 and also considering the Company’s increased 2. Smt Preetha Reddy, Exec Vice Chairperson 36.45 50.00
scope and size over this period. 3. Smt Suneeta Reddy, Managing Director 36.45 50.00
As part of its review, the N&R Committee commissioned an independent compensation and benefit consultant firm to undertake a pay 4. Smt Shobana Kamineni, Exec Vice Chairperson 36.45 50.00
5. Smt Sangita Reddy, Joint Managing Director 36.45 50.00
benchmarking exercise of 23 comparator Indian companies which are predominantly listed and operate similar organizational structures
Total 217.65 285.00
and size as Apollo Hospitals across business verticals such as Healthcare, FMCG, Automobile, Engineering and Manufacturing .
In the event that salaries are increased, the N&R Committee will make sure to provide adequate disclosures in the Annual Report to
The N&R Committee’s review concluded that whilst the total potential pay quantum for the Executive Directors was broadly in line with
justify such increase.
the peer group, the base salaries for the Executive Directors needed revisions to take into account the effects of inflation as well as to
make them market competitive, especially vis-à-vis the Healthcare sector. Benefits and perks
The Executive Directors are not eligible for any long-term benefits, perquisites, and/or retirement benefits.
Based on the inputs received from the Independent firm, the N&R Committee decided to increase the fixed component of their
remuneration package whilst reducing the proportion of annual bonus they are eligible to receive to maintain the same overall level total Service contracts
pay quantum considering that the Executive Directors are already full-aligned with shareholders’ interests by the nature of them being None of the Executive Directors are eligible for any severance pay.
part of the Promoter Group. Performance-based incentive (Annual Bonus and Commission)
The maximum annual bonus payable to all Executive Directors including the Executive Chairman, would be 67.50% of base salary. For
More specifically, the N&R Committee approved the following changes in the Remuneration Policy for the Executive Directors to be
all Executive Directors, excluding the Executive Chairman, 50% of the bonus is payable with reference to achievement of the operating
applicable till the end of the financial year 2025-26:
profit targets and the balance 50% is payable with reference to the individual Key Result Areas (“KRAs”) as finalized by the N&R
a. A 12% increase in the base salary for the Executive Chairman and a 25% increase in the base salaries of the other Executive Committee each year.
Directors. To provide forward-looking transparency to shareholders, the N&R Committee also set a maximum ceiling for future
The KRAs include criteria such as increase in healthcare and pharmacy segmental revenues and profitability, recruitment and retention
base salary increases until the financial year 2025-26.
of Doctors and key medical professionals, customer feedback and satisfaction scores, Clinical outcomes and IT-related initiatives. For

b. The maximum annual bonus payable to each executive director going forward would be reduced to 67.50% from 125% of base the Executive Chairman, 100% of the annual bonus would be linked to achievement of operating profit targets.
salary for all Executive Directors, including the Executive Chairman.
In addition to the annual bonus, the Executive Chairman is eligible for a commission of up to 1% of the net profits before tax of the
c. The Executive Chairman would continue to be eligible to receive a commission of up to 1% of the net profit before tax of the Company. This will be determined by the N & R Committee based on the review of the Executive Chairman’s achievement linked to
Apollo 24 / 7
Company based on the evaluation of various parameters as set out above . improvement in shareholders returns and brand enhancement which involves evaluation of the following parameters:
• Retaining market leadership through higher patient footfalls ;
• Maintaining best in class clinical outcomes;
114 115
• Attracting and retaining top clinical talent; and e) Performance Evaluation of the Board and the Directors
• Deepening share of business from high end specialties. Pursuant to the provisions of the Companies Act, 2013 and Regulation 17 of the Listing Regulations, Annual Performance
Evaluation was conducted for all Board Members as well as the working of the Board and its Committees.
Long-Term Equity Incentives
Apollo does not have any long-term equity incentives to its Executive Directors as they are already significant shareholders of the This evaluation was led by the Chairman of the Nomination and Remuneration Committee with specific focus on the performance and
Company and their interests are considered to already be fully aligned with those of shareholders. effective functioning of the Board. The Board evaluation framework has been designed in compliance with the requirements under the
Companies Act, 2013 and the Listing Regulations, and in consonance with the Guidance Note on Board Evaluation issued by SEBI. The
In the event of inadequate profits in any year, the remuneration payable to the Executive Directors would be accordingly moderated and
Board evaluation was conducted through a questionnaire having qualitative parameters and feedback based on ratings.
paid as per the relevant applicable regulations after obtaining requisite approvals.
Evaluation of the Board was based on criteria such as composition and role of the Board, Board communication and relationships,
b) Non-Executive Directors functioning of Board Committees, review of performance and compensation to Executive Directors, succession planning, strategic
Compensation to the non-executive directors takes the form of : planning, etc.
i) Sitting fees for the meetings of the Board and Committees, if any attended by them and Evaluation of Directors was based on criteria such as participation and contribution in Board and Committee meetings,
representation of shareholder interests and enhancing shareholder value, experience and expertise to provide feedback and
ii) Commission of Profits
guidance to top management on business strategy, governance and risk, understanding of the organization’s strategy, risk and
The Shareholders at their meeting held on 27th September 2019 have approved the payment of commission to Non Executive environment, etc.
and Independent Directors within the overall maximum ceiling limit of 1% of the net profits of the Company for a period of five
The performance evaluation of the Chairman and the Executive Directors was carried out by the Independent Directors. The
years with effect from 1st April 2019 in addition to the sitting fee being paid by the Company for attending the Board/Committee
performance evaluation of the Independent Directors was carried out by the entire Board. The Directors expressed their
Meetings.
satisfaction with the overall evaluation process.
The compensation is reviewed periodically taking into consideration various factors such as performance of the Company, time
spent by the directors for attending to the affairs and business of the Company, and the extent of responsibilities cast on the
f) Remuneration of Directors
directors under various laws and other relevant factors.
The details of the remuneration paid/accrued to the Directors for the year ended 31st March 2020 is given below:
The Board approved the payment of commission of `1.25 million to each Non Executive Independent Director of the Company (ìn million)
for the year ended 31st March 2020.
Remuneration paid for the year ended 31st March 2020
The aggregate commission payable to all non-executive directors is well within the limits approved by the shareholders and in Name of the
Remuneration Total
line with the provisions of the Companies Act, 2013. Director Sitting Fee Commission
c) Senior Management Employees Fixed Pay Variable Pay
In determining the remuneration of Senior Management Employees (ie KMPs and Executive Committee Members) the N&R Dr. Prathap C Reddy - 71.85 21.66 27.83 121.34
Committee shall ensure/consider the following:
Smt. Preetha Reddy - 36.45 10.99 - 47.44
i) The relationship of remuneration and performance benchmark is clear; Smt. Suneeta Reddy - 36.45 10.99 - 47.44
ii) The balance between fixed and incentive pay reflecting short and long term performance objectives, is appropriate Smt. Shobana Kamineni - 36.45 10.99 - 47.44
to the working of the Company and its goals;
Smt. Sangita Reddy - 36.45 10.99 - 47.44
iii) The remuneration is divided into two components viz, fixed component comprising salaries, perquisites and Shri. Vinayak Chatterjee 0.70 - - 1.25 1.95
retirement benefits and a variable component comprising performance bonus;
Dr. T. Rajgopal 1.00 - - 1.25 2.25
iv) The remuneration including annual increment and performance bonus is decided based on the criticality of the roles
Dr. Murali Doraiswamy 0.60 - - 1.25 1.85
and responsibilities, the Company’s performance vis-à-vis the annual budget achievement, individuals performance

Smt. V. Kavitha Dutt 0.80 - - 1.25 2.05
vis-à-vis KRAs/KPIs, industry benchmarks and current compensation trends in the market;
Shri. MBN Rao 1.20 - - 1.25 2.45
v) The Managing Director will carry out the individual performance review based on the standard appraisal matrix and
shall take into account the appraisal score card and other factors mentioned hereinabove, whilst recommending the
Apollo 24 / 7
Notes :
annual increments and performance incentives to the N&R Committee for its review and approval.
i) The term of the executive directors & independent directors is for a period of 5 years from the respective dates of appointment.
ii) The Company does not have any service contract with any of the directors.
iii) None of the above persons is eligible for any severance pay.
116 117
iv) Commission to the Non-Executive Directors for the year ended 31st March 2020 @ `1.25 million each per annum will be paid, d) Shareholders’ Services
subject to deduction of tax after adoption of accounts by shareholders at the Annual General Meeting to be held on September
The Company usually attended to the investor grievances/correspondences within a period of 2 days from the date of receipt of
25, 2020. Sitting fee also includes payment of fees for attending Board-level Committee Meetings.
the same during the financial year, except in cases that were constrained by disputes and legal impediments.
v) The Company has no stock option plans and hence, such an instrument does not form part of the remuneration package payable
The status on the total number of requests / complaints received during the year was as follows:
to any Executive Director.
vi) The Company did not advance any loan to any of its directors during the year. Sl.
Nature of Service Received Replied Remarks
No
Pecuniary relationships or transactions of Non executive directors vis-à-vis the Company
The Company does not have any direct pecuniary relationship/transaction with any of its Non-Executive Directors. 1 Change of Address 65 65 –
2 Revalidation and issue of duplicate dividend warrants 46 46 –
3. Stakeholders Relationship Committee 3 Share transfers 19 19 –
4 Split of Shares 1 1 –
a) Composition and Scope of the Stakeholders Relationship Committee 5 Stop Transfer - - –
The Stakeholders Relationship Committee comprises of the following Directors. 6 Change of Bank Mandate 97 97 –
7 Correction of Name 13 13 –
1. Smt. V. Kavitha Dutt, Chairperson
8 Dematerialisation Confirmation 378 378 –
2. Smt. Preetha Reddy, Member and
9 Rematerialisation of shares 6 6 –
3. Smt. Suneeta Reddy, Member
10 Issue of duplicate share certificates 29 29 –
b) Meetings of the Stakeholders Relationship Committee 11 Transmission of shares 53 53 –
Four meetings were held during the financial year from 1st April 2019 to 31st March 2020 and the dates on which the meetings 12 General enquiry 255 255 –
were held are as follows:

e) Legal Proceedings
10th April 2019, 12th July 2019, 10th October 2019 and 13th January 2020
There are three pending cases relating to dispute over the title to shares, in which the Company had been made a party. However
these cases are not material in nature.
Number of Number of
Sl.No Name of the Member Designation
Meetings held Meetings attended 4. Corporate Social Responsibility Committee
1 Smt. V. Kavitha Dutt Chairman 4 4 Composition and Scope of the Corporate Social Responsibility Committee
2 Smt. Preetha Reddy Member 4 4 The composition of the Corporate Social Responsibility Committee as at March 31, 2020 and the details of Members’ participation at the
Meetings of the Committee are as under:
3 Smt. Suneeta Reddy Member 4 4
Name and designation of the Compliance Officer: Number of Number of
Sl.No Name of the Member Designation
Shri. S.M. Krishnan, Vice President – Finance and Company Secretary. Meetings held Meetings attended
c) Scope of the Stakeholders Relationship Committee 1 Dr. Prathap C Reddy Chairman 2 2

2 Smt. Preetha Reddy Member 2 2
The Scope of the Stakeholders Relationship Committee includes the following:
3 Smt. Sangita Reddy Member 2 2
1. To resolve the grievances of the security holders of the Company including complaints related to transfer/ transmission 4 Shri.MBN Rao Member 2 2
of shares, non-receipt of annual report, non-receipt of declared dividends, issue of new/duplicate certificates, general

5 Dr.Murali Doraiswamy Member 2 1
meetings etc.
The terms of reference of the Committee include the following:
2. To review the measures taken for effective exercise of voting rights by shareholders. • To formulate and recommend to the board, a CSR policy, which will indicate the activities to be undertaken by the Company
Apollo 24 / 7
as well as the amount of expenditure to be incurred on the activities referred to in the CSR policy.
3. To review the adherence to the service standards adopted by the listed entity in respect of various services being rendered
by the Registrar & Share Transfer Agent. • To monitor the CSR activities from time to time.
4. To review the various measures and initiatives taken by the Company for reducing the quantum of unclaimed dividends • To prepare a transparent monitoring mechanism for ensuring implementation of the projects / programmes activities
and ensuring timely receipt of dividend warrants/annual reports/statutory notices by the shareholders of the company. proposed to be undertaken by the Company.
118 119
• To report, in the prescribed format, the details of the CSR initiatives in the Directors’ Report and on the Company’s website. 2. Smt. Preetha Reddy, Member
The Company undertook the following projects as specified in Schedule VII of the Companies Act, 2013, 3. Smt. Suneeta Reddy, Member
a. Preventive Healthcare encompassing free health and medical screening camps 4. Shri. MBN Rao, Member
b. Education/Vocational skilling initiatives 5. Dr. Murali Doraiswamy, Member
c. Rural Development The scope of the Investment Committee is to review and recommend investments in new activities planned by the Company.
d. Research in Healthcare During the year, the Investment Committee met on 19th June 2019 and approved the sale of the entire 9.96% equity stake held
by the Company in Apollo Munich Health Insurance Company Limited for a total consideration of around `3 billion, subject to
During the financial year the Company contributed a total amount of of `95.67 million to CSR activities as against the amount of
indemnity related adjustments, to HDFC Limited and for the execution of Definitive Agreements.
`81.07 million calculated as per the Companies Act, 2013, being 2%of the average net profits of the Company for the preceding
three financial years and constituted a team to monitor its progress. The report on CSR activities is given under Annexure A to
the Directors Report. 7. Share Transfer Committee
Composition and Scope of the Investment Committee

5. Risk Management Committee
Business Risk Evaluation and Management is an ongoing process within the Organization. The Share Transfer Committee comprises of the following members.
The Company has a robust risk management framework to identify, monitor and minimize risks. The objectives and scope of the 1. Smt. V. Kavitha Dutt, Chairperson
Risk Management Committee broadly comprises
2. Smt. Preetha Reddy and
• Oversight of risk management performed by the executive management;
3. Smt. Suneeta Reddy
• Reviewing the Business Risk Management (BRM) policy and framework in line with legal requirements and SEBI
guidelines The Share Transfer Committee, constituted by the Board has been delegated powers to administer the following:-
• Reviewing risks and initiating mitigating actions including scrutinizing cyber security and risk ownership as per a pre- • To effect transfer of shares
defined cycle
• To effect transmission of shares
• Defining a framework for identification, assessment, monitoring, mitigation and reporting of risks.
• To issue duplicate share certificates as and when required; and
Within its overall scope as aforesaid, the Committee shall review risks trends, exposure, potential impact analysis and mitigation
plans. • To confirm demat / remat requests
The composition of the Risk Management Committee as at March 31, 2020 and the details of Members’ participation at the The Committee, attends to share transfers and other formalities once in a fortnight.
Meetings of the Committee are as under :
4. General Body Meetings
Number of Number of Details of the location, date and time of the General Meetings held during the preceding three years are given below:
Sl.No. Name of the Member Designation
Meetings held Meetings attended
Year Date Venue Time Special Resolutions Passed
1 Smt. Suneeta Reddy Chairperson 2 2
2 Smt. Preetha Reddy Member 2 2 2016-2017 20th September 2017 The Music 10.15 a.m a. Appointment of Dr.Prathap C Reddy as a whole-time
Academy, Director designated as Executive Chairman
3 Shri. Vinayak Chatterjee Member 2 2
Chennai b. Offer/Invitation to subscribe to NCDs on a private
4 Dr. K. Hariprasad Member 2 2 placement basis
5 Dr. Satyabhama Member 2 2 2017-2018 27th September 2018 The Music 10.15 a.m a. Revision in the borrowing limits of the Company upto

Academy, a sum of `38,500 million.
Chennai b. Mortgaging the assets of the Company in favour of
6. Investment Committee Financial Institutions, Banks and other lenders for
securing their loans up to a sum of `38,500 million.
Apollo 24 / 7
Composition and Scope of the Investment Committee c. O

ffer/Invitation to subscribe to NCDs on a private
The Investment Committee comprises of a majority of Independent Directors and consists of the following members. placement basis
1. Shri. Vinayak Chatterjee, Chairman
120 121
The resolutions were passed on Monday, February 3, 2020. Smt. Lakshmmi Subramanian, Scrutinizer, had submitted her report
Year Date Venue Time Special Resolutions Passed on the Postal Ballot to the Chairman on 5th February 2020.
2018-2019 27th September 2019 The Music 10.15 a.m a. Appointment of Shri. MBN Rao as an Independent
Academy, Director of the Company. 5. Means of Communication
Chennai b. Re-appointment of Shri.Vinayak Chatterjee as an The unaudited quarterly/half yearly financial statements are announced within forty five days from the end of the quarter. The
Independent Director of the Company for a second
aforesaid financial statements are taken on record by the Board of Directors and are communicated to the Stock Exchanges
term of five consecutive years.
c. Consent for continuation of payment of remuneration where the Company’s securities are listed. Once the Stock Exchanges have been intimated, these results are communicated by
to Dr. Prathap C Reddy, Executive Chairman, way of a Press Release to various news agencies/ analysts and published within 48 hours in two leading daily newspapers - one
Smt.Preetha Reddy, Executive Vice Chairperson, in English and one in Tamil.
Smt. Suneeta Reddy, Managing Director
The audited annual results are announced within sixty days from the end of the last quarter as stipulated under the Listing
Smt.Shobana Kamineni, Executive Vice Chairperson
and Smt.Sangita Reddy, Joint Managing Director, Agreement with the Stock Exchanges. In the wake of the novel corona pandemic, SEBI vide its circular dated 17th April 2020
in line with the limits prescribed under SEBI Listing has granted relaxations to listed companies for submission of their fourth quarter and annual financial results for the fiscal year
Regulations. 2019-2020 by an additional 45 days and 30 days respectively. Accordingly, for the financial year ended 31st March 2020, the
d. Alteration of Memorandum of Association of the audited annual results were approved by the Board and announced on 25th June 2020. The audited annual results are taken on
Company in line with Companies Act, 2013
record by the Board of Directors and are communicated to the Stock Exchanges where these results are communicated by way of
e. Adoption of new set of Articles of Association of the
a Press Release to various news agencies/analysts and are also published within 48 hours in two leading daily newspapers - one
Company in line with Companies Act, 2013
f. Offer/Invitation to subscribe to NCDs on a private in English and one in Tamil. The audited financial results form a part of the Annual Report which is sent to the Shareholders prior
placement basis. to the Annual General Meeting.
2018-2019 21st October 2019 The Music 11.00 a.m. Approval of the Scheme of Arrangement by way of The quarterly, half-yearly and annual results of the Company are published in leading newspapers in India which include the
(Meeting convened as Academy, transfer of the front end portion of the Standalone Economic Times, Business Standard, The Hindu Business Line and Makkal Kural. The results are also posted on the Company’s
per the directions of Chennai Pharmacy business segment of the Company into a
website “www.apollohospitals.com”. Press Releases made by the Company from time to time are also posted on the Company’s
NCLT, Chennai Bench) Separate company ie., Apollo Pharmacies Limited (APL)
website. Presentations made to the institutional investors and analysts after the declaration of the quarterly, half-yearly and
by way of slump sale and their respective shareholders
under Sections 230 to 232 and other applicable annual results are also posted on the Company’s website.
provisions of the Companies Act, 2013 and applicable
The Company also informs by way of intimation to the Stock Exchanges all price sensitive information or such other matters which
SEBI Regulations
in its opinion are material and of relevance to the shareholders.
Postal Ballot Reminder to Investors: Reminders for unclaimed shares/dividend/interest are sent to the relevant stakeholders as per records
every year.
During the year, members of the Company had approved the proposal for entering into a long term supply agreement with Apollo
Pharmacies Ltd, a related party under the Companies Act, 2013 and the SEBI Listing Regulations for supply of Pharmaceutical NSE Electronic Application Processing System (NEAPS): BSE Corporate Compliance & Listing Centre: The NEAPS/ BSE’s
Products by means of a Postal Ballot process including Electronic Voting (e-voting), with the requisite majority. listing centre is a web-based application, designed for corporates. All periodic compliance related filings and other material
information is filed electronically on the designated portals.
The Postal Ballot Notice dated 26th December 2019 along with the Postal Ballot Form was sent in electronic form to the members
whose e-mail addresses were registered with the Company / respective Depository Participants on 30th December 2019. In case SEBI Complaints Redress System (SCORES) : Investor Complaints are processed in a centralised web based complaints
of physical shareholding, copies of the Postal Ballot Notice along with Postal Ballot Form was sent in physical, by permitted mode. redress system. The salient feature of this system are a centralised database of all complaints, online upload of Action Taken
Reports (ATRS) by the concerned companies and online viewing by investors of action taken on the complaint and its current
The Company had published a notice in the newspaper on 31st December 2019 in Business Line and Makkal Kural in compliance
status.
with the provisions of the Companies Act, 2013 and Secretarial Standard - 2.
The voting period commenced from Saturday, 4th January 2020 at 9:00 a.m. (IST) and ended on Monday, 3rd February 2020 at 6. Other Disclosures

5:00 p.m. (IST). The voting rights of members were reckoned on the paid-up value of shares registered in the name of member
beneficial owner (in case of electronic shareholding) as on Friday, 20th December 2019. a) Related Party Transactions
The Company appointed PwC (PricewaterhouseCoopers, India) to undertake a detailed review of its material related party
Apollo 24 / 7
The Board had appointed Smt. Lakshmmi Subramanian, a Practising Company Secretary, Senior Partner, M/s. Lakshmmi
Subramanian Associates, Practising Company Secretaries, as Scrutinizer to conduct the postal ballot process in a fair and transactions . The transactions comprise of the purchase of pharmaceutical products by AHEL, supply of pharmaceutical products
transparent manner and had engaged the services of National Securities Depository Limited as the agency for the purpose of and receipt of various services such as food & beverage services, manpower supply services, housekeeping services, etc. PwC
providing e-voting facility. relied on data provided by AHEL. The scope was limited to a review from an arm’s length price perspective.
122 123
The transactions were undertaken in conjunction with the related party transaction policy approved by the Board and the results e) Accounting Treatment
of the same were presented for analysis by PwC. PwC undertook a comparison of AHEL data with comparable price and observed
The Financial Statement of the company for FY 2019-2020 have been prepared in accordance with the applicable accounting
that transactions are at arm’s length.
principles in India and the Indian accounting standards (Ind As) prescribed under section 133 of the Companies Act, 2013 read
Further, PwC also verified the arrangement of purchase of pharmaceutical products from the network suppliers: with the rules made thereunder.
· Provision of incremental discounts to AHEL;

f) Internal Controls
· Scheme benefits and price reductions offered by manufacturers are passed on to AHEL;
The Company has a formal system of internal control testing which examines both the design effectiveness and operational
· Delivery on priority basis to AHEL thereby reducing AHEL’s inventory holding cost; effectiveness to ensure reliability of financial and operational information and all statutory/ regulatory compliances. The Company
· Logistics support - Special infrastructure backed delivery centers for AHEL; and has a strong monitoring and reporting process resulting in financial discipline and accountability.
· Streamlined buying structure and integration of computer systems between AHEL and network suppliers.
g) Risk Management
The details of transactions are disclosed in the notes forming part of the Accounts as required under Indian Accounting Business Risk Evaluation and management of such risks is an ongoing process within the organization.
Standard (IND AS) 24 notified by the Ministry of Corporate Affairs. All details relating to financial and commercial transactions,
where directors may have a potential interest are provided to the Board and the interested Directors neither participate in the The Board has constituted a Risk Management Committee headed by the Managing Director which reviews the probability of risk
discussions, nor do they vote on such matters. The Audit Committee of the Company also reviews related party transactions events that adversely affect the operations and profitability of the Company and suggests suitable measures to mitigate such
periodically. risks.
The Board has approved a policy for related party transactions which has been uploaded on the Company’s website www. A Risk Management Framework is already in place and the Executive Management reports to the Board periodically on the
apollohospitals.com. assessment and minimization of risks
b) Vigil Mechanism / Whistle Blower Policy h) Proceeds of Public, Rights and Preferential Issues
The Apollo Hospitals Group believes in the conduct of affairs in a fair and transparent manner by adopting the highest standards During the year, the Company had not issued or allotted any equity shares.
of professionalism, honesty, integrity and ethical behaviour and is committed to developing a culture where it is safe for all
employees to raise concerns about any unacceptable practice or any event of misconduct. The organization provides a platform i) Management
for directors and employees to disclose information internally, which he/she believes involves serious malpractice, impropriety, The Management Discussion and Analysis Report is appended to this report.
abuse or wrong doing within the Company without fear of reprisal or victimization. Further, assurance is also provided to the
directors and employees that prompt action will be taken to investigate complaints made in good faith. j) Certificate from Practicing Company Secretary
The Ethics helpline can be contacted to report any suspected or confirmed incident of fraud/misconduct to: A Certificate has been received from Mrs. Lakshmmi Subramanian, Senior Partner of M/s. Lakshmmi Subramanian & Associates,
Practising Company Secretary that none of the Directors on the Board have been debarred or disqualified from being appointed
The Chairman, Group Compliance Committee
or re-appointed as directors for the year ended 31st March 2020 by SEBI/Ministry of Corporate Affairs or any such statutory body.
Apollo Hospitals Enterprise Limited, Mezzanine Floor, Ali Towers,
55, Greams Road, Chennai – 600 006 Tel : 91-44-2829 6716, Email:gcc@apollohospitals.com
k) Shareholders
c) Subsidiaries
1) Disclosures regarding appointment or re-appointment of Directors
Your Company does not have any Material non-listed Subsidiary Company whose turnover or networth exceeded 10% of the
As per the Companies Act, 2013, atleast two thirds of the Board should consist of retiring Directors, of which atleast one
consolidated turnover or networth respectively of the Company and its subsidiaries in the immediately preceding accounting year.
third are required to retire every year.
The Company has formulated a policy for determining Material Subsidiaries and the same has been posted on the website www.
Except the Chairman, Managing Director and Independent Directors, other Directors are liable to retire by rotation as per

apollohospitals.com.
the provisions of the Companies Act, 2013.
d) Acceptance of recommendations made by the Committees During the year, Smt. Sangita Reddy will retire and is eligible for re-appointment at the ensuing Annual General Meeting.
Apollo 24 / 7
During the financial year 2019-2020, the Board has accepted all the recommendations of its Committees. The detailed profiles of the Directors are provided as part of the Notice of the Annual General Meeting.
124 125
2) Investors’ Grievances and Share Transfer 2. Shareholder Rights

As mentioned earlier, the Company has a Board-level Stakeholders Relationship Committee to examine and redress Details are given under the heading ‘Communication to Shareholders’.
shareholders and investors’ complaints. The status on complaints and share transfers is reported to the Committee. The 3. Modified opinion(s) in Audit Report
details of shares transferred and nature of complaints is provided in this Report. During the year under review, there was no audit qualification in the Company’s financial statements.
For matters regarding shares transferred in physical form, share certificates, dividends, change of address etc., 4. Separate post of Chairman and CEO
shareholders should send in their communications to Integrated Registry Management Services Private Limited, our The Company has appointed separate persons for the offices of Chairman and Managing Director
Registrar and Share Transfer Agent. Their address is given in the section on Shareholders Information. 5. Reporting of the Internal Auditor
The Company has appointed Internal Auditors who report directly to the Audit Committee.
l) Total Fees paid to Statutory Auditors
7. CEO/CFO Certification
Total fees for all services paid by the Company and its subsidiaries, on a consolidated basis, to the statutory auditor and all
The Managing Director and the Chief Financial Officer have issued a certificate pursuant to Regulation 17 of the Listing Regulations
entities in the network firm/network entity of which the statutory auditor is a part is given below:
certifying that the financial statements do not contain any untrue statement and these statements represent a true and fair view
(ìn million)
of the Company’s affairs. The said certificate from Smt. Suneeta Reddy, Managing Director and Shri. Krishnan Akhileswaran, Chief
Type of Service FY 2019-2020 FY 2018-19
Financial Officer was placed before the Board of Directors at its meeting held on 25th June 2020.
Audit Fees 33.55 30.08
For other services 4.75 3.50
8. Certificate on Corporate Governance
Reimbursement of expenses 1.68 1.72
The certificate issued by the Practicing Company Secretary on compliance of Corporate Governance norms is annexed to this
Total 39.98 35.31
Report.
m) Disclosures under the Sexual Harassment of Women at Workplace 9. General Shareholders’ Information
(Prevention, Prohibition and Redressal) Act, 2013:
(i) AGM date, time and venue 25th September 2020 at 10.15 a.m.
The Company is conducting meeting through VC / OAVM pursuant to the
Type of Service FY 2019-2020
MCA Circular dated May 5, 2020 and as such there is no requirement to
Number of complaints filed during the financial year 2019-2020 4 have a venue for the AGM. For details please refer to the Notice of this
Number of complaints disposed off during the financial year 2019-2020 4 AGM.
(ii) Financial Year 1st April to 31st March
Number of complaints pending as on end of the financial year 2019-2020 - (iii) Dividend Payment The Interim Dividend for the financial year ended 31st March 2020 at the
rate of `3.25 per share was paid to the shareholders on 5th March 2020.
n) Details of Non-Compliances The final dividend of `2.75 per share if approved, shall be paid/credited
on or before 5th October, 2020.
There are no non-compliances by the Company and no penalties or strictures have been imposed on the Company by the Stock
(iv) Listing of
Exchanges or SEBI or any statutory authority, on any matter related to capital markets, during the last three years. (1) Equity Shares (i) BSE Ltd (BSE)
PhirozeJeejeebhoy Towers,
o) Compliance with Corporate Governance Norms Dalal Street, Mumbai – 400 001
Tel :91-22-2272 1234, 1233, Fax : 91-22-2272 3353/3355
(a) Mandatory Requirements
Website : www.bseindia.com
The Company has complied with all the mandatory requirements of Corporate Governance norms as enumerated in the
(ii) National Stock Exchange of India Ltd (NSE)
Listing Regulations. The requirements of Regulation 17 to 27 and clauses (b) to (i) of sub-regulation (2) of Regulation 46 Exchange Plaza, Bandra-Kurla Complex, Bandra (E) Mumbai – 400 051
of the Listing Regulations to the extent applicable to the Company have been complied with as disclosed in this report. Tel : 91-22-2659 8100 – 8114, Fax : 91-22-26598237/38

Website : www.nseindia.com
(b) Discretionary Requirements
(2) GDRs EuroMTF of Luxembourg Stock Exchange, BP
The Company has duly fulfilled the following discretionary requirements as prescribed in Schedule II Part E of the SEBI
165 L-2011 Luxembourg
Listing Regulations. Traded at : Nasdaq – Portal Market
Apollo 24 / 7
1. The Board
There is no Non-Executive Chairman of the Company.
126 127
(3) Non-Convertible Debentures Wholesale Debt Market Segment of (vii) Monthly High and Low quotations along with the volume of shares traded in NSE & BSE during
National Stock Exchange of India Ltd (NSE) the year 2019-2020
Exchange Plaza, Bandra-Kurla Complex, Bandra (E) Mumbai – 400 051 NSE BSE
Tel : 91-22-2659 8100 – 8114, Fax : 91-22-26598237/38 Month
High (`) Low (`) No. of Shares High (`) Low (`) No. of Shares
Website : www.nseindia.com
(4) Listing Fees Paid for all the above stock exchanges for 2019-2020 and 2020-2021 Apr-2019 1,294.90 1,205.10 8,064,832 1,294.00 1,208.25 647,122
(v) Address of the Registered Office No. 19 Bishop Gardens, May-2019 1,266.90 1,112.15 9,342,119 1,266.20 1,113.70 1,223,520
Raja Annamalaipuram,
Jun-2019 1,406.00 1,243.00 18,940,925 1,411.90 1,245.00 1,221,354
Chennai – 600 028
(vi) a) Stock Exchange Security Code Jul-2019 1,427.00 1,290.55 12,637,012 1,427.05 1,291.45 886,593
(1) Equity Shares Aug-2019 1,542.45 1,275.00 18,770,789 1,541.30 1,275.30 1,130,809
(i) BSE Limited, Mumbai 508869
(ii) N ational Stock Exchange of India APOLLOHOSP Sep-2019 1,579.70 1,360.20 13,524,153 1,574.95 1,362.20 992,528
Limited, Mumbai Oct-2019 1,543.30 1,348.55 11,477,351 1,547.00 1,349.30 798,689
(2) GDRs
(i) Luxembourg Stock Exchange US0376082055 Nov-2019 1,508.00 1,379.15 14,025,815 1,507.95 1,380.00 1,150,355
(ii) Nasdaq – Portal Market AHELYP05 Dec-2019 1,510.00 1,341.35 17,820,984 1,510.40 1,342.00 1,304,254
(3) Non Convertible Debentures
National Stock Exchange of India Limited, APOL26, APOL22 Jan-2020 1,713.00 1,422.20 15,870,391 1,712.20 1,423.00 896,729
Mumbai Feb-2020 1,813.55 1,616.00 17,574,179 1,814.00 1,621.45 767,469
b) C orporate Identity Number (CIN) of the L85110TN1979PLC008035
Company Mar-2020 1,777.90 1,047.05 28,306,232 1,775.70 1,047.45 1,704,644
c) D emat ISIN Numbers in NSDL & CDSL INE437A01024
for Equity Shares (viii) Apollo Price Vs Nifty
d) ISIN Numbers of GDRs Reg. S GDRs - US0376082055
Rule 144a GDRs – US0376081065 2,000 13,500
e) ISIN Numbers of Debentures INE437A07112 & INE437A07120 1,900
13,000
f) Overseas Depositary for GDRs The Bank of New York Mellon 1,800
12,500
12,000
240, Greenwich Street, New York 11,500
1,700
NY 10286, USA 11,000
1,600
g) Domestic Custodian for GDRs ICICI Bank Limited 10,500
1,500 10,000
Securities Markets Services
1,400 9,500
1st Floor, Empire Complex, 9,000
1,300
414, Senapati Bapat Marg 8,500
1,200
Lower Parel, Mumbai – 400 013 8,000
1,100 7,500
Tel. +91-22-6667 2026
7,000
Fax +91-22-6667 2779/2740 1,000
6,500
h) Trustee for Debenture Holders Axis Trustee Services Limited 900 6,000
2nd floor, Axis Bank Building 800 5,500
5,000
Bombay Dyeing, Pandurang Budhkar Marg 700
4,500
Worli, Mumbai – 400025 600 4,000
Tel. +91-22- 24255212 500 3,500
3,000
400
2,500

300 2,000
200 1,500
1,000
100
500
Apollo 24 / 7
0 0
01-Nov-19
01-Dec-19
01-Feb-20
01-Apr-19
01-May-19
01-Jul-19
01-Aug-19
01-Sep-19
01-Mar-20
01-Oct-19
01-Jan-20
01-Jun-19
Apollo Nifty
128 129
(ix) Registrar & Share Transfer Agent 4) Distribution of Shareholdings as on 31st March 2020
Integrated Registry Management Services Private Limited
Shares Holders
“Kences Towers”, II Floor, No.1 Ramakrishna Street, North Usman Road T. Nagar, Chennai – 600 017 No. of Equity
Tel. No.: 044 – 2814 0801, 2814 0803, Fax No.: 044 – 2814 2479 Physical Electronic Physical Electronic
Shares
Email : sureshbabu@integratedindia.in Nos. % Nos. % Nos. % Nos. %
(x)1) Share Transfer System 1 500 544,501 0.39 2,738,745 1.97 3,560 5.90 53,645 88.94
In terms of Regulation 40(1) of SEBI Listing Regulations, as amended, securities can be transferred only in dematerialized form 501 1,000 233,590 0.17 821,954 0.59 308 0.51 1,092 1.81
w.e.f. April 1, 2019, except in case of request received for transmission or transposition of securities. Members holding shares in
1,001 2,000 259,244 0.19 719,675 0.52 155 0.26 475 0.79
physical form are requested to consider converting their holdings to dematerialized form. Transfers of equity shares in electronic
form are effected through the depositories with no involvement of the Company. 2,001 3,000 183,856 0.13 388,808 0.28 68 0.11 154 0.26
Shareholders who had lodged their request for transfer prior to March 31, 2019 and, have received the same under objection 3,001 4,000 192,018 0.14 295,548 0.21 55 0.09 83 0.14
can relodge the transfer request after rectification of the documents. Request for transmission of shares and dematerialization 4,001 5,000 51,254 0.04 213,188 0.15 11 0.02 46 0.08
of shares will continue to be accepted.
5,001 10,000 419,429 0.30 1,042,966 0.75 51 0.08 136 0.23
The Company obtains from a Company Secretary in Practice a half-yearly certificate of compliance with the share transfer
formalities as required under Regulation 40(9) of the SEBI (LODR) Regulations, 2015 and files a copy of the certificate with the 10,001 above 318,260 0.23 130,702,123 93.95 12 0.02 459 0.76
Stock Exchanges. Total 2,202,152 1.58 136,923,007 98.42 4,220 7.00 56,090 93.00
2) Change of Address, Bank Details, Nomination etc. Grand Total 139,125,159 60,310
All the members are requested to notify immediately any changes in their address, email id, bank mandate and nomination 5) Categories of shareholders as on 31st March, 2020
details to the Company’s Registrar and Share Transfer Agent, Integrated Registry Management Services Private Ltd. Members
holding shares in electronic segment are requested to notify the change of address, email id, bank details, nomination etc to the Category Category of No. of Total number % to total no.
code Shareholder Shareholders of shares of shares
depository participants (DP) with whom they maintain client accounts for effecting necessary corrections. Any intimation made to
the Registrar without effecting the necessary correction with the DP cannot be updated. It is therefore necessary on the part of (A) Shareholding of Promoter and Promoter Group
the shareholders to inform changes to their DPs with whom they have opened accounts. 1 Indian
(a) Individuals/ Hindu Undivided Family 20 15,572,785 11.19
3) Unclaimed Dividend / Shares
(b) Bodies Corporate 3 27,296,028 19.62
Pursuant to Sections 124 and 125 of the Act read with the Investor Education and Protection Fund Authority (Accounting, Audit, Sub Total (A)(1) 23 42,868,813 30.81
Transfer and Refund) Rules, 2016 (IEPF Rules), dividends, if not claimed for a consecutive period of 7 years from the date of
Total Shareholding of Promoter and Promoter Group 23 42,868,813 30.81
transfer to the Unpaid Dividend Account of the Company, are liable to be transferred to the Investor Education and Protection
(B) Public shareholding
Fund (‘IEPF’).
1 Institutions
Further, shares in respect of such dividends which have not been claimed for a period of 7 consecutive years are also liable to be (a) Mutual Funds/ UTI 93 12,374,634 8.89
transferred to the demat account of the IEPF Authority. The said requirement does not apply to shares in respect of which there (b) Alternate Investment Funds 1 8,500 0.01
is a specific order of a Court, Tribunal or Statutory Authority, restraining any transfer of the shares. (c) Financial Institutions / Banks 20 5,494,153 3.94
In the interest of the shareholders, the Company sends periodical reminders to the shareholders to claim their dividends in order (d) Central Government/ State Government(s) 1 323,708 0.23
to avoid transfer of dividends/shares to the IEPF Authority. Notices in this regard are also published in the newspapers. (e) Insurance Companies 24 2,694,190 1.94
(f) Foreign Institutional Investors 395 65,273,702 46.92
In light of the aforesaid provisions, the Company has during the year, transferred to IEPF the unclaimed dividends, outstanding

Sub-Total (B)(1) 534 86,168,887 61.93
for 7 consecutive years, of the Company. Further, shares of the Company, in respect of which dividend has not been claimed for
2 Non-institutions
7 consecutive years or more, have also been transferred to the demat account of the IEPF Authority.
(a) Individuals
Apollo 24 / 7
The details of unclaimed dividends transferred to IEPF during the year 2019-2020 are as follows:
i. Individual shareholders holding nominal share capital 55,884 6,227,103 4.48
Amount of unclaimed dividend transferred `3.34 million up to `1 lakh
ii. Individual shareholders holding nominal share capital 12 743,355 0.53
The Company has uploaded the details of unpaid and unclaimed amounts lying with the Company on the Company’s website in excess of `1 lakh.
https://www.apollohospitals.com/investor.relations
130 131
GDRs :
Category Category of No. of Total number % to total no.
code Shareholder Shareholders of shares of shares The details of high / low market prices of the GDRs at the Luxembourg Stock Exchange and Rule 144
(b) Any Others A GDRs at Portal Market of NASDAQ during the financial year 2019-2020 are as under:
(b-i) Bodies Corporate 631 466,471 0.34
Reg S ($) 144 A ($)
(b-ii) Clearing Member 278 544,078 0.39 Month
High Low Closing High Low Closing
(b-iii) Employees 2 125 0.00
Apr-2019 18.41 17.49 17.49 18.40 17.50 17.50
(b-iv) Foreign Portfolio Investors 1 8,800 0.01
May-2019 17.78 16.21 17.78 17.70 16.20 17.70
(b-v) Hindu Undivided Families 996 73,317 0.05
Jun-2019 20.13 18.90 19.69 20.20 18.90 19.80
(b-vi) IEPF 1 391,034 0.28
Jul-2019 20.23 18.98 19.65 20.40 19.00 19.60
(b-vii) LLP 25 6,482 -
Aug-2019 21.20 18.41 21.12 21.20 18.40 21.00
(b-viii) Non Resident Indians 1,885 1,229,771 0.88
Sep-2019 20.92 19.69 19.69 21.00 19.70 19.70
(b-ix) Overseas Corporate Bodies 1 5,099 -
Oct-2019 21.64 19.27 20.93 21.60 19.20 20.80
(b-x) Trusts 35 177,049 0.13
Nov-2019 20.63 19.26 20.09 20.60 19.40 20.00
(b-xi) Unclaimed or Suspense Account 1 173,684 0.12
Dec-2019 20.81 19.10 20.20 20.80 19.20 20.20
Sub-Total (B)(2) 59,752 10,046,368 7.23
Jan-2020 23.74 20.33 23.27 23.80 20.40 23.40
(B) Total Public Shareholding (B)= (B)(1)+(B)(2) 60,286 96,215,255 69.16 Feb-2020 25.13 23.11 24.05 25.20 23.20 23.80
Total (A)+(B) 60,309 139,084,068 99.97 Mar-2020 23.97 14.52 15.06 24.00 14.60 15.10
Shares held by Custodians and against which Depository
(C)
Receipts have been issued
(xii) 1) Dematerialization of Shares
(1) Promoter and Promoter Group Nil Nil Nil
The Company’s shares are compulsorily traded in dematerialized form on NSE and BSE. Equity shares of the Company
(2) Public 1 41,091 0.03
representing 99.42 percent of the Company’s equity share capital are dematerialized as on March 31, 2020.
Total Public Shareholding (C)= (C)(1)+(C)(2) 1 41,091 0.03
Grand Total (A)+(B)+(C) 60,310 139,125,159 100.00
2) Reconciliation of Share Capital Audit Report
As stipulated by the Securities and Exchange Board of India, a qualified Practising Company Secretary carries out an
6) Top Ten Shareholders (other than Promoters) as on 31st March 2020. Audit to reconcile the total admitted capital with the National Securities Depository Limited (NSDL) and Central Depository
Services (India) Limited (CDSL) with the total listed and paid up capital. This audit is carried out every quarter and the
Sr. 31 March 2020
Name of the Shareholder report thereon is submitted to the Stock Exchanges and is also placed before the Board of Directors. The audit, interalia,
No. No. of Shares %
confirms that the total listed and paid up capital of the Company is in agreement with the aggregate of the total number
1 Life Insurance Corporation of India 5,437,262 3.91 of shares in dematerialized form held with NSDL and CDSL and total number of shares in physical form.
2 Schroder International Selection Fund Asian Opportunities 3,928,809 2.82

(xii) O
utstanding GDRs or Warrants or any convertible instrument,
3 Aditya Birla Sun Life Trustee Private Limited 3,679,948 2.65
conversion dates and likely impact on equity
4 Copthall Mauritius Investment Limited 2,827,984 2.03
Pursuant to the resolution passed by the members in an Extraordinary General Meeting held on 24th May 2005, the Company
5 Munchener Ruckversicherungsgesellschaft Aktiengesellschaft In Munchen 2,397,380 1.72 had issued 9,000,000 Global Depositary Receipts (GDRs) and the details of GDRs issued and converted and outstanding (after
6 Veritas Funds PLC on behalf of Veritas Asian Fund 2,371,469 1.71 adjusting the split of face value of `5/- per share) as on 31st March 2020 are given below:

Touchstone Strategic Trust – Touchstone Sands Capital Emerging Markets No. of GDRs as on 31st March 2019 130,707
7 2,323,926 1.67
Growth Fund
8 ITPL – Invesco India Business Leaders Fund 2,020,868 1.45 Add : No. of GDRs Issued during the year 32,224
Apollo 24 / 7
Less : No. of GDRs converted into underlying equity shares during the year 121,840
9 HDFC Life Insurance Company Limited 1,787,100 1.29
Outstanding GDRs as on 31st March 2020 41,091
10 Kotak Funds – India Midcap Fund 1,727,388 1.24
There is no change in the issued equity on conversion of GDRs into equity shares
132 133
(xiii)Equity Shares in the unclaimed suspense account (xvi) Apollo Hospitals Group
In accordance with the requirement of Regulation 34(3) of and Schedule V Part F of the SEBI Listing Regulations, the Company
reports the following details in respect of equity shares lying in the suspense account. Chennai No. 21 & 24 Greams Lane, Off. Greams Road, Chennai – 600 006
Tel : 044 2829 3333, 28290200, 3313 3333
The list of unclaimed shares is being posted in the Company’s website under the column “Investor Relations”
320 Anna Salai, Nandanam, Chennai – 600 035
The voting rights on the shares outstanding in the suspense account as on 31st March 2020 shall remain frozen till the rightful Tel : 044 2433 1741, 2433 6119, 4229 1111
owner of such shares claims the shares.
No. 646 T.H. Road, Tondiarpet, Chennai – 600 081
Aggregate Number of Shareholders relating to the shares lying in the unclaimed suspense 270 Tel : 044 2591 3333, 2591 5858
account
Apollo First Med Hospital, No.159 E.V.R. Periyar Salai, Chennai – 600 010.
Aggregate Number of the outstanding equity shares lying in the unclaimed suspense account 196,884 Tel : 044 2821 1111, 2821 2222, 3936 6000
Number of shareholders who approached the Company for transfer of shares from the 10 A pollo Children Hospital, 15-A Shafee Mohammed Road, Chennai – 600 006
unclaimed suspense account during the financial year 2019-2020 Tel : 044 2829 8282, 2829 6262
Number of shares transferred from the unclaimed suspense account during the financial year 23,200 Apollo Women Hospital, Shafee Mohammed Road, Chennai – 600 006
2019-2020 Tel :044 2829 6262
Aggregate Number of Shareholders relating to the shares lying in the unclaimed suspense 260
New No. 6, Old No. 24, Cenotaph Road, Chennai – 600 018
account at the end of the financial year 2019-2020
Tel : 044 2433 6119, 6115 1111
Aggregate Number of the outstanding equity shares lying in the unclaimed suspense account 173,684
at the end of the financial year 2019-2020 No.64, Vanagaram to Ambattur Main Road, Chennai-600 095
Tel :044-2653 7777, 3020 7777
(xiv) Investors Correspondence 2/319 Rajiv Gandhi Salai (OMR), Karapakkam, Chennai – 600 097
a. For queries relating to shares Tel : 044-2450 5700, 3070 1111
Shri. Suresh Babu, Sr. Vice President, Apollo Proton Cancer Centre, 4/661, Dr Vikram Sarabhai Instronic Estate 7th Street, Dr Vasi Estate
Integrated Registry Management Services Private Limited, Kences Towers”, II Floor,No.1 Ramakrishna Street, Phase II, Tharamani, Chennai - 600 096. Tel: 91 96 1588 1588
North Usman Road, T. Nagar, Chennai – 600 017, Tel. No.: 044 – 2814 0801, 2814 0803,
No.5/639, Old Mahabalipuram Road, Kandanchavadi, Chennai – 600 096
Fax No.: 044 – 2814 2479, E-mail : sureshbabu@integratedindia.in Tel : 044-2496 1111, 3322 1111
Madurai Lake View Road, K.K.Nagar, Madurai–625 020

b. For queries relating to dividend
Tel : 0452 – 2580 199/2580 892/ 893
Shri. L. Lakshminarayana Reddy, Sr. General Manager -Secretarial,
Apollo Hospitals Enterprise Limited, Ali Towers, III Floor, No. 55, Greams Road, Chennai -600 006. Apollo First Med Hospital, No.484, B-West First Street, Near District Court, KK Nagar,
Tel. No. : 044 -2829 0956, 2829 3896, Fax No.: 044 -2829 0956, Madurai – 625 020. Tel : 0452 2526810, 2520153
E-mail:investor.relations@apollohospitals.com, lakshminarayana_r@apollohospitals.com Karur A pollo Hospital, No. 163, Allwyn Nagar, Kovai Road, Karur – 639 002.
c. Designated Exclusive email id Tel. : 04324 – 241900
The Company has designated the following email-id exclusively for investor grievances / services. Karaikudi Managiri Sukkanenthal Village, Thalakkavur Panchayat, Kallal Panchayat Union,
investor.relations@apollohospitals.com Karaikudi – 630 001 Tel.045-65223700
Tiruchirappalli V araganeri Village, Chennai Madurai Bypass Road, Tiruchirappalli,

(xv) Credit Ratings Tel: 0431 3307777, 2207777

Name of the Agency Type of Instrument Ratings Aragonda Thavanampallee Mandal, Chittoor District, Andhra Pradesh – 517 129
Fixed Deposit FAA+/Stable Tel : 08573-283 220, 221, 222, 231
Hyderabad #8-2-293/82-J-III/DH/900, Phase III - Jubilee Hills, Hyderabad – 500 033

Apollo 24 / 7
Non Convertible Debentures CRISIL AA/Stable

CRISIL Tel : 040-2360 7777
Fund-Based Bank Facilities CRISIL AA/Stable/CRISIL A1
During the financial year 2019-2020, there were no changes in the ratings.
134 135
H.No. 3-5-836,837 & 838 Old MLA Quarters, Hyderguda, Hyderabad – 500 029 Assam L otus Towers, 175 GS Road, Guwahati – 781 005
Tel.: 040-2323 1380, 2338 8338 Tel. No. 0361-2347700
Apollo Hospitals – DRDO, # 18-14, DMRL ‘X’ Roads, Kanchanbagh, Hyderabad – 500 058 Ahmedabad Plot No.1A, GIDC Estate, Bhat Village, Gandhi Nagar, Gujarat – 382 428
Tel. No. 040 – 2434 2222 / 2211 / 3333 Tel : 079-6670 1800
PET-CT Scan Centre, Apollo Hospitals Complex, Jubilee Hills, Hyderabad – 500 033 Kolkata No.58, Canal Circular Road, Kolkata-700 054
Tel.No. : 040-2360 7777 Tel : 033-2320 3040
H-No. 9-1-87/1, Polisetty Towers, St. Johns Road, Secunderabad – 500 003 Lucknow Apollomedics Super Speciality Hospital, Sector B, LDA Colony, Kanpur Road, Lucknow, Uttar Pradesh
Tel. No. 040-2771 8888 Tel :0522 6788 888
Nellore H. No. 16-111-1133, Muthkur Road, Pinakini Nagar, Nellore – 524 004 New Delhi Sarita Vihar, Delhi Mathura Road, New Delhi – 110 044
Tel.0861 2301066, 2321077, 3337333 Tel. No. 011-2692 5858
Karim Nagar Apollo Reach Hospital, H.No.G.P.No.4-72, Subhash Nagar, Other Health Centres Woodhead Tower, No. 12 CP Ramaswamy Road, Alwarpet, Chennai – 600 018
Theegalgutta Pally, G.P.Arepally Rev. Village, Karim Nagar – 505 001 Tel. No. 044-24672200/24988866
Tel. No.0878 220 0000
Apollo Personalised Health No. 20 Wallace Garden, 1st Street, Thousand Lights, Chennai - 600 006
Visakhapatnam No.10-50-80 Waltair Main Road Visakhapatnam – 530 002 Check Centre Tel. No. 044-28291066
Tel.No.0891-272 7272
Apollo Heart Centre # 156, Greams Road, Chennai – 600 006. Tel : 044 28296903
APIIC Health City, Near Hanumanthvaka Junction, Visakhapatnam - 530 040
Tel. No. 0891 - 2867777 Apollo Medical Centre Plot No. C-150, 6th Cross, Thillai Nagar, Trichy – 620 018
Tel. No.0431-2740864
Kakinada H-No. 13-1-3 Surya Rao Peta, Main Road, Kakinada – 533 001
Tel.No. 0884 – 2345 700/800/900 Apollo Emergency Centre Rajiv Gandhi International Airport, Samshabad Hospital
Tel.: 040-2400 8346
Mysore Apollo BGS Hospitals, Adichunchanagiri Road, Kuvempu Nagar, Mysore – 570 023
Tel. No. 0821 – 256 6666, 256 8888 Apollo Gleneagles Clinic 48/1F, Leela Roy Sarani, Ghariahat, Kolkata – 700 019
Tel : 033 24618028, 8079
Bilaspur Lingiyadi Village, Bilaspur – 495 001, Chattisgarh
Tel : 07752–248300 City Center Tulsibaug Society, Opp. Doctor House, Ellisbridge Ahmedabad – 380 006
Tel. No. 079 6630 5800
Bhubaneswar #251, Sainik School, Unit 15, Bhubaneswar – 751 003
Tel.0674 6661016/1066/0413 Apollo Clinic KR 28, VIP Road, Port Blair, Andaman 744 101, Tel : 03192 235669
Nashik S wamy Narayan Nagar, Off Mumbai Agra Highway, Near Lunge Mangal Karyalaya, Panchavati,
Nashik – 422 003, Tel : 0253-2510350/2510450
Declaration under the SEBI (Listing Obligations
Navi Mumbai P lot # 13, Sector 23, Parsik Hill Road, Off Uran Road, CBD Belapur, Navi Mumbai, 400 614 and Disclosure Requirements) Regulations, 2015
Tel : 022-3350 3350
regarding adherence to the Code of Conduct
Indore Scheme No. 74C, Sector D, Vijay Nagar, Indore - 452 010, Madhya Pradhesh
Tel. No. 0731 - 2445566
Bangalore 154/11 Bannerghatta Road, Opp. IIM, Bangalore – 560 076 I, Suneeta Reddy, Managing Director of the Company, hereby declare that the Board of Directors have laid down a
Tel. No. 080-4030 4050 #1533, Code of Conduct for its Board Members and Senior Management Personnel of the Company and they have affirmed
compliance with the said code of conduct.
9 th Main Road 3rd Block, Jayanagar, Bangalore – 560 011

Tel. No. 080-4020 2222 For APOLLO HOSPITALS ENTERPRISE LIMITED
ew No. 1, old No. 28 Platform Road, Seshadripuram, Bangalore – 560 020
N
Tel. No. 080-4668 9999/8888
Apollo 24 / 7
Place : Chennai Suneeta Reddy

Lavasa 7 th Dasve Circle, Darve Village Post, Mulshi Lalukka, Pune - 412 112 Date : June 25, 2020 Managing Director
Tel No. 020 - 6677 1111
136 137
PRACTISING COMPANY SECRETARIES’

CERTIFICATE ON CORPORATE GOVERNANCE MANAGEMENT DISCUSSION & ANALYSIS
To,
The Members of Apollo Hospitals Enterprise Limited Industry Structure & Developments
a The Certificate issued in accordance with the terms of our engagement letter dated 14th February,2020 When a nation’s Good health is the foundation on which a person’s happiness
population is and well-being rest. When a nation’s population is healthy,
b. We have examined the compliance of conditions of Corporate Governance by Apollo Hospitals Enterprise Limited (The Company'),
healthy, they make it automatically means that the people make an important
for the year ended 31st March 2020, as stipulated in the Regulations 17-27, clauses (b) to (i) of Regulation 46(2) and paragraphs contribution to the economic progress of the country, as they
an important
C and D of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations'), live longer and are more productive. Studies have revealed the
contribution to the significant interlinkages between the economic performance of
as amended, pursuant to the Listing Agreement of the Company with the Stock Exchanges. economic progress a country and the health of its population, making investment in
Management Responsibility of the country, as health not just desirable, but a priority for societies. It is important
they live longer and that every citizen has access to basic healthcare facilities, an
The compliance of conditions of Corporate Governance is the responsibility of the Management. This responsibility includes the design,
are more productive. important factor that will influence a better quality of life for
implementation and maintenance of internal control procedures to ensure the compliance with the conditions of Corporate Governance the populace. A comparison of the basic health indicators
stipulated in the SEBI Listing Regulations. between developed and developing countries clearly show that
developed nations lead the way in healthcare provision and
Auditor's Responsibility utilization in terms of all resources i.e., money, infrastructure,
Our examination is limited to review of procedures and implementation thereof, adopted by the Company for ensuring the compliance of people, education, and products. Developing nations, which
the conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company. have not been able to invest similarly in healthcare infrastructure,
are characterized by lower human development.
Opinion
Today, the primary challenge for developing countries like
In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company has complied India, is the improvement of healthcare access across sectors,
with the conditions of Corporate Governance regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, in terms of both reach and affordability, and the pursuit of
2015, as amended. “Harnessing the power universal healthcare to ensure that healthcare needs of the
of digital technologies vulnerable and under-privileged sections of the society are
We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness is essential for addressed. Additionally, coping with modern diseases, public
with which the management has conducted the affairs of the Company. achieving universal health engineering, disease surveillance and rising healthcare
health coverage. costs present significant challenges for the healthcare industry.
For LAKSHMMI SUBRAMANIAN & ASSOCIATES
Ultimately, digital
The recent COVID-19 pandemic has caused immense
LAKSHMMI SUBRAMANIAN technologies are not
disruption, bringing to the fore, the importance of good
SENIOR PARTNER ends in themselves;
health from an economic standpoint and the pressing need to
Place : Chennai FCS NO. 1087 they are vital tools to
devote resources for the prevention of future epidemics while
promote health, keep

managing such crises without excessive economic disruption.
CP NO. 3534 the world safe, and
It is believed therefore, that once the crisis dissipates, there will
UDIN : F003534B000345612
serve the vulnerable.”
be a perceptible paradigm shift worldwide towards providing
Apollo 24 / 7
—Dr. Tedros Adhanom sustainable and equitable pre-eminent healthcare for all. For
Ghebreyesus, this to be successful, it is imperative that all stakeholders
WHO Director-General including healthcare providers, Governments, investors
138 139
and consumers come together to understand, analyze and However, a substantial gap exists in the supply of healthcare
implement required changes across the ecosystem. services as compared to the demand. India’s limited
healthcare infrastructure has historically been inadequate to
Globally, the healthcare industry is transforming rapidly. meet the demands of a large and diverse population; public
Several new health technologies such as wearable tech, healthcare facilities are even now unable to adequately scale
telemedicine, genomics, virtual reality (VR), robotics and to effectively serve the needs of a growing population or reach
artificial intelligence (AI) although still nascent, are expected the interiors of the country.
to change the very landscape of this industry. To meet the
demands of the future, much of these technologies should be This unmet opportunity combined with strong fundamentals
capable of adequate scale. has largely led to the private sector taking center stage in
India’s healthcare landscape. Private healthcare institutions
It is safe to expect that the future of health will focus on well- provide world class facilities, employ highly skilled and
being and prevention rather than treatment. Innovations are globally recognized professionals, skillfully leverage advanced
already breaking barriers in the way diagnosis and treatments technology in treatments, and maintain high standards of
are being provided. Technology will also help to democratize quality.
healthcare by lowering costs and breaking geographic
hurdles. The increasing pace of technological innovation Private sector players have been able to obtain a major share
in healthcare will soon offer a plethora of opportunities for of nearly 80% of the country’s total healthcare market. They
healthcare service providers across the globe. also account for almost 74% of the country’s total healthcare
expenditure. Their share in hospitals alone is estimated at
74% while their share of hospital beds is estimated at 40%.
General Overview on
India’s Healthcare Services Landscape
Share in the Total Healthcare Market
“India has adopted The healthcare sector in India is one of the country’s largest
a multi-sectoral economic sectors, with regard to both employment and Private Hospitals 80%
approach towards revenue. The various demographic changes such as the
the health sector. The increase in demand for modern healthcare facilities, rise in Rural Areas Public Hospital 20%
country is focusing awareness about diseases, growing health consciousness
on four main pillars
of universal health.
among people, increase in per capita income, changing
lifestyles, transition in disease profile, etc. have all contributed
50.7% Source: A report on ‘Indian Hospital Services Market Outlook’ by consultancy RNCOS,
Grant Thornton, LSI Financial Services, OECD
These are preventive significantly to the growth of the healthcare service industry Treatment in
health, affordable in India. With the Government rolling out the biggest publicly Private Doctor Clinic
healthcare, supply- funded healthcare plan in the world, many more doors of
From the following chart, it is clear that both rural and urban
side interventions opportunity in the sector are now open.
India prefer private sector care for the treatment of illness and
and mission mode
Today, India is able to offer best-in-class healthcare services Urban Areas disease. Of the different levels of care mentioned here, private
intervention.”
at a fraction of the cost in other major countries around the doctor/clinic is the single biggest point of contact for treatment
—Mr. Narendra Modi, globe. The availability and advancement of healthcare facilities 50.0% of ailments for rural areas (50.7%) and urban areas (50%). This
is followed by treatment at private hospitals, public hospitals

Prime Minister, India have contributed to the betterment of the healthcare sector in
India. Reduction in the cost of life-saving drugs and medical Treatment in and Health Sub Centres (HSC), Primary Health Centres (PHC)
devices, versatile pharmaceutical services, world-class Private Doctor Clinic & others.
specialty hospitals in Tier 1 and Tier 2 cities and a large pool
Apollo 24 / 7
of well-trained medical professionals are additional factors

that have supported this growth.
140 141
Government Initiatives are Supporting

Percentage of Ailments by Different Levels of Care
Growth of Healthcare Sector
In Rural Areas
11.5%
India’s healthcare It is important to mention that the Country’s healthcare sector is
sector is strongly strongly supported by the Indian Government which has been
16.8%
21.0%
supported by the undertaking commendable work to develop India as a global
healthcare hub. Over the years, several initiatives to drive the
Indian Government
growth of the healthcare sector in the country have been yielding
with an aim to positive results. These initiatives have gone a long way in not only
develop it as a global improving overall healthcare access for the general population
healthcare hub but have also enhanced the quality of healthcare in the country.
50.7%
Policies and Schemes
In Urban Areas Ayushman National Health

3.9% Bharat Policy (NHP) Scheme
28.8%
Aims at making path-breaking Formed with the aim to deliver
17.3% interventions to address health quality healthcare services to
holistically. As of November all at affordable costs is the
2019, about 6.37 million world’s largest Government-
people have received free funded healthcare programme
treatment under this scheme.
50.0%
HSC, PHC & others* Public hospitals National Resource Centre Mission
Private doctor/clinic Private hospitals for EHR Standards (NRCeS) Indradhanush
Ministry of Health & Family Aims to improve coverage of

Source: MoSPI, NSS 71st Round (January-June 2014)
Welfare (MoHFW) established a immunisation in the country
Note: Public sector includes HSC, PHC & others* and public hospitals. Private sector Centre of Excellence named as and reach every child under
includes private doctor/clinic and hospitals. National Resource Centre for EHR two years of age and all the
The significant
* Others include Auxillary Nurse Midwives (ANM), Accredited Social Health Activists Standards (NRCeS) at C-DAC, pregnant women who have
gap between (ASHA), Anganwadi Workers (AWW), Dispensaries, Continuing Healthcare (CHC), Pune to accelerate and promote not been part of the routine
‘required’ and and Mobile Medical Units (MMU) adoption of Electronic Health immunisation programme
‘actual’ healthcare Record (EHR) standards in India
infrastructure has
driven considerable Pradhan Mantri Swasthya Pradhan Mantri Surakshit
Today, the healthcare sector in India offers a potent mix of Suraksha Yojana (PMSSY) Matritva Abhiyan (PMSMA)

investment into
opportunities and challenges. The significant gap between
assets like ‘required’ and ‘actual’ healthcare infrastructure has driven Aims at correcting regional Pradhan Mantri Surakshit
hospitals and other imbalances in the availability Matritva Abhiyan (PMSMA), a
considerable investment into assets like hospitals and other
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of affordable / reliable tertiary programme launched in 2016

care facilities over healthcare facilities over the years. It has become a preferred healthcare services and also to ensure comprehensive and
the years sector for strategic and financial investments. to augment facilities for quality quality antenatal check-ups to
medical education in the country pregnant women across India,
has crossed the 10 million mark
142 143
By 2020, India is In FY17, the healthcare sector in India stood as the fourth largest
Market Size of Indian Healthcare Sector employer, employing a total of 319,780 people. By 2020, the
expected to rank
The Indian healthcare sector is growing at a remarkable sector is expected to generate 40 million jobs in India. By 2020
amongst the top
pace thanks to growing coverage, services and increasing the country is also expected to rank amongst the top 3 healthcare
3 healthcare markets in terms of incremental growth [Source: www.livemint.com
expenditure by the public and private sectors. As per a report
from the Ministry of Commerce and Industry, the Indian markets in terms of and IBEF Report]. An additional 100,000 jobs are expected to be
healthcare sector, which stood at a size of USD 110 billion in incremental growth generated through the implementation of Ayushman Bharat, the
2016, is expected to reach a size of over USD 372 billion by National Health Scheme and other initiatives of the Government.
2022, registering a CAGR of 22%. The hospital industry in India
The Healthcare sector in India broadly includes Hospitals,
is expected to grow at a CAGR of 16-17% to reach a size of
USD 132.84 billion by FY22 from USD 61.79 billion in FY17.
The Country ranks 145 among 195 countries in terms of quality
100,000 Pharmaceutical Companies & Standalone Pharmacies,
Diagnostic Services, Medical Equipment and Supplies,
jobs are expected Medical Insurance, Telemedicine Companies, Medical Tourism
of healthcare and accessibility. India’s healthcare access and
to be created from and Retail Healthcare.
quality (HAQ) index increased from 24.7 in 1990 to 41.2 in 2016.
Ayushman Bharat,
The healthcare sector in India is marked by superior skills, Government hospitals—Healthcare centres, district
Indian healthcare the National hospitals and general hospitals
knowledge, and professionalism. It stands out on the global Hospitals
industry stands Protection Scheme Private hospitals—Nursing homes and mid-tier and
out on the global stage as an efficient and cost-effective healthcare delivery top-tier hospitals
system with its network of expert doctors and specialists,
stage as an efficient
well-equipped diagnostics, and nursing services. Within the Pharmaceutical Manufacturing, extraction, processing, purification
and cost-effective country, there is immense scope for enhancing healthcare Companies & and packaging of chemical materials for use as
Standalone medications for humans or animals. Standalone
healthcare services penetration and ample opportunity for the Pharmacies pharmacies include both organized and unorganized sectors.
delivery system development of the healthcare industry as a whole.
with its network Diagnostics Businesses and laboratories that offer analytical or
Conducive policies for encouraging FDI, tax benefits, and Services diagnostic services, including body fluid analysis.
of expert doctors favourable Government policies coupled with promising
and specialists, growth prospects are helping the industry attract private Medical Establishments primarily manufacturing medical
Healthcare Sector
well-equipped equity, venture capital and foreign players. Today, Indian Equipment & equipment and supplies, e.g. surgical, dental,
Supplies orthopedic, ophthalmologic, laboratory instruments, etc.
diagnostics, and companies are entering into alliances with domestic and
nursing services foreign companies to drive growth and gain new markets.
Health insurance and medical reimbursement facility,
Going forward, fundamental factors such as rising income Medical
Insurance covering an individual’s hospitalization expenses
levels, ageing population, growing health awareness and incurred due to sickness.
changing attitude towards preventive healthcare, are expected
to provide impetus and boost healthcare services demand. It has enormous potential in meeting the challenges of
Telemedicine healthcare delivery to rural and remote areas besides
Industries several other applications in education, training and
Healthcare Sector Growth Trend (USD billion) management in the health sector
CAGR 16.28% Medical

Is enhancing prospects of the Indian healthcare market
substantially, benefiting its healthcare services players

Tourism
and increasing the inflow of foreign exchange into India.
Provides clinical services in a centre outside a

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regular hospital. It includes Primary Care Clinics,

Retail
45 51.7 59.5 68.4 72.8 81.3 104 110 160 280 372 specialized birthing centers, single specialty clinics,
Healthcare
primary health centers and diagnostic chains, apart
2008 2009 2010 2011 2012 2014 2015 2016 2017F 2020F 2022F
from Dental, Daycare and Home Healthcare formats.
Source: Frost & Sullivan, LSI Financial Services, Deloitte, TechSci Research
Source: Hospital Market - India by Research on India, Aranca Research
144 145
Structure of Healthcare Delivery in India Tertiary Healthcare
The Healthcare sector is divided into three major categories: Tertiary Healthcare refers to a third level of healthcare system,
primary, secondary and tertiary. in which specialized consultative care is provided usually on
referral from primary and secondary medical care. Specialized
Intensive Care Units, advanced diagnostic support services and
specialized medical personnel are the key features of tertiary
Primary Provide basic Sub Centres and health care. In addition to tertiary hospitals that offer services for
Care healthcare facilities Primary Healthcare Centres
single specialty, there are multi-specialty tertiary hospitals that
offer a number of services in the same hospital. In India, under
the public health system, tertiary care service is also provided
Community Healthcare Centres
Hospitals equipped with by medical colleges and advanced medical research institutes.
Secondary modern diagnostic facilities Sub Divisional Hospitals
Care and District Hospitals,
and treatment options
Mobile Medical Unit
Scope to Increase India’s Per Capita
Healthcare Expenditure
Hospitals with advanced Medical Collages, ESI Hospitals,
Tertiary diagnostic facilities and Urban Health Posts and
Care treatment options PSU Hospitals The Government of The recent Covid-19 pandemic crisis has served as a stark
India is planning reminder of the importance of investing in augmentation of
healthcare infrastructure. The continued variance of healthcare
to increase public
Source: Dun and Bradstreet - “Sector risk outlook - Hospitals” October 2014, via Thomson spends between urban and rural areas has resulted in a sharp
Research, accessed January 2015; “Rural Health Statistics in India “, Statistics Division health spending to disparity in the availability of healthcare facilities across the
Ministry of Health and Family Welfare Government of India, 30 April 2013
2.5% country, although the Government of India is planning to
increase public health spending to 2.5% of the Country’s GDP
Primary Healthcare of the Country’s
by 2025.
The primary sector which mainly operates at the grass-root GDP by 2025
level has minimal involvement of private players. This is the Over the last two decades, India has taken considerable steps
first point of contact between the populace and the healthcare to grow its medical education infrastructure. The number
of medical colleges in the country has increased to 529 in
service providers. This infrastructure offers basic medical and 529
Number of medical
FY19 from 381 in FY13. The number of doctors possessing
colleges in India
health prevention services through a network of Sub Centers
FY19 recognized medical, qualifications (under I.M.C Act) registered
and Primary Health Centers in rural areas; in urban areas it
is provided through Urban Primary Health Centers, Health with state medical councils/medical council of India increased
Posts, and Family Welfare Centers. to 1,154,686 in 2018 from 827,006 in 2010.
Secondary Healthcare
381
Number of Medical Colleges
FY13
Secondary Healthcare refers to a second tier of healthcare
systems, in which patients from primary health care are
referred to specialists in bigger hospitals for treatment. In

India, the health centers for secondary health care include
District Hospitals and Community Health Centre at block level.
381 381 398 412 462 476 529
This infrastructure provides inpatient as well as outpatient
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FY13 FY14 FY15 FY16 FY17 FY18 FY19

medical services, including simple surgical procedures. The
various medical specialties offered under secondary healthcare Source: IBEF Report on Healthcare, December 2019
include internal medicine, Ob-gynaec, pediatrics and limited
services in specialties like urology and cardiology, among others.
146 147
Number of Doctors Hospital Bed Density (per 10,000 population)
827,006 862,050 900,984 946,734 983,089 1,024,800 1,069,734 1,113,315 1,154,686 82 42 28 29 22 21 26 19 12

2010 2011 2012 2013 2014 2015 2016 2017 2018 Russia China UK US Brazil Thailand Vietnam Malaysia India
(Estimated)
Source: IBEF Report on Healthcare, December 2019
Source: CRISIL Research, World Bank, CARE Research
Density of Medical Professionals Key Characteristics

Strong fundamentals inherent to the sector are expected to
accelerate further growth inhealthcare demand in India. This
industry in India is broadly characterized by the following:
40 87 28 84 26 98 9 74 18 23 15 41 8 21 8 14 5 23 Increase
Rising per
Russia UK US Brazil China Malaysia India Vietnam Thailand in population
capita income and
and changing
widening of income
Doctors (per 10,000 population) Nurses (per 10,000 population) demographic
inequalities
trends
ca enin quali
ali co d
Rising per
Ris inco f inco

qu f in an
en inc per
wid ine
e
pit g
Rising
tie m
ing me me
ine ng o ome
a
Source: CRISIL; WHO world health statistics 2018 capita income and
wid pita sing

investments in
pe and
s
ca Ri
widening of income
r
o ties
healthcare
inequalities
i
Even though the country is witnessing rapid expansion in the
per 10,000 population
Density of physicians
26 healthcare sector, the shortage of medical workforce remains a

reality and a challenge. As per World Health Statistics primary
widenin come and

capita of income
capita g per
Rising e and
data 2007-2018, the density of physicians per 10,000 population
inequa come
The increasing
widenin alities
USA
Risin
per
role of technology Under-served,
inc m
for India stands at 8 which is very low compared to the number
g f in
in
o
inequ
o
lities
in healthcare under-consumed
g
for USA that stands at 26. As per the National Health Policy
8 2018, India has a density of 30.2 skilled health professionals
delivery
INDIA (physicians/nurses/midwives) per 10,000 population while the

Sustainable Development Goal (SDG) target is a density of uali
ties me
o
wid inequa
e li
44.5 per 10,000 population. To achieve the ratio reported by ineq of inc and
Emerging Medical
i n g e
cap ning o ties
Changing nature
ita i f inc
the USA with respect to the density of physicians, India will
n m n o
e o
Value Travel (MVT)
wid ita inc per Risi come me
of diseases
ng a

cap Rising n
require an additional 2.4 million physicians approximately.
per d
Additionally, hospital bed density in India is merely 12 per

Bed Density
12 10,000 persons-significantly lower than the WHO guideline of

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30 beds per 10,000 population. These statistics indicate the

alarming healthcare infrastructure gap in the country and the
INDIA tremendous growth potential of the Indian healthcare sector
to enable the country move towards the global mean.
148 149
Increase in Population and Under-Served, Under-Consumed

Changing Demographic Trends
India’s healthcare space is under-served chiefly because of
India’s 1.3 billion population base offers a sizable market and the absence of credible infrastructure, a situation spawned by
pertinent growth opportunities for health care services in the decades of under investment in the health sector. In addition,
country. Empowered with unique demographic advantages, the domestic healthcare delivery infrastructure of the country
India is racing to rank among the world’s most developed is largely skewed towards the organized private sector, and
economies in the next decade. primarily is confined to state capitals or tier-1 cities.
As per the National Health Profile 2018, 54.6% of India’s The country continues to remain far behind the global curve in
54.6% population falls in the age group of 20 to 59 years. This providing good quality healthcare access across its population.
of India’s population productive demographic group is expected to turn to modern Making healthcare affordable and accessible to all citizens of
falls in the age and efficient healthcare services for treatments rather than the country continues to be one of the Government’s key focus
group of rely on ill-equipped facilities. areas. Even in terms of metrics, be it the per capita number of
beds or doctors, India lags developed as well as developing
20 to 59 While the population of India is considerably young, there is a
parallel growing elderly population that is more than 60 years
peers. In terms of infrastructure, India has 12 hospital beds
as compared to the USA which has 29 beds to serve per
of age. In fact, the sheer number of elders in India exceeds 10,000 population. India requires an additional 2 million beds
the total population of several nations. The rise in the number to be at par with the global median. While India’s healthcare
of the elderly combined with rising life expectancy, is another service infrastructure is under served, low affordability has
proponent for quality healthcare. also resulted in these services being under-consumed.
Socio-demographic factors in the country, therefore, are
expected to boost healthcare services demand in the future. Changing Nature of Diseases
India has witnessed an extensive change in the overall
Communicable Diseases
Rising Per Capita Income and 61.8% disease profile of its population. The share of communicable,
Widening of Income Inequalities
Share of Non-
2016 maternal, neonatal, and nutritional diseases for death
India has witnessed tremendous economic growth over the decreased to 27.5% in 2016 from 53.6% in 1990 and that
Rising per capita
last 3 decades. The country has been able to register robust of non-communicable diseases increased to 61.8% in 2016
income and the
GDP growth and has been consistently featured amongst from 37.9% in 1990. This shift in the disease profile has led
economic stability
the fastest growing economies in the world. Rising per
37.9% to an additional need for healthcare services in the country.
of the expanding capita income and the economic stability of the expanding 1990 Non-communicable diseases tend to be of long duration,
middle class middle class population, is bound to increase the demand increasing the need for sustained healthcare services.
population, is bound for services. Improved affordability is a gateway for superior Transition in disease profile 1990 2016
to increase the healthcare facilities. Share of communicable, maternal, neonatal & nutritional diseases 53.60% 27.50%
demand for services Share of non-communicable diseases 37.90% 61.80%
However, even as India continues to develop, income Share of injuries 8.50% 10.70%
inequality in the country is widening. Low per capita income, Source: Health of the Nation’s States 2017 – Indian Council of Medical Research
low expenditure on healthcare, and a low number of doctors

coupled with poor insurance penetration in rural areas are Due to increased urbanization, the incidence of lifestyle diseases
reasons for the disparity in healthcare offerings between is anticipated to increase faster than any other segment. Within
urban and rural areas. This inequality is evident even within the the lifestyle space, cancer is one of the fastest growing ailments.
The prevalence of cancer in India is projected to increase from
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same urban city. People in the various income slab categories

fall into unique baskets typified by varying healthcare needs. an estimated 3.9 million cases in 2015 to an estimated 7.1
Each of these presents a market in terms of the addressable million cases by 2020, according to an Ernst & Young report.
value proposition.
150 151
Emerging Medical Value Travel (MVT) Government estimates suggest that the size of the medical
tourism market would grow substantially by the next fiscal from
Over the years, The Indian healthcare industry has been doing exceptionally a size of 3 billion USD in 2015.
India has grown well in addressing the multi-billion dollar medical value travel
opportunity. Over the years, India has grown to become the Country-wise Cost of Ailments
to become
preferred destination for medical value travel because it scores USA Korea Singapore Thailand India
the preferred Treatment US$ US$ US$ US$ US$
high over a range of factors that determine the overall quality
destination for of care. From quality of therapy, to the range of procedural Hip Replacement 50,000 14,120 12,000 7,879 7,000
medical value travel and treatment options, infrastructure and skilled manpower, Knee Replacement 50,000 19,800 13,000 12,297 6,200
because it scores unmatched care and compassion, to minimal waiting time Heart Bypass 144,000 28,900 18,500 15,121 5,200
high over a range involved for any medical procedure, and availability of generic Angioplasty 57,000 15,200 13,000 3,788 3,300
of factors that drugs, the list of benefits for medical travelers are many. Heart Valve
Replacement 170,000 43,500 12,500 21,212 5,500
determine
Dental Implant 2,800 4,200 1,500 3,636 1,000
the overall
Source: CRISIL Research
quality of care
The Indian Government has been facilitating easy entry for
International patients into the country by providing special
medical visas. It has introduced multiple policies such as
Quality the introduction of e-Medical visa, multiple entry visas and
Presence of State-of-the
services at longer stays as required for treatment. Additionally, the Indian
world-class art medical
reasonable Government has been actively mandating accreditations to
hospitals technologies
prices wellness centers and Medical Value Travel (MVT) facilitators.
These initiatives have gone a long way is enhancing India’s
image as a preferred destination for medical tourists.
Healthcare costs in Indian medical tourism originating countries

India are extremely Positive
Skilled
initiatives by
competitive medical
GOI like e-visa
compared to those professionals
for patients
in developed
countries and other
Asian countries,
especially for Africa South Asia
surgeries like Healthcare costs in India are extremely competitive compared
to those in developed countries and other Asian countries. ~10% ~64%
cardiac bypass,
kidney and liver This is especially for expensive and delicate surgeries like

cardiac bypass, solid organ transplants, joint replacements, West Asia
transplant, hip
dental services, cosmetic surgery and bariatric surgery. The
replacement, dental cost of travel and accommodation is also low as compared ~21%
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services, cosmetic to developed nations. India also attracts medical tourists from
surgery and other developing nations due to the lack of advanced medical Source: CY17 CRISIL; Ministry of tourism
bariatric surgery facilities in many of these countries.
152 153
The Increasing Role of Rising Investments in Healthcare

Technology in Healthcare Delivery
Infusion of long-term capital in the healthcare space goes a
Technological Technological ubiquity and adoption of emerging technologies long way in strengthening the healthcare infrastructure of the
ubiquity and and tools by healthcare stakeholders hold the potential to country. Demand growth, cost advantages and policy support
improve quality, affordability and accessibility of health care are some of the factors that have been playing a vital role in
adoption of
solutions, thus reshaping healthcare delivery across the enticing FDI in the healthcare sector.
emerging
patient pathway.
technologies and In the past few years, the Indian healthcare industry has
tools by healthcare In India, most recognized hospitals have been investing in attracted a lot of interest from leading global private equity
stakeholders hold supportive technology and operative techniques. The timely players and venture capitalists. The growth in multi-specialty
adoption of certain advanced technologies has enabled and single-specialty hospitals in India has largely taken place
the potential to
availability and advancements in robotic surgeries, radiation due to the strong backing of PE funding. Many multinational
improve quality, surgery or radiotherapies with cyber knife options, intensity players have been trying to deepen their presence through
affordability modulated radiation therapy, image guided radiation therapy, partnerships and investments.
and accessibility transplant support systems, advanced neuro and spinal
of health care options in the country.
Cumulative Foreign Direct Investment (FDI) inflows
solutions, New health technologies such as wearable tech, telemedicine, from April 2000 up to September 2019
thus reshaping genomics, virtual reality (VR), robotics and artificial intelligence into the healthcare sector (USD $ billion)
healthcare delivery (AI) are changing the landscape of the Indian healthcare
across the patient system. Like many other markets, India too is at the cusp of 1.86
pathway a ‘digital health’ revolution as a vast number of healthcare

companies have started adopting digital technologies in areas
such as patient engagement, physician engagement, field force 6.46
USD
effectiveness, R&D efficiency and supply chain management. 24.42
As the pace of digital innovation in healthcare accelerates, billion
so will the opportunities for those healthcare service delivery
institutions across India which are willing to embrace the digital
16.27
health space over the coming years. Post COVID, it is likely
New health that technology adoption will happen at an accelerated pace. The Government
Drug & Pharmaceuticals Hospital & Diagnostic Centers Medical & Surgical Appliances
technologies such of India’s decision
as wearable tech, to allow 100% FDI Source: Department of Industrial Policy and Promotion
6 Ways AI and robotics are improving healthcare
telemedicine, in the hospitals
genomics, virtual Supporting sector led to a
reality, robotics The Government of India’s decision to allow 100% FDI in the
Improving Remote mental health & significant increase
Accuracy Treatment daily tasks hospitals sector led to a significant increase in investments from
and artificial in investments from overseas funds into the sector. These trends indicate rising investor
intelligence are overseas funds into confidence in the Indian healthcare space and deepen the perception

changing the the sector of India as an attractive healthcare investment destination.
Precise Augmenting Auxiliary
landscape of the Diagnosis Human Robots
Indian healthcare Abilities
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system Source: Robotics Business Review 2019
154 155
Retail Pharmacies Growing Health Insurance Penetration

The Indian Retail Pharmacy sector has been witnessing healthy Increased health insurance penetration will drive higher
growth over the past few years due to an increasing consumer demand for healthcare services as an individual by paying
base and rising healthcare expenditure. Industry experts healty insurance premium gets coverage for medical treatment
believe that the Indian pharmacy market will be a bright spot costs, which is reimbursed if the person undergoes treatment
for the Healthcare sector over the next decade. The Pharmacy because of illness, sickness or disease. This helps the insured
Retail market in India is expected to grow at a rate of 10- in taking care of the burden of meeting healthcare related costs.
12% CAGR in this period. Worth ~ USD 18 bn currently, it is
expected to reach a value of ` 50 bn by 2025. In the entire Out-of-Pocket Healthcare Spend as Percentage of
healthcare value chain, Retail Pharmacy is one of the most Total Healthcare Expenditure
fragmented sub-segments. The Indian Retail Pharmacy market
has been registering healthy growth largely because of rising
demand for OTC drugs and private label products. There is
an estimated total of 850,000 retail pharmacies (chemists) in
India out of which 845,000 fall under the unorganized category.
The number of branded organized pharmacy stores is less than 28 11 15 65 32 36 50 43 12
6,000 and constitute <5% of the total market size. Brazil US UK India China Malaysia Indonesia Vietnam Thailand
Organized Retail Organized Retail Pharmacy refers to trading activities Source: CRISIL; WHO database; ICICI direct research
Pharmacy market undertaken by licensed retailers, which include corporate-
backed hypermarkets, retail chains and privately owned large
size has been
retail businesses. Key players in this sector are also venturing The growing incidence of disease along with low Government
growing at an into the market with either wholly owned pharmacies or through funding has led to an increase in the financial burden for the
average of franchising and are scaling up by setting up several service general public in meeting increasing healthcare costs. This
22-25% touch points in cities across India. They are changing the
face of the pharmacy sector by bridging the service gap. The
coupled with high ‘out-of-pocket’ expenses is proving to be
an impetus for increased health insurance coverage.
Organized Retail Pharmacy market size has been growing at an
average of 22-25%. Industry reports expect it to grow between Insurance Penetration in India
20-22% over the coming decade. Analysts expect investments
in excess of USD 1 bn over the next few years in this sector.
CAGR 23% 34000
The online pharmacy market in India is at a very nascent 28000
18500 21000
stage as compared to other developed economies. With 16000 CAGR 19%
consumers using technology to bridge the service quality
gap, digital pharmacies are gaining popularity in Tier I
1600 550 2100 750 2700 900 3400 1000 3600 1200
and Tier II cities, as they are banking on scale and better
Russia UK US Brazil China
distribution networks. Eventually, the online mechanism is
bound to spread to Tier III and Tier IV cities, which will Insured under Government Schemes Persons Covered (Excl. Government)

help generate higher revenues for the sector. Additionally, Premiums (Excl. Government) - RHS
these online pharmacies are also slowly gaining attention Source: CRISIL; IRDAI
in the e-commerce industry space, with its impressive
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growth rate.
The above charts show that the market for health insurance is on
a rise. The health insurance premium collections and the number
of persons covered under health insurance have increased
substantially from the levels that were prevalent in 2013-14.
156 157
relevant spaces that are tailored to specific needs. These

Health Insurance Premium Collection (US$ Billion)
spaces focus on vaccination, patient education, information
(up to November 2019)
sharing, specimen collection and reports, wound dressing
and aftercare, injections and in-person and teleconsultations.
The Retail Healthcare business includes Primary Care Clinics,
specialized birthing centers, single specialty clinics, primary
health centers and diagnostic chains, apart from Dental,
Daycare and Home Healthcare formats.
2.42 2.79 2.85 2.90 3.60 4.08 4.78 5.88 6.51 4.68
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 Globally, Retail healthcare has grown substantially over the last
Source: GIC decade. All the verticals under the Retail Healthcare umbrella
are emerging as significant opportunities in the healthcare
landscape and providing sizable untapped avenues, which
Schemes providing health insurance coverage to corporate will further drive penetration of Indian healthcare service
employees are further helping market penetration of providers into local communities and neighbourhoods.
insurance players.
Single specialty healthcare centers operating under the Retail
The health insurance segment in India has tremendous Healthcare delivery format have already experienced growing
potential as less than 20% of the population is covered under popularity over the past few years in India. The segment
health insurance. In rural India, 86% of the population is not now includes multiple treatment categories in areas such as
insured, and 82% of the urban population remains uninsured. fertility, maternity, ophthalmology, dental health, dialysis and
diabetic care.
Retail Healthcare
Retail Healthcare ‘Retail’ in healthcare means creating opportunities for a clinical SWOT Analysis
meets the encounter in a spaceother than in a hospital setting. The
consumers’ philosophy of ‘Retail Healthcare’ is to meet the consumers’
healthcare needs right where they are. Today, consumers are
healthcare needs `` Rich Repository of Experience
looking for convenience while selecting a healthcare provider. `` Widespread Network `` Capital Intensive Industry
right where they are Increasingly, consumers are choosing proximity over distance, `` Broad Spectrum of `` Scarcity of experienced doctors and
opting for reduced waiting time, same-day scheduling and technological experience skilled medical professionals
extended opening hours (including weekends). Therefore, `` Comprehensive Offerings `` Regulatory Intensity
locating services in a retail setting within a neighbourhood has `` High Brand Salience `` Heterogeneous Markets
become very popular. Additionally, today there is growing interest
among a large section of the population in maintaining good
health and being medically fit. This scenario is leading to a higher Strengths Weaknesses
demand for a seamless healthcare delivery format to treat minor
illnesses within a relaxed environment rather than in a hospital. Opportunities Threats
These changing consumer preferences and the increased

use of technology have successfully influenced the transition
`` Medical Tourism `` Increasing Costs
to retail healthcare. Retail healthcare begins with a focus
`` Enhanced access and lower cost of `` Changes in Government regulations
on preventive health and extends to the treatment of low
delivery through Digital Solutions
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`` Heightened Competitive Intensity

complexity cases. The key aim of retail healthcare is to provide
`` Changing Demographics Changing `` Shortage of Skilled Manpower
several quality services at lower costs in convenient settings. formats and consumer preferences
`` Preventive Health and Wellness
In order to satisfy consumers’ demand for convenience
`` Underserved & Poorly-Served Markets
and flexibility, healthcare providers are designing locally
158 159
Strengths Since its inception, gone a long way in enabling best-in-class treatment for
patients and helping them recover at a faster rate.
Apollo Hospitals
Rich Repository of Experience
has been at Additionally, in order to provide patients smooth access to
Apollo Hospitals’ Apollo Hospitals’ strong brand image and best in class working the forefront Apollo Hospitals services, the Company has built an integrated
strong brand environment continue to attract and retain top clinical and in outlaying online platform called ‘Ask Apollo’, using which, patients
image and best professional talent from India and abroad. The doctors and enjoy several benefits like booking doctor appointments and
necessary capital
supporting medical personnel at Apollo Hospitals are not only scheduling online consultation for basic medical needs.
in class working for enhancing and
well qualified but also possess rich experience in their respective
environment fields. The efficient clinical and non-clinical staff at Apollo embracing the best Most recently, Apollo Hospitals has launched its advanced
continue to Hospitals is well trained to deliver the best possible clinical available medical App, Apollo 24/7, which provides the platform for seamless
attract and retain outcomes to patients. Apollo Hospitals’ senior management technology virtual consults with doctors, integrated medical records
top clinical and team has established a strong eco-system, which enables and and prescriptions, and the ability to fill prescriptions through
professional talent motivates the staff in delivering a superior level of care. Apollo Pharmacy.
from India and The doctors at Apollo Hospitals have an enviable record of Comprehensive Offerings
abroad accomplishment whether it is in terms of performing critical
Apollo Hospitals Apollo Hospitals has taken considerable steps to ensure that
surgeries or medical procedures. Their domain expertise access to quality care is not restricted to the hospital setting,
has been able
is revered and has gained acknowledgement from patients but is also available outside of it or in a post hospitalization
across the globe. Many specialists across Apollo Hospitals to provide
scenario. Today, Apollo Hospitals’ breadth of service offerings
continue to receive multiple accolades and awards at different differentiated
successfully spans the entire value chain of healthcare services.
healthcare forums due to their expertise in the field of medicine. services through Apollo Hospitals has been able to provide differentiated
different entities, services through different entities, which together constitute
Widespread Network
which together a fully integrated healthcare ecosystem. It is important to note
Over the years, Apollo Hospitals has steadily enhanced its
n e t w o r k
constitute a that each of these healthcare offerings has its own identity
10,261 presence into a geographically well-spread out, pan-India
healthcare network. The current footprint includes 10,261
fully integrated and asserts its own special expertise. However, at the core
and in ideology, each remains essentially Brand Apollo.
beds healthcare
beds, 3,766 pharmacies and 956 national retail healthcare
centers besides a deep online presence. ecosystem High Brand Salience
As a true pan-India service provider, Apollo Hospitals has Apollo Hospitals has built and maintained a strong leadership
established various touch points which facilitate smoother position in the Indian healthcare industry for more than 35
years of its existence. As India’s leading integrated healthcare
A p o l l o
access to services for its patients. By providing premium and

3,766 affordable medical services over the years, Apollo Hospitals
enjoys many competitive advantages like enhanced customer
provider, Apollo Hospitals is respected in the industry. This
position is largely commensurate with its unrelenting focus
pharmacies
experience, economies of scale, cost efficiencies, wider reach, on consumer needs and safety, and the resolute spirit in
access to a larger patient base and ability to leverage synergies. maintaining leadership position by embracing innovative
cutting-edge technology and clinical protocols. The reputation
The Company has also established newer delivery models and and trust built over the years is a strong asset, and continues
T h e
formats such as day care and short stay surgeries which has to help the Group attract large numbers of patients, very

956 helped it to evolve and adapt to global trends and consumer
needs while delivering the continuum of care value proposition.
talented clinicians, and staff.
healthcare centers Weaknesses

Apollo 24 / 7
Broad Spectrum of technological experience

Capital Intensive Nature of Industry
Since its inception, Apollo Hospitals has been at the forefront
in outlaying necessary capital for enhancing and embracing The Healthcare industry is highly capital intensive. The
the best available medical technology. This approach has basic requirements for operating a medical facility, such as
160 161
land; construction costs for specialized interiors; medical various regulatory authorities and healthcare service providers is
equipment; and skilled healthcare human resources necessary. It is important to understand that private healthcare
comprising of doctors, nurses and paramedical staff calls for service providers cannot be equated with other businesses.
committing heavy upfront investments. This can prove to be Healthcare service providers have to be viewed from the
a barrier for expansion. perspective of the important contributions that they are making
in ensuring the general wellbeing of the community.
In addition, the maintenance and need to undertake
upgradation of medical treatment technologies also requires Heterogeneous Markets
incurring considerable recurring expenditure. It is observed
With a diverse and growing population, the need for quality
that once an enterprise is able to manage the initial capex
healthcare services necessary in India. The requirements are
requirement to set up a facility, the subsequent task of
different even in markets, which are reasonably proximate.
balancing day-to-day expenditure with competitive pricesfor
Every micro-market has a unique set of circumstances
healthcare services is challenging. Therefore, the basic cost
with variance in demographics, disease profiles, customer
of setting up and running a hospital is considerably high which
attitudes, seasonal variations, price sensitivity and so on.
escalates break-even levels and stretches viability.
Hospitals in two different cities in the same state and even
Scarcity of experienced doctors and skilled medical professionals two facilities within the same city have different operating
circumstances with varying parameters. This necessitates a
The healthcare services industry is workforce intensive. The
higher degree of customization and monitoring.
quality of doctors and supporting healthcare professionals is
critical to the eminence and efficiency of the business. India is Significant management oversight is required in the face of
a country with abundant workforce given the sheer size of its these complexities for sustaining clinical standards, balancing
population. However, there is a huge gap in the provision of case mix, ensuring adequate volumes and upgrading
relevant education for a majority of this population and a dearth technology regularly.
of competent training institutes for appropriate workforce
skilling. Therefore, skilled workforce - doctors, nurses and Opportunities
paramedical staff comprising lab-technicians, radiographers
Medical Value Travel
and therapists - are in short supply. Skilled professionals in the
healthcare industry enjoy attractive opportunities both in India Medical Value Travel (MVT) is a growing multi-billion-dollar
and overseas. Intense competitiveness amongst healthcare industry and is likely to grow further due to the many benefits
providers in urban areas has led to unsustainable increases that it offers to patients. World-class hospitals, equipped with
in remuneration for qualified personnel. The availability of best-in-class technology, skilled medical professionals and
skilled professionals is therefore a challenge for setting up low treatment costs have strengthened India’s position as
and profitably running a healthcare institution in India. a preferred destination for medical tourism. Indian hospitals
Regulatory Intensity
are able to offer superior services at comparatively lower
Ongoing costs. The assurance of quality healthcare facilities and cost-
With a diverse and Multiple licenses and approvals required to set up a hospital is digitization and the effectiveness are the two main factors that have been attracting
growing population, another barrier for private players to expand their operations. introduction of millions of patients from across the globe for medical treatment
the need for quality Today, apart from licensing and approvals, the Government is new technologies in India. Proactive steps taken by the Union Government like

also regulating the prices of drugs and consumables. It has to approving issuance of e-medical visas, have also contributed
healthcare services like telehealth, are
be understood that the value of output delivered by the sector to the growth of medical value travel in the country.
is a strong need already breaking
is not just the sum of the value of inputs. There is an intrinsic
in India down boundaries Enhanced access and lower cost of delivery through Digital Solutions
Apollo 24 / 7
value in the sum total of services that needs to be considered.

and creating Digital technology will play a crucial role in enabling access
From a regulatory point of view, there are many requirements,
patient-centric to healthcare for India’s masses. Ongoing digitization and the
which can prove to be onerous when compared to global norms
like single window clearance. Better understanding between the
healthcare systems introduction of new technologies like telehealth, are already
162 163
breaking down boundaries and creating patient-centric and preventing critical illness. This awareness has led to a
healthcare systems. Technology is enabling patients to book promising opportunity in the areas of preventive health and
their appointments and opt for basic medical needs seamlessly wellness, encompassing preventive health checks, diet and
from their homes. Doctors are able to access patient records at nutrition, exercise and well-being.
their fingertips and effortlessly provide consultations with digital
Underserved and Poorly Served Markets
technologies and telemedicine. Technological development in
recent decades has opened up ways to reduce distribution Significant inequalities exist in the quality of healthcare
costs and increase healthcare penetration. Such solutions services available in metro cities and large urban areas as
will be most successful in extending connectivity to rural and compared to that in the rural areas of the country. India’s
remote areas and offering first-class care thus obviating the rural population continues to experience access barriers
need to undertake lengthy travels to urban health centers. to quality healthcare services. Even persons with better
Changing Demographics
resources and financial means have to commute to metro /
urban areas to gain access to medical treatment or related
While India is blessed with a favorable demographic quotient health care services. Healthcare service providers who are
given the relatively young population, it also has a very large willing to penetrate into semi urban and rural areas will benefit
number of ageing citizens in absolute terms. Therefore,Indian from a ready marketplace for their services. Apollo Hospitals
healthcare service providers have an opportunity to meet the has already launched hospitals in several Tier 2 and Tier 3
healthcare expectations of the young and attend to the increasing locations to meet the demand in some of these areas. Reach
healthcare requirements of the elderly. Alongside, the country is has also been enabled through the establishment of hundreds
witnessing a sharp increase in disposable income among several of tele-medicine centers across the length and breadth of the
groups, including a burgeoning middle class, who can afford to country. This has helped augment the Apollo Hospitals brand
pay for quality healthcare. These evolving demographics present image as a pan India player.
an exciting opportunity to service providers.
Threats
Changing formats and consumer preferences
Increasing Costs
The general perception is that some hospitals tend to be
intimidating to patients who respond better to a more relaxed Healthcare service providers are required to deliver a
atmosphere. Today, patients largely prefer accessing single reasonable return on invested capital growth to their
specialty centers and other healthcare delivery formats for shareholders. Controlling costs and finding ways to improve
non-critical ailments. In order to cater to this trend, healthcare realizations seem to be the golden mean. However, input
service providers have been providing a variety of options such costs in healthcare have become significant and are expected
as short stay centers, single specialty centers, neighbourhood to rise in the coming times due to increasing competition.
clinics, and home services. These alternate healthcare delivery
formats are economically attractive, as they require lower capital There is a substantial demand for certain finite resources such as
investment, able to achieve faster breakeven and deliver a better land, quality medical professionals and equipment. Healthcare
return profile. Some of these new formats have demonstrated players also have to constantly enhance and adopt newer
greater specialization and the ability to create significant value technologies which increase overall healthcare costs. Additionally,
as compared to larger multi-specialty hospitals. with the Government’s thrust towards price reduction through
People are

regulation, there is a real threat of hospital finances being rendered
recognizing the Preventive Health and Wellness unviable. The constraint of incurring higher costs leads to long
importance of gestation periods and relatively low returns on investment.
There is considerable rise in health awareness across the
Apollo 24 / 7
diagnosing a disease
population of this country. People are increasingly realizing Changes in Government regulations
at an early stage the importance of healthy living and are taking considerable
and preventing efforts to adopt a healthy lifestyle. They are recognizing In the last few years, the Government of India has taken a
critical illness the importance of diagnosing a disease at an early stage number of positive initiatives, which have benefited the Indian
164 165
healthcare sector such as National Health Protection Scheme Apollo Hospitals the healthcare ecosystem, including Hospitals, Pharmacies,
(NHPS) and Pradhan Mantri Jan Arogya Yojana (PMJAY). Primary Care & Diagnostic Clinics and several Retail Health
has emerged as
However, GST implementation had an adverse impact on models. The Group also has Telemedicine units across 10
Asia’s foremost
health care service delivery costs and operating margins since countries, a Global Projects Consultancy Division, Medical
hospitals were unable to utilize input GST credit on output integrated Colleges, Medvarsity for E-Learning, Colleges of Nursing
services as hospital services are under the exempt category. healthcare and Hospital Management and a Research Foundation. In
services provider addition, ‘ASK Apollo’-an online consultation portal and
The possibility of further regulatory interventions by
and has a robust Apollo Home Health complete the care continuum. The most
Government agencies in the future is an existing challenge for
presence across recent additions to the portfolio are a dedicated vertical for
Indian healthcare service providers.
the healthcare preventive health, which launched a 3-year comprehensive
Heightened Competitive Intensity preventive health product “ProHealth”, and the launch of an
ecosystem,
advanced app, Apollo 24/7 which provides a comprehensive
The competitive intensity from unorganized as well as including Hospitals, digital platform for health and for virtual doctor consultations.
organized players continues to remain high. Given the growing Pharmacies, Primary
demand for healthcare services, many entrepreneurs and Care & Diagnostic The cornerstones of the Apollo Hospital Group’s legacy are its
business houses have been entering healthcare business. unstinting focus on clinical excellence, affordable costs, adoption
Clinics and several
The sector has been witnessing rising interest from private of technology and forward-looking research & academics.
Retail Health Apollo Hospitals was among the first few hospitals in the world
and foreign players. They intend to invest and venture in the
models to leverage technology to facilitate best-in-class healthcare
various segments available in the healthcare industry. Most
of these newer players are often offering services at lower delivery. The organization embraced the rapid advancement in
costs as compared to established players and creating further medical equipment worldwide, and pioneered the introduction
competitive intensity. There are even pockets of overcapacity of several cutting-edge innovations in India. Recently, South
in certain metros and rising competition could lead to East Asia’s first Proton Therapy Centre commenced operations
competitors adapting unfair practices in order to survive, at the Apollo Proton Cancer Centre in Chennai.
hampering the growth and profitability of other players. Every
The cornerstones Apollo Hospitals has been honoured by the trust of over 150
market player, whether from the organized or the unorganized
of Apollo Hospitals million patients from over 140 countries. At the core of Apollo
sector, is striving for market leadership.
legacy are its Hospitals, patient-centric culture is TLC (Tender Loving Care),
Shortage of Skilled Manpower the magic that inspires hope amongst its patients.
unstinting focus on
There is an acute shortage of skilled healthcare resources in clinical excellence, As a responsible corporate citizen, Apollo Hospitals takes the
India. At 8 physicians and 21 nursing personnel per 10,000 affordable spirit of leadership well beyond business and has adopted
population, India stands well behind other countries including costs, adoption the responsibility of keeping India healthy. Recognizing that
other developing nations like Brazil on these parameters. Unless Non Communicable Diseases (NCDs) are the greatest threat
of technology
immediate steps are taken to increase the number of doctors, to the nation, Apollo Hospitals is continuously educating its
and forward-
nurses and paramedics, the shortage of manpower will lead to fellow Indians on preventive healthcare as the key to wellness.
looking research & Likewise, envisioned by Dr. Prathap C Reddy, the “Billion Hearts
prohibitive costs and derail the delivery of healthcare services.
academics Beating Foundation” endeavours to keep Indians heart-healthy.
Company Overview Apollo Hospitals has championed numerous social initiatives

Apollo Hospitals was established in 1983 by Dr. Prathap C which assist underprivileged children - to cite a few - Save a
Reddy, renowned architect of modern healthcare in India. As the Child’s Heart Initiative (SACHi) which screens and provides
nation’s first corporate hospital, Apollo Hospitals is acclaimed pediatric cardiac care to underprivileged children with
Apollo 24 / 7
for pioneering the private healthcare revolution in the country. congenital heart diseases, Society to Aid the Hearing Impaired
(SAHI) and the CURE Foundation which is focused on cancer
Apollo Hospitals has emerged as Asia’s foremost integrated care and also assists children from financially challenged
healthcare services provider and has a robust presence across homes. To introduce population health into the Indian narrative,
166 167
Total Health, an initiative of Apollo Hospitals, as envisaged Clinical Excellence

by Dr. Reddy, is piloting a unique model of healthcare in the
Thavanampalle Mandal of Andhra Pradesh. It aims to provide Clinical Excellence is the edifice on which Apollo Hospitals
“holistic healthcare” for the entire community starting from healthcare operations are structured. The Group consistently
birth, through one’s journey into childhood, adolescence, endeavours to deliver the highest standards of clinical outcomes
adulthood and old age. across various specialties. Apollo Hospitals benchmarks itself
against institutions with the best clinical performance in the
In a rare honour, the Government of India issued a world in their respective specialties and sets internal standards
commemorative stamp in recognition of the Apollo Hospital with the intention to match or surpass this performance.
Group’s widespread contributions—the first for a healthcare
organization. In addition, a stamp was also released to mark In order to ensure sustainable clinical outcomes, the Company
the 15th anniversary of India’s 1st successful liver transplant follows an internal quality management process known as the
performed at Apollo Hospitals. More recently, Apollo Hospitals “Apollo Clinical Excellence” program which is referred to as
was again honoured with a postal stamp for having successfully “ACE @ 25”. This has been implemented across the entire
performed 20 million health checks and for its pioneering network of hospitals. ACE @ 25 assesses performance based
efforts in encouraging preventive healthcare in the country. on 25 clinical parameters, which are critical to delivering the
very best clinical outcomes.
Dr. Prathap C Reddy, Founder Chairman of the Apollo Hospitals
Group was conferred with the prestigious Padma Vibhushan There were 3 revisions of ACE parameters and their bench
Award, India’s second highest civilian award in 2010. marks since 2008 during the years 2011, 2013 and 2015. The
4th revision of ACE under ACE 3.0 was done in the year 2017.
Healthcare Services This sustained focus of the Apollo Hospitals Group on Clinical
Excellence has enabled it to continuously assess and improve
8,822 Apollo Hospitals’Healthcare Services segment consists
of hospitals, hospital-based pharmacies, projects, and the quality of care provided to its patients and allowed it to
oWNED beds objectively measure the consistency and success of its
consultancy services.
healthcare delivery services. It is a key contributor to the rich
Hospitals track record of the group and has helped it to achieve high
530 As of March 31, 2020 the Group had a capacity of 10,261

success rates even in surgeries of high complexity such as
transplants, cardiac care and oncology.
cRADLE/dAY SURGERY beds beds in 71 hospitals located in India and overseas. Of the
10,261 beds, 8,822 beds owned in 45 hospitals; 260 beds Training and continuing Medical Education
in 10 cradles; 270 beds in 11 day care/short surgical stay
Apollo Hospitals encourages its medical professionals and other
909 centers; and 909 beds in 5 hospitals under management
through operations and management contracts.
staff to opt for continuing medical education and up gradation of
mANAGED beds skills on a periodic basis. The Group ensures that professionals
31.03.2020 31.03.2019 and staff are acquainted with the newest techniques and
Number of owned hospitals at end of period 66 65 procedures in the medical field in order to enhance offerings to
Number of owned beds at end of period 9,352 9,233 In terms of patients. Partnerships with some of the most renowned institutes
Number of operating beds at end of period 7,491 7,246 research, Apollo in the world facilitate knowledge sharing and deepening the
Hospitals currently repositories of medical expertise and literature.

In-patient discharges 478,032 451,894
Adjusted discharges 687,462 647,120 is India’s single Academics and Research
Average length of stay (days) 3.86 3.99 largest clinical
India has become a hub for R&D for international players due
Apollo 24 / 7
Average daily census 5,045 4,938

site solutions
Bed occupancy rate (%) 67% 68% to the relative low cost of clinical research in the country. In
organization having terms of research, Apollo Hospitals currently is India’s single
Average revenue per occupied bed per day 37,397 34,226
undertaken over 850 largest clinical site solutions organization having undertaken
clinical studies over 850 clinical studies.
168 169
As an academic institution, Apollo Hospitals conducts the well as in large urban centers such as Hyderabad, Bangalore,
largest number of DNB/FNB programs under the aegis of the Ahmedabad and Lucknow. Apollo Hospitals is confident that
National Board of Examinations (NBE). A total of 781 DNB/ these key metropolitan cities would continue to have strong
FNB candidates are currently undergoing training in 11 Apollo demand for high quality tertiary services including transplants,
Hospital units. robotics and complex procedures under cardiac, oncology
and orthopedic specialties.
Adjunct titles of Professorships and Associate Professorships
of Apollo Hospitals Education and Research Foundation Apollo Hospitals aims to enhance its network in Tier II and Tier
(AHERF) have been conferred upon 115 Apollo Hospitals III cities. The key demographic characteristics of this market
Consultants. are high population, sufficient spending potential and a largely
underserved segment with respect to healthcare services.
Currently 79 consultants are holding Adjunct titles of Clinical Apollo Hospitals’ healthcare centers in Tier II and Tier III cities
Tutor, Distinguished Clinical Tutor and Emeritus Clinical Tutor. will be set up at a considerably lower capital cost per hospital
To run the Clinical Fellowship program, 48 seats have been bed as compared to a Tier I city.
approved in 31 specialties across 13 Apollo Hospitals locations. Currently, hospitals have been established in Tier II and Tier
Accreditations III cities namely Aragonda, Bhubaneshwar, Bilaspur, Guwahati,
Indore, Kakinada, Karur, Madurai, Nashik, Nellore, Trichy,
Eight hospitals Eight hospitals in the Group have received accreditations Visakhapatnam, Karaikudi, and Karimnagar. Given the existing
in the Group from the Joint Commission International, USA, for meeting capacity and operational beds already created, there is good
international healthcare quality standards for patient care and headroom for further growth in many of these centers.
have received
management. JCI is the world’s premier accreditation body
accreditations for patient safety and provision of quality healthcare. Apart 2. Enhanced focus on Centers of Excellence
from the Joint from the Apollo Proton Cancer Centre which recently got
One of the key One of the key elements of strategy going forward, will be
Commission JCI accreditation, the hospitals at Chennai, Bengaluru, New
elements of to nurture and grow national Centers of Excellence (COEs)
International, Delhi, Hyderabad, Kolkata, Ahmedabad and Navi Mumbai in focus specialties — Cardiac Sciences, Neuro Sciences,
USA, for meeting are JCI and NABH accredited. The total number of ‘NABH’ strategy going
Orthopedics, Oncology, Transplants, Emergency, Critical
international accredited hospitals in the Group are 30. forward, will be to
Care and Preventive Health. Each of these COEs will be
healthcare quality nurture and grow comprehensively developed with the core emphasis being on
Strategic Focus Areas national Centers Clinical Differentiation, Protocols, Outcomes and Benchmarks,
standards for
patient care and The Company continues to focus on growth and at improving of Excellence in Market Share, Talent, Academics and Research, under the
operating efficiency and clinical outcomes simultaneously. focus specialties— supervision of dedicated Service Line Managers. The focus on
management
The endeavour is to achieve this through: Cardiac Sciences, COEs is expected to lead to enhanced case mix, and thereby a
superior margin profile. As occupancy levels improve to optimal
Neuro Sciences,
1. Strengthening presence in key markets levels, such case mix changes and improvements will ensure
Orthopaedics,
that top-line growth and quality of revenue are fully protected.
Apollo Hospitals has facilities located in large urban centers Oncology,
such as Chennai, Hyderabad, Kolkata, Bengaluru, New Delhi, Transplants, 3. Retail models to drive growth
Ahmedabad, Mumbai, Pune, Bhubaneshwar, Madurai and
Emergency, Critical Over the years, the Apollo Hospitals Group has invested in

Mysore among others. The Company not only aspires to
strengthen presence in its existing clusters but will also take Care and Preventive multiple formats of retail healthcare. This initiative has enabled
necessary steps to widen thereach in critical urban markets Health Apollo Hospitals to maximize the number of lives touched,
where there is no presence presently. and to provide ease of access to consumers across the care
Apollo 24 / 7
continuum. The retail health assets are housed within the

Today, Apollo Hospitals is present in all of the four metropolitan subsidiary Apollo Health and Lifestyle Limited (AHLL). These
cities, namely Chennai, New Delhi, Kolkata and Mumbai as formats cater to the changing profile of healthcare consumers,
and hence will be growth models for the future- short-stay
170 171
surgeries, boutique birthing and ubiquitous access to clinics Hospitals to treat more patients utilising the existing capacity.
and diagnostics services. They will strengthen Apollo Hospitals It will also result in increased patient turnover rate and revenue
efforts to gain top-of-mind recall and market share. The Group per occupied bed per day.
has also invested in ensuring that services across all formats are
Maximizing the operating efficiency and profitability across
seamlessly delivered, under the One Apollo initiative. This initiative
thenetwork remains the crux of Apollo Hospitals’growth
is aimed at building deep relationships with the Apollo Hospitals
strategy. The three essentials for maximizing efficiencies are
consumer across categories—hospitals, pharmacy, clinics, and
greater integration, better supply chain management and
diagnostics and unlocking potential for up-sell, cross-sell, and
human resource development. By capitalizing on synergies
loyalty driven behaviour using advanced analytics.
across the network, the goal is to minimize costs of expensive
4. Focus on life enhancing procedures and elective surgeries drugs and medical consumables like stents, implants and
other surgical materials through standardization across
Apart from focusing With increasing health awareness and disposable incomes,
the network, optimizing procurement costs, consolidating
on ‘Centers of there is a growing demand for elective or planned surgeries.
suppliers and optimizing use of medical consumables by
Excellence’, Apollo Therefore, apart from focusing on ‘Centers of Excellence’,
establishing guidelines for medical procedures.
Apollo Hospitals plans to build a strong presence in the
Hospitals plans
growing market of elective and life enhancing procedures. Lastly, in order to remain competitive and to increase the
to build a strong The hospitals are well-equipped to offer various elective capital efficiency, the Company continues to devise strategies
presence in the procedures like knee replacements, hip replacements, to manage leaner operations. A comprehensive strategy to
growing market cosmetic surgeries, dental services and other similar enhance asset turnover is being implemented.
of elective and procedures. Going ahead, the plan is to increase the volume
6. Digital Initiatives
life enhancing of such procedures performed in the hospitals by recruiting
procedures more specialist surgeons, creating specialized centers, and To enhance accessibility and enable a patient to access a
investing in the latest medical technologies to improve clinical doctor appointment at their personal convenience, Apollo
outcomes in these areas. Hospitals launched AskApollo — a direct-to-patients m-health
5. Enhancing operating efficiencies, profitability and
platform, that guides the patient engagement cycle — from
optimization of asset utilization in mature facilities and
scheduling a doctor’s appointment for consultation, health
The Group’s
increasing capital efficiency
checks and diagnostic services, to virtual consults, anytime-
partnership with anywhere access to electronic health records, wellness tips
Apollo Hospitals is focused on stabilizing and compressing Microsoft to and advice, as well as chat-based assistance.
time-to-maturity at new facilities. Specialist consultants have develop and deploy
been recruitedat Apollo Hospitals COEs, especially at new The Group’s partnership with Microsoft to develop and deploy
New improvements new AI and machine
hospitals to ensure a superior specialization mix. The phased new AI and machine learning models to predict patient risk for
in medical learning models to heart disease and assist doctors on treatment plans, is the
commissioning of the additional beds linked to occupancy predict patient risk
technology and the levels at new facilities will keep the fixed costs lower to first step in the journey towards AI-based predictive health
advent of minimally for heart disease across the disease spectrum. The Group partnered with
achieve the Company’s objective. Apollo Hospitalsalso
invasive surgeries intends to reduce its Average Length of Stay (ALOS). Today, and assist doctors Google India to launch a new feature in its Search offering
on treatment plans, called ‘Symptom Search’. These are just a few examples of
and robot-assisted new improvements in medical technology and the advent
of minimally invasive surgeries and robot-assisted surgeries is the first step the deep and exciting digital work being carried out across
surgeries have

have considerably reduced the surgical trauma and patient the Group. These digital initiatives will strengthen brand
considerably in the journey
recovery time. Enhancing minimally invasive surgeries, robot- differentiation and build lasting relationships with consumers.
reduced the towards AI-based These initiatives are bolstered by the introduction of the AI-
assisted surgeries and day care surgeries which reduce predictive health
Apollo 24 / 7
surgical trauma surgical trauma to patients and patient recovery time will help enabled robust digital platform, Apollo 24/7, which provides
and patient across the disease the ability to hold virtual consultations with doctors, with
the Company to reduce the ALOS at itshospitals. Additionally,
recovery time this will also lead to a faster turnaround time, allowing Apollo spectrum comprehensive medical records and prescriptions.
172 173
7. Preventive Health Medical Value Travel

As a Group, Apollo Hospitals has always embraced wellness Today, India is considered to be among the most affordable
and paid attention to the need for comprehensive Preventive and best providers of healthcare among all medical tourism
Health programmes, to keep citizens healthy. The Group was destinations. In Medical Value Travel, India is ranked in
the first to introduce the Master Health Check Programme in the top three destinations in Asia along with Thailand and
the country, and to advocate tax exemptions for expenses Singapore. The Apollo Hospitals Group has always remained
on health checks. This important program is a cornerstone of at the forefront of this initiative to make India a preferred
the group’s strategy for the next decade, as the country faces Global Healthcare destination. Apollo Hospital’s state-of-
the ongoing burden of Non Communicable Diseases, most of the-art medical facilities and cutting-edge technologies have
which are preventable, or can be easily detected by early-stage enabled it to attract International patients in large numbers.
screening, controlled or cured. The company launched Apollo The hospital prides itself on having a well-established track
ProHealth, a comprehensive three-year health and wellness record of providing clinical outcomes comparable to the best
programme, aimed at Health Conscious Individuals who wish in the world at a fraction of the International costs.
to take charge of their health and improve it scientifically, with
expert guidance and support. In recent years, In recent years, Apollo Hospitals has stepped up its outreach
Apollo Hospitals efforts in International centers and is driving in-person
8. Assured Pricing Plans consultations with senior specialists in overseas locations. Several
has stepped up its
Assured pricing plans were introduced to address the felt overseas camps have been set up to bridge the doctor connect
Assured pricing outreach efforts
need of patients to have certainty about their hospital bills for for patients. Overseas patients can easily make appointments
plans across in International for personal consultations for their treatment in India through
surgical procedures. This approach focuses on the intrinsic
several surgical centers and is the Apollo Hospitals website and dedicated messaging service.
value of the delivered service and not on individual inputs.
procedures focus driving in-person The strategic steps taken in the past are now providing Apollo
AHEL has introduced Assured Pricing Plans across several
on the intrinsic surgical procedures. These plans give complete peace of consultations with Hospitals the necessary strength to gain market share in the
value of the mind to the patients and their families, and facilitate better senior specialists in growing Medical Value Travel segment in India.
delivered service marketplace conversations with general practitioners and overseas locations These efforts have been successful in attracting a large
nursing homes on costs of treatment. number of patients from neighbouring countries as well as from
9. Public-Private Partnerships Middle East and Africa. Today, patients from ASEAN countries
(Myanmar, Cambodia, Indonesia, Philippines) and the Pacific
Fulfilling the vision of universal healthcare for all citizens, Islands (Fiji, Samoa and Tonga) trust Apollo Hospitals for
requires deep collaboration of Private and Public Partners their healthcare needs. In several other countries, the Group
(PPP). Today, Private players are incentivized through public- has agreements with the respective Ministries of Health for
private partnerships (PPP) to invest and manage operations treating patients referred by them.
in Public Health Facilities. PPP models in healthcare have
proven to be very effective as they play to the respective The Government of India has undertaken several initiatives to
strengths of each partner. For e.g., in partnership with the support medical tourism, which in turn is enhancing India’s
Andhra Pradesh Government, Apollo Hospitals manages image as a preferred destination for medical tourists. For e.g.
over 150 Urban Primary Health Centers (e-UPHCs). Apart The Government’s steps such as facilitating visa on arrival
and e-medical visa have made the modalities of admitting

from providing primary health services, these centers provide
specialist services through connectivity with Apollo Hospitals foreign patients a lot easier. Apollo Hospitals has been leading
Tele-Health Hub. These models are low-cost, can be scaled advocacy in this area and has been working closely with the
Indian Government, to ensure seamless implementation of
Apollo 24 / 7
quickly, and generate world-class outcomes, both for

population health and specialist support. new policy initiatives. The Group has also partnered with the
Ministry of External Affairs, Government of India, for providing
training to doctors and paramedics from Africa.
174 175
Having served patients from over 140 countries, Apollo Pharmacy Restructuring
Hospitals continues to offer a wide range of high-quality
services including Preventive Health Checks, Organ During November 2018, the Board of Apollo Hospitals approved
Transplantations (kidney, liver and cornea transplantations), the divestment of the front-end portion of the standalone
Robotic Surgeries, Cancer Treatments, Joint Replacement pharmacy business in favour of Apollo Pharmacies Limited. This
Surgeries, cosmetic procedures, eye procedures, brain and step was undertaken after recognizing that AHEL’s standalone
spine surgeries, etc. Apollo Hospitals is well positioned to pharmacy business required greater focus and attention
leverage the opportunity emerging out of the growing Medical independent of the hospital business, to fully leverage its
Value Travel segment in the country. potential and growth opportunity. This reorganization proposal
received all the necessary approvals from the shareholders of
Standalone Pharmacies AHEL. The final approval is pending from the National Company
Law Tribunal (NCLT) as on the date of the annual report.
~400 Apollo Pharmacy is India’s first and largest branded pharmacy

The Pharmacy network
network, with nearly 3,800 outlets in key locations. Accredited The reorganization will focuson the following objectives:
cities/towns with International Quality Certification, Apollo Pharmacy `` Build a multi-year growth platform to achieve 5,000
offers genuine medicines round-the-clock through their 24/7 pharmacy outlets in 5 years and INR 100 Billion in revenues.
pharmacies. For over two decades, Apollo Hospitals has `` Enhance Private Label Business share to over 12% by
21 been a key market player in this segment. It is by far, the
largest organized retail pharmacy chain in India. Over the last
broadening and deepening the product portfolio.
States `` Strengthen the Direct-to-Consumer (D2C) front-end
six years, Apollo Pharmacies has registered a healthy growth
operations to drive same-store growth, prescription fill
(23% CAGR) on revenues. Since its inception, this segment
rates and overall experience; overall business ROCE
has enhanced its network with presence now in ~400 cities/
4 towns spread across 21 States and 4 union territories, with a
target of 30+ % in 5 years.
`` Foray into Digital Commerce and execute an Omni-Channel
Union Territories total of 3,766 stores as on 31st March 2020. There were also
net additions of 338 stores to the network during the year. strategy, leading to increased consumer convenience.
`` Build an integrated customer loyalty platform
In recent years, Apollo Pharmacies has widened its offerings centeredaround a satisfied and engaged customer,
extensively. This segment which was traditionally focused on leading to repeat business and higher customer retention.
pharmaceutical products, is now equipped with a wide variety
of wellness and private label products. The optimal product The key components of the transaction are:
mix for each store is consciously designed. With cluster `` The front-end retail pharmacy business operations
analysis mechanism in place, every cluster is managed by an currently carried out in the standalone pharmacy
independent manager. Each store is consistently reviewed by segment will be segregated into a separate Company—
the Senior Management Team to access the viability in terms Apollo Pharmacies Ltd. (APL).
of its real estate costs, supply chain, cost-benefit ratios and `` APL will be a wholly-owned subsidiary of Apollo Medicals
various other operating metrics. Customers are offered value Pvt. Ltd. (AMPL). Apollo Hospitals will own 25.5% of
added services such as home deliveries, prescription refill AMPL and the remaining stake will be held by three
reminders, diagnostic reminders as well as loyalty discounts. private investors.
`` Post this transaction, the back-end business related to the

Over the years, the Company has strategically increased its
proportion of private label products and rationalized the store standalone pharmacies and ~85% of the current business
network through the discontinuation of non-viable stores. This economics will continue to be retained with Apollo
strategy has played a very important role to improve the overall Hospitals. Therefore, the proposed reorganization would
Apollo 24 / 7
profitability profile of this business. The Indian pharmacy sector not have a material impact on the financials of AHEL.
presents tremendous growth opportunities for large organized `` AHEL will have the right to acquire the shares of
players who have superior operating scale; and as the undisputed AMPL from investors in compliance with the regulatory
market leader, Apollo Pharmacies has a distinct advantage. framework as applicable at the time of the acquisition.
176 177
`` Apollo Hospitals will be the exclusive supplier for APL medications with a 2-hour delivery promise. The program will
under a long term supplier agreement and will also enter offer a well-being companion in the next phase.
into a brand licensing agreement with APL to license the
In the initial weeks of COVID in India, Apollo 24/7 launched an
“Apollo Pharmacy” brand to front-end stores and online
AI-based corona risk-screening tool, which helped consumers
pharmacy operations.
assess their COVID risk, and take appropriate action. Over
`` For the purpose of restructuring the SAP, AHEL will
12.7 million users took the scan, and there have been several
transfer its front-end pharmacy business for a lump
thousand downloads of the app. We now do over 2,300
sum consideration of INR 5,278 million. The transfer is
consults a day via the app.
effective from 1 April 2019 subject to the completion of
all requisite approvals.
Pro Health
Most importantly, the demerger has been targeted to create
Apollo prohealth, At Apollo Hospitals, we give ‘Care’ the same importance
a platform for AHEL to execute an omni-channel strategy
a first of its as ‘Cure’. Preventive Health has been a key focus area for
for its Pharmacy business. This reorganization will maximize
us for the last 35 years when we first introduced Master
Shareholder Value and set the platform for “Value Discovery” of kind holistic and
Health Checks. We completed 20 million health check-ups
the pharmacy business at a later stage, through a regulatorily comprehensive last year, a feat that was acknowledged by the Government
compliant structure. health program is with the release of a commemorative stamp. Drawing on this
powered by phra experience and learning, we have launched Apollo ProHealth,
Apollo 24/7 a proactive Health Management program. A first of its kind, this
and enabled by ai
Apollo 24/7 is Apollo 24/7 is Apollo Hospitals’ new direct-to-patient holistic, comprehensive health program, is powered by pHRA
M-Health platform which follows and guides the entire patient (personalised Health Risk Assessment), enabled by Artificial
Apollo Hospitals’
engagement cycle - from scheduling a doctor’s appointment, Intelligence. ProHealth empowers individuals and businesses
new direct-to- with actionable health analytics, to know and eradicate health
virtual consultations, health checks, diagnostic services, and
patient M-Health anytime-anywhere access to electronic health records, as well risks through appropriate clinical and lifestyle interventions.
platform which as chat-bot based assistance. The app also provides the facility Driven by technology, the program also offers a personal Health
follows and guides to order medicines online and get them delivered at home. Mentor as guide. We plan to create awareness regarding
the entire patient these preventive health initiatives amongst a wide section of
Apollo 24/7 is a fully integrated offering to track a person’s people in the urban areas using mobile clinics. Well equipped
engagement cycle
entire medical health and wellness journey. It starts with a with high-end technology for advanced screening of NCDs,
virtual consultation with an Apollo certified doctor, from the the Samsung-Apollo Mobile Clinic will drive awareness on
safety of one’s own home. 2,500+ doctors are on the Apollo NCDs and facilitate early detection and preventive screening.
24/7 Tele-consultation platform covering 60 specialties for
round the clock service. Non Communicable Diseases, including cardiovascular
diseases, cancers, chronic respiratory diseases, and diabetes,
The program offers a quick path to Apollo’s Emergency Services which account for about 60% of all deaths in India, can be
should one need it and top-quality diagnostic services round the prevented or managed by making appropriate lifestyle changes,
clock, even at one’s doorstep. The technicians are well trained, if diagnosed early. It is critical to undergo regular health check-
clinically efficient, courteous, and friendly to the consumer. ups to detect NCDs at an early stage to avoid future health

related complications.
Apollo 24/7 is an omni channel solution and is health safe
for PHR. It is the only comprehensive condition management COVID-19 has brought the importance of good health to
solution in India which blends wellness and clinical advisory the fore. While over 80% of those affected have only mild
Apollo 24 / 7
services. It is also the only platform that can leverage on-line symptoms and show good recovery, the prognosis is poor in
and off-line records to provide AI based predictions. patients withobesity, diabetes, hypertension, cardiac diseases
and respiratory diseases -Studies have shown that 90% of
Apollo 24/7 can cater to 700,000+ people daily from Apollo
hospitalised COVID-19 patients have one of these underlying
pharmacies across the country for seamless home delivery of
178 179
conditions. These findings underscore the importance of good 3. Strategic Consultancy

health in promoting a strong immune system to help fight off
Strategic exercises to review existing systems and operations
disease. These predictive and precautionary healthcare tools
of healthcare institutions with the objective of enhancing their
will help Predict, Prevent, and Overcomethe ill effects of NCDs
performance are also undertaken.
and mitigate potential health issues at an early stage.
4. Knowledge Verticals
Projects & Consultancy
Apollo Hospitals offers custom-built training programs for
Apollo’s Global Projects & Consultancy services is the medical and administrative staff. These physician training /
consulting, implementation and operations management arm nurse training / technician training programs focus on building
of the Apollo Hospitals Group. With over 30 years of domain capabilities and skills in specific areas.
expertise in healthcare, the unit has the distinction of being the
trusted advisor of investors, Governments and other entities 5. Hospital Quality Management & Consulting
for establishing world-class healthcare facilities or improving Hospital Quality Consulting services offers clients unparalleled
the clinical quality and operating efficiencies of existing ones. expertise through training and audit and accreditation services
The unit’s healthcare consulting assignments across the so that people throughout the world can benefitwith access
globe are testimony to its ability to work effectively with the to the highest quality of healthcare.
local people, respecting their social, cultural and traditional
ways. It has worked on establishing and operating healthcare Health Insurance
facilities spread across culturally diverse geographies. It has
Apollo Munich Health Insurance, which was a joint venture
completed over 60+ projects from concept to commissioning,
between the Apollo Hospitals Group and Munich Health
200+ feasibility studies and commissioned over 2,500 beds
Holdings AG was one of the first standalone health insurance
over the last 5 years. companies to enter the market after liberalization of the Indian
insurance industry.
Consultancy services can be categorized into:
From the time of its inception, Apollo Munich played a strategic
1. Setting up a Healthcare Facility: role in carving a niche for itself in the health insurance sector
`` Business Planning & Clinical Visioning earning Gross Written Premium of ` 21,944 million for the
`` Hospital Planning and Design financial year ended 31st March, 2019 and with an overall
`` Medical Equipment Planning and Procurement market share of 4.4% and 9% market share amongst private
insurers. It also established its leadership in the industry by
`` Human Resources Planning
winning several awards with its market leading innovations
`` Information Technology and Telemedicine and customer centric approach.
`` Hospital Commissioning and Start-up Assistance
Having successfully incubated Apollo Munich since its
2. Hospital Operations Management inception and with a view to unlocking value, in January 2020,
the Company divested its 9.94% stake in Apollo Munich along
The Unit manages hospitals for partners. Apollo Hospitals role
with other shareholders forming part of the Promoter Group
as a hospital operator is guided by its commitment to:

to HDFC Limited for a sale consideration of ` 2,907 million
`` Ensuring that the skill-sets of key clinical and managerial
subject to indemnity related adjustments. The Company also
team members are amongst the best
received a sum of ` 382 million towards JV termination fee
`` Achieving and maintaining accreditation status and from Munich Health Holdings AG.
Apollo 24 / 7
international standards
`` Developing a sustainable competitive advantage for the Through this, the Company realized a net gain of ` 1,965 million
hospital to ensure high levels of quality, customer service through the divestment of its equity stake in Apollo Munich.
and competitiveness.
180 181
Retail Healthcare - AHLL Born with an Diagnostics, Dentistry, Dialysis, Cradle, Fertility & Spectra,
aspiration to touch AHLL revenues were at ` 6,964 million in 2019-20. AHLL
Apollo Health & Lifestyle Limited (AHLL), a subsidiary of the expanded its reach to more than 950 patient touch points.
Company, operates in the Retail Healthcare space. AHLL many lives, AHLL
was introduced with an intention to take healthcare services has grown today Healthcare services portfolio that
from a purely ‘hospital’ setting closer to the home within the to become India’s addresses key consumer megatrends
neighbourhood with a goal to serve the community through leading Retail
multiple touch points. With the expertise of the large hospitals Healthcare Services
and the accessibility of local care providers, the offerings of
Company
AHLL position Apollo Hospitals as the family’s healthcare partner
with a comprehensive set of clinical capabilities. Due to the
wide breadth of services of AHLL, the Apollo Hospitals Group Convenience Specialisation Personalised Time at a Brand
Closer to Home Experience Premium Expertise
has become the only multi-brand national platform with direct
contact with patients across the spectrum of medical care.
As a pioneer in successfully replicating viable models of healthcare

clinics, this model has the potential to transform the way primary, Apollo Clinics was the first offering from AHLL, established in
secondary and tertiary healthcare is understood in the country. So 2002. Today, Apollo Clinic has become a trusted neighbourhood
as the healthcare markets grow and evolve, AHLL is expected to healthcare partner for family medicine and primary care. It has
play a defining role in the transformation of healthcare, bringing it
closer to every individual, and making healthcare more accessible
148 been serving as an important bridge between patients and Apollo
Hospitals. Apollo Clinic represents a very large opportunity with
centers
and convenient in a friendly, user-centric environment. the private primary care market, which is estimated to be more
Apollo Health & Lifestyle has grown significantly in size and than ` 1,800,000 mio, a major part of it still unorganized.
scale over the past 5 years to successfully encompass the Apollo Clinics is well placed to become a platform to address
Group Chairman’s vision of bringing Apollo’s clinical expertise future healthcare challenges in India, particularly the growth of
and Tender Loving Care closer to each home in the country. non-communicable diseases. Apollo Clinics has owned clinics
AHLL will continue to play a very important role in taking the and franchisees in hospital centric clusters, e.g., Chennai,
Apollo brand closer to a large number of patients. Hyderabad, Bangalore, Delhi, Kolkata. These will act as feeder
Across 956 retail touchpoints in India, AHLL clinics provide units for the tertiary care hospitals, will increase the reach and
an independent and specific service to the local community. presence of Apollo Clinics as a brand as well as address the
Seen on a map, the locations span the length and breadth glaring issue of inadequate healthcare accessibility.
of the country, with clinics present in 21 states and 4 union
territories. Whether it is dental care or diabetes, surgery or Apollo firmly believes that the efficacy of its treatments is
dialysis, the Group provides consumers the opportunity to predicated on accurate diagnostics. In India, around 80% of
seek out specialized care without needing to visit a large- the estimated ` 450 bn diagnostics market is unorganized.
scale hospital. The Group functions like a hub-and-spoke
model, diverting patients on a need basis within the clinics 650 With the organized sector growing at >30% p.a., the
opportunity to create a retail diagnostics brand is significant.
and promoting cross-departmental collaboration with the centers Apart from being a large market, there is a strong synergy

hospital vertical. AHLL promises its patients the same level of with the Group’s other businesses.
care, comfort, expertise and experience that the community
Apollo Diagnostics is building a large network in its geographies
has come to expect of the brand, only closer to home.
Apollo 24 / 7
and plans to be amongst the top players in this market. The

Born with an aspiration to touch many lives, AHLL has grown business model at Apollo Diagnostics is focused on building
today to become India’s leading Retail Healthcare Services a pathology lab business with a consumer centric approach
Company. Across all its business segments — Clinics, Sugar, by creating a network of company owned labs with frontend
182 183
franchisee collection centers and networks in Tier II & Tier III Apollo Fertility offers several specialized investigative and
towns in each state. treatment procedures for infertility in men and women. Backed
by Apollo Hospitals’ 36 year legacy of clinical excellence and
In its 5 years of operations, Apollo Diagnostics has a network of 7 IVF centers, Apollo Fertility brings to the table
established a widespread network of more than 500 touch unparalleled commitment towards successful outcomes.
points across 80+ cities in 12 states. As of 31st March, 2020
Apollo Diagnostics runs a network of 650 laboratories and
The concept of specialty care centers which is a well-accepted
21 Hospital Lab Management centers with a network of more
and successful healthcare delivery format in developed nations,
than 51 collection centers around them.
is gaining significant acceptance in India as well. Short stay
Apollo Sugar Clinics addresses the lacuna of accessible, 15 surgeries are conducted across multiple healthcare delivery
formats - tertiary care multi-specialty hospitals, nursing homes,
long-term care for diabetes. With a rapidly changing health centers single-specialty hospitals and multiple specialty surgical centers.
care delivery model, treatment offerings for diabetes are also
25 changing. Apart from the traditional model of personalized

treatment offered by doctors, digital solutions targeted at
Improved patient convenience due to faster treatment and
early discharge, lower costs due to lower length of stay,
centers monitoring patient lifestyles and remote monitoring of patient reduced susceptibility to hospital-acquired infections and
vitals are also gaining popularity and are poised to grow. Apollo improved insurance coverage are the various factors driving
Sugar Clinics is well positioned to offer these digital solutions this demand. Additionally, the model supports lower overhead
together with its connected Glucometer devices, holistic long costs, faster turnaround, and higher theatre and equipment
term care packages and condition management programs. utilization. Due to these reasons, a significant number of short
Over the years, Apollo Sugar Clinics has actively expanded its stay centers have been coming up in India.
footprint. It is currently present in 14 cities across India with
Today, Apollo Spectra is leading the way as amongst the
25 centers.
largest chain of hospitals providing short-stay surgical
services across departments- Orthopedics, General Surgery,
Apollo Cradle, a line of premium hospitals for women and Urology, ENT & Bariatric Surgery. Apollo Spectra is a well-
children, offers services of international standards in a premium known brand in the field with 12 centers spread across 8
environment while creating an unforgettable experience for major cities of India.
12 the mother and her family. The Apollo Hospitals Group was
the pioneer in establishing boutique birthing hospitals in India
centers Apollo Dialysis was set up with the vision to facilitate dialysis
with the first Apollo Cradle opening in New Delhi in 2004. The
treatment in a place that is convenient to the patient. Apollo
concept is well accepted in urban markets and is another
Dialysis centers have been successfully providing high quality
stride towards the emergence of specialized hospitals. The
expert team at Apollo Cradle renders impeccable maternity, 42 dialysis services to their patients. With a strong focus on
treatment outcomes, the Group has established 14 dialysis
gynecology, neonatal, pediatrics and fertility services from a centers
units in the state of Andhra Pradesh (via PPP model), and will
state-of-the-art facility.
now do the same in Assam, and other states.
Apollo Cradle has been able to differentiate itself by bringing
the best clinical care to patients while adding to it all the luxury Apollo WHITE Dental is the most trusted chain of dental clinics
and experience components which women are looking for

in India with 64 Centers in 17 cities across the country, aiming
today. It is focused on ensuring holistic care for women, right
from her early 20’s to the late 50’s and comprehensive care 64 to bring world-class dental care within reach of every Indian.
This single specialty business provides comprehensive dental
for the child in the initial years of life. Today, India presents a care facilities in all areas including general treatment, cosmetic
Apollo 24 / 7
centers
huge opportunity for the premium maternity / delivery market. dentistry and implants. Each of these centers provide the
Apollo Cradle has successfully grown the network in the last best of ambience, technological advancement and evidence-
few years to 12 Cradles. based updated treatments.
184 185
Going ahead, Apollo Hospitals aspires to create a profitable The following table shows the key drivers of revenues for the
network, position the brand in metro cities and Tier II towns periods presented:
and grow the network through clusters. Apollo White centers
Year ended March 31, 2020
exist in both hospitals and clinics and as standalone centers.
increase % increase
Particulars 31.03.2020 31.03.2019 (decrease) (decrease)
Financials IP Discharges 478,032 451,894 26,138 5.78%
Revenue per Inpatient (`) 117,151 110,508 6,643 6.01%
Discussion on Consolidated Financial
ALOS 3.86 3.99 - -
Performance and Results of Operations
OP Volume 4,328,055 4,161,736 166,319 4.00%
The following table presents the summary of results of Revenue per bed day (`) 37,397 34,226 3,171 9.26%
operations for the years ended March 31, 2020 and 2019:
Expenses
Particulars (` in million) 31.03.2020 % 31.03.2019 %
Operating Revenues 112,468 96,174 Salaries and Benefits
Add: Other Income 270 314
Total Income 112,738 100.00 96,488 100.00 The salaries and benefits expense of `15,982 million during
Operative expenses 54,989 48.78 46,609 48.31 2019 increased by 15.94% to `18,529 million in 2020. This
Salaries and benefits 18,529 16.44 15,982 16.56 increase was a result of annual compensation increases for
Administration & other expenses 23,077 20.47 22,947 23.78 the employees, plus the impact of an increasing number of
Financial expenses 5,328 4.73 3,270 3.39 employed physicians within the hospitals and pharmacies for
Depreciation and amortization 6,197 5.50 3,955 4.10 the SAPs .
Profit before Income Tax – Exceptional &
Extraordinary items 4,617 4.10 3,725 3.86 Year ended March 31, 2020 (` in million)
Exceptional items 1,983 1.76 0 0.00 % %
Share of profit of equity accounted investee (31) (0.03) 10 0.01 % of % of increase increase
Particulars 31.03.20 revenue 31.03.19 revenue (decrease) (decrease)
Profit before tax 6,569 5.83 3,735 3.87
Salaries, wages
Provision for taxation 2,252 2.00 1,734 1.80
and benefits
Profit after Tax (Incl. Minority Interest) 4,317 3.83 2,001 2.07 (including managerial
Add: Other Comprehensive Income (6) (0.01) (291) (0.30) remuneration) 18,529 16.4 15,982 16.56 2,547 15.94
Total Comprehensive Income for the period 4,312 3.82 1,710 1.77 No. of employees 62,939 60,374
Less: Minority interest (232) (0.21) (358) (0.37)
Profit after minority interest 4,543 4.03 2,068 2.14 Operative Expenses
Revenues During 2020, the material cost of `54,989 million increased by

17.98%, as compared to a figure of `46,609 million in 2019.
The total operating revenue grew 16.94% from `96,174 million The increase in material cost was in line with the growth in
in FY19 to `112,468 million in FY20, with healthcare revenues operating revenues.
growing by 11.42% from `51,426 million to `57,297 million
as a result of 6% growth in volumes at existing facilities as Administrative Expenses
well as contribution from new facilities. Revenues at existing

The following table summarizes the operating and
hospitals were also supported by case mix improvements
administrative expenses for the periods presented.
and pricing. The standalone pharmacy business witnessed
24.05% revenue growth from `38,860 million to `48,206
Apollo 24 / 7
million in FY20. The number of stores within the network of

Standalone Pharmacies was 3,766 in 2020 as compared to
3,428 stores as at March 31, 2019.
186 187
Year ended March 31, 2020 (` in million) Return on Networth ratio increased from 7.80% to 11.79%
% % for the financial year ended 31st March 2020, calculated on a
% of % of increase increase standalone basis, on account of exceptional income from the
Particulars 31.03.20 revenue 31.03.19 revenue (decrease) (decrease) divestment of equity stake in Apollo Munich.
Repairs and
maintenance 2,305 2.04 1,826 1.89 480 26.27
Rents and leases 930 0.82 3,502 3.63 (2,572) (73.45)
Liquidity
Outsourcing The primary sources of liquidity are cash flows generated from
expenses 3,557 3.16 2,890 3.00 667 23.07
operations as well as long-term borrowings. The Company
Marketing and
advertising 2,271 2.01 1,839 1.91 432 23.49 believes that its internally generated cash flows, amounts
Legal and invested in liquid funds and approved and proposed debt will
professional fees 1,165 1.03 1,213 1.26 (48) (3.95) be adequate to service existing debt, finance internal growth
Rates & taxes 216 0.19 183 0.19 33 18.06 and deploy funds for capital expenditure.
Provision for doubtful
debts & Bad debts
Capital Expenditure
written off 752 0.67 657 0.68 96 14.55
Other administrative In addition to the continued investments in new hospital
expenses 11,881 10.54 10,837 11.23 1,044 9.63
facilities, there have also been investments made in new
Total 23,077 20.47 22,947 23.78 131 0.57
clinics, cradles and dental centers. These investments would
Depreciation and Amortization assist to not only attract and retain physicians but also get
more patient footfalls at Apollo Hospitals centers.
The depreciation and amortization expense increased to
`6,197 million during 2020, as compared to `3,955 million Risks and Concerns
during 2019. The increase is largely due to capital improvement
projects completed during the year and normal replacement Given the multi-fold increase in scale and the expanded area
costs of facilities and equipment. of operations since inception, Apollo Hospitals is automatically
exposed to a wider range of risks and uncertainties than earlier.
Financial Expenses These internal and external factors may affect achievements
The financial expenses increased to `5,328 million during of the organization’s objectives - whether they are strategic,
2020, compared to `3,270 million during 2019. The increase operational, or financial.
is largely due to interest on funds deployed in commissioning The business environment in which Apollo Hospitals operates
of new hospital projects as well as for construction in progress is characterized by increasing competition and market
at other facilities. unpredictability. Apollo Hospitals is exposed to numerous risks
Provision for Income Taxes
Apollo Hospitals in the ordinary course of business. Risks are unavoidable as
believes it is there can be no entrepreneurial activity without the acceptance
The provision for taxes during the year ended March 31, 2020 imperative to of risks and associated profit opportunities.
is `2,252 million compared to `1,734 million in the previous
identify business Apollo Hospitals believes it is imperative to identify business
year ended March 31, 2019.
sustainability risks sustainability risks and opportunities on an on-going basis and

Key Financial Ratios and opportunities integrate them into the existing risk management framework.
on an on-going basis The Group adopts processes which continuously enhance
There is no significant change (i.e change of 25% or more as and integrate them risk awareness and promote a culture of risk management.
Apollo 24 / 7
compared to the previous financial year) in the key financial

into the existing The Senior Management of each business unit undertakes
ratios viz., Debtors Turnover, Inventory Turnover, Interest
Coverage, Current Ratio, Debt Equity, Operating Profit and Net risk management the practice of Risk Management under the guidance of the
Profit Margins (which are calculated on a standalone basis). framework Board of Directors. As risks cannot be completely eliminated,
adequate actions are taken to mitigate areas of significant
188 189
risks that have been identified. Also, risk management systems Apollo Hospitals is committed and pro-active when it comes to
ensure that risks are contained within manageable levels. managing the environmental impact caused by its operations.
The Company understands that its employees and patients
Internal Controls are important assets and has at all times been committed to
providing a safe and healthy environment in all its operating
Apollo Hospitals is committed to maintaining a high standard locations. The protection and preservation of the environment
of internal controls throughout its operations. The internal is not only restricted to legal compliance but is a matter of
control framework deploys a well-designed robust system priority for the Company.
which allows optimal use and protection of assets, facilitates
accurate and timely compilation of financial statements and Apollo Hospitals has a ‘Sustainable Sourcing and Purchase
management reports, and ensures compliance with statutory Policy’ to ensure good Environmental, Social and Governance
laws, regulations and company policies. (ESG) practices in its entire value chain. Considerable efforts
are undertaken to ensure safety and optimal use of Apollo
While no system can provide absolute assurance against Hospitals resources over their life-cycle in all of its day-to-day
material loss or financial misstatement, the robust internal operations. The Company also ensures that allits suppliers,
control systems which are reviewed periodically provide employees, recyclers, and others, are aware of their
reasonable assurance that all company assets are safeguarded responsibilities. All employees (permanent, casual, temporary
and protected. The Internal control system is designed to & contract) undergo safety and skill up-gradation trainings
manage rather than to completely eliminate the risk of failure on a regular basis based on their role, domain and individual
to achieve business objectives. needs. The Board of the Company has always been diligent
The system is designed to ensure that all transactions are in implementing laws and guidelines to ensure the safety of
evaluated, authorized, recorded and reported accurately. In resources and all stakeholders.
addition to this, extensive budgetary control reviews form Apollo Hospitals believes in adhering to the best governance
the mechanism for timely review of comparison of actual practices to ensure protection of interests of all stakeholders of
performance with forecasts. the Company in tandem with its healthy growth. It also believes
The management is responsible for assessing business risks in that there is a direct correlation between good corporate
all aspects of its operations and for implementing effective and governance practices and long-term shareholder value. The
efficient processes and controls while ensuring compliance Company does not support and actively discourages practices
with internal and external rules and regulations. While reviewing that are abusive, corrupt, or anti-competitive. The corporate
the Group’s internal controls, sufficient regard is given to the governance of the Company is a reflection ofits value system
risks to which the business is exposed, the likelihood of such encompassing its culture, policies, and relationships with its
risks occurring and the costs of protecting against them. stakeholders. In the risk assessment framework, the Company
identifies the important Environmental, Social and Governance
Apollo understands Environmental Social Governance risks and takes responsible steps towards mitigating them.
Therefore, the ESG considerations are integrated across
that its success is Since inception, Apollo Hospitals has valued the trust of its the Apollo Hospitals business and built into the policies and
intimately linked patients and wider society and has striven hard to serve principles that govern how the Company operates.
to the progress their interests every day. The Company understands that its

of the people and success is intimately linked to the progress of the people Human Resources
communities that and communities that it serves and that society has given
it serves and that it the social license to operate. It thoroughly recognizes the Apollo Values
Apollo 24 / 7
role that it plays in driving sustainable societal growth. So,

society has given it Values defines a company. Apollo has always been a family,
strengthening the approach towards Environmental, Social
the social license and Governance issues has always made good business working together, crossing hurdles together, and notching up
to operate sense for AHEL. victories together. The Company’s core values hold and unite
190 191
the people for a common purpose. They exemplify what is Apollo Culture
fundamentally the Apollo culture which is what makes Apollo
one of the greatest healthcare providers in the world. Excellence, Expertise and Empathy are the three words that
define our culture.
The people that Apollo Hospitals which has always given utmost importance to
work in Apollo excellence and innovation in the field of healthcare continues Investment in continuous learning is an integral component
to place its focus on its most valued resource, its employees. of the HR system which empowers employees to be well-
Hospitals form the
The institution has always understood the importance of prepared for providing superior patient care. Programs
very nucleus of related to Talent Attraction, Talent Development and Talent
having a highly skilled workforce, which is proficiently trained
the Group and their to provide the highest standard of care. The people that work Management continue to be institutionalized for delivering
actions contribute in Apollo Hospitals form the very nucleus of the Group and outstanding patient experience. Training has been extensively
to the Group’s their actions contribute to the Group’s journey of touching a used as a potent tool to engage and energize talent.
journey of touching billion lives. Commitment and competence of employees are key drivers
a billion lives of overall organizational performance and thus every endeavor
In addition to the high level of skills, commitment and is made to strengthen organizational culture and retain the
professionalism of itspeople, Apollo Hospitals strongly believes best talent.
that proper management of human resources is extremely
critical in providing high quality healthcare. The Group has
Cautionary Statement
therefore built an effective Human Resources department
which supports the business in achieving sustainable and Some of the statements in this Management Discussion and
responsible growth. Apollo Hospitals has always strived hard Analysis that describe the Company’s objectives, projections,
in developing its workforce and building the right capabilities estimates, expectations and predictions may contain certain
in the organization. It continues to focus on progressive ‘forward looking statements’ which are within the meaning
employee relations policies, creating an inclusive work of applicable laws and regulations. These statements and
culture and building a strong talent pipeline. The Human forecasts involve risk and uncertainty because they relate to
Resources function contributes to the success of Apollo events and depend upon circumstances that may occur in
Hospitals and its employees through leadership, service and the future. There are a variety of factors which may cause real
excellence in human resources management. The Human events or trends to vary significantly from those reflected or
Resources department at Apollo Hospitals has been playing implied by these forward-looking statements and predictions.
an important role in creating a conducive work environment Important developments that could alter your Company’s
for its employees. The Human Resources wing supports its performance include increase in material costs, technology
employees throughout their employment life cycle. developments and significant changes in political and
economic environment, tax laws and labor relations.
The Apollo Family The Apollo Hospitals family comprises of 62,939 employees
as on March 31, 2020 (including subsidiaries, joint ventures
62,939 and associates). Together, these diverse employees bring
their experience, culture and commitment to the work they
employees do every day to improve the health of patients. Cultural
integration of the workforce has always been a key focus

area and the organization’s learning initiatives are designed
around assimilation and development of individual and team
competencies to create a patient centric culture. Every
employee of the Apollo Hospitals family embraces the Group’s
Apollo 24 / 7
“Tender Loving Care” philosophy in dealing with patients and

are committed to the Group Vision -”To Touch a Billion Lives.”
192 193
ACE 2
Clinical Governance ACE 2 earlier known as RACE, is a dedicated dashboard for centers of excellence; Cardiac Sciences, Oncology, Transplantation, Neuro
sciences and Orthopedics. A set of 25 clinical parameters other than those covered under ACE 1, was created to assess the outcomes.
All parameters were again benchmarked against the best published outcomes of the world’s best institutions.
THE APOLLO STANDARDS OF CLINICAL CARE (TASCC) TASCC Monthly Graphical Representation
100
ACE 1 Group Annual Average ACE 2 Score FY (2015-2020)
The Apollo Standards of Clinical Care (TASCC) were implemented across Apollo Hospitals 100 100
80
to standardize processes and measurement of outcomes. TASCC seeks to improve 83 84 83 85
60
78
patient care and outcomes through systematic review of care against clearly defined ACPPP
100
40 100 ACE 2 80
20
criteria. TASCC comprises of six components that include clinical dashboards ACE 1 and 0
ACE 2, Apollo Quality Plan (AQP), Apollo Mortality Review (AMR), Apollo Incident Reporting 60
System (AIRS) and Apollo-Critical-Policies-Plans-and Procedures (ACPPP).
40
100 100 AQP
ACE 1 AIRS
20
ACE 1 is a clinical balanced scorecard incorporating 25 clinical quality parameters 100
belonging to COEs specialties like Cardiology/CTVS, Neurology, Neurosurgery, AMR

0
Orthopedics, Transplantation, Oncology, Nephrology, Urology, Gastroenterology. These 2018 - 2019 2019 - 2020
2015 - 2016 2016 - 2017 2017 - 2018
parameters have been benchmarked against published results of reputed international institutions including Cleveland Clinic, Mayo
Clinic, National Healthcare Safety Network, AHRQ US, NY State Dept of Health, National Kidney Foundation, University of California and
APOLLO QUALITY PROGRAM
US National Average.
The Apollo Quality Program was started in December 2010 to implement patient safety practices in all Apollo Hospitals irrespective of
The weighted scores for outcomes are colour coded green, orange and red as per performance. The cumulative score achievable is the accreditation status.
capped at 100. The numerators, denominators and inclusions and exclusions are defined lucidly and methodology of data collection is
It covers five broad areas: Safety during Clinical Handovers, Surgical Safety, Medication Safety, the Six International Patient Safety Goals
standardized. Data is uploaded online every month through a unique login ID and password. Action taken reports for parameters falling
of JCI and Standardization of Minimum Content of Medical Records.
in red are submitted quarterly by all hospitals and reviewed by the board. A quarterly, half yearly and annual analysis of the trends is
done. The collective data for all locations can be viewed by the Group leadership at any point in time.
Group Annual Average AQP Score FY (2011-2020)
100 91 91
86 87 87 88 90
85
Group Annual Average ACE 1 Score FY (2010-2020) 77
89 80
90 87
85 86
85 83 60
80 80 80
80
76 40
75 73
70 20
65
0
60 2011 - 2012 2012 - 2013 2013-2014 2014-2015 2015-2016 2016-2017 2017-2018 2018-2019 2019-2020

2010 - 2011 2011 - 2012 2012 - 2013 2013-2014 2014-2015 2015-2016 2016-2017 2017-2018 2018-2019 2019-2020
MORTALITY REVIEW
Apollo 24 / 7
The hospital scoring the highest is awarded the ACE 1 Champion Award. Apollo Gleneagles Hospital, Kolkata, reporting Group A
The mortality review in all Apollo Hospital units is standardized with trigger criteria, checklists, peer review processes and mortality
parameters, Apollo BGS Hospitals, Mysore, reporting Group B parameters and Apollo Reach Hospital, Karaikudi reporting Group C
meeting formats. Formal, structured review of deaths (not just unexpected deaths) helps detect quality issues around every day
parameters were declared ACE 1 Champions and were awarded trophies along with cash prizes.
processes of care.
194 195
The following 30 Apollo Hospitals are National Accreditation Board for Hospitals and Healthcare Providers (NABH) Accredited:
Annual Group Average AMR Compliance Score FY (2012 - 2020) Unit Unit
92 93 93 94 Apollo Hospitals, Ahmedabad Apollo Hospitals, Nashik

100 88 88 88
71 Apollo Hospitals, Bilaspur Apollo Medical Centre, Karapakkam
80
Apollo Specialty Hospitals, Madurai Apollo Hospitals, Navi Mumbai
60
Apollo BGS Hospitals, Mysore Apollo Hospitals, Seshadripuram
40
Apollo Jehangir Hospital, Pune Apollo KH Hospitals, Ranipet
20
Apollo Hospitals, Bhubaneswar Apollo Specialty Hospitals, OMR
0
2012 - 2013 2013-2014 2014-2015 2015-2016 2016-2017 2017-2018 2018-2019 2019-2020 Apollo Hospitals, Secunderabad Apollo Children’s Hospital, Chennai
Apollo Hospital, Hyderguda Apollo Hospitals, Vizag
360 DEGREE REVIEWS Apollo Specialty Hospitals, Vanagaram Apollo Hospitals, Jayanagar
360 Degree Reviews were conducted across the Apollo Hospitals. The review was done for the following disciplines namely- Clinical, Apollo Hospitals, Kakinada Apollo Hospitals, Guwahati
Quality, Non-Clinical, Risk Management and Financial. Apollo Hospitals Noida Apollo Hospitals, Karaikudi
CHECKLISTS Apollo Specialty Cancer Hospital, Teynampet Apollo Specialty Hospitals, Nellore
Apollo Hospitals, Trichy Apollo Medics Super Specialty Hospitals, Lucknow
The Apollo Safe Surgery Checklist, adapted from WHO and the Apollo ICU Checklist have been implemented across the Apollo Hospitals
network and are closely monitored using defined indicators. Apollo Hospitals, Indore Apollo Women’s Hospitals, Chennai
RECOGNITION Apollo Hospitals, Karimnagar Apollo Hospitals, DRDO
Apollo Hospitals was recognized and felicitated with over 88 awards at various national and international for their achievements and
DNB/ FNB PROGRAM AT APOLLO HOSPITALS
contributions, in the year 2019. Hospital Management Asia (AHMA); International Hospital Federation (IHF); IMTJ Medical Travel Awards; The National Board of Examinations (NBE) has accredited Apollo Hospitals for training and examinations in 15 Broad Specialities, 21
FICCI; CII; The Best Hospital Survey – THE WEEK; Express Healthcare; All India Critical Care Hospital Ranking Survey; CM Scheme Super Specialties and 8 Postdoctoral Fellowship (FNB) programs. There are 599 DNB/FNB seats and 884 trainees are pursuing the DNB/
Appreciation; are some of these platforms, out the many. FNB programs in 14 Apollo Hospital locations.
ACCREDITATION ADJUNCT TITLES OF PROFESSORSHIPS AND ASSOCIATE PROFESSORSHIPS OF AHERF
The following eight Apollo Hospitals are Joint Commission International (JCI) Accredited: Senior faculty members from Apollo Hospitals Group, who have an active interest in academics and research, are nominated for the
grant of these Adjunct Titles. One hundred and forty consultants have been conferred with Adjunct Titles of Professor and Associate
• Indraprastha Apollo Hospitals, New Delhi
Professor of AHERF in over 54 specialties.
• Apollo Hospitals, Hyderabad
ADJUNCT TITLES OF CLINICAL TUTORSHIP, DISTINGUISHED CLINICAL TUTORSHIP AND
• Apollo Hospitals, Chennai EMERITUS CLINICAL TUTORSHIP OF AHERF
• Apollo Hospitals, Bangalore
Senior faculty members from Apollo Hospitals Group, who have an active interest in clinical training are nominated for an adjunct
• Apollo Gleneagles Hospitals, Kolkata title post. Twenty-seven consultants have been conferred with Adjunct title of “Clinical Tutor”, 79 consultants with Adjunct title of
“Distinguished Clinical Tutor” and 02 consultants with “Emeritus Clinical Tutor” across the Group.
• Apollo Hospitals, Ahmedabad

RECOGNITION OF PUBLISHED PAPERS
• Apollo Hospitals, Navi Mumbai
• Apollo Proton Cancer Centre, Chennai Apollo Hospitals encourages consultants, junior medical staff, DNB trainees and nursing department to undertake research activities
in their areas of expertise and publish papers in indexed National and International Journals having an impact factor. Apollo Hospitals
Apollo 24 / 7
recognizes these achievements of publishing research papers with a cash award and citation from the Executive Chairman. Three
hundred and sixty-nine papers of Apollo Hospitals Consultants were recognized either with cash awards and citation or only citation,
from the Executive Chairman, during 2019.
196 197
ADJUNCT TITLE OF INTERNATIONAL PROFESSOR INNOVATIVE TREATMENTS
Senior faculty members from renowned healthcare institutions overseas, who have excellence in academics and research are nominated Apollo Children’s Hospital, Chennai
for these titles. Fifteen distinguished doctors working in renowned healthcare institutions overseas were conferred with Adjunct Title of
• The medical team of Apollo Children’s Hospitals successfully treated the life-threatening health complications of a pre-term
International Professor.
baby boy, born in November 2018. The baby, at birth was diagnosed with a hole in the heart followed by sepsis, recurrent lung
RECOGNITION OF BOOKS collapses, rare cancerous tumour in the liver and abnormal fusion of his skull bones. He underwent a series of procedures
and chemotherapy throughout the treatment period for 8 months. He was discharged from the hospital, on completion of
Guidelines to recognize books published by consultants were institutionalized in December 2018. Seventeen books of Apollo Hospitals
chemotherapy.
consultants were recognized with cash awards along with a citation from the Executive Chairman.
Apollo Hospitals, Bangalore
APOLLO INNOVATION AND QUALITY AWARDS
• Total Arterial Minimally Invasive CABG, (LIMA to LAD & LIMA - Radial Y to OM) immediately followed by Valve in Valve TAVR
Nominations for Apollo Innovation and Quality Awards 2019 were invited from all locations in seven categories. In 2019, 185 nominations (Trans-catheter Aortic Valve Replacement) procedure was successfully performed in a 72-year-old male patient, suffering from
were received from 28 locations. The nominations were judged by an esteemed panel of independent jury members. The winners in each exertional breathlessness and chest pain. This unique hybrid cardiac procedure was performed for the first time in the country.
category were felicitated on 5th February 2020, on the Founders’ Day.
Apollo Hospitals, Bhubaneswar
APOLLO CLINICAL AWARDS
• Alcohol Septal Ablation (ASA) procedure was successfully performed by the cardiac sciences team, on a 35-year-old male patient
Apollo Clinical Awards is a platform that felicitates and rewards group consultants for their contribution and achievements. Nominations who presented with breathlessness on exertion, palpitation and chest discomfort for last two months. The procedure was done
for Apollo Clinical Awards 2019, were invited from all location in six categories: Distinguished Clinician, Distinguished Academician, for the first time in the state of Orissa.
Distinguished Researcher, Young Clinician, Young Academician, Young Researcher. Ninety-one nominations were received from 19
• Intra cranial stenting was successfully performed in a 53-year-old male patient. The stent used for this patient was specially
locations. The nominations were judged by an esteemed panel of independent jury members. The top two winners in each category
designed for arteries in the brain and was recently launched in India. This was the first such case in eastern part of India where
were felicitated on 5th February 2020, on the Founders’ Day. Dr. Sandeep Guleria, Dr. YVC Reddy, Dr. P Satishchandra, Dr. Venkatesh
a neuro-specific stent (Credo stent with neuro speed balloon) was used.
Munikrishnan, Dr. Mahadev Potharaju, Dr. Suvro Banerjee, Dr. Mahesh Verma, Dr. Shantanu Panja, Dr. Laxman G Jessani, Dr. Swarna
Deepak, Dr. Nitin Ghonge and Dr. Sudipta Shekhar Das were felicitated with the Apollo Clinical Awards. • An anastomotic site large aneurysm was sealed by 2 cover stents in a transplanted liver. This was the first such case in the State
of Odisha.
LEADERSHIP CONNECT PROGRAM (LCP – VIRTUAL AND TOWNHALL)
• First deceased-donor renal transplant was successfully performed in the state of Odisha. One kidney was transplanted in a
Leadership Connect Program (LCP virtual) is an interaction of leading consultants and management team with the Executive Chairman 45-year-old patient at Apollo Hospitals while the other organ was sent to the state medical
through a V-con to energize them. LCP provides an opportunity to consultants to interact with the Executive Chairman and share their
Apollo Hospitals, Bilaspur
achievements. At the same time the management team gets an opportunity to share achievements of the Hospitals and their future
plans. Virtual LCP meetings at fifteen units have been conducted since January 2019. Town hall meetings have been conducted at nine • Surgical procedure to correct diaphragmatic hernia in an one-day old baby was successfully performed.
units since January 2019.
Apollo Main Hospitals, Chennai
APOLLO CLINICAL KNOWLEDGE NETWORK (ACKN) • Apollo Main Hospitals, Chennai became the first center in India to successfully perform a Transfemoral Pulmonary Valve
ACKN provides Consultants an opportunity to showcase their clinical work to clinicians across the Group. Weekly clinical meetings are Implantation using an Indian made valve on a 26 year old female patient diagnosed to have Tetralogy of Fallot.
conducted for Consultants, DNB trainees and Junior Medical staff across the Group. Medvarsity serves as the driving engine for ACKN. • India’s first VenaSeal procedure to treat varicose veins was performed at Apollo Hospitals, Chennai. The procedure was performed
The DNB/FNB Academic Coordinators of each unit are the single point of contact. Fifty-nine clinical meetings have been conducted since on a 40-year-old male patient using VenaSeal closure system.
the start of the initiative in October 2018.
• For the first time in Asia, three Mitral Clip procedures were successfully performed on a single day.
DISTINGUISHED LECTURES SERIES AT APOLLO INSTITUTE OF MEDICAL SCIENCES AND
• New investigation regime was introduced by the Department of Biochemistry of Apollo Main Hospitals for use in the diagnosis of
RESEARCH (AIMSR), HYDERABAD

autoimmune thrombotic disorders and other lupus-like diseases.
Distinguished Senior Consultants deliver state of the art lectures to MBBS students at the Apollo Institute of Medical Sciences and
• A new Corindus Vascular Robotic system was installed in the Cathlab.
Research, Hyderabad. The program initiated in October 2018. Fifteen lectures have been delivered since then.
• Live transmission of the ‘valve in valve’ TMVR procedure was successfully performed for the India Live 2020 Conference at Delhi.
Apollo 24 / 7
The patient, a 41-year-old had already undergone two failed open heart surgeries prior to this procedure. India made MYVAL was
used for the patient. The procedure was highly challenging as the septum was very thick and a tight mitral stenosis.
• Asia’s first combined bowel and (sentinel) abdominal wall transplant surgery was successfully performed on a 17-year-old male
patient suffering from Ultra Short Bowel Syndrome. The same team also performed a complex kidney transplant procedure on
198 199
a 35-year-old female patient who was on dialysis for End Stage Renal Disease (ESRD), using Hypothermic Oxygenated Machine Apollo Hospitals, Indore
Perfusion (HOPE). Apollo Hospitals brought the organ preservation device Vita Smart HOPE to India that keeps the kidney outside
the body for a longer period of time with continuous oxygen supply. • First Day Care Total Knee Replacement in Central India successfully performed on a 52 year old female patient having osteoarthritis
of left knee joint.
Indraprastha Apollo Hospitals, Delhi
• TAVI was successfully performed in a 79-year-old female patient who underwent CABG with AVR about a year back. She had
• A 45-year-old patient underwent a record third kidney transplant at Indraprastha Apollo Hospitals, Delhi. The patient’s husband developed re-stenosis of prosthetic valve. This was the first case of TAVI in Madhya Pradesh.
donated his kidney this time. They were ABO incompatible, however the team took on the challenge and performed the highly
complicated transplant successfully. • In a rare case scenario, Fosfomycin was used for fighting MDR Klebsiella pneumonia in CSF in a 55-year old patient, who was
operated for acute hydrocephalus secondary to colloid cyst at foramen of Monro. The infection in the CSF was not responding
• In an extremely rare case of Budd Chiari Syndrome with Biliary Atresia seen in 1 in a million babies, the liver team successfully to Meropenem and Colistin. However, after the 14 days’ treatment with Fosfomycin, the patient was discharged in a stable
performed a liver transplant on a 5-month old baby from Kakinada, Andhra Pradesh. condition.
• A 67-year-old Nigerian national, who had lost all hope of walking again, was back on her feet after undergoing an advanced Apollo Hospitals, Kakinada
procedure, a half-knee replacement surgery, also called Oxford Knee Surgery.
• A rare heart disease, Rupture of Sinus of Valsalva (RSOV) was treated with minimal invasive technique for the first time at Apollo
• A new methodology, to treat diabetic foot ulcers and open wounds, was introduced. The local antibiotic delivery method was Hospitals, Kakinada.
improvised using Vitamin D3 impregnated with Tobramycin or a combination of Vancomycin and Tobramycin as carrier molecule.
The innovation has been submitted for publication in an International Journal.
Apollo Gleneagles Hospitals, Kolkata
• For the first time in Eastern India, Apollo Gleneagles Hospitals, Kolkata conducted three renal transplants simultaneously on a
• ABO mismatch allogenic peripheral blood stem cell collection was successfully performed on a 6-month old baby (donor)
single day. Out of the three transplants, one organ was harvested from deceased donor and the other two were live donations.
weighing 7 Kg. The collection was performed to treat the 3-year old sibling who was suffering from Severe Aplastic Anemia.
This was one of the youngest allogenic peripheral blood stem cell collection in the country. Both recipient and the donor were • A 59-year-old male diagnosed with jejunal lesion with active bleeding, successfully underwent power spirus enteroscopy and
discharged from the hospital in a normal condition. hemostasis was achieved by the application of hemoclips. This was the first case in India where hemoclips were applied through
power spirus enteroscope.
Apollo Hospitals, Guwahati
• A 64-year-old man with extensive de-gloving and muscle injury over his forearm after a road traffic accident, successfully
• Navigated percutaneous fenestrated cannulated pedicle screw rod fixation and simultaneous augmented vertebroplasty was
underwent reconstruction of all exposed areas using regenerative biodegradable temporizing matrix (Novosorb BTM) and dermal
performed successfully in an elderly frail lady. The patient had a history of severe LBA with recent fall. She sustained multi-level
regenerative template (Integra). This was the first case of successful use of regenerative matrix as a flap alternative in India.
osteoporotic vertebral compression fractures with dorso-lumbar acute kyphosis and had presented with weakness of legs with
autonomic disturbances secondary to cauda equina syndrome. This is the first of such innovative spinal fixation system in north- • Composite laser therapy of hypertrophic scars and scar contractures was successfully performed as an alternative to excisional
east India, performed in MISS (Minimally Invasive Spine Surgery) protocol. scar surgery on a 30-year-old lady suffering from post-burn hypertrophic scars and contractures. This innovative scar treatment
was performed for the first time in the world.
• Dominant side FTOZ skull based craniotomy with Simpson grade 1 tumor excision and reconstruction post tumor embolization
under GA, was successfully performed for a middle-aged female patient, having symptoms of gradual deteriorating sensorium • Apollo Hospitals successfully performed Coronary Intravascular Lithotripsy or Coronary Shockwave Lithotripsy and Optical
and dimness of vision. This was the first of its kind of procedure in the North East region. Coherence Tomography, an advanced imaging technique where sounds wave where used to break down stubborn calcium
deposits in the coronary artery in a 76-year-old patient. The patient had undergone a coronary bypass surgery two years ago but
• A complex surgery to remove a tumor from the heart of a 54-year-old female patient through minimally invasive approach was
fell ill again recently when hardened deposits formed in his heart arteries again. This procedure was performed for the first time
successfully performed for the first time in Northeast India. The large tumor was situated inside the left chamber of the heart and
in eastern India.
was occluding a heart valve.
• Robot-assisted right radical nephrectomy was successfully performed for a 90-year-old male patient. The patient was admitted
• Cardiac Tumor was successfully removed in an elderly female patient through Minimally Invasive Cardiac Surgery (MICS). The
the complaints of hematuria and CECT KUB suggestive of right kidney SOL. This procedure was performed for the first time in
procedure was done for the first time in North-East India.
eastern India.
Apollo Hospitals, Hyderabad
Apollomedics Hospitals, Lucknow

• Apollo Hospitals, Hyderabad, successfully implemented the Extra Corporeal Carbon Dioxide Removal (ECCO2R) for the treatment
• Awake aortic valve replacement was successfully performed in a 28-year-old male patient. This was the first such case in Uttar
of a patient with severe ARDS refractory instead of conventional treatment. This is the first ever case across India where
Pradesh.
(ECCO2R) was used successfully.
Apollo 24 / 7
• “Split Liver Transplant” was performed successfully. Liver donated by a 37-year-old brain-dead patient was split into two and
Apollo Hospitals, Madurai
transplanted into two adult recipients (64 years and 53 years) suffering from liver cirrhosis. Both the recipients were discharged • Apollo Specialty Hospitals, Madurai recently performed a complicated procedure on a 50-year-old-woman with brain aneurysm.
from the hospital after successful liver transplants. The aneurysm of the woman was particularly rare due to its ‘giant’ size and the location where it occurred. To treat the condition,
the doctors performed a procedure called ‘high flow brain bypass surgery’.
• Cranioplasty was successfully performed using computer assisted 3-D printed titanium implant.
200 201
Apollo Hospitals, Mysore

Independent auditor’s report
• A large stone was successfully removed from the bile duct of a 59-year old male patient suffering from liver cirrhosis using SPY To The Members of Apollo Hospitals Enterprise Limited
Cholangioscopy with Electrohydraulic Lithotripsy.
Apollo Hospitals, Nashik
• A challenging case of a 66-year-old male patient with 3 cm mass forming hilar cholangiocarcinoma, bismuth corlette type IV,
Report on the Audit of the Standalone Financial Statements
with obstructive jaundice was successfully managed.
Opinion
Apollo Hospitals, Navi Mumbai
We have audited the accompanying standalone financial statements of Apollo Hospitals Enterprise Limited (“the Company”), which
• Heart transplant was successfully performed, for the first time at Apollo Hospitals, Navi Mumbai. comprise of the Balance Sheet as at March 31, 2020, and the Statement of Profit and Loss (including Other Comprehensive Income),
the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting
• A 33-year-old man brain-dead gave a new lease of life to four persons at Apollo Hospitals, Navi Mumbai. The harvested heart
policies and other explanatory information (hereinafter referred to as “the standalone financial statements”).
was transported to Chennai for a patient. The liver and one kidney were transplanted in patients at Apollo Hospitals itself, while
the other kidney was donated to a patient in a neighbouring hospital. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial
Apollo Hospitals, Noida statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view
in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting
• An unusual pediatric case of imperforate hymen with hematocolpos was diagnosed and successfully treated in a 11-year-old Standards) Rules, 2015, as amended, (“Ind AS”), and other accounting principles generally accepted in India, of the state of affairs of
female patient who presented with complaint of abdominal pain for a few months. the Company as at March 31,2020, and its Profit, total comprehensive income, its cash flows and the changes in equity for the year
Apollo Hospitals, Seshadripuram ended on that date.
• A 10-year-old male child suffering from seizures accompanied by sudden onset of laughter and loss of loss of consciousness Basis for Opinion
for 20 times a day, was successfully treated. The patient underwent an epilepsy surgery with excision of the abnormal dysplastic We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified under section
area, using the electrocorticographic guidance technique. The seizures stopped immediately after the surgery. 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit
Apollo Cancer Institute, Teynampet of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of
Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit
• Diagnosis of a rare condition, ‘Invasive Fungal Infection with Scattered Granulomatous Inflammation Dematiaceous (Pigmented) of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other
Fungal Organisms’ in a 23 year old male patient. The patient had complaints of headache since 2 months and the MRI ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by
brain revealed peripheral enhancing space occupying lesion in left temporal lobe. The patient underwent Left Frontotemporal us is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Craniotomy and Total Excision of the Lesion. Post-operatively he was treated with antifungal medications and did not have any
Key Audit Matters
neurological deficit at the time of discharge.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial
Apollo Hospitals, Vizag
statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a
• A newer technology, VITEK 2 for automatic bacterial identification and antibiotic susceptibility testing was introduced. whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters
described below to be the key audit matters to be communicated in our report.
• A 63-year-old female patient diagnosed with complete heart block and with Single Vessel Disease, successfully underwent
physiological pacing of left bundle. This procedure was the first of its kind in the state of Andhra Pradesh.
CLINICAL GOVERNANCE COMMITTEE MEETINGS
The report of the Clinical Governance Committee meetings consisting of the details of each meeting conducted is shared by the units
on a monthly basis. From Apr’19 to Apr’20, a total of 1,792 meetings have been conducted across all the units.

APOLLO CLINICAL INNOVATION GROUP (ACIG)
ACIG has been formulated to introduce best practices and latest technologies to delineate clinical innovation for implementation across
Apollo 24 / 7
the Apollo Hospitals Group. In 2019, ACIG conducted 24 meetings and engaged 221 consultants to facilitate the formulation of 50
innovative proposals.
202 203
Key Audit Matters Auditor’s Response Key Audit Matters Auditor’s Response
Adoption of IND AS 116 on Leases (‘new standard’) We performed the following key audit procedures: Existence of inventories as at the year end With respect to existence of inventories at the locations not visited by us
as at the year end, we performed the following procedures:
The Company adopted the new accounting Indian 1. Tested the design and implementation and the operating (Refer Note 14 to the standalone financial statements)
Accounting Standard IND AS 116 on “Leases” with effect effectiveness of controls relating to the adoption of the new 1. Understood and evaluated the management’s internal controls
The Company has its inventory spread across its
from April 1, 2019. This standard requires lessees to standard including controls over identification of leases, process to establish the existence of inventory such as (a)
hospitals, pharmacies (standalone pharmacies and
recognise of right-of-use assets and a financial lease assessment of the lease term and the computation of lease the process of periodic physical verification carried out by the
hospital based pharmacies including hospitals where the
liability. Leases are capitalized as right-of-use assets liability and recognition of right-of-use assets Management, the scope and coverage of the periodic verification
Company operates pharmacies under pharmacy medical
based on the present value of lease payments and are programme, the results of such verification including analysis of
2. Understood the process by which the management compiled license) and distribution centers.
depreciated over the lease term. Interest on lease liability discrepancies, if any; (b) reports of the independent chartered
the lease agreements and the nature of the various lease
is recognised in profit & loss at a constant rate over the The Company has a policy of performing periodic cycle accountants appointed by the Management to physically verify
agreements entered into by the Company
lease term. counts of its inventory at the pharmacies and distribution the inventory of the Company located in pharmacies and
3. Tested the completeness and nature of lease agreements centers, which are performed either by an independent distribution centers; (c) maintenance of stock records at all
The Company adopted modified retrospective method
included for measurement under the new standard by review team or by internal auditors (external firms of chartered locations
except for one lease arrangement for which the modified
of the rental schedules, scrutiny of general ledger accounts, accountants). The physical verification of inventory at
prospective approach has been used and the cumulative 2. Understood and evaluated the competence, independence
enquiries with the operations teams and review of the key terms hospitals is being performed on a half yearly basis.
effect of initial application is recognised in retained and objectivity of the internal auditors and the other firms of
of the contract with the underlying lease agreements, on a
earnings as at April 1, 2019. The comparative figures The year-end verification is being performed by the chartered accountants engaged by the Management.
sample basis, for each nature of lease
have not been restated. Company in a phased manner, under the supervision
3. Issued instructions to the internal auditors and other firms of
4. In addition to review of underlying lease agreements on a of the internal auditors (external firm of chartered
The first time adoption of this standard has resulted in a chartered accountants engaged by the Management on the
sample basis, we assessed the reasonableness of the lease accountants) considering the high volume of the number
significant impact on the opening retained earnings and procedures to be performed when attending the physical
term considered by the management, by additionally considering pharmacies and distribution centers.
also on the interest cost and depreciation in the current verification and also the reporting deliverables to be provided to
the significant leasehold improvements undertaken and the
year. Refer Note 46 for the disclosure on leases. Due to the lockdown imposed by the Government on us after the inventory counts.
importance of the underlying asset to the lessee’s operations
account of the COVID-19 pandemic, the Company was
Accounting for leases under IND AS 116 involves use 4. On a sample basis virtually participated in inventory observation
5. Tested the calculation of the initial recognition of the right-of-use not able to complete the physical verification of all
of judgements, estimates and assumptions that impact conducted by the Management subsequent to the year end.
assets and lease liabilities by re-performing the calculation on a the locations before the year end and have performed
the amounts recognized as right-of-use assets and lease
sample basis and tested the appropriateness of the discount rate physical verification of inventory at majority of its 5. Performed appropriate roll back procedures from the date of the
liabilities, which include:
applied on initial recognition (the incremental borrowing rate) distribution centers and certain hospitals after the year physical verification to the year end.
• Assessment of the lease term including extension end by engaging the internal auditors (external firms of
6. With respect to the new lease agreements entered into during
options chartered accountants) or by engaging other firms of
the year, we tested the key terms of the contract by review of
chartered accountants to attend the physical verification.
• Discount rates used the underlying lease agreements and analysed the accounting
impact of the same, including the appropriateness of the We were not able to participate in the physical verification
Considering the significant judgments involved as
discount rate applied (the incremental borrowing rate) of inventory conducted by the Management subsequent
mentioned above and that the Company has a large
to the year end and have performed alternate procedures
number of leases with different contractual terms, we 7. Tested the calculation of interest expense on lease liability and
to audit the existence of inventory as prescribed by the
identified the adoption of IND AS 116 as a key audit depreciation charge for the right-of-use asset by re-performing
Standards on Auditing and have therefore identified this
matter. the calculation on a sample basis
as a key audit matter.
8. Assessed whether the related disclosures as per

Note 46 are consistent with the requirements of the new
standard.
Apollo 24 / 7
204 205
Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.
Key Audit Matters Auditor’s Response
Auditor’s Responsibility for the Audit of the Standalone Financial Statements
Allowances for credit losses We performed the following key audit procedures:
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material
As stated in Note 12, the Company has determined 1. We tested the design and implementation and operating misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high
the allowance for credit loss based on historical loss effectiveness of controls over (a) development of methodology level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement
experience which is adjusted to reflect current and for the allowance for credit losses, including consideration of when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
estimated future economic conditions. The historical the overall economic conditions (b) completeness and accuracy reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
loss experience model required revisions considering of information used in estimation of the probability of default (c)
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the
the overall economic conditions and its impact on the computation of the expected credit loss allowances.
audit. We also:
customers’ business operations/ability to pay dues.
2. For a sample of customers under each category, verified publicly
• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error,
Based on such analysis the Company has recorded an available credit reports and other information relating to the
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
allowance aggregating to ` 719 Million as included Note Company’s customers to test if the Management had correctly
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one
12 of the standalone financial statements. considered the adjustments to credit risk.
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
We identified allowance for credit losses as a key audit 3. Recomputed the expected credit loss allowance considering the above control.
matter because the Company exercises significant determined input data and compared the amounts so recomputed
• Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate
judgment in calculating the expected credit losses. with the amounts recorded by the Management to determine if there
in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the
were any material differences individually or in the aggregate.
Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
Information Other than the Standalone Financial Statements and Auditor’s Report Thereon
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
• The Company’s Board of Directors is responsible for the preparation of the other information. The other information comprises
made by the management.
the information included in the Corporate Review, Management Discussion and Analysis, Directors’ Report to the shareholders
including Annexures to Directors’ Report, Business Responsibility Report, Corporate Governance Report, but does not include the • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
consolidated financial statements, standalone financial statements and our auditor’s report thereon. evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the
Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
• Our opinion on the standalone financial statements does not cover the other information and we do not express any form of
attention in our auditor’s report to the related disclosures in the standalone financial statements or, if such disclosures are
assurance conclusion thereon.
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s
• In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in
report. However, future events or conditions may cause the Company to cease to continue as a going concern.
doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our
knowledge obtained during the course of our audit or otherwise appears to be materially misstated. • Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and
whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair
• If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are
presentation.
required to report that fact. We have nothing to report in this regard.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable
Management’s Responsibility for the Standalone Financial Statements
that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and
of these standalone financial statements that give a true and fair view of the financial position, financial performance including other (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.
comprehensive income, cash flows and changes in equity of the Company in accordance with the Ind AS and other accounting principles
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and
generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities;

selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial independence, and where applicable, related safeguards.
Apollo 24 / 7
statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the
In preparing the standalone financial statements, management is responsible for assessing the Company’s ability to continue as a audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
206 207
determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
ANNEXURE “A”
Report on Other Legal and Regulatory Requirements
TO THE INDEPENDENT AUDITOR’S REPORT
1. As required by Section 143(3) of the Act, based on our audit we report that: (Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report to the members of Apollo
Hospitals Enterprise Limited of even date)
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit. Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies
Act, 2013 (“the Act”)
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our
examination of those books. We have audited the internal financial controls over financial reporting of Apollo Hospitals Enterprise Limited (“the Company”) as of
March 31, 2020 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Statement of Cash Flows and
Statement of Changes in Equity dealt with by this Report are in agreement with the books of account. Management’s Responsibility for Internal Financial Controls
d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of The Board of Directors of the Company is responsible for establishing and maintaining internal financial controls based on the internal
the Act. control over financial reporting criteria established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants
e) On the basis of the written representations received from the directors as on March 31, 2020 taken on record by the Board of
of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were
Directors, none of the directors is disqualified as on March 31, 2020 from being appointed as a director in terms of Section
operating effectively for ensuring the orderly and efficient conduct of its business, the safeguarding of its assets, the prevention and
164 (2) of the Act.
detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating information, as required under the Companies Act, 2013.
effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses an unmodified opinion
Auditor’s Responsibility
on the adequacy and operating effectiveness of the Company’s internal financial controls over financial reporting.
Our responsibility is to express an opinion on the internal financial controls over financial reporting of the Company based on our audit.
g) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of section 197(16)
We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the
of the Act, as amended:
“Guidance Note”) issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section
In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the
Company to its directors during the year is in accordance with the provisions of section 197 of the Act. Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about
h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated
and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations effectively in all material respects.
given to us: Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements. financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining
an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing
ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable
and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend
losses, if any, on long-term contracts including derivative contracts.
on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund fraud or error.
by the Company.
We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our audit opinion on the
2. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government in terms of Section Company’s internal financial controls system over financial reporting.
143(11) of the Act, we give in “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order.
Meaning of Internal Financial Controls Over Financial Reporting

For Deloitte Haskins & Sells LLP
Chartered Accountants A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the
Firm Registration No. 117366W/W-100018 reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
Apollo 24 / 7
Vikas Bagaria accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that (1)
Partner pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the
Place : Bengaluru Membership No. 060408 assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
Date : July 24, 2020 (UDIN 20060408AAAABR1563) statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being
208 209
made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a
ANNEXURE “B”
material effect on the financial statements.
TO THE INDEPENDENT AUDITOR’S REPORT
Inherent Limitations of Internal Financial Controls Over Financial Reporting
(Referred to in paragraph 2 under “Report on Other Legal and Regulatory Requirements” section of our report of even date to the
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper
Members of Apollo Hospitals Enterprise Limited)
management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any
evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial (i) In respect of its property, plant and equipment:
control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the
(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of property,
policies or procedures may deteriorate.
plant and equipment.
Opinion
(b) Some of the fixed assets were physically verified during the year by the Management in accordance with a programme of
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, verification, which in our opinion provides for physical verification of all the fixed assets at reasonable intervals. According
an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were to the information and explanations given to us no material discrepancies were noticed on such verification.
operating effectively as at March 31, 2020, based on the internal control over financial reporting criteria established by the Company
(c) According to the information and explanations given to us and the records examined by us and based on the examination
considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over
of the registered sale deed / transfer deed / conveyance deed provided to us, we report that, the title deeds, comprising all
Financial Reporting issued by the Institute of Chartered Accountants of India.
the immovable properties of land and buildings which are freehold, are held in the name of the Company as at the balance
For Deloitte Haskins & Sells LLP sheet date. Title deed of a land with a carrying value of ` 94 million admeasuring 30.14 acres allotted by Andhra Pradesh
Industrial Infrastructure Corporation, is pending to be registered in the name of the Company. Immovable properties of land
Firm Registration No. 117366W/W-100018
and buildings whose title deeds have been pledged as security for working capital facilities are held in the name of the
Vikas Bagaria
Partner Company based on the confirmations directly received by us from the lender. In respect of immovable properties of land and
Place : Bengaluru Membership No. 060408 buildings that have been taken on lease and disclosed as fixed asset in the financial statements, the lease agreements are
Date : July 24, 2020 (UDIN 20060408AAAABR1563) in the name of the Company, where the Company is the lessee in the agreement.
(ii) As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals (including
verifications conducted by the Management post year end on account of the lock-down) and no material discrepancies were
noticed on physical verification.
(iii) According to the information and explanations given to us, the Company has granted unsecured loans, to companies covered in
the register maintained under section 189 of the Companies Act, 2013, in respect of which and having regard to the amendment
agreements where entered into during the year:
a) The terms and conditions of the grant of such loans are, in our opinion, prima facie, not prejudicial to the Company’s
interest.
b) The schedule of repayment of principal and payment of interest has been stipulated and according to the terms of the
agreement, no amounts towards principal and interest have fallen due during the current year.
(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of
Sections 185 and 186 of the Companies Act, 2013 in respect of grant of loans, making investments and providing guarantees
and securities, as applicable.

(v) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of
Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the Companies (Acceptance of Deposits)
Rules, 2014, as amended, with regard to the unclaimed fixed deposits. According to the information and explanations given to
Apollo 24 / 7
us, no order has been passed by the Company Law Board or the National Company Law Tribunal or the Reserve Bank of India or
any Court or any other Tribunal.
210 211
(vi) The maintenance of cost records has been specified by the Central Government under section 148(1) of the Companies Act, (xv) In our opinion and according to the information and explanations given to us, during the year the Company has not entered
2013 in respect of healthcare services rendered. We have broadly reviewed the cost records maintained by the Company into any non-cash transactions with its directors or persons connected with them and hence provisions of Section 192 of the
pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended prescribed by the Central Government under Companies Act, 2013 are not applicable.
sub-section (1) of Section 148 of the Companies Act, 2013, and are of the opinion that, prima facie, the prescribed cost records
(xvi) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
have been made and maintained We have, however, not made a detailed examination of the cost records with a view to determine
whether they are accurate or complete.
(vii) According to the information and explanations given to us, in respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees’ Firm Registration No. 117366W/W-100018
State Insurance, Income-tax, Sales Tax, Service Tax, Customs Duty, Goods and Service Tax, cess and other material Vikas Bagaria
statutory dues applicable to it to the appropriate authorities. Place : Bengaluru Partner
Date : July 24, 2020 Membership No. 060408
(b) There were no undisputed amounts payable in respect of Provident Fund, Employees’ State Insurance, Income-tax,
Sales Tax, Service Tax, Customs Duty, Goods and Service Tax, cess and other material statutory dues in arrears as at
March 31, 2020 for a period of more than six months from the date they became payable.
(c) Details of dues of Income-tax, Service Tax, Customs Duty, and Value Added Tax which have not been deposited as on
March 31, 2020 on account of disputes are given below:
Period to which the Amount

Name of Statute Nature of Dues Forum where Dispute is Pending
Amount Relates (` million)
Income Tax Act, 1961 Income Tax Honorable Supreme Court AY: 2000-01 109.45
Customs Act, 1962 Customs Duty Assistant Collector of Customs 1996, 1997 99.70
(Chennai, Hyderabad)
Value Added Tax Act, 2004 Value Added Tax Joint Commissioner, Kolkata 2012-13 0.19
(viii) In our opinion and according to the information and explanations given to us, having regard to the moratorium of three months
offered by a bank with respect to the principal aggregating to ` 86 million that were due in March 2020, the Company has not
defaulted in the repayment of loans or borrowings to financial institutions, banks and dues to debenture holders. The Company
has not taken any loans from the government.
(ix) In our opinion and according to the information and explanations given to us, money raised by way of term loans have been
applied by the Company during the year for the purposes of which they are raised. The company has not raised monies by way
of initial public offer or further public offer (including debt instruments).
(x) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no
material fraud on the Company by its officers or employees has been noticed or reported during the year.
(xi) In our opinion and according to the information and explanations given to us, the Company has paid /provided managerial
remuneration in accordance with requisite approval mandated by the provision of Section 197 read with Schedule V to the
Companies Act, 2013.
(xii) The Company is not a Nidhi Company and hence reporting under clause 3 (xii) of the Order is not applicable.

(xiii) In our opinion and according to the information and explanations given to us, the Company is in compliance with Section 177 and
188 of the Companies Act, 2013, where applicable, for all transactions with the related parties and the details of related party
transactions have been disclosed in the financial statements as required by the applicable accounting standards.
Apollo 24 / 7
(xiv) During the year the Company has not made any preferential allotment or private placement of shares or fully or partly convertible
debentures and hence reporting under clause (xiv) of CARO 2016 is not applicable to the Company.
212 213
Balance Sheet as at March 31, 2020 Statement of Profit and Loss

Standalone Financial Statements for the year ended March 31, 2020 Standalone Financial Statements for the year ended March 31, 2020
(All amounts are in ` Millions unless otherwise stated) (All amounts are in ` Millions unless otherwise stated)
Particulars Note As at March 31, 2020 As at March 31, 2019 Year ended Year ended
ASSETS Particulars Note
March 31, 2020 March 31, 2019
Non-current assets
(a) Property, plant and equipment 5 46,487 38,448 Income
(b) Right-of-Use Asset 6 12,891 -
(c) Capital work-in-progress 5.1 2,001 8,188 Revenue from Operations 27 97,944 83,367
(d) Goodwill 7 948 948 Other Income 28 109 122
(e) Other Intangible assets 8 231 302
(f) Intangible assets under development 53 265 - Total Income 98,053 83,489
(g) Financial Assets
(i) Investments 9 10,488 10,727 Expenses
(ii) Loans 10 382 196 Cost of materials consumed 29 15,321 13,917
(iii) Other financial assets 13 2,044 2,112
(h) Income Tax Asset (Net) 25 1,937 1,739 Purchases of Stock-in-trade 37,542 30,493
(i) Other non-current assets 17 618 1,592
Total Non - Current Assets 78,292 64,253 Changes in inventory of stock-in-trade 30 (1,043) (720)
Current assets
(a) Inventories 14 7,074 5,611 Employee benefit expense 31 15,192 12,951
(b) Financial assets Finance costs 32 4,259 2,680
(i) Investments 9 275 126
(ii) Trade receivables 12 9,661 9,093 Depreciation and amortisation expense 33 4,823 2,999
(iii) Cash and cash equivalents 15 2,805 2,190
(iv) Bank balances 16 660 587 Other expenses 34 16,780 16,544
(v) Loans 11 70 80 Total expenses 92,874 78,864
(vi) Other financial assets 13 857 711
(c) Contract assets 529 573 Profit before exceptional items and tax 5,180 4,625
(d) Other current assets 17 1,219 1,059
Total Current Assets 23,150 20,030 Exceptional items 54 1,644 -
Total Assets 101,442 84,284
EQUITY AND LIABILITIES Profit before tax 6,824 4,625
Equity Tax expense
(a) Equity Share capital 18 696 696
(b) Other equity 19 39,188 38,139 (1) Current tax (including tax expense of prior year) 35 1,182 805
Total Equity 39,884 38,834
Liabilities (2) Deferred tax 35 939 792
Non-current liabilities 2,121 1,597
(a) Financial Liabilities
(i) Borrowings 20 24,997 25,973 Profit for the year 4,703 3,028
(ii) Other financial liabilities 21 14,218 42
(b) Deferred tax liabilities (Net) 23 2,913 3,104 Other Comprehensive Income
Total Non - Current Liabilities 42,128 29,119 (i) Items that will not be reclassified to statement of profit and loss
Current liabilities
(a) Financial Liabilities (a) Remeasurement of the defined benefit liabilities (Net of taxes of `4; 36 7 (291)
(i) Borrowings 20 4,569 4,557 Previous year - `154)
(ii) Trade payables 24
(a) total outstanding dues of micro enterprises and small enterprises 63 82 Total other comprehensive income 7 (291)
(b) total outstanding dues of creditors other than micro enterprises and small 7,209 5,282
enterprises Total comprehensive income for the Year 4,710 2,736
(iii) Other financial liabilities 21 4,973 4,259 Earnings per equity share of par value of `5 each
(b) Other current liabilities 26 1,532 1,191
(c) Provisions 22 1,084 960 Basic (in `) 38 33.80 21.76
Total Current Liabilities 19,430 16,331
Diluted (in `) 38 33.80 21.76
Total Liabilities 61,558 45,449

The accompanying notes form an integral part of these standalone financial statements
Total Equity and Liabilities 101,442 84,284
As per our report of even date attached For and on behalf of the Board of Directors
For Deloitte Haskins & Sells LLP Krishnan Akhileswaran Dr. Prathap C Reddy
As per our report of even date attached For and on behalf of the Board of Directors Chartered Accountants Chief Financial Officer Executive Chairman
Apollo 24 / 7
For Deloitte Haskins & Sells LLP Krishnan Akhileswaran Dr. Prathap C Reddy Firm Registration No. 117366W/W-100018
Chartered Accountants Chief Financial Officer Executive Chairman Vikas Bagaria S M Krishnan Preetha Reddy
Firm Registration No. 117366W/W-100018 Partner Vice President - Finance Executive Vice Chairperson
Vikas Bagaria S M Krishnan Preetha Reddy Membership No. 060408 & Company Secretary
Partner Vice President - Finance Executive Vice Chairperson Place : Bengaluru Place : Chennai Suneeta Reddy
Membership No. 060408 & Company Secretary Date : July 24, 2020 Date : June 25, 2020 Managing Director
Place : Bengaluru Place : Chennai Suneeta Reddy
Date : July 24, 2020 Date : June 25, 2020 Managing Director
214 215
Statement of Changes in Equity as on March 31, 2020 Statement of Cash Flows

a. Equity share capital Standalone Financial Statements for the year ended March 31, 2020
(All amounts are in ` Millions unless otherwise stated)
Amount
Balance as at April 1, 2018 696 For the year ended For the year ended
Particulars
Changes in equity share capital during the year - March 31, 2020 March 31, 2019
Balance as at March 31, 2019 696 A. Cash flow from Operating Activities
Changes in equity share capital during the year - Profit for the year 4,703 3,028
Balance as at March 31, 2020 696 Adjustments for:
Depreciation and amortisation expense 4,823 2,999
b. Other Equity Income tax expense 2,121 1,597
Reserves and Surplus Remeasure Loss on Sale of Property Plant & Equipment 24 40
ment of Profit on Sale of Investments (Net) (1,965) (2)
Securities Total Other
Particulars General Capital Other Retained net defined Impairment in value of investment in subsidiary 321 -
premium Equity
reserve Reserves reserves # earnings benefit Loss of fair valuation of equity investments 11 -
reserve
plans
Finance costs 4,259 2,680
Balance at April 1, 2018 11,257 17,139 18 1,117 7,206 (497) 36,239
Interest from Banks/others (105) (90)
Profit for the year - - - - 3,028 - 3,028
Dividend on non-current equity investments (36) (34)
Other comprehensive income for the - - - - - (291) (291)
Expected Credit Loss on trade receivables 591 544
year, net of income tax
Provision written back (3)
Dividends paid(including dividend - - - - (837) - (837)
distribution tax of `142) Gain on fair valuation of mutual funds (11) (1)
Balance at March 31, 2019 11,257 17,139 18 1,117 9,396 (788) 38,139 Unrealised foreign exchange loss (net) 51 16
Adjustment on adoption of Ind AS 116 (2,109) (2,109) Operating Profit before working capital changes 14,783 10,777
(Refer note 46) Adjustments for (increase)/decrease in operating assets
Adjusted balance as at April 1, 2019 11,257 17,139 18 1,117 7,287 (788) 36,029 Inventories (1,463) (225)
Profit for the year 4,703 4,703 Trade receivables (1,213) (2,137)
Other comprehensive income for the year, 7 7 Other financial assets - Non current (151) 64
net of income tax Other financial assets - Current (148) 1,248
Dividends paid (including dividend (1,551) (1,551) Other non-current assets 90 (281)
distribution tax of `264)
Other current assets (175) 167
Transfer to Retained Earnings from (500) 500 -
(3,061) (1,164)
Debenture Redemption Reserve
Adjustments for increase/(decrease) in operating liabilities
Balance at March 31, 2020 11,257 17,139 18 617 10,938 (781) 39,188
Trade payables 1,860 631
# Other reserves includes Debenture Redemption Reserve, Capital Redemption Reserve and Reserves arising on transition from Other financial liabilities - Non Current 9 (56)
Previous GAAP to IND AS which are not available for distribution.
Other financial liabilities - Current (597) (42)
Provisions 135 (6)
The accompanying notes form an integral part of these standalone financial statements Other current liabilities 341 502
As per our report of even date attached For and on behalf of the Board of Directors 1,747 1,029

For Deloitte Haskins & Sells LLP Krishnan Akhileswaran Dr. Prathap C Reddy Cash generated from operations 13,470 10,642
Chartered Accountants Chief Financial Officer Executive Chairman Net income tax paid (2,509) (1,569)
Vikas Bagaria S M Krishnan Preetha Reddy
Net cash generated from operating activities (A) 10,961 9,073
Apollo 24 / 7
Partner Vice President - Finance Executive Vice Chairperson B. Cash flow from Investing Activities
Membership No. 060408 & Company Secretary
Purchase of Property plant & equipment (4,378) (5,832)
Date : July 24, 2020 Date : June 25, 2020 Managing Director Proceeds from sale of Property plant & equipment 11 -
Purchase of Investments (1,633) (2,010)
Proceeds from Non current loans 10 -
216 217
Particulars
For the year ended For the year ended Notes to the Standalone financial statements
March 31, 2020 March 31, 2019
Proceeds from sale of current investments 549 162 for the year ended March 31, 2020
Proceeds from sale of investment in associate 2,826 -
Proceeds from current loans 10 -
1 Corporate Information
Investment in Bank Deposits (73) (111) Apollo Hospitals Enterprise Limited (‘the Company’) is a public Company incorporated in India. The address of its registered
Loans given to Subsidiary (64) (88) office and principal place of business is at 19, Bishop Gardens, Raja Annamalaipuram, Chennai, Tamilnadu. The main business
Interest received 66 90 of the Company is to enhance the quality of life of patients by providing comprehensive, high-quality hospital services on a cost-
Dividend on equity investments 36 34 effective basis and providing / selling high quality pharma and wellness products through a network of pharmacies. The principal
Net cash used in Investing Activities (B) (2,639) (7,756) activities of the Company include operation of multidisciplinary private hospitals, clinics and pharmacies.
C. Cash flow from Financing Activities Significant Accounting Policies
Proceeds from Borrowings 6,929 5,329 This note provides a list of the significant accounting policies adopted in the preparation of the standalone financial statements.
Payments towards lease liability (985) -
These policies have been consistently applied to all the years presented unless otherwise stated.
Repayment of Borrowings (7,505) (2,984)
Finance costs (4,595) (3,105) 2 Application of new and revised Ind ASs
Dividends paid (including dividend distribution tax) (1,551) (837)
The company has applied all the Ind ASs notified by the Ministry of Corporate Affairs.
Net cash used in Financing Activities (C) (7,707) (1,597)
Net Increase in cash and cash equivalents (A+B+C) = (D) 615 (280) Ind AS 116 - Leases
Cash and cash equivalents at the beginning of the year (E) 2,190 2,469 Effective April 1, 2019, the Company adopted Ind AS 116 “Leases” and applied the standard to all lease contracts existing on
Cash and cash equivalents at the end of the year (D) +(E) 2,805 2,190 April 1, 2019 using the modified retrospective method (except for one lease contract where modified prospective method is used)
has taken the cumulative adjustment to retained earnings, on the date of initial application. Consequently, the Company recorded
Cash and non cash changes in liabilities arising from financing activities
the lease liability at the present value of the lease payments discounted at the incremental borrowing rate and the right of use
Non-cash changes asset at its carrying amount as if the standard had been applied since the commencement date of the lease, but discounted at
April 1, 2019 Cash flow Ind AS 116 Addition to Foreign exchange
March 31, 2020 the Company’s incremental borrowing rate at the date of initial application. Comparatives as at and for the year ended March 31,
adoption lease liabilities movements
Borrowings (inlcuding bank 32,391 (575) - - (219) 31,597 2019 have not been retrospectively adjusted and therefore will continue to be reported under the accounting policies included as
overdraft) part of our Annual Report for year ended March 31, 2019. On transition, the adoption of the new standard resulted in recognition
Lease Liabilities - 2,258 14,271 3,591 - 20,120 of ‘Right of Use’ asset and a lease liability as at April 1, 2019. The cumulative effect of applying the standard was debited to
retained earnings, net of taxes.
Non-cash changes
Foreign exchange The financial impact on initial application of this standard on the standalone financial statements is disclosed as part of Note 46.
April 1, 2018 Cash flow March 31, 2019
movements Appendix C to Ind AS 12 - Uncertainty over income tax treatments
Borrowings (inlcuding bank overdraft) 30,010 2,345 36 32,391
Appendix C to Ind AS 12 clarifies the accounting for uncertainties in income taxes. The interpretation is to be applied to the
determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty
over income tax treatments under Ind AS 12. The adoption of Appendix C to Ind AS 12 did not have any material impact on the
standalone financial statements of the Company.
For Deloitte Haskins & Sells LLP Krishnan Akhileswaran Dr. Prathap C Reddy Amendment to Ind AS 19 - Plan Amendment, Curtailment or Settlement
Chartered Accountants Chief Financial Officer Executive Chairman
Firm Registration No. 117366W/W-100018 The Ministry of Corporate Affairs issued amendments to Ind AS19, ‘Employee Benefits’, in connection with accounting for plan

Vikas Bagaria S M Krishnan Preetha Reddy amendments, curtailments and settlements requiring an entity to determine the current service costs and the net interest for
Partner Vice President - Finance Executive Vice Chairperson the period after the remeasurement using the assumptions used for the remeasurement; and determine the net interest for the
remaining period based on the remeasured net defined benefit liability or asset. The adoption of amendment to Ind AS19 did not
have any material impact on the standalone financial statements of the Company.
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218 219
| APOLLO HOSPITALS ENTERPRISE LIMITED | Notes to the Standalone financial statements as at and for the year ended March 31, 2020
(All amounts are in ` million unless otherwise stated)
Amendment to Ind AS 12 – Income Taxes At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value, except that:
The Ministry of Corporate Affairs issued amendments to IndAS 12 – Income Taxes. The amendments clarify that an entity shall Deferred tax assets or liabilities, and assets or liabilities related to employee benefit arrangements are recognised and measured
recognize the income tax consequences of dividends on financial instruments classified as equity according to where the entity in accordance with Ind AS 12 Income Taxes and Ind AS 19 Employee Benefits respectively;
originally recognized those past transactions or events that generated distributable profits were recognized. The adoption of
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests
amendment to Ind AS 12 did not have any material impact on the standalone financial statements of the Company.
in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net of the
2.1. New Accounting Standard not yet adopted by the Company
acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. The same is carried at cost and tested
Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards. There is no such notification for impairment on an accrual basis in accordance with impairment policy stated below.
which would have been applicable from April 1, 2020.
3.4 Goodwill
This note provides a list of the significant accounting policies adopted in the preparation of the standalone financial statements. Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business (see
These policies have been consistently applied to all the years presented unless otherwise stated. note 3.3 above) less accumulated impairment losses, if any.
3.1. Statement of compliance For the purposes of impairment testing, goodwill is allocated to each of the cash-generating units or group of cash-generating
The standalone financial statements have been prepared in accordance with the Indian Accounting Standards (Ind AS) as per units that is expected to benefit from the synergies of the combination.
the Companies (Indian Accounting Standards) Rules, 2015 notified under section 133 of the Companies Act 2013 (the act) and On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the
other relevant provisions of the Act. statement of profit and loss on disposal.
The financial statements were authorised for issue by the Company’s Board of Directors on June 25, 2020. 3.5 Revenue recognition
3.2. Basis of preparation and presentation The Company earns revenue primarily by providing healthcare services and sale of pharmaceutical products. Other sources of
The financial statements have been prepared on the historical cost basis except for certain financial instruments that are revenue include revenue earned through Operation and Management (O&M) contracts, brand license agreements and contracts
measured at fair values at the end of each reporting period, as explained in the accounting policies below. for clinical trials.
Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Effective April 1, 2018, the Company has applied Ind AS 115 - Revenue from Contract with customers which establishes
a comprehensive framework for revenue recognition. Ind AS 115 replaces Ind AS 18 Revenue and Ind AS 11 Construction
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
Contracts. The Company has adopted Ind AS 115 using the cumulative effect method(modified retrospective approach). The
market participants at the measurement date, regardless of whether that price is directly observable or estimated using another
effect of initially applying this standard was recognised at the date of initial application (i.e. April 1, 2018).The impact of the
valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of
adoption of the standard on the financial statements of the Company was insignificant.
the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the
measurement date. Fair value for measurement and/or disclosure purposes in these financial statements is determined on such Revenue is recognised upon transfer of control of promised products or services to customers in an amount that reflects the
a basis, except for leasing transactions that are within the scope of Ind AS 116 and measurements that have some similarities consideration which the Company expects to receive in exchange for those products or services. When there is uncertainty on
to fair value but are not fair value, such as net realisable value in Ind AS 2 or value in use in Ind AS 36. ultimate collectability, revenue recognition is postponed until such uncertainty is resolved.
3.5.1 Healthcare Services
In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2, or 3 based on the degree to
which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement The Healthcare services income include revenue generated from outpatients, which mainly consist of activities for physical
in its entirety, which are described as follows: examinations, treatments, surgeries and tests, as well as that generated from inpatients, which mainly consist of activities
for clinical examinations and treatments, surgeries, and other fees such as room charges, and nursing care. The performance
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the
obligations for this stream of revenue include food & beverage, accommodation, surgery, medical/clinical professional services,
measurement date;
supply of equipment, investigation and supply of pharmaceutical and related products.
Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either
The patient is obligated to pay for healthcare services at amounts estimated to be receivable based upon the Company’s
directly or indirectly; and
standard rates or at rates determined under reimbursement arrangements. The reimbursement arrangements are generally with

Level 3 inputs are unobservable inputs for the asset or liability. third party administrators. The reimbursement is also made through national, international or local government programs with
The Significant accounting policies are set out below reimbursement rates established by statute or regulation or through a memorandum of understanding.
3.3 Business combinations Revenue is recognised at the transaction price when each performance obligation is satisfied at a point in time when inpatient/
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Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business outpatients has actually received the service except for few specific services in the dialysis and oncology specialty where the
combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred performance obligation is satisfied over a period of time.
by the Company, liabilities incurred by the Company to the former owners of the acquiree and the equity interests issued by
the Company in exchange of control of the acquiree. Acquisition-related costs are recognised in statement of profit and loss as
incurred.
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Revenue from health care patients, third party payors and other customers are billed at our standard rates net of contractual or are accounted for on a net basis since the third-party providers are the primary obligor, have the latitude in establishing prices,
discretionary allowances, discounts or rebates to reflect the estimated amounts to be receivable from these payors. and the customer has discretion in third-party provider selection.
3.5.2 Pharmaceutical Products 3.5.9 Contract modifications
In respect of sale of pharmaceutical products, where the performance obligation is satisfied at a point in time, revenue is Contract modifications are accounted for when additions, deletions or changes are approved either to the contract scope or
recognised when the control of goods is transferred to the customer. contract price. The accounting for modifications of contracts involves assessing whether the services added to an existing
3.5.3 Project Consultancy Income contract are distinct and whether the pricing is at the stand alone selling price. Services added that are not distinct are
In respect of project consultancy income, i.e. the revenue arising from the Operating & Maintenance (O&M) contracts where accounted for on a cumulative catch-up basis, while those that are distinct are accounted for prospectively, either as a separate
the performance obligation is satisfied over time, revenue is recognised along the period when the services are received and contract, if the additional services are priced at the standalone selling price, or as a termination of the existing contract and
accepted by the customer. creation of a new contract if not priced at the standalone selling price.
3.5.4 Clinical trials 3.5.10 Trade accounts and other receivables and allowance for doubtful accounts
In respect of clinical trials, where the performance obligation is satisfied at a point in time, revenue is recognised when the Trade receivables from healthcare services are recognized and billed at amounts estimated to be collectable under government
service has been received and accepted by the customer. reimbursement programs, reimbursement arrangements with third party administrators and contracutal arrangements with
3.5.5 Dividend and interest income corporates including public sector undertakings. The billing on government reimbursement programs are at pre-determined net
Dividend income from investments is recognised when the shareholder’s right to receive payment has been established (provided realizable rates per treatment that are established by statute or regulation. Revenues for non-governmental payors with which
that it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably). the Group has contracts are recognized at the prevailing contract rates. The remaining non-governmental payors are billed
at the Group’s standard rates for services and a contractual adjustment is recorded to recognize revenues based on historic
Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Company
reimbursement. The contractual adjustment and the allowance for doubtful accounts are reviewed quarterly for their adequacy.
and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal
The collectability of receivables is reviewed on a regular basis.
outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts
through the expected life of the financial asset to that asset’s net carrying amount on initial recognition. Receivables where the expected credit losses are not assessed individually are grouped based on geographical regions and the
3.5.6 Rental income impairment is assessed based on macroeconomic indicators.
The Company’s policy for recognition of revenue from operating leases is described in note 3.6.1 below. Write offs are taken on a claim-by-claim basis. Due to the fact that a large portion of its reimbursement is provided by public
3.5.7 Contract assets and liabilities health care organizations and private insurers, the Company expects that most of its accounts receivables will be collectible. A
Revenue recognised by the Company where services are rendered to the customer and for which invoice has not been raised significant change in the Company’s collection experience, deterioration in the aging of receivables and collection difficulties
(which we refer as unbilled revenue) are classified as contract assets. Amount collected from the customer and services have could require that the Company increases its estimate of the allowance for doubtful accounts. Any such additional bad debt
not yet been rendered are classified as contract liabilities. charges could materially and adversely affect the Company’s future operating results. When all efforts to collect a receivable
have been exhausted, and after appropriate management review, a receivable deemed to be uncollectible is considered a bad
3.5.8 Transaction Price
debt and written off.
Revenue is measured based on the transaction price, which is the fixed consideration adjusted for discounts, estimated
disllaowances,amounts payable to customer in the nature of commissions, principal versus agent considerations, loyalty credits 3.5.11Revenue from Third Party Administrator (TPA)
and any other rights and obligations as specified in the contract with the customer. Revenue also excludes taxes collected from Inpatient services rendered to TPA are paid according to a fee-for-service schedule. These rates vary according to a patient
customers and deposited back to the respective statutory authorities. classification system that is based on clinical, diagnostic and other factors. Inpatient services generated through TPA are
recorded on an accrual basis in the period in which services are provided at established rates.
Principal versus agent considerations
The Company is a principal and records revenue on a gross basis when the Company is primarily responsible for fulfilling the The Group determines the transaction price on the TPA contracts based on established billing rates reduced by contractual
service, has discretion in establish pricing and controls the promised service before transferring that service to customers. adjustments provided to TPAs. Contractual adjustments and discounts are based on contractual agreements, discount policies
and historical experience. Implicit price concessions are based on historical collection experience. Most of our TPA contracts
In limited instances, the patient services are provided by visiting consultants, who are doctors/medical experts without labor
contain variable consideration. However, it is unlikely a significant reversal of revenue will occur when the uncertainty is resolved,
contracts with the Company and not considered as the Company’s employees. As the visiting consultants have the discretion
and therefore, the Company has included the variable consideration in the estimated transaction price.

to take their patients to other hospital for the required treatment and set their own consultation fee charged to patients, the
Company is an agent in such arrangement. The Company collects fees on behalf of the visiting consultants and records revenue 3.6 Leases
at the net amounts as commissions. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of
Apollo 24 / 7
ownership to the lessee. All other leases are classified as operating leases.
Sometimes the Company engages third-party providers to provide medical examination and disease screening services. The
Company evaluates the services provided by third parties to determine whether to recognize the revenues on a gross or net 3.6.1 The Company as Lessee
basis. The determination is based upon an assessment as to whether the Company acts as a principal or agent when providing The Company enters into an arrangement for lease of land, buildings, plant and machinery including computer equipment and
the services. Some of the revenues involving third-party providers providing medical examination or disease screening services Furnitures. Such arrangements are generally for a fixed period but may have extension or termination options. The Company
222 223
assesses, whether the contract is, or contains, a lease, at its inception. A contract is, or contains, a lease if the contract conveys • (lease) payments before commencement date of the respective lease, and
the right to – • an estimate of costs to dismantle and remove the underlying asset,
(a) control the use of an identified asset, • less any lease incentives received.
(b) obtain substantially all the economic benefits from use of the identified asset, and
Prepaid lease payments (including the difference between nominal amount of the deposit and the fair value) are also included
(c) direct the use of the identified asset.
in the initial carrying amount of the right of use asset.
The Company determines the lease term as the non-cancellable period of a lease, together with periods covered by an option
to extend the lease, where the Company is reasonably certain to exercise that option. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are
depreciated on a straight line basis over the shorter period of lease term and useful life of the underlying asset. If a lease
The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which
transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a
it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value
purchase option, the related Right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts
assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over
at the commencement date of the lease.
the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits
from the leased asset are consumed. This expense is presented within ‘other expenses’ in statement of profit and loss. The Right-of-use assets are presented as a separate line in the Balance Sheet. The Company applies Ind AS 36 to determine
whether a ROU asset is impaired and accounts for any identified impairment loss as described in the impairment of non-financial
Lease Liabilities:
assets below.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental The Company incurs obligation for costs to dismantle and remove a leased asset, restore the site on which it is located
borrowing rate. or restore the underlying asset to the condition required by the terms and conditions of the lease. The Company has
assessed that such restoration costs are negligible and hence no provision under Ind-AS 37 has been recognised.
Lease payments included in the measurement of the lease liability comprise:
i) fixed lease payments (including in-substance fixed payments), less any lease incentives; Variable rents that do not depend on an index or rate are not included in the measurement the lease liability and the Right-of-
use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those
ii) variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement payments occurs and are included in the line “other expenses” in the statement of profit and loss.
date;
Effective April 1, 2019, the Company adopted Ind AS 116 “Leases” and applied the standard to all lease contracts existing on
iii) the amount expected to be payable by the lessee under residual value guarantees; April 1, 2019 using the modified retrospective method except for one lease for which prospective approach is used and has
iv) lease payments in optional renewal periods, where exercise of extension options is reasonably certain, and taken the cumulative adjustment to retained earnings, on the date of initial application. Consequently, the Company recorded
v) payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. the lease liability at the present value of the lease payments discounted at the incremental borrowing rate and the right of use
asset at its carrying amount as if the standard had been applied since the commencement date of the lease, but discounted at
The lease liability is presented as a separate line in the Balance Sheet under “Other Financial Liabilities”. The lease liability is
the Company’s incremental borrowing rate at the date of initial application. Comparatives as at and for the year ended March 31,
subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest
2019 have not been retrospectively adjusted and therefore will continue to be reported under the accounting policies included as
method) and by reducing the carrying amount to reflect the lease payments made.
part of our Annual Report for year ended March 31, 2019. On transition, the adoption of the new standard resulted in recognition
Lease liability payments are classified as cash used in financing activities in the Statement of cash flows. of ‘Right of Use’ asset and a lease liability The cumulative effect of applying the standard was debited to retained earnings, net
The Company remeasure the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever of taxes.
i) the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease
The effect of this adoption on the profit before tax, profit for the period and earnings per share is disclosed as part of Note 46.
liability is remeasured by discounting the revised lease payments using a revised discount rate.
Ind AS 116 will result in an increase in cash inflows from operating activities and an increase in cash outflows from financing
ii) the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual activities on account of lease payments.
value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate Lease policy applicable before April 1, 2019
(unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used).
Rental expense from operating leases is generally recognised on a straight-line basis over the term of the relevant lease. Where
iii) a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease the rentals are structured solely to increase in line with expected general inflation to compensate for the lessor’s expected

liability is remeasured by discounting the revised lease payments using a revised discount rate. inflationary cost increases, such increases are recognised in the year in which such benefits accrue. Contingent rentals arising
Right-of-Use Assets: under operating leases are recognised as an expense in the period in which they are incurred.
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The Group recognises right-of-use asset at the commencement date of the respective lease. Right-of-use asset are stated at 3.6.2 The Company as lessor
cost less accumulated depreciation. Upon initial recognition, cost comprises of: Amounts due from lessees under finance leases are recognised as receivables at the amount of the Company’s net investment
• the initial lease liability amount, in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the
• initial direct costs incurred when entering into the lease, Company’s net investment outstanding in respect of the leases.
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Rental income from operating leases is generally recognised on a straight-line basis over the term of the relevant lease. Where 3.9.2 Short-term and other long-term employee benefits
the rentals are structured solely to increase in line with expected general inflation to compensate for the Company’s expected Leave Encashment
inflationary cost increases, such increases are recognised in the year in which such benefits accrue. Initial direct costs incurred The employees of the Company are entitled to encash the unutilized leave. The employees can carry forward a portion of the
in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a unutilized accumulating leave and utilize it in future periods or receive cash as per the Companies policy upon accumulation of
straight-line basis over the lease term. minimum number of days. The Company records an obligation for leave encashment in the period in which the employee renders
3.7 Foreign currencies the services that increases this entitlement. The Company measures the expected cost of leave encashment as the additional
Exchange differences on monetary items are recognised in the statement of profit and loss in the period in which they arise amount that the Company expects to pay as a result of the unused entitlement that has accumulated at the end of the reporting
except for exchange differences on foreign currency borrowings relating to assets under construction for future productive period. The Company recognizes accumulated leave entitlements based on actuarial valuation using the projected unit credit
use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign method. Non-accumulating leave balances are recognized in the period in which the leaves occur.
currency borrowings. Other short term employee benefits
3.8 Borrowings and Borrowing costs Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of the benefits
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at expected to be paid in exchange for the related service.
amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the 3.10 Taxation
statement of profit and loss over the period of the borrowings using the effective interest rate method. Borrowings are classified Income tax expense comprises current tax and the net change in the deferred tax asset or liability during the year.
as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months
3.10.1 Current tax
after the reporting date.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘Profit before tax’ as reported in the
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that statement of profit and loss because of items of income or expense that are taxable or deductible in other years and items that
necessarily take a substantial period of time to get ready for their intended use, are added to the cost of those assets, until such are never taxable or deductible. The Company’s current tax is calculated using tax rates that have been enacted or substantively
time as the assets are substantially ready for their intended use. enacted by the end of the reporting period. Advance taxes and provisions for current income taxes are presented at net in the
Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is Balance Sheet after off-setting advance tax paid and income tax provision.
deducted from the borrowing costs eligible for capitalisation. 3.10.2 Deferred tax
All other borrowing costs are recognised in statement of profit and loss in the period in which they are incurred. Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial
3.9 Employee benefits statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally
recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary
3.9.1 Retirement benefit costs and termination benefits
differences to the extent that it is probable that taxable profits will be available against which those deductible temporary
Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service
differences can be utilized. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the
entitling them to the contributions.
initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable
For defined benefit retirement benefit plans, the cost of providing benefits is determined using the projected unit credit method, profit nor the accounting profit. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the
with actuarial valuations being carried out at the end of each annual reporting period. Remeasurement, comprising actuarial initial recognition of goodwill. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same
gains and losses and the return on plan assets (excluding net interest), is reflected immediately in the balance sheet with a taxation authority and the relevant entity intends to settle its current tax assets and liabilities on a net basis.
charge or credit recognised in other comprehensive income in the period in which they occur. Remeasurement recognised in
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no
other comprehensive income is not reclassified to statement of profit and loss. Past service cost is recognised in the statement
longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
of profit and loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of
the period to the net defined benefit liability or asset. Defined benefit costs are categorised as follows: Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is
settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of
• service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements);
the reporting period.

• net interest expense or income; and
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which
• Remeasurement the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
The Company presents the first two components of defined benefit costs in statement of profit and loss in the line item ‘Employee 3.10.3 Current and deferred tax for the year
Apollo 24 / 7
benefits expense’. Current and deferred tax are recognised in the statement of profit and loss, except when they relate to items that are recognised
The retirement benefit obligation recognised in the balance sheet represents the actual deficit or surplus in the Company’s in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other
defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for
in the form of refunds from the plans or reductions in future contributions to the plans. a business combination, the tax effect is included in the accounting for the business combination.
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3.11 Property, plant and equipment 3.11.1 Capital work in progress

Land and buildings held for use in providing the healthcare and related services, or for administrative purposes, are carried at Amounts paid towards the acquisition of property, plant and equipment outstanding as of each reporting date are recognized as
cost less accumulated depreciation and accumulated impairment losses. Freehold land is not depreciated. capital advance and the cost of property, plant and equipment not ready for intended use before such date are disclosed under
capital work- in-progress.
Expenses in the nature of general repairs and maintenance , are charged to the statement of profit and loss during the financial
period in which they are incurred. Commencement of Depreciation related to property, plant and equipment classified as Capital work in progress (CWIP) involves
determining when the assets are available for their intended use. The criteria the Group uses to determine whether CWIP are
Parts of some items of property, plant and equipment may require replacement at regular intervals and this would enhance
available for their intended use involves subjective judgments and assumptions about the conditions necessary for the assets to
the life of the asset such as replacing the interior walls of a building, or to make a nonrecurring replacement. The company
be capable of operating in the intended manner.
recognises these amounts incurred in the carrying amount of an item of property, plant & equipment and depreciated over
the period which is lower of replacement period and its useful life. The carrying amount of those parts that are replaced is 3.12 Intangible assets
derecognized in accordance with the derecognition provisions of Ind AS 16. 3.12.1 Intangible assets acquired separately
Fixtures and medical Equipments are stated at cost less accumulated depreciation and accumulated impairment losses. All Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and
repairs and maintenance costs are charged to the statement of profit and loss during the financial period in which they are accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives. The
incurred. estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes
in estimate being accounted for on a prospective basis.Intangible assets with finite useful lives are evaluated for impairment
Depreciation is recognised so as to depreciate the cost of assets (other than freehold land and properties under construction) when events have occurred that may give rise to an impairment. Intangible assets with indefinite useful lives that are acquired
less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and separately are carried at cost less accumulated impairment losses.
depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for
3.12.2 Intangible assets acquired in a business combination
on a prospective basis.
Intangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at their fair
Assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets. However,
value at the acquisition date (which is regarded as their cost).
when there is no reasonable certainty that ownership will be obtained by the end of the lease term, assets are depreciated over
the shorter of the lease term and their useful lives. Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated
amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.
The management believes that these estimated useful lives are realistic and reflect fair approximation of the period over which
3.12.3 Derecognition of intangible assets
the assets are likely to be used.
An intangible asset is derecognized on disposal, or when no future economic benefits are expected from use or disposal. Gains
Estimated useful lives of the assets are as follows: or losses arising from derecognition of an intangible asset are recognised in the statement of profit and loss.
3.12.4 Useful lives of intangible assets
Category of assets Useful Life (in years)
Estimated useful lives of the intangible assets are as follows:
Buildings (Freehold) 60 Years
Buildings (Leasehold) Over the lease term Category of assets Useful Life (in years)
Plant and Machinery 15 Years Software License 3 years
Electrical Installation and Generators 10 Years Non Compete Fees 3 years
Medical Equipment 13 Years Trademarks 3 years
Surgical Instruments 3 Years 3.12.5 Internally Generated intangible

Furnitures and Fixtures 10 Years Research costs are expensed as incurred. Software product development costs are expensed as incurred unless technical and
Vehicles 8 Years commercial feasibility of the project is demonstrated, future economic benefits are probable, the Company has an intention and
Office Equipments 5 Years ability to complete and use the software and the costs can be measured reliably. The costs which can be capitalized include the

Computers 3 Years cost of material, direct labour, overhead costs that are directly attributable to preparing the asset for its intended use.
Servers 6 Years 3.13 Review of useful life and method of depreciation

Estimated useful lives are periodically reviewed, and when warranted, changes are made to them. The effect of such change in
Apollo 24 / 7
An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to
estimates are accounted for prospectively.
arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and
equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised 3.14 Impairment of tangible and intangible assets other than goodwill
in the statement of profit and loss. The carrying values of property plant and equipment and intangible assets with finite life are reviewed for possible impairment
whenever events, circumstances or operating results indicate that the carrying amount of an asset may not be recoverable. If
228 229
any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment 3.17 Contingent liabilities
loss (if any). Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the occurrence
Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that
future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic
the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying Contingent liabilities acquired in a business combination are initially measured at fair value at the acquisition date. At the end of
amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately subsequent reporting periods, such contingent liabilities are measured at the higher of the amount that would be recognised in
in the statement of profit and loss. accordance with Ind AS 37 and the amount initially recognised less cumulative amortisation recognised in accordance with Ind
AS 115 Revenue from contracts with customers.
If at the reporting date, there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is
3.18 Earnings per Share
reassessed and the impairment losses previously recognized are reversed such that the asset is recognized at its recoverable amount
but not exceeding written down value which would have been reported if the impairment losses had not been recognized initially. Basic earnings per share is computed by dividing the profit/(loss) after tax (including the post tax effect of exceptional items, if
An impairment in respect of goodwill is not reversed. any) by the weighted average number of equity shares outstanding during the year.
3.14.1Impairment of Goodwill and intangibles with indefinite useful lives Diluted earnings per share is computed by dividing the profit/(loss) after tax (including the post tax effect of extraordinary items,
Goodwill and identifiable intangibles with indefinite useful lives are not amortized but tested for impairment annually or when an if any) as adjusted for dividend, interest and other charges to expense or income (net of any attributable taxes) relating to the
event becomes known that could trigger an impairment. dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per
share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential
To perform the annual impairment test of goodwill, the Company identified its groups of cash generating units (CGUs) and
equity shares. Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the
determined their carrying value by assigning the assets and liabilities, including the existing goodwill and intangible assets, to
net profit per share from continuing ordinary operations. Potential dilutive equity shares are deemed to be converted as at the
those CGUs. CGUs reflect the lowest level on which goodwill is monitored for internal management purposes.
beginning of the period, unless they have been issued at a later date. The dilutive potential equity shares are adjusted for the
For the purpose of goodwill impairment testing, all corporate assets and liabilities are allocated to the CGUs. At least once a year, proceeds receivable had the shares been actually issued at fair value (i.e. average market value of the outstanding shares).
the Company compares the recoverable amount of each CGU to the CGU’s carrying amount. Dilutive potential equity shares are determined independently for each period presented. The number of equity shares and
3.15 Inventories potentially dilutive equity shares are adjusted for share splits/reverse share splits and bonus shares, as appropriate.
Inventories of medical consumables, drugs and stores & spares are valued at lower of cost or net realizable value. Net Realizable 3.19 Financial instruments
Value represents the estimated selling price in the ordinary course of business less estimated costs necessary to make the sale. Financial assets and financial liabilities are recognised when a Company becomes a party to the contractual provisions of the
instruments.
Cost is determined as follows:
a. ‘Medicines’ under healthcare segment is valued on First in First Out (FIFO) basis. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the
b. ‘Medicines’ under retail pharmacy segment is valued on weighted average rates. acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value
c. ‘Stores and spares’ is valued on First in First Out (FIFO) basis. through profit and loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate,
d. ‘Other consumables’ is valued on First in First Out (FIFO) basis. on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value
3.16 Provisions through profit and loss are recognised immediately in statement of profit and loss.
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is 3.19.1Financial assets
probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the Excluded are trade accounts receivables. At initial recognition trade accounts receivables (in accordance with Ind AS 115) are
obligation. measured at their transaction price.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end Subsequent measurement is either at cost, FVPL or FVOCI
of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured
In general, financial liabilities are classified and subsequently measured at amortized cost, with the exception of contingent

using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when
considerations resulting from a business combination, noncontrolling interests subject to put provisions as well as derivative
the effect of the time value of money is material).
financial liabilities.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a
Apollo 24 / 7
Investments in equity instruments are recognized and subsequently measured at fair value. The Company’s equity investments
receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable
are not held for trading. In general, changes in the fair value of equity investments are recognized in the income statement.
can be measured reliably.
However, at initial recognition the Company elected, on an instrument-by-instrument basis, to represent subsequent changes in
the fair value of individual strategic equity investments in other comprehensive income (loss) (“OCI”).
230 231
The Company’s investment in debt securities with the objective to achieve both collecting contractual cash flows and selling the The impairment provisions for trade receivables is based on reasonable and supportable information including historic loss rates,
financial assets, and initially measured at fair value. Some of these securities give rise on specified dates to cash flows that are present developments such as liquidity issues and information about future economic conditions, to ensure foreseeable changes
solely payments of principle and interest. These securities are subsequently measured at FVOCI. Other securities are measured in the customer-specific or macroeconomic environment are considered.
at FVPL. Derecognition of financial assets
Cash and Cash Equivalents The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it
The Company considers all highly liquid financial instruments which are readily convertible into known amounts of cash that transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Company
are subject to an insignificant risk of change in value and having original maturities of three months or less from the date neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset,
of purchase, to be cash equivalents. Cash and Cash Equivalents consist of balances with banks which are unrestricted for the Company recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the
withdrawal and usage. Restricted cash and bank balances are classified and disclosed as other bank balances. Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to
Amortised Cost and Effective interest method recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income Foreign exchange gains and losses
over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all The fair value of financial assets denominated in a foreign currency is determined in that foreign currency and translated at the
fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or spot rate at the end of each reporting period.
discounts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount
• For foreign currency denominated financial assets measured at amortised cost and FVTPL, the exchange differences are
on initial recognition.
recognised in statement of profit and loss except for those which are designated as hedging instruments in a hedging
Income is recognised on an effective interest basis for debt instruments other than those financial assets classified as at FVTPL. relationship.
Interest income is recognised in the statement of profit and loss and is included in the “Other income” line item.
• Changes in the carrying amount of investments in equity instruments at FVTOCI relating to changes in foreign currency rates
Instruments at FVTOCI are recognised in other comprehensive income.
On initial recognition, the Company can make an irrevocable election (on an instrument-by-instrument basis) to present the
Net gain / (loss) on foreign currency transactions and translation during the year recognised in the statement of Profit and Loss
subsequent changes in fair value in other comprehensive income pertaining to investments in equity instruments. This election
account is presented under Other Income.
is not permitted if the equity investment is held for trading. These elected investments are initially measured at fair value
3.19.2 Financial liabilities and equity instruments
plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value
recognised in other comprehensive income and accumulated in the ‘Reserve for equity instruments through other comprehensive Classification as debt or equity
income’. The cumulative gain or loss is not reclassified to statement of profit and loss on disposal of the investments. Debt and equity instruments issued by a Company are classified as either financial liabilities or as equity in accordance with the
A financial asset is held for trading if: substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
• it has been acquired principally for the purpose of selling it in the near term; or Equity instruments
• on initial recognition it is part of a portfolio of identified financial instruments that the Company manages together and has a An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.
recent actual pattern of short-term profit-taking; or Equity instruments issued by a Company are recognised at the proceeds received, net of direct issue costs.
• it is a derivative that is not designated and effective as a hedging instrument or a financial guarantee. Repurchase of the Company’s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised
in statement of profit and loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments.
Dividends on these investments in equity instruments are recognised in statement of profit and loss when the Company’s right to
Financial liabilities
receive the dividends is established, it is probable that the economic benefits associated with the dividend will flow to the entity,
the dividend does not represent a recovery of part of cost of the investment and the amount of dividend can be measured reliably. All financial liabilities are subsequently measured at amortised cost using the effective interest method.
Dividends recognised in statement of profit and loss are included in the ‘Other income’ line item. Financial liabilities subsequently measured at amortised cost
Impairment of financial assets The carrying amounts of financial liabilities that are subsequently measured at amortised cost are determined based on the

The Company applies the expected credit loss model for recognising impairment loss on financial assets measured at amortised effective interest method. Interest expense that is not capitalised as part of costs of an asset is included in the ‘Finance costs’
cost, debt instruments at FVTOCI, lease receivables, trade receivables, other contractual rights to receive cash or other financial line item.
asset, and financial guarantees not designated as at FVTPL. The expected credit loss approach requires that all impacted The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest
Apollo 24 / 7
financial assets will carry a loss allowance based on their expected credit losses. Expected credit losses are a probability- expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments
weighted estimate of credit losses over the contractual life of the financial assets.” (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other
For trade receivables or any contractual right to receive cash or another financial asset that result from transactions that are premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net
within the scope of Ind AS 115, the Company measures the loss allowance at an amount equal to lifetime expected credit losses. carrying amount on initial recognition.
232 233
Financial guarantee contracts The Company considers the guidance in Ind AS 105 Non-Current assets held for sale and discontinued operations to assess
A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the holder for a whether a divestment asset would qualify the definition of ‘component’ prior to classification into discontinued operation.
loss it incurs because a specified debtor fails to make payments when due in accordance with the terms of a debt instrument. 3.22 Government Grants
Financial guarantee contracts issued by a Company are initially measured at their fair values and, if not designated as at FVTPL, Government grants are not recognised until there is reasonable assurance that the Company will comply with the conditions
are subsequently measured at the higher of: attaching to them and that the grants will be received.
• the amount of loss allowance determined in accordance with impairment requirements of Ind AS 109; and Government grants are recognised in statement of profit and loss on a systematic basis over the periods in which the Company
recognises as expenses the related costs for which the grants are intended to compensate. Specifically, government grants
• the amount initially recognised less, when appropriate, the cumulative amount of income recognised in accordance with the
whose primary condition is that the Company should purchase, construct or otherwise acquire non-current assets are recognised
principles of Ind AS 18.
as deferred revenue in the standalone balance sheet and transferred to statement of profit and loss on a systematic and rational
Derecognition of financial liabilities basis over the useful lives of the related assets.
The Company derecognises financial liabilities when, and only when, the Company’s obligations are discharged, cancelled or have
Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving
expired. An exchange with a lender of debt instruments with substantially different terms is accounted for as an extinguishment
immediate financial support to the Company with no future related costs are recognised in the statement of profit and loss in
of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of
the period in which they become receivable.
an existing financial liability is accounted for as an extinguishment of the original financial liability and the recognition of a new
financial liability. The difference between the carrying amount of the financial liability derecognized and the consideration paid Government grants are recognised in statement of profit and loss on a systematic basis over the periods in which the Company
and payable is recognised in the statement of profit and loss. recognises as expenses the related costs for which the grants are intended to compensate. Specifically, government grants
whose primary condition is that the Company should purchase, construct or otherwise acquire non-current assets are recognised
3.19.3 Derivative financial instruments
as deferred revenue in the balance sheet and transferred to statement of profit and loss on a systematic and rational basis over
The Company enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign
the useful lives of the related assets.
exchange rate risks, including interest rate swaps and cross currency swaps.
3.23 Dividend
Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently
A final dividend, including tax thereon, on equity shares is recorded as a liability on the date of approval by the shareholders. An
remeasured to their fair value at the end of each reporting period. Derivatives are carried as financial assets when the fair value
interim dividend, including tax thereon, is recorded as a liability on the date of declaration by the board of directors.
is positive and as financial liabilities when the fair value is negative
3.24 Operating Cycle
The change in fair value of derivatives is recorded in the statement of profit and loss.
Based on the nature of products / activities of the Company and the normal time between acquisition of assets and their
Derivatives embedded in host contracts are accounted for as separate derivatives if their economic characteristics and risks are realisation in cash or cash equivalents, the Company has determined its operating cycle as 12 months for the purpose of
not closely related to those of the host contracts. These embedded derivatives are measured at fair value with changes in fair classification of its assets and liabilities as current and non-current
value recognized in the statement of profit and loss.
4 Critical accounting judgements and key sources of
3.20 Segment Reporting
In accordance with Ind AS 108, Segment Reporting, the Group’s chief operating decision maker (“CODM”) has been identified as
estimation uncertainty
the board of directors. The Company’s CODM evaluates segment performance based on revenues and profit by the healthcare Use of estimates
and retail pharmacy segments. The preparation of these standalone financial statements in conformity with Ind AS requires management to make estimates
3.21 Non Current Asset Held for Sale and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the
balance sheet dates and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and
The company classifies non-current assets held for sale if their carrying amounts will be principally recovered through a sale
assumptions reflected in the Company’s financial statements include, but are not limited to, expected credit loss, impairment of
rather than through continuing use of assets and action required to complete such sale indicate that it is unlikely that significant
goodwill, useful lives of property, plant and equipment and leases, realization of deferred tax assets, unrecognized tax benefits,
changes to the plan to sell will be made or that the decision to sell will be withdrawn. Also, such assets are classified as held for
incremental borrowing rate of right-of-use assets and related lease obligation, the valuation of the Company’s acquired equity
sale only if the management expects to complete the sale within one year from the date of classification.

investments. Actual results could materially differ from those estimates.
Non-current assets held for sale are measured at the lower of carrying amount and the fair value less cost to sell. Non-current
4.1 Key sources of estimation uncertainty
assets are not depreciated or amortised.
The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the
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3.21.1 Discontinued operations

reporting period that may cause a material adjustment to the carrying amounts of assets and liabilities within the next financial
A discontinued operation is a ‘component’ of the Company’s business that represents a separate line of business that has been year.
disposed of or is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued
operation occurs upon the earlier of disposal or when the operation meets the criteria to be classified as held for sale.
234 235
4.1.1 Impairment of goodwill 4.1.8 Point of Capitalisation

Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which Management has set in parameters in respect of its medical equipments specific to the stability and reaching the contractual
goodwill has been allocated. The value in use is determined using a discounted cash flow approach based upon the cash flow availability goals. The property, plant & equipment shall be capitalised upon reaching these parameters at which stage the asset
expected to be generated by the CGU. In case that the value in use of the CGU is less than its carrying amount, the difference is is brought to the location and condition necessary for it to be capable of operating in the manner intended by management.
at first recorded as an impairment of the carrying amount of the goodwill.
4.1.9 Impairment of Non - Financial Assets
4.1.2 Impairment of Financial Assets
Determining whether the asset is impaired requires to assess the recoverable amount of the asset or Cash Generating Unit (CGU)
The impairment provisions for trade receivables is based on assumptions about risk of default and expected loss rates. which is compared to the carrying amount of the asset or CGU, as applicable. Recoverable amount is the higher of fair value less
The Company uses judgements in making certain assumptions and selecting inputs to determine impairment of these trade costs of disposal and value in use. Where the carrying amount of an asset or CGU exceeds the recoverable amount, the asset is
receivables, based on ton reasonable and supportable information including historic loss rates, present developments such as considered impaired and is written down to its recoverable amount
liquidity issues and information about future economic conditions, to ensure foreseeable changes in the customer-specific or
4.1.10 Leases
macroeconomic environment are considered.
Ind AS 116 defines a lease term as the non-cancellable period for which the lessee has the Right-to- use an underlying asset
4.1.3 Impairment of investments in subsidiaries, associates and joint ventures:
including optional periods, when an entity is reasonably certain to exercise an option to extend (or not to terminate) a lease. The
The Company conducts impairment reviews of investments in subsidiaries / associates / joint arrangements whenever events
Company considers all relevant facts and circumstances that create an economic incentive for the lessee to exercise the option
or changes in circumstances indicate that their carrying amounts may not be recoverable or tests for impairment annually.
when determining the lease term. The option to extend the lease term is included in the lease term, if it is reasonably certain that
Determining whether an asset is impaired requires an estimation of the recoverable amount, which requires the Company to
the lessee would exercise the option. The Company reassesses the option when significant events or changes in circumstances
estimate the value in use determined using a discounted cash flow approach based upon the cash flow expected to be generated
occur that are within the control of the lessee.
by the investment. In case that the value in use of the investment is less than its carrying amount, the difference is at first
recorded as an impairment of the carrying amount of the goodwill. 4.1.11 Uncertainty relating to the global health pandemic on COVID-19
4.1.4 Employee Benefits - Defined benefit plans In assessing the recoverability of receivables including contract assets, goodwill, intangible assets, and certain investments, the
The cost of the defined benefit plans are based on actuarial valuation using the projected unit credit method. An actuarial valuation Company has considered internal and external information up to the date of approval of these standalone financial statements
involves making various assumptions that may differ from actual developments in the future. These include the determination of including credit reports and economic forecasts. The Company has performed sensitivity analysis on the assumptions used
the discount rate, future salary increases, attrition and mortality rates. Due to the complexities involved in the valuation and its herein. Based on the current indicators of future economic conditions, the Company expects to recover the carrying amount of
long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed these assets.
at each reporting date. The impact of COVID-19 remains uncertain and may be different from what we have estimated as of the date of approval of
4.1.5 Litigations these standalone financial statements and the Company will continue to closely monitor any material changes to future economic
The amount recognised as a provision shall be the management’s best estimate of the expenditure required to settle the present conditions.
obligation arising at the reporting period.
4.1.6 Revenue Recognition 5
Property, Plant and Equipment and Capital Work-in-progress
The Company’s contracts with customers could include promises to render multiple services to a customer. The Company
As at As at
assesses the services promised in a contract and identifies distinct performance obligations in the contract. Identification of Particulars
March 31, 2020 March 31, 2019
distinct performance obligation involves judgement to determine the deliverables and the ability of the customer to benefit
Land 3,715 3,715
independently from such deliverables.
Buildings (Freehold) 15,972 11,807
Judgement is applied in the assessment of principal versus agent considerations with respect to contracts with customers and
Buildings (Leasehold) 6,402 6,427
doctors which is determined based on the substance of the arrangement.
Plant and Machinery 3,319 3,271
Judgement is also applied to determine the transaction price of the contract. The transaction price shall include a fixed amount Medical Equipment & Surgical Instruments 13,221 9,709
of customer consideration and components of variable consideration which constitutes amounts payable to customer, discounts, Furniture and Fixtures 2,785 2,742

commissions , disallowances and redemption patterns of loyalty point by the customers. The estimated amount of variable Office equipment 303 216
consideration is adjusted in the transaction price only to the extent that it is highly probable that a significant reversal in the
Computers 296 278
amount of cumulative revenue recognised will not occur and is reassessed at the end of each reporting period.
Vehicles 476 283
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4.1.7 Useful lives of property plant and equipment

Total 46,487 38,448
The Company depreciates property, plant and equipment on a straight-line basis over estimated useful lives of the assets. The charge in 5.1 Capital Work-in-progress (Refer footnote iv) 2,001 8,188
respect of periodic depreciation is derived based on an estimate of an asset’s expected useful life and the expected residual
Total 48,487 46,636
value at the end of its life. The lives are based on historical experience with similar assets as well as anticipation of future events,
which may impact their life, such as changes in technology. The estimated useful life is reviewed at least annually.
236 237
238
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Gross Block
Medical
Buildings Buildings Plant and Equipment & Furniture Office
Particulars Land Computers# Vehicles Total
(Freehold) (Leasehold) Machinery* Surgical and Fixtures equipment
Instruments
Balance at April 1, 2018 2,624 15,442 3,472 5,358 12,087 3,519 643 1,075 682 44,903
Additions 1,090 1,075 41 211 1,707 627 57 174 32 5,013
Disposals/ Deletions - - - (20) (24) (44) (5) (13) (7) (112)
Balance at March 31, 2019 3,715 16,517 3,513 5,549 13,771 4,102 695 1,236 707 49,804
Additions 756 4,274 502 4,924 582 144 143 264 11,589
Disposals/ Deletions (28) (61) (45) (7) (28) (3) (173)
Impact on adoption of Ind AS 116 (Refer (395) (129) (523)
note 46)
Balance at March 31, 2020 3,715 17,273 7,393 6,022 18,634 4,509 832 1,351 967 60,697
Accumulated depreciation & amortisation

Medical
Particulars Buildings Buildings Plant and Equipment & Furniture Office
Land Computers# Vehicles Total
(Freehold) (Leasehold) Machinery* Surgical and Fixtures equipment
Instruments
Balance at April 1, 2018 - 749 621 1,909 2,764 1,004 378 811 365 8,602
Disposals/ Deletions - (6) - (13) (13) (23) (5) (12) (5) (76)
Depreciation expense - 240 209 414 1,309 381 75 139 65 2,831
Balance at March 31, 2019 - 984 830 2,311 4,061 1,362 447 938 425 11,357
Depreciation expense - 318 210 415 1,407 412 88 144 69 3,065
Disposals/ Deletions - - - (23) (55) (27) (5) (26) (2) (138)
Impact on adoption of Ind AS 116 (Refer (49) (23) (72)
note 46)
Balance at March 31, 2020 - 1,302 991 2,703 5,413 1,725 530 1,055 492 14,211
Carrying amount as on March 31, 3,715 15,534 2,683 3,238 9,710 2,740 248 298 283 38,448
2019
Carrying amount as on March 31, 3,715 15,972 6,402 3,319 13,221 2,785 303 296 476 46,487
2020
* Includes electrical installation and generators
# includes servers
Notes:
(i) Refer note 20.1 for information on Property, plant & equipment pledges as security by the company for securing financing facilities from banks and financial institutions.
(ii) Refer note 47 for the contractual capital commitments for purchase of Property, plant & equipment.
(iii) Refer note 32 for details of interest capitalised during the year under capital work-in-progress.
(iv) Capital work in progress includes `47 million in respect of land alloted by Andhra Pradesh Industrial Infrastructure Corporation, which is yet to be registered in the name of the
Company as at March 31,2020

(ii)
(i)
Review
Total
Total
Corporate
April 1, 2019
Cost/deemed cost
Disposals/ Deletions
Standalone Pharmacy
Depreciation expense *
Deletions during the year
Additions during the year
7. Goodwill
Balance at March 31, 2020
Accumulated impairment losses

Section
Particulars
Particulars
Statutory
Carrying amount as on March 31, 2020

adoption of Ind AS 116 as at April 1, 2019
6 Right-of-use Asset
Particulars
Accumulated depreciation
Cash generating units

Allocation of goodwill to cash generating units:
Key assumptions used for value-in-use calculations

Accumulated depreciation on Right-of-use asset recognised on
Right-of-use asset recognised on adoption of IND AS 116 as at
Review
Business
which the Company has based its determinations of value-in-use include:

Land
Land
2,059
67
39
28
2,126
2,126
-
-
-
* Depreciation expenses amounting to `5.08 million is capitalised to Capital work in progress

Notes to the Standalone financial statements as at and for the year ended March 31, 2020
As at
As at
Buildings
Buildings
Financials
Standalone
Goodwill has been allocated for impairment testing purposes to the following cash-generating unit.
March 31, 2020

March 31, 2020
10,833
5,709
1,501
(245)
4,453
16,542
(328)
2,391
14,479
948
948
948
948
-
As at
As at
Total
Total
March 31, 2019

March 31, 2019
12,891
5,776
1,540
(245)
4,481
18,667
(328)
2,391
16,604
948
948
948
948
-
The company tests whether the goodwill has been impaired on an annual basis or on arise of impairment indicators whichever
is earlier. For the purpose of testing of impairment, the carrying amount of goodwill is allocated to a Cash Generating Unit (CGU)
use is determined by discounting the future cash flows to be generated from the continuing use of the CGU. Key assumptions on
representing the lowest level at which the goodwill is monitored for internal management purposes and is not higher than the
Company’s operating segments. The recoverable amount of the CGUs have been assessed based on its value-in-use. Value-in-
Financials
Consolidated

239
Software Non Compete

Key Assumptions Standalone Pharmacy Particulars Trade Mark Total
licence Fee
Discount Rate 13.50% Amortisation expense 165 2 1 168
Long term Growth Rate (used for determining Terminal Value) 3.50% Disposals/ Deletions - - -
Balance at March 31, 2019 614 58 21 694
a. These calculations use cash flow projections over a period of five years based on internal management budgets and estimates.
b. Terminal value is arrived by using last year’s forecasted cash flows to perpetuity using a constant long-term growth rate. This Amortisation expense 220 - - 220
long-term growth rate takes into consideration external macroeconomic sources of data. Disposals/ Deletions - - - -
c. The discount rates used are based on the Company’s weighted average cost of capital of a comparable market participants, Balance at March 31, 2020 834 58 21 913
which is adjusted for specific risks. Carrying amount as on March 31, 2019 302 - - 302
Based on the assessment, the management has concluded that there is no impairment of goodwill in respect of Standalone Carrying amount as on March 31, 2020 231 - - 231
Pharmacy. The management believes that any reasonably possible further change in key assumptions on which recoverable
amount is based would not cause the carrying amount to exceed its recoverable amount. 9. Investments
As at As at
The Company has performed sensitivity analysis for all key assumptions, including the cash flow projections consequent to the
March 31, 2020 March 31, 2019
change in estimated future economic conditions arising from the possible effects due to COVID-19 and is unlikely to cause the Particulars
carrying amount of the CGU exceed its estimated recoverable amount. Non Current Current Non Current Current
8. Other Intangible Assets Investment carried at Cost/Amortised Cost
As at As at Investment in Equity instruments 10,280 - 10,246 -

Particulars
March 31, 2020 March 31, 2019
Investments in debentures and preference shares 426 - 426 -
Software licence 231 302
Investment carried at Fair Value through Profit and Loss
Trade Mark - -
Non Compete Fee - - Mutual Funds - 275 - 126
Total 231 302 Other Investments 93 - 54 -
Aggregate amount of impairment in value of investment in equity (312) - - -

Software Non Compete
Particulars Trade Mark Total instruments
licence Fee
Gross Block Total 10,488 275 10,727 126
Balance at April 1, 2018 812 58 21 891 Refer note 45 for information and disclosure in respect of fair value measurements.
Additions 105 - - 105 As at As at
Disposals/ Deletions - - - - March 31, 2020 March 31, 2019
Particulars
Balance at March 31, 2019 916 58 21 996 Non Current Current Non Current Current
Additions 149 - - 149
Aggregate amount of Quoted investments 394 - 394 -
Disposals/ Deletions - - - -

Market Value for Quoted investments 685 - 774 -
Balance at March 31, 2020 1,065 58 21 1,145
Aggregate amount of unquoted investments 10,094 275 10,333 126
Accumulated depreciation & amortisation
Apollo 24 / 7
Balance at April 1, 2018 449 56 20 526
240 241
242
Apollo 24 / 7
No. of Shares/ No. of Shares/

Amount as Amount as
Units as Units as Quoted/ Fully paid/
Name of the Entity Face Value at March at March
at March at March Unquoted Partly paid
31,2020 31,2019
31,2020 31,2019
Investment carried at Cost
(a) Investment in Equity instruments
Apollo Home Healthcare (I) Limited Subsidiary 10 29,823,012 29,823,012 Unquoted Fully Paid 297 297
Apollo Home Health Care Limited Subsidiary 10 16,887,500 9,687,500 Unquoted Fully Paid 197 125
AB Medical Centers Limited Subsidiary 1,000 16,800 16,800 Unquoted Fully Paid 22 22
Samudra Health Care Enterprises Limited Subsidiary 10 12,500,000 12,500,000 Unquoted Fully Paid 251 251
Imperial Hospitals & Research Centre Limited Subsidiary 10 26,950,496 26,950,496 Unquoted Fully Paid 1,273 1,273
Apollo Hospitals (UK) Limited Subsidiary 1£ 5,000 5,000 Unquoted Fully Paid - -
Apollo Health & Lifestyle Limited Subsidiary 10 83,877,535 81,236,443 Unquoted Fully Paid 4,191 3,840
Apollo Nellore Hospital Limited Subsidiary 10 1,129,842 1,109,842 Unquoted Fully Paid 54 54
Sapien Biosciences Private Ltd Subsidiary 10 10,000 10,000 Unquoted Fully Paid 0.10 0.10
Apollo Home Health Care Limited (compulsory convertible Subsidiary 10 - 7,200,000 Unquoted Fully Paid - 72
debenture)
Apollo Hospitals International Limited Subsidiary 10 22,840,266 22,840,266 Unquoted Fully Paid 480 480
Western Hospitals Corporation Private Limited Subsidiary 10 18,000,000 18,000,000 Unquoted Fully Paid 154 154
Apollo Lavasa Health Corporation Limited Subsidiary # 10 652,393 652,393 Unquoted Fully Paid 312 312
Assam Hospitals Limited Subsidiary 10 5,523,433 5,253,433 Unquoted Fully Paid 739 699
Apollo Healthcare Technology Solutions Limited Subsidiary 10 20,000 20,000 Unquoted Fully Paid - 0.20
Apollo Rajshree Hospitals Private Limited Subsidiary 10 10,754,375 10,754,375 Unquoted Fully Paid 327 327
Future Parking Private Limited Subsidiary 10 2,401,000 2,401,000 Unquoted Fully Paid 24 24
Total Health Subsidiary 10 500,000 500,000 Unquoted Fully Paid 5 5
Apollo Medicals Private Limited Subsidiary 10 9,999 9,999 Unquoted Fully Paid 0.10 0.10
Apollo Hospitals Singapore Pte Limited Subsidiary 1$ 30,001 30,001 Unquoted Fully Paid 1 1
Total 8,329 7,938

Amount as Amount as
Review

31,2020 31,2019
Corporate
31,2020 31,2019
Apollo Munich Health Insurance Company Limited Associate* 10 - 35,709,000 Unquoted Fully Paid - 357
Family Health Plan Insurance (TPA) Limited Associate 10 1,960,000 1,960,000 Unquoted Fully Paid 5 5
Indraprastha Medical Corporation Limited Associate 10 20,190,740 20,190,740 Quoted Fully Paid 394 394
Stemcyte India Therapeutics Private Limited Associate 1 240,196 240,196 Unquoted Fully Paid 80 80
Total 479 836
ApoKos Rehab Private Limited Joint Venture 10 8,475,000 8,475,000 Unquoted Fully Paid 85 85
Apollo Gleneagles Hospitals Limited Joint Venture 10 54,675,697 54,675,697 Unquoted Fully Paid 393 393
Section
Apollo Gleneagles Hospitals PET-CT Private Limited Joint Venture 10 8,500,000 8,500,000 Unquoted Fully Paid 85 85
Statutory
Medics International Life Sciences Limited Joint Venture 10 55,000,000 55,000,000 Unquoted Fully Paid 910 910
Total 1,473 1,473
Grand Total 10,280 10,246
# Impairment in value of investment in Apollo Lavasa Health Corporation Limited (Refer Note 54) (312) -
Amount as Amount as
Review
31,2020 31,2019
Business
31,2020 31,2019
Investment carried at Fair Value through Profit and Loss
(b) Other Investments
Search Light Private Limited Others 10 406,514 406,514 Unquoted Fully Paid 5 16
Kurnool hospitals Enterprise Limited Others 10 157,500 157,500 Unquoted Fully Paid 2 2
Clover energy Private Limited Others 10 1,642,935 1,483,660 Unquoted Fully Paid 16 14
Leap Green Energy Private Limited Others 10 97,600 97,600 Unquoted Fully Paid 1 1
Connect Wind India Private Limited Others 10 1,599,375 - Unquoted Fully Paid 2 -
CWRE Power Private Limited Others 10 1,625 - Unquoted Fully Paid 0.02 -
Immuneel Therapeutics P Ltd(compulsory convertible debenture) Others 10 500,000 - Unquoted Fully Paid 50 -
Financials
Standalone
Tirunelveli Vayu Energy Generation Private Limited Others 1,000 36 36 Unquoted Fully Paid 14 14
Iris Ecopower Venture Private Limited Others 10 100 70,000 Unquoted Fully Paid - 1
VMA Wind Energy India Private Limited Others 10 130,000 130,000 Unquoted Fully Paid 1 1
Array land developers Private Limited Others 10 - 50,000 Unquoted Fully Paid - 1
Morgan securities & credit private limited Others 10 5,000 5,000 Unquoted Fully Paid 0.05 0.05
Citron ECO power private limited Others 10 232,850 436,125 Unquoted Fully Paid 2 4
Total 93 54
Guarantee
Future Parking Private Limited Others Fully paid 0.39 0.39
Financials
Consolidated

243
10 Loans - Non current
Amount
as at March
31,2019
26
426
80
210
110
As at March 31, As at March 31,
Particulars
2020 2019
Carried at amortised cost
Amount as
at March
31,2020
Loans to Related parties 382 196
26
426
80
210
110
Total 382 196
Particulars of related parties, rate of interest and repayment terms have been summarised below:
Fully paid/
Partly paid
Amount as
-
-
at March
31,2019
20
126
-
Fully Paid
Fully Paid
100
Fully Paid
5
Fully Paid As at As at Interest
Company Terms of repayment
March 31, 2020 March 31, 2019 rate
Lifetime Wellness Rx International 148 92 10% Repayable in five equated installments by
Amount as Amount as
at March
31,2019
Quoted/
Unquoted
Limited September 30, 2024
Amount as
-
at March
31,2020
20
275
50
151
Unquoted
10
Unquoted
Unquoted
43
0.02
Unquoted
Western Hospital Corporation 137 88 10% Repayable within a period of 5 years from
Private Limited the date of securing the loan
Apollo Shine Foundation 6 16 10% Repayable in three equated installments
at March
31,2020

Units as
at March
31,2019
Partly Paid /
by March 31, 2022
Fully paid
Fully paid
Fully paid
Fully paid
2,600,000
Fully paid
80
Fully paid
2,100,000
Fully paid
0.02
1,104,000
Apollo Home Health Care Limited 15 - 10% Repayable on demand in one or more
installments as decided by the Company.
Apollo Medskills Limited 77 - 10% Repayable in three equated installments
Fully paid/
Partly paid
Units as
at March
31,2020
by March 31, 2021

Quoted /
Unquoted
Unquoted
Unquoted
Unquoted
2,600,000
Unquoted
80
Unquoted
2,100,000
Unquoted
Fully paid
1,104,000
Total 382 196
11 Loans - Current
Quoted/
Unquoted
Face Value
No.of Shares/ No.of Shares/
-
-
- As at As at
31,2019
Units
2,000,000
10
1,000,000
415,197
10
174,838
Unquoted
10
March
* Refer note 54 in respect of disposal of investment in Apollo Munich Health Insurance Company Limited
Particulars
March 31, 2020 March 31, 2019
Loans to Others 70 80
-
31,2020
Units
2,000,000
16,291
Subsidiary
33,951
3,261
Associate*
Subsidiary
42,017
Others
Subsidiary
Total 70 80
March
12 Trade Receivables
Name of the Entity
Name of the Entity
As at As at
Particulars
March 31, 2020 March 31, 2019
Unsecured
Investments in Government or Trust securities
Apollo Munich Health Insurance Company Limited

Investments in debentures and preference shares
(a) Considered Good 9,871 9,564

Name of the Body Corporate
Less: Expected Credit Loss on above (210) (471)

HDFC Debt Fund for Cancer Cure 2014
SBI Magnum Ultra Short Duration Fund
(b) Considered doubtful 509 573

Apollo Hospitals International Limited
9.2 Details of Current Investments

Sapien Biosciences Private Limited

DHFL Pramerica Insta Cash Fund
Canara Robeco Short Term Fund
Investments in Mutual Funds
SBI Liquid Fund Regular Growth

Future Parking Private Limited
Total 9,661 9,093

National Savings Certificate
Trade receivables represent the amount outstanding on sale of pharmaceutical products, hospital services and project consultancy
fees which are considered as good by the management. In addition the group has also considered credit reports and other credit
Apollo 24 / 7
SBI Liquid Fund
information for its customers to estimate the probability of default in future and has taken into account estimates of possible effect from
the pandemic relating to COVID -19. The Company believes that the carrying amount of allowance for expected credit loss with respect
to trade receivables is adequate.
Total
Total
244 245
Majority of the Company’s transactions are earned in cash or cash equivalents. The trade receivables comprise mainly of receivables 13.2 Amounts receivable under finance leases
from Insurance Companies, Corporate customers and Government Undertakings(both domestic and international)
Present value of minimum lease
Minimum lease payments
Average credit Period payments
Particulars
As at As at As at As at
The average credit period on sales of goods and services ranges from 30-60 days from the date of the invoice.
March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019
Customer Concentration Not later than one year 0.54 0.54 - -
No single customer represents 10% or more of the company’s total revenue during the year ended March 31, 2020 and March 31, Later than one year and not later than five years 2.18 2.18 - -
2019. Therefore the customer concentration risk is limited due to the large and unrelated customer base. Later than five years 46.53 47.07 4.54 4.54
Less: unearned finance income 41.99 42.53 - -
Impairment Methodology
Present value of minimum lease payments receivable 4.54 4.54 4.54 4.54
The Company has used a practical expedient by computing the expected credit loss allowance for receivables based on a provision
matrix . The provision matrix takes into account historical credit loss experience and is adjusted for forward looking information. The The interest rate inherent in the leases is considered as the average incremental borrowing rate which is approximately 12% per
expected credit loss allowance is based on the ageing of the days the receivables are due and the rates as given in the provision matrix. annum
Movement in the expected credit loss allowance (including provision for disallowance) 14 Inventories
As at March 31, As at March 31, As at March 31, As at March 31,
Particulars Particulars
2020 2019 2020 2019
Balance at beginning of the year 1,043 884 Inventories (lower of cost and net realisable value)
Movement during the year (net)* (324) 159 (a) Medicines 556 343
Balance at end of the year 719 1,043 (b) Stores and Spares 458 261
* Includes `591 million (previous year `544 million) of provision created and `915 million (previous year `384) has been written off (c) Other Consumables 108 100
against the provision available. (d) Stock in Trade (in respect of goods acquired for trading)
Refer note 44.1 for the receivable from related parties - Pharmaceutical products (including surgical and generics) 3,520 3,054
Refer note 20.1 for the receivables provided as security against borrowings - FMCG products 1,808 1,490
- Private label and other categories 623 364
13 Other Financial Assets Total 7,074 5,611
Particulars
As at March 31, 2020
Non Current Current
As at March 31, 2019
Non Current Current
15 Cash and cash equivalents
Unsecured, considered good unless otherwise stated For the purposes of the statement of cash flows, cash and cash equivalents include cash on hand and in banks. Cash and cash
(a) Operating lease receivables - 14 - 4 equivalents at the end of the reporting period as shown in the statement of cash flows can be reconciled to the related items in the
(b) Other Receivables ( Refer note i below) 2 656 - 513 balance sheet as follows:
(c) Interest receivable - 105 - 66 As at As at
Particulars
(d) Security Deposits 1,971 - 1,820 - March 31, 2020 March 31, 2019
(e) Advances to employees - 91 - 128 (a) Balances with Banks (Including deposits with original maturity upto 3 months)
(f) Finance Lease Receivable (Refer note 13.1) 5 - 5 - (i) In Current Accounts 2,617 1,842
(g) Fair Value of Derivative Financials Instruments 67 - 288 - (ii) In Deposit Accounts - -
Less: Provision for doubtful advances (Refer note 54) - (9) - - (b) Cash on hand 188 347

Total 2,044 857 2,112 711 Total 2,805 2,190
Note (i) : Refer note 44.1 in respect of advances extended to related parties.
Apollo 24 / 7
13.1
Leasing arrangements
The Company entered into finance lease arrangements with Apollo Hospitals Education and Research Foundation (AHERF) for
its Building in Hyderabad. The lease is denominated in Indian Rupees. The average term of finance lease entered into is 99
years.
246 247
16 Bank balances The Company has equity shares having a nominal value of `5 each. All equity shares rank equally with regard to dividend and share in
the Company’s residual assets. Each holder of equity shares is entitled to one vote per share. The equity shares are entitled to receive
As at As at dividend as declared from time to time. The dividend proposed by the Board of Directors is subject to the approval of the shareholders
Particulars
March 31, 2020 March 31, 2019
in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive
(a) Unpaid Dividend Accounts 37 35
remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of
(b) Term deposits held as Margin money 623 552 equity shares held by shareholders.
Total 660 587
18.2 Details of shares held by each shareholder holding more than 5% shares
17 Other Assets
As at March 31, 2020 As at March 31, 2019
As at March 31, 2020 As at March 31, 2019 Particulars Number of % holding of Number of % holding of
Particulars
Non Current Current Non Current Current Shares held equity shares Shares held equity shares
(a) Capital Advances 354 - 398 - Fully paid equity shares
(b) Advance to suppliers - 743 - 575 PCR Investments Limited 27,223,124 19.57 27,223,124 19.57
(c) Prepaid Expenses(Refer Note (i)) 96 477 266 472 Life Insurance Corporation of India - - 7,900,314 5.68
(d) Balances with Statutory Authorities (Refer Note (ii)) 168 - 298 -
The Company had issued 9,000,000 Global Depository Receipts of `10 (now 18,000,000 Global Depository Receipts of `5 each) with
(e) Prepayment towards leasehold land (Refer Note (iii)) - - 631 12
two-way fungibility during the year 2005-06. Total GDRs converted into underlying Equity shares during the year ended March 31, 2020
Total 618 1,219 1,592 1,059
is 121,840 (2018-19: 2,95,009) of `5 each and total Equity shares converted back to GDR during the year ended March 31, 2020 is
Note (i) : The non current portion of prepaid rent in previous year amounting to `170 pertain to Future Parking Private Limited which 32,224 (2018-19: 1,850) of `5 each.
has been reclassified to Right-of-use asset on account of adoption of Ind AS 116.
Note (ii) : Refer note 48 for amounts deposited with the statutory authorities in respect of disputed dues.
19 Other equity
As at As at
Note (iii) :The upfront lease premium paid to the City and Industrial Corporation of Maharashtra Limited (‘CIDCO’) for granting the Particulars Note
March 31, 2020 March 31, 2019
leasehold rights for a period of 60 years for developing a multi-speciality hospital in Navi Mumbai has been reclassified to Right-of-use
General reserve 19.1 11,257 11,257
asset during the year on account of adoption to Ind AS 116, Leases.
Securities premium reserve 19.2 17,139 17,139
18 Equity Share Capital Capital Reserves 19.3 18 18

Retained earnings 19.4 10,938 9,396
As at As at
Particulars Capital redemption reserve 19.5 60 60
March 31, 2020 March 31, 2019
Debenture redemption reserve 19.6 1,250 1,750
Authorised Share capital :
Other comprehensive income 19.7 (781) (788)
200,000,000(2018-19 : 200,000,000) Equity Shares of `5/- each 1,000 1,000
IND AS Transition reserve 19.8 (693) (693)
1,000,000(2018-19 : 1,000,000) Preference Shares of `100/- each 100 100
Balance at the end of the year 39,188 38,139
Issued
139,658,177 ( 2018-19: 139,658,177) Equity shares of `5/- each 698 698 19.1 General reserve
Subscribed and Paid up capital comprises: As at As at
Particulars
139,125,159 fully paid equity shares of `5 each (as at March 31, 2019: 139,125,159) 696 696 March 31, 2020 March 31, 2019
Total 696 696 Balance at beginning of year 11,257 11,257
Transfer from Profit and Loss - -

18.1 Fully paid equity shares
Share Capital
Particulars No. of Shares The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general
(Amount)
Apollo 24 / 7
Balance at April 1, 2019 139,125,159 696 reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items
Movement - - included in general reserve will not be reclassified subsequently to profit and loss.
Balance at March 31, 2020 139,125,159 696
248 249
19.2 Securities premium reserve 19.6 Debenture Redemption reserve
Balance at beginning of year 1,750 1,750
Movement during the year (500) -
Share issue costs - - Balance at the end the of year 1,250 1,750
Share issue costs related income tax - - Debenture Redemption Reserve is created out of the profits of the company as per the regulations of the Companies Act, 2013 and is
Balance at the end of the year 17,139 17,139 not available for the payment of dividends and such reserve shall be utilised only for redemption of debentures.
Securities premium is used to record premium received on issue of shares. The reserve is utilised in accordance with the provisions 19.7 Other comprehensive Income
of the Indian Companies Act, 2013 (the “Companies Act”).
As at As at
Particulars
19.3 Capital Reserves March 31, 2020 March 31, 2019
Balance at beginning of year (788) (497)
As at As at Movement during the year 7 (291)
Particulars
March 31, 2020 March 31, 2019 Balance at the end the of year (781) (788)
Balance at beginning of year 18 18
Movement - - 19.8 IND AS Transition Reserve
Balance at the end of the year 18 18 As at As at

Particulars
March 31, 2020 March 31, 2019
19.4 Retained earnings Balance at beginning of year (693) (693)
As at As at Movement during the year

Particulars
March 31, 2020 March 31, 2019 Balance at the end the of year (693) (693)
20 Borrowings
Profit attributable to owners of the Company 4,703 3,028
Payment of dividends on equity shares (Including dividend distribution tax) (1,551) (837) Particulars
Non Current Current Non Current Current
Impact on adoption of IND AS 116 (2,109) Secured - at amortised cost
Transfer to Reserves 500 - (a) Redeemable non-convertible debentures 5,000 - 7,000 -
(b) Term loans
-from banks and financial institutions 19,997 18,293 -
In respect of the year ended March 31, 2020, the company declared an interim dividend of `3.25 per share be paid on fully paid (c) Bank overdraft including working capital facilities - 2,825 - 571
equity shares in addition to the interim dividend `2.75 per share is declared in the current year.For the previous year, dividend of `6 Unsecured - at amortised cost
per share was paid. (a) Term loans
-from banks and financial institutions - 980 531 3,250
19.5 Capital Redemption reserve -from related party - - - -
(b) Bank overdrafts including Working capital facilities - 63 - 148
As at As at
Particulars (c) Bills Payable - 701 149 588
March 31, 2020 March 31, 2019
Total 24,997 4,569 25,973 4,557
(i) There is no breach of loan covenants as at March 31, 2020 and March 31, 2019.
Movement during the year - -

Balance at the end the of year 60 60 (ii) The secured listed non-convertible debentures of the company aggregating to `5,000 Million as on March 31, 2020 are secured
by way of first mortgage/charge on the company’s properties. The asset cover on the secured listed non-convertible debentures
The Companies Act requires that where a Company purchases its own shares out of free reserves or securities premium account, a sum
of the company exceeds hundred percent of the principal amount of the said debentures.
equal to the nominal value of the shares so purchased shall be transferred to a capital redemption reserve account and details of such
Apollo 24 / 7
(iii) For the year ended March 31, 2020, due to outbreak of Covid-19 pandemic, RBI vide circular DOR.No.BP.BC.47/21.04.048/2019-
transfer shall be disclosed in the balance sheet. The capital redemption reserve account may be applied by the Company, in paying up
20 dated March 27, 2020 has directed banks and financial institutions to provide moratorium of 3 months to borrowers on all
unissued shares of the Company to be issued to shareholders of the Company as fully paid bonus shares.
payments falling due between March 1, 2020 and May 31, 2020 to all eligible borrowers classified as standard. Accordingly, the
Company has availed moratorium with respect to the principal and interest aggregating to `86 million which were due in the month of
March 20.
250 251
252
Apollo 24 / 7
20.1 Summary of Borrowing arrangements

(a) Redeemable Non-Convertible Debentures
Principal Principal
Rate of
Outstanding Outstanding Rate of Interest
Particulars Details of repayment terms and maturity Nature of Security Interest
as at March as at March 31 Mar 19
31 Mar 20
31, 2020 31, 2019
10.2% Non - 2,000 The company issued 2,000 no's of 10.20% Non Secured by way of Pari passu first charge on the 10.20% 10.20%
Convertible Convertible Redeemable Debentures of `1 Million each fixed assets of the Company, existing and future
Debentures on August 22, 2014 to banks and financial institutions, along with Bank and Institutions; such Pari passu
with an option to re-purchase/ re-issue some or all of its first charge ensuring at least a cover of 1.25
debentures in the secondary market or otherwise at any times the value of outstanding principal amount
time prior to the specified date of redemption of August of the loan
22, 2028. It was fully repaid in the financial year
8.7% Non 3,000 3,000 The company issued 3,000 nos. of 8.70% Non Secured by way of Pari passu first charge on the 8.70% 8.70%
Convertible Convertible Debentures of `1 Million each on October fixed assets of the Company, existing and future
Debentures 7, 2016, with 2 call options to re-purchase/ re-issue along with Bank and Institutions; such Pari passu
some or all of its debentures in the secondary market first charge ensuring at least a cover of 1.25
or otherwise at any time prior to the specified date of times the value of outstanding principal amount
redemption of October 7, 2026. of the loan
7.8% Non 2,000 2,000 The company issued 2,000 nos. of 7.80% Non Secured by way of Pari passu first charge on the 7.80% 7.80%
Convertible Convertible Debentures of `1 Million each on March 7, fixed assets of the Company, existing and future
Debentures 2017, and the specified date of redemption is March along with Bank and Institutions; such Pari passu
7, 2022. first charge ensuring at least a cover of 1.25
times the value of outstanding principal amount
of the loan
(b) Secured and Unsecured borrowing facilities from banks and others
Principal Principal
Rate of Rate of
Outstanding Outstanding
Particulars Details of repayment terms and maturity Nature of Security Interest Interest 31
as at March as at March
31 Mar 20 Mar 19
31, 2020 31, 2019
HDFC Bank Limited 3,500 3,500 The loan is repayable in 22 half yearly The loan is secured by first pari passu charge on 8.15% 8.40%
instalments (with a moratorium period of 4 all present and future movable and immovable
years from the date of the first disbursement) fixed assets of the company along with minimum
commencing from September 8, 2020. cover of 1.25 times the value of the outstanding
principal amount of the loan.
Principal Principal
Rate of Rate of
Review
31 Mar 20 Mar 19
31, 2020 31, 2019
Corporate
Axis Bank Limited 2,775 2,925 The loan is repayable in 40 Quarterly instalments The loan is secured by first pari passu charge on 8.10% 8.60%
(with a moratorium of 4 years from the date of all present and future movable and immovable
1st disbursement) commencing from December fixed assets of the company along with minimum
15, 2018. cover of 1.25 times) the value of the outstanding
principal amount of the loan
HDFC Bank Limited 600 - The Company availed a term loan from HDFC The loan is secured by first pari passu ranking 8.10% NA
Bank Ltd for a sanctioned limit of `750 million charge on entire existing and future movable fixed
which is repayable by FY 2021-2022 asset of the company with minimum cover of
Section
1.25 times the value of the outstanding principal

Statutory
amount of the loan

Bank of India 2,312 2,425 This loan is repayable in 40 Quarterly The loan is secured by first pari passu charge on 8.10% 9.55%
instalments (with a moratorium of 4 years from all present and future movable and immovable
the date of 1st disbursement) commencing from fixed assets of the company along with minimum
December,30, 2018. cover of 1.25 times the value of the outstanding
HSBC Term Loan -I 1,675 1,825 The Company has availed Rupee Term Loan The loan is secured by first pari passu charge on 7.95%- 8.30%
Review
Business
of `2,000 Million from HSBC Bank Limited, all present and future movable and immovable 8.05%
out of which `1,000 Million is repayable in 16 fixed assets of the company ensuring atleast a
semi-annual instalments commencing from cover of 1.25 times the value of the outstanding
March 2, 2017 and the balance `1,000 Million principal amount of the loan.
is repayable in 16 semi-annual instalments
commencing from November 13, 2018.
HSBC Bills Payable - 132 The company has availed a buyer’s line of The loan is secured by first pari passu ranking - 6 months
credit of from HSBC for the import of medical charge on entire existing and future movable fixed libor +0.55
Equipments which is repayable on various dates asset of the company with minimum cover of
Financials
Standalone
in FY 2019-20 1.25 times the value of the outstanding principal

amount of the loan.
HSBC Term Loan -II 350 - The Company has availed Rupee Term Loan of The loan is secured by first pari passu ranking 7.50%
`350 Million out of sanctioned amount of `1,500 charge on entire existing and future movable fixed
Million from HSBC Bank Limited repayable in 28 asset of the company with minimum cover of
quarterly installments commencing from June 1.25 times the value of the outstanding principal
2020 amount of the loan.
Financials
Consolidated

253
254
Apollo 24 / 7
Principal Principal
Rate of Rate of
31 Mar 20 Mar 19
31, 2020 31, 2019
International - 892 The Loan outstanding is repayable in 8 semi- The ECB loan is secured by way of pari passu first 9.20% 9.20%
Finance Corporation annual instalments during September and March ranking charge on the fixed assets of the company
(External Commercial of each year. This has been repaid in the current ensuring at least a cover of 1.25 times the value
Borrowings) financial year of the outstanding principal amount of the loan.
HSBC (External - 277 The loan outstanding was repayable in 6 The ECB loan was secured by way of pari passu - 9.50%
Commercial quarterly instalments starting from April, 2018. first ranking charge on the fixed assets of the
Borrowings) This has been repaid in the current financial year company.
NIIF Infrastructure 1,000 1,000 During the year 2015-16 the Company availed The loan is secured by first pari passu charge on 9.60% 9.60%
Finance Limited loan of `1,000 million which is repayable in all present and future movable and immovable
3 annual instalments of 20% at the end of fixed assets of the company ensuring atleast a
December 2029 (14th year), 40% at the end of cover of 1.25 times the value of the outstanding
December 2030 (15th year) and balance 40% at principal amount of the loan.
the end of December 2031 (16th year) from the
date of first disbursement.
ICICI Bank Limited 2,386 2,460 The loan is repayable in 48 quarterly instalments The loan is secured by first pari passu charge on 9.05% 9.05%
commencing from June 30, 2019. all present and future movable and immovable
fixed assets of the company.
State Bank of India 6,829 3,611 The balance outstanding is repayable in quarterly The loan is secured by paripassu first charge with 8%- 8.80%
instalments till 2032-2033 other term lenders and debenture holders on all 8.10%
the present and future movable and immovable
fixed assets of the company with a minimum cover
of 1.25 times the value of outstanding principal
amount of the loan.
Axis Bank Limited 650 The company has been sanctioned working Secured by hypothecation of stock and book 7.20%
(Working Capital) capital facility of `1,500 million from Axis Bank. debts of the company
Axis Bank Limited 980 - The company has been sanctioned a short term 7.20%
(Short term facilities) facility from Axis bank of `1,500 million
Principal Principal
Rate of Rate of
Review
Corporate
31 Mar 20 Mar 19
31, 2020 31, 2019
HSBC- Working capital 63 148 The company has been sanctioned `750 Million 8.05% 8.75%
facilities overdraft facility and working capital facility by
HSBC which is repayable on various dates
Fixed Deposit 2 13 Represents the unclaimed fixed deposits - 8.75% to 8.75% to

outstanding as on March 31, 2020 9.25% 9.25%
Section
Statutory
Bank of Tokyo – 601 1,109 The loan is repayable in 3 annual instalments - 9.20% 9.20%
Mitsubishi UFJ starting from the year September 2018
(External Commercial
Borrowings)
Citi Bank - Bill 701 588 The Company has been sanctioned bill - 7.10% 8%
Discounting discounting facility from Citi Bank for a maximum
Review
Business
outstanding of `1000 million.

HDFC Bank Limited 1,900 1,250 The Company has been sanctioned Working Secured by hypothecation of stock and book 7.20% 0.084
Capital Demand Loan facility debts of the company
HDFC Bills payable - 150 The Company had availed a buyer’s line of credit
from HDFC for the import of medical equipments
which was repaid on various dates in FY 2019
-20
HDFC - CC A/c 276 571 The Company has availed a cash credit facility Secured by hypothecation of stock and book 7.75% 8.75%
Financials
Standalone
from HDFC Bank which is repayable on various debts of the company

dates in FY 2019 -20
MUFG Bank Ltd. - 2,000 The Company had availed a loan of `1,000 8.50%
million each on March 22, 2019 and March 27,
2019 which was repaid in FY 2019 - 20
Total 31,599 31,877
Financials
Consolidated

255
21 Other financial liabilities Opening

Recognised in
Recognised
in other Recognised in Closing
Statement of
As at March 31, 2020 As at March 31, 2019 Balance comprehensive Other Equity Balance
Particulars Profit and Loss
Non Current Current Non Current Current income
Lease liability (192) 4 (1,133) (1,321)
a) Interest accrued on Borrowings - 219 - 323
Retirement Benefit Plans (553) (553)
b) Unclaimed dividends (Refer Note 16 (a)) - 37 - 35
Business Loss carried forward under Income Tax - -
c) Rent deposits 27 - 19 -
Minimum Alternate Tax (MAT) Credit (Refer Note i) (4,091) 869 (3,222)
d) Other deposits 23 - 23 -
Total 3,104 939 4 (1,133) 2,913
e) Unclaimed matured deposits and interest accrued - 2 - 13
thereon Movement of Deferred Tax 2018-19
f) Current maturities of long-term debt - 2,032 - 1,847 Recognised
Recognised in
g) Lease liabilities (Refer Note 46) 14,168 1,244 in other
Opening Balance Statement of Closing Balance
h) Other Payables 928 - 931 comprehensive
Profit and Loss
income
i)Capital creditors 511 - 1,109
Property, Plant & Equipment 7,959 (41) - 7,918
Total 14,218 4,973 42 4,259
Financial Assets 48 (219) - (171)
Notes Retirement Benefit Plans (399) - (154) (553)
Business Loss carried forward under Income Tax (745) 745 - -
(i) During the year 2019-20 , the amount transferred to the Investors Education and Protection Fund of the Central Government as per
the provisions of Section 124 (5) and 124 (6) of the Companies Act, 2013 is `3.34 Million (Previous year `3.66 Million) Minimum Alternate Tax (MAT) Credit (Refer Note i) (4,398) 307 - (4,091)
Total 2,466 792 (154) 3,104
22 Provisions Note (i): The company has unused tax credits in the form of Minimum Alternate Tax (MAT) which would expire by financial year ending
As at March 31, 2020 As at March 31, 2019 March 2032-33
Particulars
Provision for Bonus (Refer footnote (i) below) - 420 - 409 24 Trade Payables
Provision for Gratuity and Leave Encashment ( Refer note - 665 - 551 Particulars As at March 31, 2020 As at March 31, 2019
40 and 41)
Total outstanding dues of micro enterprises and small enterprises (Refer note 24.1) 63 82
Total - 1,084 - 960
Total outstanding dues of creditors other than micro and small enterprises 7,209 5,282
Notes
Total 7,272 5,364
(i) The provision for Bonus is based on the Management’s policy in line with the Payment of Bonus Act, 1965.
(i) The average credit period on purchases of goods ranges from immediate payments to credit period of 45 days based on the
23 Deferred tax balances nature of the expenditure. The Company has financial risk management policies in place to ensure that all payables are paid
within the pre-agreed credit terms.
Particulars As at March 31, 2020 As at March 31, 2019
Deferred Tax Assets (6,066) (5,636) (ii) Amounts payable to related parties is disclosed in note 44.1
Deferred Tax Liabilities 8,979 8,739 The information pertaining to liquidity risks related to trade payables is disclosed in note 43.
Total 2,913 3,104
The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated 26 August 2008 which recommends that
Movement of Deferred Tax 2019-20 the Micro and Small Enterprises should mention in their correspondence with its customers the Entrepreneurs Memorandum Number

The major components of deferred tax liabilities/(assets) arising on account of timing differences for the year ended March 31, 2020 as allocated after filing of the Memorandum. Accordingly, the disclosure in respect of the amounts payable to such enterprises as at
are as follows : March 31, 2020 has been made in the financial statements based on information received and available with the Company. Further in
view of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Micro, Small and
Recognised
Recognised in
Apollo 24 / 7
Opening in other Recognised in Closing Medium Enterprises Development Act, 2006 (‘The MSMED Act’) is not expected to be material. The Company has not received any claim
Statement of
Balance comprehensive Other Equity Balance for interest from any supplier.
Profit and Loss
income
Property, Plant & Equipment 7,918 367 8,285
Financial Assets (171) (105) (276)
256 257
24.1 Particulars
27 Revenue from Operations
Particulars March 31, 2020 March 31, 2019
The following is an analysis of the Company’s revenue for the year from continuing operations
The amounts remaining unpaid to micro and small suppliers as at the end of the
year Year ended Year ended
Particulars
March 31, 2020 March 31, 2019
- Principal 63 82 (a) Revenue from rendering of healthcare services 49,002 44,227
(b) Revenue from sales of Pharmaceutical products 48,206 38,860
- Interest
(c) Other Operating Income
The amount of interest paid by the buyer as per the MSMED Act - - Project Consultancy Income 661 212
- Franchise fees 19 16
The amount of payments made to micro and small suppliers beyond the appointed -
- Income from Clinical Trials 57 51
day during the accounting year;
Total 97,944 83,367
The amount of interest due and payable for the period of delay in making payment - Healthcare Services (including other operating income)
(which have been paid but beyond the appointed day during the year) but without
Region Year ended Year ended
adding the interest specified under the MSMED Act;
March 31, 2020 March 31, 2019
The amount of interest accrued and remaining unpaid at the end of each - Tamilnadu 22,402 20,269
accounting year AP, Telangana 10,626 9,890
Karnataka 4,588 4,098
The amount of further interest remaining due and payable even in the succeeding
years, until such date when the interest dues as above are actually paid to the Others 12,123 10,249
small enterprise for the purpose of disallowance as a deductible expenditure under Total revenue from contracts with customers from healthcare services 49,739 44,506
the MSMED Act
Pharmaceutical Products
25 Tax assets and Liabilities Region

Year ended
March 31, 2020
Year ended
March 31, 2019
Particulars As at March 31, 2020 As at March 31, 2019 Region 1 ( Includes Tamilnadu, Karnataka, Maharashtra, Pondicherry, Goa and Port 18,044 14,312
Tax assets Blair)
Advance Tax 2,445 2,699 Region 2 ( Includes Telangana, Chhattisgarh, Orissa, West Bengal, Andhra Pradesh , 21,713 17,605
Assam and Jharkhand)
Tax refund receivable 9,168 7,534
Region 3 ( Bihar, J&k, New Delhi, Ahmedabad, Ludhiana, Chandigarh, Uttar Pradesh, 8,449 6,944
Less:
Rajasthan, Haryana, Himachal Pradesh, Madhya Pradesh and Uttarakhand)
Income tax payable (9,676) (8,494)
Total revenue from sale of Pharmaceutical products 48,206 38,860
Net 1,937 1,739
26 Other current liabilities Year ended Year ended

Category of Customer
March 31, 2020 March 31, 2019
Cash ( With card/Cash/Wallet/RTGS) 66,385 60,302
(a) Contract liabilities (Refer footnote (i)) 958 794
Credit 31,559 23,065
(b) Statutory Liabilities 560 389
Total 97,944 83,367
(c) Others 13 8

Total 1,532 1,191
Year ended Year ended
(i) Contract liabilities represents deferred revenue arises in respect of the Company’s Loyalty Points Scheme and deposits collected Nature of treatment
March 31, 2020 March 31, 2019
from patients recognised in accordance with Ind AS 115 Revenue from contracts with customers
Apollo 24 / 7
In-Patient 33,771 36,033

Out-Patient 15,507 8,261
Sale of Pharmaceutical products 48,206 38,860
258 259
Year ended Year ended Year ended Year ended

Nature of treatment Particulars
Others 461 212 d) Other gains and losses
Total revenue from contracts with customers from Healthcare services 97,944 83,367 Net gain arising on disposal of financial assets 4 2
Gain/(loss) on fair valuation of equity investments (11)
Refer note 3.5 of Significant accounting policies section which explain the revenue recognition criteria in respect of revenue from
rendering Healthcare and allied services and Pharmaceutical products as prescribed by Ind AS 115, Revenue from contracts with Gain on fair valuation of mutual funds 11 1
customers. Miscellaneous Income 13 9

Foreign exchange gain/(loss), net (51) (16)
Contract liability
Total (35) (4)
During the financial year ended March 31, 2020, the company has recognised revenue of `387 (Previous year `505 million) from its Total (a+b+c+d) 109 122
Patient deposit outstanding as on April 1, 2019
Reconciliation of revenue recognised with the contract price is as follows: 29 Cost of Materials Consumed
Healthcare Services (including other operating income) Year ended Year ended
Particulars
Year ended Year ended March 31, 2020 March 31, 2019
Particulars
March 31, 2020 March 31, 2019 Opening inventory 703 1,198
Contract price (as reflected in the invoice raised on the customer as per the terms 58,366 51,563 Add: Purchases 15,740 13,421
of the contract with customer) Less: Closing inventory 1,122 703
Reduction in the form of discounts and disallowances 1,902 1,237 Total 15,321 13,917
Reduction towards amounts received on behalf of third party service consultant 6,725 5,820
Revenue recognised in the statement of profit and loss 49,739 44,506 30 Changes in inventory of stock in trade
Pharmaceutical Products Year ended Year ended
Particulars
Year ended Year ended March 31, 2020 March 31, 2019
Particulars
March 31, 2020 March 31, 2019 Inventories at the beginning of the year 4,908 4,188
Contract price (as reflected in the invoice raised on the customer as per the terms 48,474 39,175 Inventories at the end of the year (5,951) (4,908)
of the contract with customer) Changes in inventory of stock in trade (1,043) (720)
Reduction in the form of discounts and commissions 100 75
Revenue deferred on account of unredeemed loyalty credits 168 240 31 Employee benefits expense
Revenue recognised in the statement of profit and loss 48,206 38,860 Year ended Year ended
Particulars
March 31, 2020 March 31, 2019
28 Other Income Salaries and wages 13,102 11,299
Year ended Year ended Contribution to provident and other funds 835 735
Particulars
March 31, 2020 March 31, 2019 Bonus 381 392
a) Interest income Staff welfare expenses 874 525
(Interest Income earned on financial assets that are not designated as at fair value Total 15,192 12,951
through profit or loss)
Bank deposits 39 36 32 Finance costs
Other financial assets 66 54

Sub total 105 90 Particulars
March 31, 2020 March 31, 2019
b) Dividend Income Interest expense on financial liabilities measured at amortised cost 2,570 2,323
Dividend on equity investments 36 34 Interest expense on lease liabilities 1,273 -
Apollo 24 / 7
c) Other non-operating income Bank Charges 416 357

Provision for liabilities no longer required written back 3 3 Total 4,259 2,680
Sub total (b + c) 39 37
During the year the Company has capitalised borrowing costs of `232 million (previous year `350 million) relating to projects, included
in Capital Work in progress. The capitalisation rate used is the weighted average interest of 9% (previous year 9.03%)
260 261
33 Depreciation and amortisation expense Particulars

March 31, 2020 March 31, 2019
Year ended Year ended (b) Payments to auditors
Particulars
March 31, 2020 March 31, 2019
a) For audit (including limited review) 28 25
Depreciation of Property, plant and equipment 3,065 2,831
b) For other services 3 3
Depreciation of Right-of-use assets 1,535 - c) For reimbursement of expenses 2 1
Amortisation of intangible assets 223 168 Total 32 29
Total 4,823 2,999 (c) Expenditure incurred for corporate social responsibility 96 84
(Refer Note (i) below)
34 Other expenses Total (a) +(b) + ( c ) 16,780 16,544
Particulars Note
March 31, 2020 March 31, 2019
(i) Consequent to the requirements of section 135 of Companies Act 2013, the company has made contributions as stated below .
(a) Other Expenses
The same is in line with activities specified Schedule VII of Companies Act, 2013.
Retainer Fees to Doctor`s 3,429 3,097
Advertisement, Publicity & Marketing 1,874 1,459 a) Gross amount required to be spent by the company during the year is `81 Million (Previous year `77 Million)
Power and fuel 1,567 1,367
b) Amount spent during the year on corporate social responsibility activities:
Outsourcing Expenses
Food and Beverages 1,083 930 Particulars
March 31, 2020 March 31, 2019
House Keeping Expenses 1,096 957
Construction/acquisition of any asset - -
Security Charges 268 234
On purpose other than above 96 84
Bio medical maintenance 259 221
Other services 247 92 35 Income taxes
Legal & Professional Fees 852 942
35.1 Amount recognised in profit and loss
Office Maintenance & Others 841 634
Repairs to Machinery 826 643 Year ended Year ended
Particulars
March 31, 2020 March 31, 2019
Rent 780 2,632
Current tax
Travelling & Conveyance 643 609
Impairment of trade receivables 591 544 In respect of the current year 1,122 805
Printing & Stationery 466 383 In respect of the earlier year 60 -
Rates and Taxes, excluding taxes on income 166 142 Total 1,182 805
Water Charges 164 113 Deferred tax
Postage & Telegram 148 124 In respect of the current year (includes MAT credit utilised amounting to `869 939 792
Repairs to Buildings 142 132 (previous year `307))
Telephone Expenses 141 103 Total 939 792
Hiring Charges 140 126 Total income taxes 2,121 1,597
Insurance 137 121
Continuing Medical Education & Hospitality Expenses 136 91 36 Amount recognised in Other Comprehensive Income (OCI)
House Keeping Expenses 132 103
For the year ended March 31, 2020 For the year ended March 31, 2019
Repairs to Vehicles 81 64
Tax Tax
Seminar Expenses 49 49 Particulars

Before tax (expense)/ Net of Tax Before tax (expense)/ Net of Tax
Donations 21 32 Benefit Benefit
Subscriptions 16 16 Items that will be not reclassified
Books & Periodicals 10 10 subsequently to Statement profit and loss:
Apollo 24 / 7
Director Sitting Fees 4 3 Re-measurement of defined benefit plans 11 (4) 7 (445) 154 (291)
Loss on disposal of Property Plant and Equipment 24 40
Miscellaneous expenses 319 419
Total (a) 16,652 16,431
262 263
36.1 Reconciliation of Effective Tax rate

Segment Revenue Segment Profit
Particulars
Year ended Year ended March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019
Particulars
March 31, 2020 March 31, 2019 Less:
Profit before tax 6,824 4,625 Finance costs (4,259) (2,680)
Enacted tax rates in India 34.94% 34.94% Other un-allocable income, (net of expenditure) 109 122
Income tax expense calculated 2,384 1,616 Exceptional item (Refer note 54) 1,644 -
Effect of income that are not considered in determining taxable profit (686) - Profit before tax 6,824 4,625
Long Term Capital gains recognised on sale of investments 222 -
Segment profit represents the profit before tax earned by each segment without allocation of central administration costs and directors’
Effect of impairment recorded in long term investments and advances 112 -
salaries, other income, as well as finance costs. This is the measure reported to the chief operating decision maker for the purposes of
Effect of tax expenses recorded in respect of previous years not included in profit 60 -
resource allocation and assessment of segment performance.
considered above
Effect of expenses that are not deductible in determining taxable profit 33 - 37.2 Segment assets and liabilities
Reassessment of deferred tax asset recognition on brought forward business (5) (19) Particulars As at March 31, 2020 As at March 31, 2019
losses Segment Assets
Total 2,121 1,597 Healthcare 67,696 60,001
Retail Pharmacy 20,550 11,234
37 Segment information Total Segment Assets 88,246 71,234
Unallocated 13,196 13,049
The board of directors have been identified as the Chief Operating Decision Maker (CODM) by the company. Information reported
Total assets 101,442 84,284
to the CODM for the purposes of resource allocation and assessment of segment performance focuses on the types of goods or
Segment liabilities
services delivered or provided. Healthcare and Retail Pharmacy have been identified as the operating segments. No operating
Healthcare 15,515 7,348
segments have been aggregated in arriving at the reportable segments of the Company.
Retail Pharmacy 11,275 2,250
Company operates mainly in India. Accordingly, there are no additional disclosures to be provided under Ind AS 108, other than Total Segment liabilities 26,790 9,598
those already provided in the financial statements. Unallocated 34,768 35,851
Total liabilities 61,558 45,449
The following are the accounting policies adopted for segment reporting :
a. Assets, liabilities, revenue and expenses have been identified to segments on the basis of their relationship to the operating 37.3 Other segment information
activities of the segment. Depreciation and Amortisation Addition to Non Current Assets
Particulars
b. Healthcare segment includes hospitals and hospital based pharmacies. Retail pharmacy include pharmacy retail outlets. March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019
Healthcare 3,272 2,581 11,530 4,291
c. Inter segment revenue and expenses are eliminated. Retail Pharmacy 1,551 418 2,599 722
The Company has disclosed this Segment Reporting in Financial Statements as per Ind AS 108. Total 4,823 2,999 14,129 5,013
37.1
Segment revenues and results For the purpose of monitoring segment performance and allocating resources between segments:
The following is an analysis of the Company’s revenue and results from continuing operations by reportable segment. (i) all assets are allocated to reportable segments other than current and deferred tax assets under unallocable assets. Goodwill is
allocated to reportable segments as described in note 7
Particulars (ii) all liabilities are allocated to reportable segments other than borrowings, interest accrued and not due on these borrowings, current
and deferred tax liabilities which are grouped as unallocated liabilities.
Healthcare 49,747 44,514 6,428 5,501

Retail Pharmacy 48,206 38,860 2,902 1,682 Refer note 9 for information on investments in associates and joint ventures accounted under equity method.
Total 97,953 83,375 9,330 7,182

Less: Inter Segment Revenue 9 8 - -
Apollo 24 / 7
Sub-Total 97,944 83,367 9,330 7,182
264 265
38 Earnings per Share (EPS) Interest risk A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an
increase in the return on the plan's debt investments
EPS is calculated by dividing the profit attributable to equity shareholders by the weighted average number of equity shares outstanding during
Longevity risk The present value of the defined benefit plan liability is calculated by reference to the best estimate of the
the year. The earnings and the weighted average number of shares used in calculating basic and diluted earnings per share is as follows: mortality of plan participants both during and after their employment. An increase in the life expectancy of the
plan participants will increase the plan's liability.
Salary risk The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan
Basic and Diluted earnings per share ( Face value `5 per share)
participants. As such, an increase in the salary of the plan participants will increase the plan's liability.
(i) Income :-
Profit for the year attributable to the owners of the Company 4,703 3,028 A. Change in Defined Benefit Obligation
Earnings used in the calculation of basic earnings per share 4,703 3,028 Year ended Year ended
Particulars
(ii) Weighted average number of equity shares for the purposes of basic earnings 139,125,159 139,125,159 March 31, 2020 March 31, 2019
per share Present value of defined benefit obligation as at the beginning of the year 1,176 851
(iii) Earnings per share ( Face value `5 per share) Current service cost 51 63
Basic and Diluted 33.80 21.76
Interest cost 78 57
Remeasurement (gains)/losses on account of change in actuarial assumptions (7) 280
Employee Benefit Plans Benefits paid from the fund (50) (75)
39 Defined contribution plans Present value of defined benefit obligation as at the end of the year 1,248 1,176
B. Changes in Fair value of Plan Assets

The Company makes contributions towards provident fund and employees state insurance as a defined contribution
retirement benefit fund for qualifying employees. The provident fund is operated by the regional provident fund commissioner. Year ended Year ended
Particulars
The amount recognised as expense towards contribution to provident fund amount was `561 (Previous year `436). March 31, 2020 March 31, 2019
The Employee state insurance is operated by the Employee State Insurance corporation. Under these schemes, the Company is Fair value of plan assets as at the beginning of the year 836 681
required to contribute a specific percentage of the payroll cost as per the statute. The amount recognised as expense towards Interest income 59 54
contribution to Employee State Insurance was `204 (Previous year `232 million). Return on plan assets (excluding amounts included in net interest expense) 5 7
Contributions from the employer 67 170
The Company has no further obligations in regard of these contribution plans.
Benefits paid from the fund (50) (75)
40 Defined benefit plans Fair value of plan assets as at the end of the year 917 836
Gratuity C. Amount recognised in Balance Sheet
The Company operates post-employment defined benefit plan that provide gratuity. The gratuity plan entitles an employee, who Year ended Year ended
Particulars
has rendered at least five years of continuous service, to receive one-half month’s salary for each year of completed service at March 31, 2020 March 31, 2019
the time of retirement/exit. The Company’s obligation in respect of the gratuity plan, which is a defined benefit plan, is provided Present value of funded defined benefit obligation as at the end of the year 1,248 1,176
for based on actuarial valuation carried out by an independent actuary using the projected unit credit method. The Company Fair value of plan assets as at the end of the year (917) (836)
recognizes actuarial gains and losses immediately in other comprehensive income, net of taxes. The Company accrues gratuity Net liability arising from defined benefit obligation* 331 340
as per the provisions of the Payment of Gratuity Act, 1972 as applicable as at the balance sheet date. Restrictions on asset recognised - -
Others - -
The Company contributes all ascertained liabilities towards gratuity to the Fund. The plan assets have been primarily invested
in insurer managed funds. The company provides for gratuity , a defined benefit retiring plan covering eligible employees. The Net liability arising from defined benefit obligation 331 340
Gratuity plan provides a lump sum payment to the vested employees at retirement, death, incapacitation or termination of *Included in Provision for gratuity and leave encashment disclosed under note 22.
employment based on the respective employees salary and tenure of the employment with the company. D. Expenses recognised in statement of profit and loss

Disclosures of Defined Benefit Plans based on actuarial valuation reports Year ended Year ended
Particulars
The present value of the defined benefit obligation, and the related current service cost and past service cost, were measured March 31, 2020 March 31, 2019
using the projected unit credit method. Service cost:

Apollo 24 / 7
Current service cost 51 63

Investment risk The present value of the defined benefit plan liability is calculated using a discount rate which is determined
Past service cost and (gain)/loss from settlements -
by reference to market yields at the end of the reporting period on government bonds. Plan investment is a
mix of investments in government securities, and other debt instruments. Net interest expense 19 4
Total Expenses/ (Income) recognised in profit and loss* 70 67
266 267
E. Expenses recognised in Other Comprehensive Income

Year ended Year ended March 31, 2020 March 31, 2019 31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19
Particulars
March 31, 2020 March 31, 2019
Discount rate +100 basis points +100 basis points 1,347 1,154
Remeasurement on the net defined benefit liability:
-100 basis points -100 basis points 1,399 1,198
Return on plan assets (excluding amounts included in net interest expense) (5) (7)
Salary growth rate + 100 basis points + 100 basis points 1,393 1,193
Actuarial (gains) / losses arising from changes in demographic assumptions - (5)
- 100 basis points - 100 basis points 1,353 1,159
Actuarial (gains) / losses arising from changes in financial assumptions (26) 12
Attrition rate + 100 basis points + 100 basis points 1,371 1,174
Actuarial (gains) / losses arising from experience adjustments 20 272
- 100 basis points - 100 basis points 1,374 1,178
Components of defined benefit costs recognised in other comprehensive income (11) 273
Remeasurement (gain)/ loss recognised in respect of other long term benefits - 173 The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is
unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. When
Total of remeasurement (gain)/loss recognised in Other Comprehensive (11) 445
Income (OCI) calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the
defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when
Included in Salaries & wages, contribution of provident and other funds refer note 31
calculating the defined benefit liability recognised in the balance sheet.
F. Significant Actuarial Assumptions
I. Expected future contribution and estimated future benefit payments from the fund are as follows:
Valuation as at
Particulars
March 31, 2020 March 31, 2019 Particulars Amount
Discount rate(s) 5.45% 6.76%
Expected contribution to the fund during the year ended March 31, 2021 459
Expected rate(s) of salary increase Hospital - 0%(year 1) Hospital - 6.6%
Estimated benefit payments from the fund for the year ended March 31
and 5% for the balance years
2021 335
Pharmacy - 0%(year 1) Pharmacy - 5.8%
and 5% for the balance years 2022 207
Attrition Rate Hospital - 45% Hospital - 45% 2023 130
Pharmacy - 32% Pharmacy - 32% 2024 83
Retirement Age 58 years 58 years 2025 51
Pre-retirement mortality Indian Assured Lives Mortality Indian Assured Lives Mortality Thereafter 82
(2012-14) Ultimate (2012-14) Ultimate
41 Long Term Benefit Plans
G. Category of Assets
41.1
Leave Encashment Benefits
The fair value of the plan assets as at the end of the reporting period for each category, are as follows
The company pays leave encashment benefits to employees as and when claimed subject to the policies of the company. The
Fair value of plan assets as at company provides leave benefits through annual contributions to the fund managed by HDFC Life.
Particulars
March 31, 2020 March 31, 2019
Insurer managed funds 917 836 The significant actuarial assumptions used for the purposes of the actuarial valuations were as follows.
Each year Asset Liability matching study is performed in which the consequences of strategic investments policies are analysed in Valuation as at
Particulars
terms of risk and returns profiles. Investments and Contributions policies are integrated within this study. 31-Mar-20 31-Mar-19
Discount rate(s) 5.45% 6.76%
H. Sensitivity Analysis
Expected rate(s) of salary increase Hospital - 0%(year 1) and 5% for the Hospital - 6.6%
Significant actuarial assumptions for the determination of the defined obligation are discount rate, expected salary increase and balance years

mortality. The sensitivity analyses below have been determined based on reasonably possible changes of the respective assumptions Pharmacy - 0%(year 1) and 5% for Pharmacy - 5.8%
occurring at the end of the reporting period, while holding all other assumptions constant. the balance years
The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is: Attrition Rate Hospital - 45% Hospital - 45%
Apollo 24 / 7
Pharmacy - 32% Pharmacy - 32%
268 269
42.
Financial instruments 42.3 Financial risk management objectives
The Company’s Corporate Treasury function provides services to the business, co-ordinates access to domestic and international
42.1
Capital management
financial markets, monitors and manages the financial risks relating to the operations of the Company through internal risk
The Company manages its capital to ensure it will be able to continue as going concern while maximising the return to stakeholders reports which analyse exposures by degree and magnitude of risks. These risks include market risk (including currency risk,
through the optimisation of the debt and equity balance.The capital structure of the Company consists of net debt and total equity of interest rate risk and other price risk), credit risk and liquidity risk.
the Company. The Company is not subject to any externally imposed capital requirements.
The company’s exposure to credit risk is primarily from trade receivables which are in the ordinary course of business influenced
The Company’s risk management committee reviews the capital structure of the Company on a semi-annual basis. As part of this review, mainly by the individual characteristic of each customer.
the committee considers the cost of capital and the risks associated with each class of capital. The Company has a target gearing ratio
The company’s exposure to currency risk is on account of borrowings and other credit facilities demoninated in currency other
of 100% of net debt determined as the proportion of net debt to total equity. The gearing ratio at March 31, 2020 of 71% (see below)
than Indian Rupees. The Company seeks to minimise the effects of these risks by using derivative financial instruments to
was within the target range.
hedge risk exposures. The use of financial derivatives is governed by the Company’s policies approved by the board of directors,
Gearing ratio
which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non
The gearing ratio at end of the reporting period was as follows. -derivative financial instruments, and the investment of excess liquidity. Compliance with policies and exposure limits is reviewed
Particulars As at March 31, 2020 As at March 31, 2019 by the internal auditors on a continuous basis. The Company does not enter into or trade financial instruments, including
Debt (includes Borrowings , Current Maturities of Long term Debt and unpaid 31,599 32,391 derivative financial instruments, for speculative purposes.
deposits - Refer Note 20.1)
The Corporate Treasury function reports quarterly to the Company’s risk management committee, an independent body that
Cash and Cash Equivalents (include other bank balances - Refer note 15 and 16) 3,465 2,777
monitors risks and policies implemented to mitigate risk exposures.
Net Debt 28,134 29,615
Total Equity 39,883 38,834 The Company’s activities expose it to the financial risks of changes in foreign currency exchange rates and interest rates. For
the purpose of managing its exposure to foreign currency and interest rate risk, the Company enters into a variety of derivative
Net debt to equity ratio 71% 76%
financial instruments, i.e. cross currency interest rate swaps.
42.2 Categories of financial instruments
Financial assets 42.4 Market risk
Particulars As at March 31, 2020 As at March 31, 2019 The Company’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest
Measured at fair value through profit or loss (FVTPL) rates. The Company enters into a variety of derivative financial instruments to manage its exposure to foreign currency risk and
interest rate risk using currency cum interest swaps.
(i) Investments in Equity Instruments (Other than Subsidiaries, Joint Ventures and 93 54
Associates) 42.5 Foreign currency risk management
(ii) Investments in Mutual Funds 275 126 The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations
(iii) Derivative Instruments 67 288 arise. Exchange rate exposures are managed within approved policy parameters utilising forward foreign exchange contracts
Measured at amortised cost
The carrying amounts of the Company’s foreign currency denominated monetary assets and monetary liabilities at the
(i) Cash and Cash Equivalents (include other bank balances - Refer note 15 and 16) 3,465 2,777
end of the reporting period are as follows.
(ii) Trade Receivables 9,661 9,093
(iii) Loans 452 196 Liabilities as at Assets at
Particulars
(iv) Other Financial Assets 2,830 3,392 March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019
Foreign Currency Borrowings ( in USD ) 8 35 - -
(v) Finance Lease receivables 5 5
Foreign Currency Borrowings ( in INR ) 601 2,410 - -
(vi) Investments in debentures and preference shares 426 426
Trade Payables (in EURO) 7 - - -
Measured at Cost/Carrying value
Trade Payables (in INR) 568 - - -
(i) Investments in Subsidiaries 8,016 7,938

Trade Receivables ( in USD) - - 0.69 -
(ii) Investments in Associates 479 836
Trade Receivables ( in INR) - - 48.63 -
(iii) Investments in Joint Ventures 1,473 1,473
Financial liabilities Foreign currency sensitivity analysis
Apollo 24 / 7
Measured at amortised cost Of the above, The borrowings of USD 8 Million as at March 31, 2020 and USD 32.86 Million as at March 31, 2019 are completely
(a) Trade Payables 7,274 5,364 hedged against foreign currency fluctuation using forward contracts and Interest rate swaps. Therefore the exposure of the company of
(b) Borrowings 29,566 30,530 foreign exchange risk is limited to unhedged borrowings and trade payables denominated in foreign currency for which below sensitivity
(c) Other Financial Liabilities 19,191 4,300 is provided
270 271
The Company is mainly exposed to currency dollars for credit facilities and EURO in resepct of trade payables. interest rate is based on the outstanding balances at the end of the reporting period. The Cross Currency Interest Rate Swaps on
External Currency Borrowings hedges the interest rate risk on the USD Borrowing.
The following table details the Company’s sensitivity to a 10% increase and decrease in the àgainst the relevant foreign currencies. 10%
is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management’s Average Exchange Fixed Interest
Outstanding Contracts Foreign Currency Nominal Amount Fair Value
assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign Rates Rate
currency denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency rates. A Contract 1 66.41 USD 8,000,000 531,280,000 9.20% 67
positive number below indicates an increase in profit or equity where the `strengthens 10% against the relevant currency. For a 10%
weakening of the àgainst the relevant currency, there would be a comparable impact on the profit or equity, and the balances below 42.8 Equity price sensitivity analysis
would be negative. The sensitivity analyses below have been determined based on the exposure to equity price risks at the end of the reporting
period.
Impact of Foreign Currency
Particulars If equity prices had been 5% higher/lower:
2019-2020 2018-2019
+10% (10%) +10% (10%) • profit for the year ended March 31, 2020 would increase/decrease by `35 (previous year `39) as a result of the changes in
fair value of equity investments which have been designated at FVTPL”
Impact on Statements of profit and loss (52) 52 (13) 13
Impact on Equity (52) 52 (13) 13 As at 31 March 2020 the company has quoted investments only in Indraprastha Medical Corporation Limited.
The Company has entered into derivative contracts with banks for its External Commercial Borrowings for interest and currency risk 42.9 Credit risk management
exposure to manage and mitigate its exposure to foreign exchange rates. Credit risk is a risk of financial loss to the Company arising from counterparty failure to repay according to contractual terms
42.6 Interest rate risk management or obligations. Majority of the Company’s transactions are earned in cash or cash equivalents. The Trade Receivables comprise
mainly of receivables from Insurance Companies, Corporate customers, Public Sector Undertakings, State/Central Governments.
T he Company is exposed to interest rate risk because the Company borrow funds at both fixed and floating interest rates. The
The Insurance Companies are required to maintain minimum reserve levels and the Corporate Customers are enterprises
risk is managed by the Company by maintaining an appropriate mix between fixed and floating rate borrowings, and by the use
with high credit ratings. Accordingly, the Company’s exposure to credit risk in relation to trade receivables is considered low.
of interest rate swap contracts and forward interest rate contracts. Hedging activities are evaluated regularly to align with interest
Before accepting any new credit customer, the Company uses an internal credit scoring system to assess the potential customer’s
rate views and defined risk appetite, ensuring the most cost-effective hedging strategies are applied.
credit quality and defines credit limits by customer. Limits and scoring attributed to customers are reviewed annually. The
Interest rate sensitivity analysis
outstanding with the debtors is reviewed periodically.
T he sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and non-
Refer Note 12 For the credit risk exposure , ageing of trade receivable and impairment methodology for financial assets
derivative instruments at the end of the reporting period. For floating rate liabilities, the analysis is prepared assuming the
amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high
or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s credit-ratings assigned by international credit-rating agencies.
assessment of the reasonably possible change in interest rates.
In addition to the aforementioned, the company also has credit risk exposure in respect of financial guarantee for a value of `35
If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company’s: Million issued to the bank on behalf of its subsidiary company, Future Parking Private Limited as a security to the financing
P rofit for the year ended March 31, 2020 would decrease/increase by `130 Million (Previous year- decrease/ increase by `115 facilities secured by the subsidiary company. As at March 31, 2020, an amount of `0.39 Million (Previous year `0.39 Million)
million). This is mainly attributable to the Company’s exposure to interest rates on its variable rate borrowings has been recognised as the fair value through profit/loss.
Interest rate sensitivity analysis 43 Liquidity risk management
U nder interest rate swap contracts, the Company agrees to exchange the difference between fixed and floating rate interest Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate
amounts calculated on agreed notional principal amounts for borrowings in foreign currency. Such contracts enable the Company liquidity risk management framework for the management of the Company’s short-term, medium-term and long-term funding
to mitigate the risk of changing interest rates on the fair value of issued fixed rate debt and the cash flow exposures on the issued and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities
variable rate debt. The average interest rate is based on the outstanding balances at the end of the reporting period. and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles
42.7 Cross Currency Interest rate swap contracts of financial assets and liabilities.

U nder interest rate swap contracts, the Company agrees to exchange the difference between fixed and floating rate interest 43.1 Liquidity and interest risk tables
amounts calculated on agreed notional principal amounts. Such contracts enable the Company to mitigate the risk of changing The following tables detail the Company’s remaining contractual maturity for its non-derivative financial liabilities with agreed
interest rates on the fair value of issued fixed rate debt and the cash flow exposures on the issued variable rate debt. The average repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the
Apollo 24 / 7
272 273
earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows. To the extent The following table details the Company’s expected maturity for its non-derivative financial assets. The table has been drawn up based
that interest flows are floating rate, the undiscounted amount is derived from interest rate curves at the end of the reporting period. on the undiscounted contractual maturities of the financial assets including interest that will be earned on those assets. The inclusion
The contractual maturity is based on the earliest date on which the Company may be required to pay. of information on non -derivative financial assets is necessary in order to understand the Company’s liquidity risk management as the
liquidity is managed on a net asset and liability basis.
Weighted
Particulars average effective Less than 1 year 1 Year to 5 years > 5 years Particulars Less than 1 year 1 Year to 5 years > 5 years
interest rate( %)
March 31, 2020
March 31, 2020
Non-interest bearing 10,518 - 2,044
Non-interest bearing 10,212 50 -
Fixed Interest Rate Instruments - 382 -
Variable interest rate instruments 8.01% 6,705 5,908 13,384
Total 10,518 382 2,044
Fixed interest rate instruments 8.25% 2 2,000 3,000
March 31, 2019
Lease Liabilities 1,244 4,727 9,441
Non-interest bearing 10,378 - 2,112
Financial guarantee contracts - - -
Fixed Interest Rate Instruments - 196 -
Total 18,164 12,686 25,825 Total 10,378 196 2,112
March 31, 2019
Non Interest bearing includes Trade Receivables, Current Financial assets and Non current financial assets
Non-interest bearing - 7,762 42 -
Fixed Interest Rate Instruments includes Loans
The amounts included above for variable interest rate instruments for both non-derivative financial assets and liabilities is subject to
change if changes in variable interest rates differ to those estimates of interest rates determined at the end of the reporting period.
Financial guarantee contracts - - - -
Total 13,347 6,254 18,316 The following table details the Company’s liquidity analysis for its derivative financial instruments. The table has been drawn up based
on the undiscounted contractual net cash inflows and outflows on derivative instruments that settle on a net basis, and the undiscounted
Non Interest bearing includes Trade Payables, Current Financial Liabilities, Non Current Financial liabilities excluding current maturities
gross inflows and outflows on those derivatives that require gross settlement. When the amount payable or receivable is not fixed, the
of Long term debts
amount disclosed has been determined by reference to the projected interest rates as illustrated by the yield curves at the end of the
Variable interest rate instruments and Fixed Interest rate instruments includes Long Term and Short Term Borrowings and current reporting period.
maturities of long term debt
Particulars Less than 1 year 1-5 years 5+ years
The carrying amounts of the above are as follows: March 31, 2020
- Cross Currency interest rate swaps 601 - -
Total 601 - -
Non-interest bearing 10,262 7,803
March 31, 2019
Variable interest rate instruments 25,998 23,099
- Cross Currency interest rate swaps 1,279 999 -
Fixed interest rate instruments 5,002 7,013
Total 1,279 999 -
Financial guarantee contracts - -
43.2
Financing facilities
Financial Lease liability 15,412 -
Total 56,675 37,916 The Company has access to financing facilities as described below. The Company expects to meet its other obligations from
operating cash flows and proceeds of maturing financial assets.
The amounts included above for financial guarantee contracts represents the fair value. The maximum amounts the Company could be
Particulars As at 31-Mar-20 As at 31-Mar-19
forced to settle under the arrangement for the full guaranteed amount is `35 miilion,if that amount is claimed by the counterparty to
Secured bank loan facilities
the guarantee. Based on expectations at the end of the reporting period, the Company considers that it is more likely than not that such
an amount will not be payable under the arrangement. However, this estimate is subject to change depending on the probability of the - amount used 30,836 30,710

counterparty claiming under the guarantee which is a function of the likelihood that the financial receivables held by the counterparty - amount unused 3,664 3,350
which are guaranteed suffer credit losses. Total 34,500 34,060
Unsecured bank loan facilities:
Apollo 24 / 7
- amount used 3,071 2,014

- amount unused 2,507 714
Total 5,578 2,728
274 275
44 Information on Related Party Transactions as required by Ind AS 24 - S.No Name of the company
Country of % of Holding as at % of Holding as at
Incorporation March 31, 2020 March 31, 2019
Related Party Disclosures for the year ended March 2020 D) Associates
Country of % of Holding as at % of Holding as at 1 Family Health Plan Insurance TPA Limited India 49 49
S.No Name of the company
Incorporation March 31, 2020 March 31, 2019 2 Indraprastha Medical Corporation Limited India 22.03 22.03
A) Subsidiary Companies: (where control exists) 3 Apollo Munich Health Insurance Company Limited India - 9.96
1 Apollo Home Healthcare (India) Limited India 100 100 4 Stemcyte India Therapeutics Private Limited India 24.50 24.50
2 AB Medical Centres Limited India 100 100 5 Apollo Amrish Oncology Services (P) Limited India 50 50
3 Apollo Health and Lifestyle Limited India 70.25 70.25 E) Key Management Personnel
4 Apollo Nellore Hospitals Limited India 80.87 79.44 1 Dr. Prathap C Reddy
5 Imperial Hospitals and Research Centre Limited India 90 90 2 Smt. Suneeta Reddy
6 Samudra Health Care Enterprises Limited India 100 100 3 Smt. Preetha Reddy
7 Western Hospitals Corporation (P) Limited India 100 100 4 Smt. Sangita Reddy
8 Apollo Hospitals (UK) Limited United Kingdom 100 100 5 Smt. Shobana Kamineni
9 Sapien Biosciences Private Limited India 70 70 6 Shri. Krishnan Akhileswaran
10 Assam Hospitals Limited India 65.52 62.32 7 Shri. S M Krishnan
11 Apollo Lavasa Health Corporation Limited India 51 51 F) Directors
12 Apollo Rajshree Hospitals Private Limited India 54.63 54.63 1 Shri. Vinayak Chatterjee
13 Total Health India 100 100 2 Dr. T.Rajgopal
14 Apollo Home Healthcare Limited India 70.75 58.12 3 Dr. Murali Doraiswamy
15 Apollo Healthcare Technology Solutions Limited India - 40 4 Smt. V.Kavitha Dutt
16 Apollo Hospitals International Limited India 50 50 5 Shri. MBN Rao
17 Future Parking Private Limited India 49 49 6 Shri. N.Vaghul ( Refer note i)
18 Apollo Hospitals Singapore Private Limited Singapore 100 100 7 Shri. Deepak Vaidya ( Refer note ii)
19 Apollo Medicals Private Limited India 100 100 8 Shri. BVR Mohan Reddy (Refer note iii)
B) Step Down Subsidiary Companies 9 Shri. G.Venkatraman (Refer note iv)
1 Alliance Dental Care Limited India 69.54 69.54 10 Shri. Sanjay Nayar (Refer note v)
2 Apollo Dialysis Private Limited India 59.30 59.53 G) Enterprises over which key managerial personnel and
3 Apollo Sugar Clinics Limited India 80 80 their relatives are able to exercise significant influence /
4 Apollo Specialty Hospitals Pvt Ltd India 100 100 control / joint control
5 Apollo CVHF Limited India 66.67 66.67 1 Adeline Pharma Private Limited
6 Apollo Bangalore Cradle Limited India 100 100 2 AMG Healthcare Destination Private Limited
7 Kshema Health Care Private Limited India 100 100 3 Apollo Education Research Foundation
8 Apollo Pharmacies Limited India 100 100 4 Apollo Hospitals Educational Trust
9 AHLL Diagnostics Limited India 100 100 5 Apollo Institute of Medical Sciences And Research
10 AHLL Risk Management Private Limited India 100 100 6 Apollo Medical Centre LLC

C) Joint Ventures 7 Apollo Medskills Limited
1 Apollo Gleneagles Hospital Limited India 50 50 8 Apollo Shine Foundation
2 Apollo Gleneagles PET-CT Private Limited India 50 50 9 Apollo Sindoori Hotels Limited
Apollo 24 / 7
3 Apokos Rehab Private Limited India 50 50 10 Apollo Tele-health Services Private Limited
4 Medics International Lifesciences Limited India 50 50 11 Apollo Teleradiology Private Limited
12 Apeejay Surrendra Park Hotels Limited
276 277
Country of % of Holding as at % of Holding as at 44.1 Details of Related Party Transactions during the year ended March 2020:
S.No Name of the company
As at and for the As and for the
13 ATC Pharma Private Limited Entity Name Type of transaction year ended year ended
14 Dhruvi Pharma Private Limited March 31, 2020 March 31, 2019
15 Dynavision Limited
1 Apollo Rajshree Hospitals Private Limited Investments in equity 327 327
16 Emedlife Insurance Broking Services Limited
Reimbursement of expenses 0.26 1
17 Faber Sindoori Management Services Private Limited
Revenue from operations 130 153
18 Focus Medisales Private Limited Trade receivable as at year end 135 135
19 Healthnet Global Limited 2 Kurnool Hospital Enterprises Limited Investments in equity 2 2
20 Indian Hospital Corporation Limited Revenue from operations 1 1
21 Indo- National Limited Trade receivable as at year end 2 8
22 IRIS Healthcare Technologies Private Limited 3 Samudra Healthcare Enterprises Limited Investments in equity 251 251
23 Keimed Limited Revenue from operations 84 81
24 Kurnool Hospital Enterprise Limited Reimbursement of expenses 1 84
25 Lifetime Wellness Rx International Limited Other receivable as at year end 34 50
26 Lucky Pharmaceuticals Private Limited - New Delhi Trade receivable as at year end 87 91
27 Matrix Agro Private Limited 4 Apollo Home Healthcare Limited Investments in equity 197 125
28 Medihauxe Healthcare Private Limited Investment in debentures - 72
29 Medihauxe International Private Limited Revenue from operations 8 7
30 Medihauxe Pharma Private Limited Loans given 15 -
31 Medvarsity Online Limited Reimbursement of expenses 0.21 5
32 Meher Distributors Private Limited Interest receivable 29 27
33 Meher Distributors Private Limited - Mumbai Interest Income 3 10
34 Neelkanth Drugs Private Limited Other receivable as at year end 11 14
35 Olive & Twist Hospitality Private Limited Trade receivable as at year end 5 3
36 P. Obul reddy & Sons 5 Apollo Gleneagles Hospital Limited Investments in equity 393 393
37 Palepu Pharma Private Limited Revenue from operations 1,326 1,173
38 PCR Investments Limited Reimbursement of expenses 42 59
39 Sanjeevani Pharma Distributors Private Limited Other receivable as at year end 74 85
40 Searchlight Health Private Limited Trade receivable as at year end 803 903
41 Shree Amman Pharma Private Limited 6 Apollo Healthcare Technology Solutions Limited Investments in equity - 0.20
42 Srinivasa Medisales Private Limited 7 Apollo Sugar Clinics Limited Rental Income 12 14
43 Vardhaman Pharma Distributors Private Limited Share of revenue from operations 100 290
44 Vasu Agencies Hyderabad Private Limited Lab cost 109 127
45 Vasu Pharma Distributors Hyderabad Private Limited Pharmacy income 12 0.10
46 Vasu Vaccines & Speciality Drugs Private Limited IT Cost 1 19

Note :- Marketing Cost - 12
(i) Shri N. Vaghul ceased to be a director wef 1st April 2019 Consultancy fee to doctors 2 6
(ii) Shri Deepak Vaidya resigned wef 5th September 2018
Investigation Expenses 7 -
Apollo 24 / 7
(iii) Shri BVR Mohan Reddy resigned wef 20th August 2018
(iv) Shri G. Venkatraman ceased to be a director wef 1st April 2019 Payable as at year end 31 48
(v) Shri Sanjay Nayar resigned wef 9th February 2019
278 279
As at and for the As and for the As at and for the As and for the
Entity Name Type of transaction year ended year ended Entity Name Type of transaction year ended year ended
8 Apollo Hospital International Limited Investments in equity 480 480 17 Apollo Health & Lifestyle Limited Investment in equity 4,191 3,840
Investments in preferences 110 110 Pharmacy Income 54 54
Reimbursement of expenses 24 29 Commission on turnover 2 10
Revenue from operations 1 1 Reimbursement of expense
3 2
during the year
Other receivable as at year end 33 38
Interest expenses - 12
Trade receivable as at year end 37 35
Security deposit 35 35
9 Apollo Medskills Limited Investigation Income 0.02 1
Interest payable - 12
Loans given 77 -
Receivable as at year end 43 20
Reimbursement of expenses 0.23 1 Revenue from Operations (Lab
18 Apollo Specialty Hospital Private Limited 14 111
Other receivable as at year end 5 0.07 Tests)
Pharmacy Income 189 123
10 Apollo Gleneagles PET-CT Private Limited Investments in equity 85 85
Commission on turnover 58 10
Services availed 40 37
Sponsorship income - 2
Reimbursement of expenses 31 1
Reimbursement of expense 17 42
Lease deposit - 13
11 APOKOS Rehab Private Limited Investments in equity 85 85
19 Indraprastha Medical Corporation Limited Dividend received 32 30
Rental Income 17 16
Revenue of Operations 1,869 1,711
Licence Fees 12 12
Investment in equity 394 394
Trade receivable as at year end 1 0.33
12 Apollo Hospitals Education Research Foundation Reimbursement of expenses 22 34
20 Imperial Cancer Hospital & Research Centre Limited Investment in equity 1,273 1,273
13 Medvarsity Online Limited Reimbursement of expense 4 1
Revenue from Operation during Reimbursement of expenses 32 37
2 1
the year (Dem Course) Revenue of Operations 554 536
14 Apollo Institute of Medical Sciences And Research Rental Income 12 13
Power charges paid - 18
21 Apollo Teleradiology Private Limited Project revenue 0.34 6
Revenue from Operations 3 1
Payable as at year end 0.09 4
Other receivable as at year end 23 10 Reimbursement of expense
22 Apollo Medical Centre LLC - 2
15 Lifetime Wellness Rx International Limited Revenue from Operations 55 20 during the year (Travel)
Loan outstanding 148 92

23 Family Health Plan Insurance TPA Limited Investments 5 5
24 Apollo Hospitals Educational Trust Rental Income 4 17
16 Apollo Tele-health Services Private Limited Revenue from Operations 0.22 10
Apollo 24 / 7
Receivable as at year end 8 (2)

Payable as at year end 9 9
280 281
Outsourcing Expenses - Food & Interest receivable 12 12
1,063 992
25 Apollo Sindoori Hotels Limited Beverage
36 Apollo Lavasa Health Corporation Limited Investments in equity 312 312
Service Charges 19 -
26 Healthnet Global Limited Reimbursement of expenses 2 0.11
Other receivable as at year end 36 (1)
Outsourcing Expenses - Rent expenses - 0.17
Faber Sindoori Management Services Private 1,029 906
27 Housekeeping & others Receivable as at year end 0.08 4
Limited
Departmental sales 0.03 0.05
28 Sapien Bio Sciences Private Limited Investments in equity 0.10 0.10
37 P. Obul reddy & Sons Purchase of furniture and fixtures 20 0.43
Investments in preference 26 26
38 Future Parking Private Limited Investments in equity 24 24
Reimbursement expenses 2 2
Investments in preference 210 210
Rent - 1
Rental Expenses for the year 29 26
Interest receivable - 1
Corporate Guarantee issued 35 35
Receivable as at year end 0.09 6
Right-of-Use Asset 380 -
29 Apollo Munich Health Insurance Company Limited Investments in equity - 357
Prepaid lease rentals - 170
Investments in debentures 80 80
Lease liability 210 -
Interest income - 7
39 Total Health Investments in equity 5 5
Group med claim expenses
- 109 Purchase of Jute bags 1 3
incurred
Receivable as at year end - (2) Purchase of medicines 1 1
30 Alliance Dental Care Limited Share of revenue 74 71 CSR Expenses 20 20
Payable as at year end 8 20 Receivable as at year end 10 5
31 Matrix Agro Private Limited Power charges paid 46 35 40 Apollo Nellore Hospitals Limited Investments in equity 54 54
Payable as at year end 0.43 3 Rent 8 8
32 Western Hospitals Corporation Private Limited Investments In equity 154 154 Lease deposit given 8 8
Reimbursement of expense Payable as at year end 37 29
2 0.06
during the year (Travel)
Loan o/s 137 88 41 AB Medicals Centers Limited Investments in equity 22 22
Interest expenses - 1 Rent 9 9
Interest Income 12 5 Payable as at year end 53 46
Interest receivable 16 5 42 Apollo Singapore Pte Ltd Investments in equity 1 1
Payable as at year end 4 0.06 43 Apollo Hospitals (UK) Ltd Investments in equity 0.39 0.39
33 Assam Hospitals Limited Investments In equity 739 699 44 Apollo Home Healthcare (I) Limited Investments in equity 297 297
Dividend received 4 3 45 Keimed Private Limited Purchases 6,552 6,111
Management Fees 26 21 Payable as at year end 80 156

Other receivable as at year end 10 3 46 Sanjeevani Pharma Distributors Private Limited Purchases 3,277 2,799
Trade receivable as at year end 20 6 Payable as at year end 127 237
34 Stemcyte India Therapeutics Private Limited Investments In equity 80 80 47 Palepu Pharma Private Limited Purchases 5,625 5,253
Apollo 24 / 7
35 Medics International Lifesciences Limited Revenue from Operations 41 - Payable as at year end 83 87
Interest income - 13 48 Medihauxe International Private Limited Purchases 658 580
Investments in equity 910 910 Payable as at year end 58 53
282 283
49 Medihauxe Pharma Private Limited Purchases 297 264 68 Vasu Vaccines & Speciality Drugs Private Limited Purchases 49 26
Payable as at year end 13 21 Payable as at year end 4 4
50 Vardhaman Pharma Distributors Private Limited Purchases 70 140 69 Vasu Pharma Distributors Hyderabad Private Limited Purchases 1 1
Payable as at year end 28 - Payable as at year end 0.05 0.03
51 Focus Medisales Private Limited Purchases 1 39 70 ATC Pharma Private Limited Purchases 27 -
Payable as at year end 0.01 0.08 Payable as at year end 6 -
52 Srinivasa Medisales Private Limited Purchases 3,402 2,814 71 Apollo Medicals Private Limited Advance Paid 9 -
Payable as at year end 131 137 Receivable at year end 9 -
53 Meher Distributors Private Limited Purchases 1,001 780 72 Shree Amman Pharma Private Limited Purchases 11 -
Payable as at year end 77 35 Payable as at year end 2 -
54 Lucky Pharmaceuticals Private Limited Purchases 1,215 1,057 73 Dynavision Limited Rent 72 66
55 Neelkanth Drugs Private Limited Purchases 2,097 1,823 74 Searchlight Health Private Ltd Advertisement Charges 29 9
56 Dhruvi Pharma Private Limited Purchases 1,125 850 75 Olive & Twist Hospitality Private Limited Outsourcing Expenses 17 -
Payable as at year end 114 60 Payable as at year end 0.22 -
57 Apollo Amrish Oncology Services Private Limited Pharmacy income 0.02 0.01 76 Dr. Prathap C Reddy Remuneration Paid 121 97
58 Apollo Shine Foundation Pharmacy Income 1 0.50 77 Smt. Preetha Reddy Remuneration Paid 47 40
Loan 6 16 78 Smt. Suneeta Reddy Remuneration Paid 47 40
Payable as at year end 2 0.50 79 Smt. Sangita Reddy Remuneration Paid 47 40
59 Adeline Pharma Private Limited Purchases 584 513 80 Smt. Shobana Kamineni Remuneration Paid 47 40
Payable as at year end 52 39 81 Shri Krishnan Akhileswaran Remuneration Paid 25 20
60 Indian Hospital Corporation Limited Rent Income 0.12 0.12 82 Shri S M Krishnan Remuneration Paid 7 7
Receivable at year end 0.01 0.01 83 Shri Sanjay Nayar Remuneration paid - 1
61 PCR Investments Limited Rent Income 0.12 0.12 84 Shri Vinayak Chatterjee Remuneration paid 2 2
Receivable at year end 0.01 0.01 85 Shri N. Vaghul Remuneration paid - 2
62 Apollo Bangalore Cradle Limited Revenue from operations 25 26 86 Shri Deepak Vaidya Remuneration paid - 1
Receivable at year end 65 65 87 Shri BVR Mohan Reddy Remuneration paid - 1
63 Medihauxe Healthcare Private Limited Purchases 111 92 88 Dr T. Rajgopal Remuneration paid 2 2
Payable as at year end 6 4 89 Shri Mr. G. Venkatraman Remuneration paid - 2
64 Emedlife Insurance Broking Services Limited Receivable at year end 0.09 0.18 90 Dr. Murali Doraiswamy Remuneration paid 2 1
65 Indo- National Limited Purchases 32 1 91 Smt. V. Kavitha Dutt Remuneration paid 1 0.27
Payable as at year end 6 - 92 Shri. Mbn Rao Remuneration paid 2 0.32

66 Apollo Dialysis Private Limited Share of revenue 173 65
Pharmacy income 0.15 0.25 45
Fair Value Measurements
Apollo 24 / 7
Fair Value of Company’s financial assets and liabilities that are measured at fair value on a recurring basis
67 Vasu Agencies Hyderabad Private Limited Purchases 2,586 2,263
Payable as at year end 160 75 The following guidance has been followed for classification and measurement of financial assets that are measured at fair value
284 285
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments,
46 Leases
traded bonds and mutual funds that have quoted price. The fair value of all equity instruments (including bonds) which are traded
46.1 Financial impact of initial application of Ind AS 116
in the stock exchanges is valued using the closing price as at the reporting period.
Company as a Lessee
Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-the-
Ind AS 116 requires lessees to determine the lease term as the non-cancellable period of a lease adjusted with any option
counter derivatives) is determined using valuation techniques which maximize the use of observable market data and rely as
to extend or terminate the lease, if the use of such option is reasonably certain. The Company makes an assessment on the
little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the
expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options to
instrument is included in level 2.
extend or terminate the contract will be exercised. In evaluating the lease term, the Company considers factors such as any
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. significant leasehold improvements undertaken over the lease term, costs relating to the termination of the lease and the
This is the case for unlisted equity securities, contingent consideration and indemnification asset included in level 3. importance of the underlying asset to the operations taking into account the location of the underlying asset and the availability of
suitable alternatives. The lease term in future periods is reassessed to ensure that the lease term reflects the current economic
Fair Value as at Valuation Significant Relationship of
Financial Assets / Fair Value circumstances.
March March Hierarchy technique and unobservable unobservable inputs
Financial Liabilities
31, 2020 31, 2019 key inputs inputs to fair value The Company’s lease asset classes primarily consist of leases for land and buildings. The Company assesses whether a contract
Derivative Financial 67 288 Level 2 Discount cash flow, Future - - contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use
Instruments Cash Flows are estimated of an identified asset for a period of time in exchange for consideration.
(Assets) based on forward exchange
rates and contract forward The lease term considered by the company for measurement of Right-of-use assets and lease liabilities range from 2 years to
rates discounted at a rate 60 years and the incremental borrowing rate considered for measurement of lease liability is 9%.
that reflects the credit risk of
The tables below show amount of impact on financial statements on initial application of standard:
various counterparties.
Investments in 275 126 Level 1 Fair value is determined Particulars
Mutual Funds based on the Net asset value Retained earnings
published by respective funds.
Adjustment on account of modified retrospective approach 2,791
Investments in 93 54 Level 3 Discounted Cash Flow– Discount rate, A slight change
De-recognition of pre-operative expenses earlier capitalised as per Ind AS 16 451
equity Instruments Income approach Risk free Return, in assumptions
(Refer note (i)) Long term Market will change the Deferred tax impact on above (1,133)
rate of return are Fair value of the Total 2,109
the assumptions Investment Statement of Profit and Loss
used Interest on lease liabilities 1,273
The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current Depreciation of Right-of-use assets 1,535
transaction between willing parties, other than in a forced or liquidation sale. The fair-value of the financial-instruments factor the Reversal of rent expense as per erstwhile standard (2,258)
uncertainties arising out of COVID-19, where applicable. Deferred tax impact on above (192)
Total 358
Fair Value of Financial Assets and Financial Liabilities that are not measured at fair value (but fair value disclosure are
Earnings per share (EPS)
required) Basic and Diluted EPS prior to adoption of Ind AS 116 36.37
The company considers that the carrying amounts of financial assets and financial liabilities recognised in the financial statements at Basic and Diluted post prior to adoption of Ind AS 116 33.80
amortized cost will reasonably approximate their fair values. Impact 2.57
Reconciliation of Level 3 Fair Value Measurements Statement of Cash Flows
Particulars March 31, 2020 March 31, 2019 Under Ind AS 116, the company has presented i) Short-term lease payments, payments for leases of low value assets and variable lease
payments not included in the measurement of the lease liability as part of operating activities;ii) Cash paid for the interest and principal

Opening Balance 54 55
portion of lease liability as financing activities
Purchase/sale 51 -
Gain/ (Loss) (11) (1) Under Ind AS 17, all lease payments on operating leases were presented as part of cash flows from operating activities. Consequently,
Apollo 24 / 7
Closing Balance 93 54 the net cash generated by operating activities has increased by `2,258 million and net cash used in financing activities increased by
the same amount.
286 287
The adoption of Ind AS 116 did not have an impact on net cash flows. d) The Company does not recognize Right-of-use assets and lease liabilities for leases with less than twelve months of lease term
The difference between the lease obligation disclosed as of March 31, 2019 under Ind AS 17 and the value of the lease liabilities as and low value assets on the date of initial application.
of April 1, 2019 is primarily on account of assessment of lease tenure considering all relevant facts and circumstances that create an
economic incentive for the lessee to exercise the option when determining the lease term, significant leasehold improvements made
47 Commitments
and importance of the underlying asset to lessee’s operations. Year ended Year ended
Particulars
March 31, 2020 March 31, 2019
Reconciliation between operating lease commitment disclosed as per Ind AS 17 and lease liability recognised as at April 1, 2019 is
Commitments to contribute funds for the acquisition of property, plant and 1,182 2,891
given below: equipment
Particulars Commitments to contribute funds towards Equity 416 416
Operating lease commitment as at March 31,2019 3,659
Discounted at incremental borrowing rate at April 1,2019 1,915 48 Contingent liabilities
Recognition exemption for short term lease* -
Extension and termination options reasonable certain to be exercised 12,356 Particulars
March 31, 2020 March 31, 2019
Lease liabilities as at April 1,2019 14,271 a) Claims against the Company not acknowledged as debt 3,115 1,940
* The company has not considered any lease commitment in case of short term leases in the previous period and these lease have also b) Letters of Comfort (Refer note (ii) below) 3,461 2,836
not been considered under Ind AS 116. Hence, there is no adjustment on account of short term leases. c) Other money for which the company is contingently liable
Customs Duty 309 100
Particulars
Movement in Lease Liabilities Service Tax - 4
Lease liability as on April 1, 2019 14,271 Provident Fund 22 -
Additions 2,221 Value Added Tax 1 1
Deletions (96) Income Tax (Refer note (i) below) 182 379
Finance Cost accrued during the period 1,273
Total 7,090 5,260
Payment of lease liabilities* (2,258)
Balance at March 31, 2020 15,412 Contingent Assets
* Includes repayment of both principal and interest Particulars
March 31, 2020 March 31, 2019
Refer note 6 for movement in Right-of-use assets from April 1, 2019 to March 31, 2020 Consideration receivable as part of disposal of investment in associate 81 -
The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the Note (i) With respect to the proceedings pending before the relevant income tax authority for the assessment years 2009-10 to
obligations related to lease liabilities as and when they fall due. 2016-17, the Company is of the opinion that no additional provision for tax expense is considered necessary in the financial statements.
(Refer Note 43.1 Liquidity and Interest risk tables for maturity pattern of lease payments) Note (ii) : Details of comfort letters issued on behalf of related parties are as follows:
The Company has made use of the following practical expedients available in its transition to Ind AS 116: As at March 31, As at March 31,
Particulars Beneficiary
2020 2019
a) The Company has not re-assessed whether whether a contract is, or contains, a lease at April 1, 2019 and has applied the
Alliance Dental Care Limited ICICI Bank Limited 371 371
standard to all contracts that were previously identified as leases applying Ind AS 17, Leases.
Apollo Health and Lifestyle Limited Yes Bank Limited 300 200
b) The company has applied single discount rate to a portfolio of leases with reasonably similar characteristics (such as leases
Apollo Health and Lifestyle Limited HDFC Bank Limited 610 610
with a similar remaining lease term for a similar class of underlying asset in a similar economic environment). Consequently, the
Apollo Rajshree Hospital Private Limited Axis Bank Limited 60 60
Company has recorded its lease liability using the present value of remaining lease payments, discounted using the incremental
Future Parking Private Limited ICICI Bank Limited 55 55
borrowing rate at the date of initial application and the right-of-use asset at its carrying amount as if the standard had been

applied since the commencement date of the lease, but discounted using the incremental borrowing rate at the date of initial Apollo Specialty Hospital Limited HDFC Bank Limited 650 300
application. Apollo Specialty Hospital Limited Federal Bank Ltd 100 -
The Company’s incremental borrowing rate as in the date of initial application is at 9%, which has been used for measurement Imperial Hospital and Research Centre Limited Axis Bank Limited 1,295 1,220
Apollo 24 / 7
of lease liabilities. Apollo Home Healthcare Limited HDFC Bank Limited 20 20

c) The company has excluded the initial direct costs from measurement of the Right-of-use asset. Total 3,461 2,836
The purpose of the above comfort letters issued was towards securing financing facilities to the above mentioned related parties.
288 289
Note (iii): Out of the total amount of contingent liability disclosed against income tax and value added tax, `73 million has been
52 Particulars of Loans, Guarantees & Investments
deposited before the respective statutory authorities as at March 31, 2020 and `96 million as at March 31, 2019.
Details of loans, Guarantees and Investments covered under the provisions of section 186 of the Companies Act, 2013 are
49 Expenditure in foreign currency provided in notes 9,10,11 and 45, to the financial statements.
Particulars
Year ended
March 31, 2020
Year ended
March 31, 2019
53 Intangible assets under development (internally generated)
a. CIF Value of Imports Year ended Year ended
Particulars
Machinery and Equipment 1,141 105 March 31, 2020 March 31, 2019
Stores and Spares 30 - Opening Balance - -
Addtions 265 -
Other Consumables 33 66
Deletions - -
b. Expenditure
Closing balance 265 -
Travelling Expenses 57 106
Professional Charges 77 87
54 Exceptional items
Royalty 6 13
As at As at
Advertisement 4 3 Particulars
March 31, 2020 March 31, 2019
Others 33 10 Profit on sale of investments (Refer footnote (i)) 1,965 -
c. Dividends Impairment of long term investments and advances (Refer footnote (ii)) (321) -
Amount remitted during the year in foreign currency on account of dividends 2 3 Total 1,644 -
excluding the payment of dividends directly to the share-holder's Non-resident
external bank account. (i) The Company, after meeting the closing conditions for the sale of investments in an associate, Apollo Munich Health Insurance
Non-Residents shareholders to whom remittance was made (Nos.) 136 144 Company Limited (AMHI) to Housing Development Finance Corporation Limited, in the quarter ended March 31, 2020 has
Shares held by non-resident share-holders on which dividend was paid (Nos.) 557,395 609,795 recognised the sale and recorded a profit of `1,965 million (net of transaction costs and after considering indemnity related
deductions), which has been disclosed under Exceptional Items. The amounts unpaid on account of indemnity related deductions
50. Earnings in foreign currency have been disclosed as part of contingent assets
Year ended Year ended (ii) The Company has impaired its equity investment and advance receivable in its subsidiary Apollo Lavasa Health Corporation
Particulars
March 31, 2020 March 31, 2019 Limited, aggregating to `321 million disclosed under Exceptional Items consequent to continuing constraints faced at the Lavasa
Hospital Fees 855 951 Hill Station coupled with further uncertainties arising out of COVID-19 pandemic.
Project Consultancy Services 35 21
Pharmacy Sales 18 18 55 Scheme of arrangement
Total 908 990 55.1 The Board of Directors of the Company, at their meeting held on November 14, 2018 had approved a Scheme of Arrangement
(“the Scheme”) between Apollo Hospitals Enterprise Limited (“AHEL”) and Apollo Pharmacies Limited (“APL”) and their respective
51
The disclosures pursuant to Regulation 34(3) read with para A of Schedule V to shareholders in accordance with the provisions of Sections 230 to 232 of the Companies Act, 2013, for the transfer of the front-
Securities and Exchange Board of India end retail pharmacy business carried out in the standalone pharmacy segment to APL by way of slump sale, subject to necessary
(Listing Obligations and Disclosure Requirements) Regulations, 2015. approvals by stock exchanges, shareholders, the National Company Law Tribunal and all other requisite regulatory authorities
Principal amounts outstanding as at the year-end were: The Company received no objection letters from National Stock Exchange of India Limited and BSE Limited. Further, the Company
obtained approvals from the Competition Commission of India (CCI) and from the equity shareholders in October 2019. The
Company Particulars (Relationship)
petition seeking sanction of the Scheme, is pending before the National Company Law Tribunal (NCLT). The Scheme would

Loans and Advances in the nature of loans to subsidiaries, Refer Note 10 Refer Note 10 become effective upon filing of the Scheme as sanctioned by the NCLT, with the Registrar of Companies
joint ventures and associates
Investments to subsidiaries, joint ventures and associates Refer Note 9 Refer Note 9 Further, the Company based on the assessment carried out in accordance with Ind AS 105, Non-current assets held for sale and
Apollo 24 / 7
discontinued operations has considered front-end retail pharmacy business does not constitute a separate component and hence
does not qualify to be a discontinued operation.
290 291
292
Apollo 24 / 7

a.
b.
S M Krishnan
Place : Chennai
& Company Secretary
Vice President - Finance

Krishnan Akhileswaran
Apollo Home Healthcare (India) Limited and
Western Hospitals Corporation Private Limited
Preetha Reddy
There are no subsequent events after the reporting period
Suneeta Reddy
Managing Director
Executive Chairman
Dr. Prathap C Reddy
following wholly owned subsidiary companies with the Company.
56 Even after the Reporting period
Executive Vice Chairperson

exemption for convening the shareholders/creditors meeting of the Company.
For and on behalf of the Board of Directors

The Company is in the process of submitting an application to the National Company Law Tribunal (NCLT), Chennai seeking
55.2 The Board of Directors of the Company at their meeting held on February 13, 2020 approved the proposal for merger of the
TEN years Financial Performance at a Glance (Standalone) (` in million)

Review
Corporate
Ind AS I GAAP
Financial Highlights for the year ended
31st Mar 2020 31st Mar 2019 31st Mar 2018 31st Mar 2017 31st Mar 2016 31st Mar 2015 31st Mar 2014 31st Mar 2013 31st Mar 2012 31st Mar 2011
Balance Sheet
Sources
Share Capital 695.63 695.63 695.63 695.63 695.63 695.63 695.63 695.63 672.33 623.55
Preferential issue of equity share warrants - - - - - 387.05 685.07
Reserves and Surplus 39,187.60 38,138.53 36,239.36 35,094.51 32,459.74 30,915.08 28,951.61 26,580.34 22,463.28 16,413.02
Section
Networth 39,883.23 38,834.16 36,934.99 35,790.14 33155.37 31,610.71 29,647.24 27,275.97 23,522.66 17,721.64
Statutory
Loans (including long term liabilities and provisions) 39,214.51 26,014.79 25,568.96 26,300.95 20,080.49 14,609.49 10,079.98 8,825.42 6,921.47 7,689.40
Deferred Tax Liability 2,913.29 3,103.73 2,466.06 2,336.74 5,251.57 4,019.46 3,288.58 2,394.11 1,700.85 1,071.06
Applications
Gross Block (incl. ROU, Goowill & WIP) 83,458.31 59,926.86 53,716.18 45,750.36 39,923.22 37,139.45 31,438.71 26,427.74 21,196.95 17,968.91
Accumulated Depreciation 20,900.17 12,040.69 9,118.02 6,474.75 3,953.47 7,742.41 6,742.13 5,785.31 4,827.51 3,987.44
Net Block 62,558.14 47,886.17 44,598.16 39,275.61 35,969.75 29,397.04 24,696.58 20,642.43 16,369.44 13,984.47
Investments 10,762.76 10,852.73 9,002.73 10,637.66 8,771.76 7,130.21 6,900.27 8,960.35 7,641.18 6,241.12
Review
Business
Long Term Loans and Advances 4,981.12 5,640.03 4,741.57 5,434.49 7,355.45 5,850.63 4,876.08 3,227.58 5,103.33 4,521.44
Current Assets, Loans & Advances
Inventory 7,074.06 5,611.46 5,386.82 4,425.04 3,814.21 3,325.04 2,649.74 2,053.88 1,827.09 1,505.21
Debtors 9,661.23 9,093.18 7,499.36 6,635.92 5,460.81 5,495.45 4,684.51 4,266.09 3,537.70 2,696.43
Cash & Bank Balances 3464.97 2,776.57 2945.6 2,727.48 2,557.57 2,492.28 2,088.98 2,554.66 1,869.55 1,414.40
Loans & Advances 2675.29 2,423.36 3,946.45 2,795.31 4,447.17 4,508.94 2,669.73 1,838.90 1,234.94 1,193.53
(A) 22,875.56 19,904.57 19,778.23 16,583.75 16,279.76 15,821.71 12,092.96 10,713.53 8,469.28 6,809.37
Current Liabilities & Provisions

Financials
Standalone
Creditors 7,273.52 5,364.29 4,733.85 3,920.18 4,012.80 3,201.00 2,487.23 1,763.42 1,709.36 1,794.01
Other Liabilities 11,073.28 10,006.20 7,741.68 2,965.12 5,284.84 3,454.56 1,746.51 2,130.62 2,955.67 2,593.45
Provisions 1,084.40 960.35 675.15 618.68 591.65 1,304.37 1,316.35 1,154.35 773.22 684.04
(B) 19,431.20 16,330.84 13,150.68 7,503.07 9,889.29 7,959.93 5,550.09 5,048.39 5,438.25 5,071.50
Net Current Assets (A - B) 3,444.36 3,573.73 6,627.55 9,080.07 6,390.47 7,861.78 6,542.87 5,665.14 3,031.03 1,738.07
Miscellaneous Expenditure - - - - - -
Key Indicators
OPM% 14.54 12.34 11.71 12.64 13.82 15.6 16.38 17.46 17.41 16.93
Financials
NPM% 4.80 3.63 3.24 4.51 5.94 7.47 8.51 9.23 8.17 7.72
Consolidated

293
294
Apollo 24 / 7
(` in million)
Ind AS I GAAP
Financial Highlights
for the year ended 31st Mar 31st Mar 31st Mar 31st Mar 31st Mar 31st Mar 31st Mar 31st Mar 31st Mar 31st Mar
2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
Collection Growth % 17.44 16.03 13.73 12.56 21.19 19.41 15.98 18.42 20.36 26.61
OP Growth (%) 38.41 22.33 5.30 2.97 7.4 13.67 8.85 18.76 24.6 30.16
Earnings Per Share (`) (Basic) 33.80 21.76 16.76 20.5 24 24.91 23.77 22.43 17.72 14.66
Capital Employed 71,483 71,212 66,848 63,382 56,693 48,421 40,443 36,954 29,693 25,132
Book value per Share 286.67 279.13 265.48 257.25 238.31 227.24 220 196 172.05 136.61
ROI (PBIT/AV.CE) % 13.23 10.58 8.75 9.32 10.5 12.39 13.1 14.42 14.63 13.83
RONW % 11.79 7.80 6.31 7.97 10.07 11.32 11.62 12.17 11.2 10.97
Employee Cost to Collections % 15.49 15.51 15.55 14.88 14.87 15.54 15.71 15.66 15.15 15.18
Debt/Equity Ratio 0.82 0.88 0.84 0.77 0.71 0.52 0.35 0.35 0.29 0.43
Ind AS I GAAP
Profit & Loss
Account 31st Mar 2020 31st Mar 2019 31st Mar 2018 31st Mar 2017 31st Mar 2016 31st Mar 2015 31st Mar 2014 31st Mar 2013 31st Mar 2012 31st Mar 2011
% % % % % % % % % %
Income 98,053.39 83,488.96 71,955.99 63,271.46 56,210.40 46,380.62 38,840.00 33,488.18 28,279.20 23,495.65
Operative Expenses 51,819.85 52.85% 43,689.81 52.33% 38,012.94 52.83% 33,639.63 53.17 28,650.92 50.97 24,239.55 52.26 20,018.93 51.54 17,198.23 51.36 14,554.76 61.95 12,275.73 52.25
Salaries and Wages 15,191.78 15.49% 12,950.86 15.51% 11,188.06 15.55% 9,417.79 14.88 8,357.29 14.87 7,209.58 15.54 6,102.23 15.71 5,243.99 15.66 4,285.07 18.24 3,572.00 15.2
Administrative 16,780.29 17.11% 16,544.46 19.82% 14,331.84 19.92% 12,215.00 19.3 11,433.64 20.34 7,698.03 16.6 6,356.58 16.37 5,200.16 15.53 4,516.91 19.22 3,697.38 15.74
Expenses
Operating Profit 14,261.47 14.54% 10,303.83 12.34% 8,423.15 11.71% 7,999.04 12.64 7,768.55 13.82 7,233.46 15.6 6,363.14 16.38 5,845.80 17.46 4,922.46 20.95 3,950.54 16.81
Financial Expenses 4,258.79 4.34% 2,680.22 3.21% 2,401.74 3.34% 2,003.88 3.17 1,335.79 2.38 832.88 1.8 870.68 2.24 726.25 2.17 636.03 2.71 551.45 2.35
Depreciation 4,822.60 4.92% 2,998.95 3.59% 2,720.04 3.78% 2,405.91 3.8 2,005.00 3.57 1,580.41 3.41 1,290.78 3.32 1,085.20 3.24 911.28 3.88 705.85 3
Exceptional / 1,643.53
Extraordinary Items 256.78 0.46 146.88 0.32 - - 45.45 - - - - -
PBT 6,823.61 6.96% 4,624.67 5.54% 3,301.37 4.59% 3,589.25 5.67 4,170.98 7.42 4,673.29 10.08 4,201.68 10.82 4,079.80 12.18 3,375.15 14.36 2,693.24 11.46
Tax - Current 1,182.48 1.21% 805.31 0.96% 743.5 1.03% 756.58 1.19 979.21 1.74 476.46 1.03 - 295.45 0.88 435.46 1.85 556.45 2.37
Deferred 938.62 0.96% 791.78 0.95% 225.87 0.31 (18.85) (0.03) (147.72) (0.26) 730.88 1.58 894.48 2.3 693.26 2.07 629.79 2.68 319.61 1.36
PAT 4,702.50 4.80% 3,027.58 3.63% 2332 3.24% 2,851.46 4.51 3,339.49 5.94 3,465.95 7.47 3,307.20 8.51 3,091.09 9.23 2,309.90 9.83 1,817.18 7.73
Dividend 1,551.44 1.58% 837.23 1.00% 225.87 0.31% 834.75 1,967.55 799.97 799.97 765.19 537.87 467.67
Form AOC-1
Statement containing salient features of the financial statements of Subsidiaries/Associate Companies/
Review
Joint Ventures
Corporate
(Pursuant to first proviso to sub-section (3) of section 129 read with Rule 5 of the Companies (Accounts) Rules, 2014)
Part “A”: Subsidiaries (` in million)

Total Liabilities Other Total
Sl. Reporting Reserves & Total Invest Profit before Provision for Profit after Proposed % of share
Name of the subsidiary Share Capital (Excluding Capital Turn over Comprehensive Comprehensive
No Currency Surplus Assets ments taxation Taxation Taxation Dividend holding
and Reserves) Income Income
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
1 Apollo Home Healthcare (I) Limited INR 298.23 30.29 328.74 0.22 313.25 0.43 (4.05) 1.04 (3.01) - (3.01) - 100.00
2 AB Medical Centers Limited INR 16.80 59.44 78.54 2.30 - 8.23 7.97 1.45 6.52 - 6.52 - 100.00
3 Apollo Health and Lifestyle Limited INR 1,193.74 (1,515.54) 8,612.00 8,933.80 74.46 7,096.12 (774.77) (47.37) (727.40) 4.98 (722.42) - 70.25
Section
Statutory
4 Samudra Healthcare Enterprise Limited INR 125.00 119.14 408.74 164.61 - 376.05 10.27 8.56 1.71 0.54 2.25 - 100.00
5 Western Hospitals Corporation Pvt Limited INR 180.00 12.11 350.91 158.80 262.60 6.21 (8.63) - (8.63) - (8.63) - 100.00
6 Total Health INR 5.00 63.17 84.69 16.53 - 35.35 (10.63) - (10.63) - (10.63) - 100.00
7 Apollo Medicals Pvt Limited INR 0.10 (2.02) 7.02 8.94 - (1.65) (1.65) (1.65) 100.00
8 Apollo Hospital (UK) Limited INR 0.47 (7.28) 0.47 7.29 - (0.79) (0.79) (0.79) - 100.00
GBP 0.01 (0.08) 0.01 0.08 (0.08) (0.08) (0.08) -
9 Apollo Hospitals Singapore Pte Limited INR 194.78 (42.44) 150.34 (2.00) - - (18.41) (18.41) (18.41) - 100.00
USS 2.61 2.01 (0.59) (0.25) (0.25) (0.25) -
10 Imperial Hospital & Research Centre Limited INR 299.45 871.67 2,871.79 1,700.67 0.50 2,744.22 293.70 87.78 205.92 1.40 204.52 - 90.00
11 Apollo Nellore Hospital Limited INR 13.97 16.59 40.39 9.83 - 8.17 7.93 1.45 6.48 6.48 - 80.87
12 Apollo Rajshree Hospitals Pvt Limited INR 196.87 (153.90) 543.18 500.21 - 753.01 25.90 0.67 25.23 (1.00) 24.23 - 54.63
Review
13 Sapien Bio-Sciences Pvt Limited INR 0.14 (19.38) 15.21 34.44 - 31.43 11.80 0.62 11.18 (0.13) 11.05 - 70.00
Business
14 Apollo Lavasa Health Corporation Limited INR 12.79 427.86 734.10 293.45 - 2.82 (41.69) - (41.69) - (41.69) - 51.00
15 Apollo Home Healthcare Limited INR 238.69 (352.95) 57.77 172.04 - 450.99 (36.83) (0.55) (36.28) (36.28) - 70.75
16 Assam Hospitals Limited INR 84.30 1060.12 1,927.43 783.01 391.95 1,550.61 81.45 30.92 50.53 (6.67) 43.86 - 65.52
17 Future Parking Pvt Limited INR 49.00 106.09 314.22 159.13 - 47.63 (18.06) 2.65 (15.41) (15.41) - 100.00
18 Apollo Hospitals International Limited INR 1,006.03 18.74 2,564.70 1,539.93 - 2,076.88 23.14 50.94 (27.80) 2.01 (25.79) - 50.00
19 Alliance Dental Care Limited * INR 43.71 (113.54) 365.43 435.26 18.60 300.32 (31.23) (9.88) (21.35) (0.23) (21.57) - 69.54
20 Apollo Dialysis Private Limited * INR 48.10 (49.33) 412.72 413.95 252.66 (17.49) (0.08) (17.42) 0.23 (17.19) 59.30
21 Apollo Speciality Hospitals Private Limited * INR 2.52 (137.43) 4,940.54 5,075.45 3,682.94 (380.73) (380.73) 4.01 (376.73) - 100.00
22 Apollo Sugar Clinics Limited * INR 36.68 282.34 441.79 122.77 - 291.34 2.09 6.70 (4.61) 0.59 (4.02) - 80.00
24 Apollo Bangalore Cradle Limited ** INR 27.32 (46.76) 581.80 379.71 - 360.26 3.94 (1.81) 5.75 (0.48) 5.27 100.00
25 Kshema Healthcare Private Limited ** INR 17.53 28.00 45.71 0.18 45.54 - - - - - - - 100.00
26 AHLL Diagnostics Limited * INR 0.50 (0.13) 0.38 0.01 - (0.05) (0.05) - (0.05) - 100.00
Financials
Standalone
27 AHLL Risk Management Private Limited * INR 6.50 (3.01) 6.13 2.64 - 0.05 (2.80) - (2.80) - (2.80) - 100.00
28 Apollo CVHF Limited # INR 150.00 (123.59) 633.20 606.80 - 136.48 (132.74) - (132.74) - (132.74) 66.67
29 Apollo Pharmacies Limited ## INR 0.50 (1.90) 6.59 7.98 - - (1.54) - (1.54) - (1.54) - 100.00
* Subsidiaries of Apollo Health and Lifestyle Limited
** Step down subsidiaries of Apollo Health and Lifestyle Limited
Reporting period for the subsidiary concerned, if different from the holding company’s reporting period
Reporting currency and Exchange rate as on the last date of the relevant Financial year in the case of foreign subsidiaries.
Notes: The following information shall be furnished at the end of the statement:
1 Names of subsidiaries which are yet to commence operations - Apollo Hospital (UK) Limited and Apollo Hospitals Singapore PTE Limited
Financials
2 Names of subsidiaries which have been liquidated or sold during the year - Apollo Healthcare Tehnology Solutions Ltd had applied for striking off name with Ministry of Corporte Affairs
Consolidated

295
(` in million) Independent auditor’s report
-
-
-
-
-
-
( ` in million)
Considered
-ii. Not
To The Members of Apollo Hospitals Enterprise Limited
61.50
96.10
(11.43)
57.41
1.16
(7.40)
(121.40)
Shareholding Profit / Loss for i. Considered in
Report on the Audit of the Consolidated Financial Statements
Associate Companies and Joint Ventures
the year Consolidation

audited Balance (` in million) ( ` in million)
Opinion
125.52
436.24
(46.64)
114.83
2.33
Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to
(14.81)
(242.80)
We have audited the accompanying consolidated financial statements of Apollo Hospitals Enterprise Limited (”the Company”/ “Parent
Company”) and its subsidiaries, (the Company and its subsidiaries together referred to as “the Group”) which includes Group’s
share of profit /loss in its associates and joint ventures, which comprise the Consolidated Balance Sheet as at 31 March 2020, and
the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Consolidated Statement of Cash Flows and
463.47
589.96
(28.34)
1149.04
42.44
57.12
457.65
attributable to
(` in million)
as per latest
Networth
the Consolidated Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other
Sheet
Names of Associates or Joint Ventures which have been liquidated or sold during the year - Apollo Munich Health Insurance Co Ltd.,
explanatory information (hereinafter referred to as “the consolidated financial statements”).
In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of reports
Description Reason why the
-
-
-
-
-
-
-
Extent of Holding of how there associate/joint
is significant venture is not
consolidated
of the other auditors on separate financial statements of the subsidiaries, associates and joint ventures referred to in the Other Matters
section below, the aforesaid consolidated financial statements give the information required by the Companies Act, 2013 (“the Act”) in
the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133
Ref Note.1
Ref Note.1
Ref Note.1
Ref Note.1
Ref Note.1
Ref Note.1
Ref Note.1
of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended (‘Ind AS’), and other accounting principles
influence
generally accepted in India, of the consolidated state of affairs of the Group as at March 31, 2020, and their consolidated profit, their
consolidated total comprehensive income, their consolidated cash flows and their consolidated changes in equity for the year ended

on that date.
49.00
22.03
24.50
50.00
50.00
50.00
50.00
Basis for Opinion

The above statement also indicates performance and financial position of each JV/Associate.
%
We conducted our audit of the consolidated financial statements in accordance with the Standards on Auditing specified under section
Executive Vice Chairperson

143 (10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor’s Responsibility for the Audit
There is a significant influence due to control over the board and % of shareholding.
Associates /Joint
Names of Associates or Joint Ventures which are yet to commence operations - Nil.
4.90
393.72
80.00
393.12
85.00
84.75
910.25
Dr. Prathap C Reddy

Investment in
( ` in million)
Executive Chairman
Amount of
of the Consolidated Financial Statements section of our report. We are independent of the Group, its associates and joint ventures
Managing Director
Venture

Preetha Reddy
in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical
Part “B”: Associates and Joint Ventures
requirements that are relevant to our audit of the consolidated financial statements under the provisions of the Act and the Rules made
490,000
20,190,740
240,196
54,675,697
8,500,000
8,475,000
55,000,000
thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics.
Number of
shares
We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred
to in the sub-paragraphs (a) of the Other Matters section below, is sufficient and appropriate to provide a basis for our audit opinion on
the consolidated financial statements.
31st Mar, 2020
31st Mar, 2020
31st Mar, 2020
31st Mar, 2020

31st Mar, 2020
31st Mar, 2020
31st Mar, 2020
Balance Sheet
Latest Audited
Emphasis of Matter
Date
We draw attention to Note 5 (iv) to the consolidated financial statements in respect of proceedings initiated against the company’s
subsidiary, Imperial Hospital & Research Centre Limited, by the Government of Karnataka. The above matter has also been reported in
the Emphasis of Matter paragraph in the Audit report of the standalone financial statements of the said subsidiary company audited by
Family Health Plan Insurance (TPA) Limited
Indraprastha Medical Corporation Limited
Medics International Lifesciencs Limited

Stemcyte Therapautics India Pvt Limited
other auditors.
Apollo Gleneagles PET-CT Pvt Limited
Apollo Gleneagles Hospitals Limited
Name of Associates/Joint Ventures
Our opinion is not modified in respect of this matter.

Key Audit Matters
Apkos Rehab Pvt. Limited

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated
financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial
Joint Ventures
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have
Associates
Krishnan Akhileswaran
Date :June 25, 2020

Vice President - Finance
Apollo 24 / 7
& Company Secretary
determined the matters described below to be the key audit matters to be communicated in our report.
S M Krishnan
Sl.No.
Note:
1
2
3
4
5
7
8
1
2
3
4
296 297
Key Audit Matters Auditor’s Response Key Audit Matters Auditor’s Response
Adoption of IND AS 116 on Leases (‘new standard’) We performed the following key audit procedures: Existence of inventories as at the year end of the With respect to existence of inventories at the locations of the Parent
relating to the Parent Parent not visited by us as at the year end, we performed the following
1.
Tested the design and implementation and the operating
procedures:
The Parent adopted the new accounting Indian Accounting effectiveness of controls relating to the adoption of the new (Refer Note 15 to the consolidated financial statements of
Standard IND AS 116 on “Leases” with effect from April 1, standard including controls over identification of leases, which ` 7,074 million relates to the Parent) 1. Understood and evaluated the management’s internal controls
2019. This standard requires lessees to recognise Right- assessment of the lease term and the computation of lease process to establish the existence of inventory such as (a)
The Parent has its inventory spread across its hospitals,
of-use assets and a financial lease liability. Leases are liability and recognition of right-of-use assets the process of periodic physical verification carried out by the
pharmacies (standalone pharmacies and hospital
capitalized as Right-of-use assets based on the present Management, the scope and coverage of the periodic verification
2. Understood the process by which the management compiled based pharmacies including hospitals where the Parent
value of lease payments and are depreciated over the programme, the results of such verification including analysis of
the lease agreements and the nature of the various lease operates pharmacies under pharmacy medical license)
lease term. Interest on lease liability is recognised in discrepancies, if any; (b) reports of the independent chartered
agreements entered into by the Parent and distribution centers.
statement of profit and loss at a constant rate over the accountants appointed by the Management to physically verify
lease term. 3.
Tested the completeness and nature of lease agreements The Parent has a policy of performing periodic cycle the inventory of the Parent located at pharmacies and distribution
included for measurement under the new standard by review counts of its inventory at the pharmacies and distribution centers; (c) maintenance of stock records at all locations
The Parent adopted modified retrospective method
of the rental schedules, scrutiny of general ledger accounts, centers, which are performed either by an independent
except for one lease arrangement for which the modified 2.
Understood and evaluated the competence, independence
enquiries with the operations teams and review of the key terms team or by internal auditors (external firms of chartered
prospective approach has been used and the cumulative and objectivity of the internal auditors and the other firms of
of the contract with the underlying lease agreements, on a accountants). The physical verification of inventory at
effect of initial application is recognised in retained chartered accountants engaged by the Management of the
sample basis, for each nature of lease hospitals is being performed on a half yearly basis.
earnings as at April 1, 2019. The comparative figures Parent.
have not been restated. 4.
In addition to review of underlying lease agreements on a The year-end verification is being performed by the
3. Issued instructions to the internal auditors and other firms of
sample basis, we assessed the reasonableness of the lease Parent in a phased manner, under the supervision of the
The first time adoption of this standard has resulted in a chartered accountants engaged by the Management of the
term considered by the management, by additionally considering internal auditors (external firm of chartered accountants)
significant impact on the opening retained earnings and Parent on the procedures to be performed on attending the
the significant leasehold improvements undertaken and the considering the high volume of the number pharmacies
also on the interest cost and depreciation in the current physical verification and issued reporting deliverables to be
importance of the underlying asset to the lessee’s operations and distribution centers.
year. Refer Note 52 for the disclosure on leases which provided to us after the inventory counts.
includes ` 2,109 million impact on opening retained 5. Tested the calculation of the initial recognition of the right-of-use Due to the lockdown imposed by the Government on
4.
On a sample basis virtually participated the observation of
earnings, ` 1,273 million of interest cost and ` 1,535 assets and lease liabilities by re-performing the calculation on account of the COVID-19 pandemic, the Parent was
the physical verification conducted by the Management of the
million depreciation recognised in current year relating a sample basis and tested the appropriateness of the discount not able to complete the physical verification of all
Parent subsequent to the year end.
to the Parent. rate applied on initial recognition (the incremental borrowing the locations before the year end and have performed
rate) physical verification of inventory at majority of its 5. Performed appropriate roll back procedures from the date of the
Accounting for leases under IND AS 116 involves use
distribution centers and certain hospitals after the year physical verification to the year end.
of judgements, estimates and assumptions that impact 6. With respect to the new lease agreements entered into during
end by engaging the internal auditors (external firms of
the amounts recognized as right-of-use assets and lease the year, we tested the key terms of the contract by review of
chartered accountants) or by engaging other firms of
liabilities, which include: the underlying lease agreements and analysed the accounting
chartered accountants to attend the physical verification.
impact of the same, including the appropriateness of the
• Assessment of the lease term including extension We were not able to participate in the physical verification
discount rate applied (the incremental borrowing rate)
options of inventory conducted by the Management subsequent
7.
Tested the calculation of interest expense on lease to the year end and have performed alternate procedures
• Discount rates used
liability and depreciation charge for the right-of- to audit the existence of inventory as prescribed by the
Considering the significant judgments involved as use asset by re-performing the calculation on a Standards on Auditing and have therefore identified this

mentioned above and that the Parent has a large number sample basis as a key audit matter.
of leases with different contractual terms, we identified
8.
Assessed whether the related disclosures as per Note
the adoption of IND AS 116 as a key audit matter.
52 and note 6 are consistent with the requirements
Apollo 24 / 7
of the new standard.
298 299
maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the
Key Audit Matters Auditor’s Response accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free
Allowances for credit losses (Parent) We performed the following key audit procedures: from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated
financial statements by the Directors of the Parent Company, as aforesaid.
As stated in Note 13, the Parent has determined the 1.
We tested the design and implementation and operating
allowance for credit loss based on historical loss effectiveness of controls over (a) development of methodology In preparing the consolidated financial statements, the respective Board of Directors of the companies included in the Group and of
experience which is adjusted to reflect current and for the allowance for credit losses, including consideration of its associates and joint ventures are responsible for assessing the ability of the respective entities to continue as a going concern,
estimated future economic conditions. The historical the overall economic conditions (b) completeness and accuracy disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board
loss experience model required revisions considering of information used in estimation of the probability of default (c) of Directors either intends to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.
the overall economic conditions and its impact on the computation of the expected credit loss allowances. The respective Board of Directors of the companies included in the Group and of its associates and joint ventures are also responsible
customers’ business operations/ability to pay dues. for overseeing the financial reporting process of the Group and of its associates and joint ventures.
2. For a sample of customers under each category, verified publicly
Based on such analysis the Parent has recorded an available credit reports and other information relating to the Auditor’s Responsibility for the Audit of the Consolidated Financial Statements
allowance aggregating to ` 719 million out of ` 1,193 Company’s customers to test if the Management of the Parent Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material
million as included in Note 13 of the consolidated had correctly considered the adjustments to credit risk. misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high
financial statements. level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement
3. Recomputed the expected credit loss allowance considering
We identified allowance for credit losses as a key audit the above determined input data and compared the amounts so when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
matter because the Company exercises significant recomputed with the amounts recorded by the Management to reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
judgment in calculating the expected credit losses. determine if there were any material differences individually or As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the
in the aggregate audit. We also:
Information Other than the Financial Statements and Auditor’s Report Thereon • Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error,
• The Parent Company’s Board of Directors is responsible for other information. The other information comprises the information design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
included in the Corporate Review, Management Discussion and Analysis, Directors’ Report to the shareholders including provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one
Annexures to Directors’ Report, Business Responsibility Report, Corporate Governance Report but does not include the resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
consolidated financial statements, standalone financial statements and our auditor’s report thereon. control.
• Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of • Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate
assurance conclusion thereon. in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the
Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
• In connection with our audit of the consolidated financial statements, our responsibility is to read the other information, compare
with the financial statements of the subsidiaries, associates and joint ventures audited by the other auditors, to the extent • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
it relates to these entities and, in doing so, place reliance on the work of the other auditors and consider whether the other made by the management.
information is materially inconsistent with the consolidated financial statements or our knowledge obtained during the course of • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence
our audit or otherwise appears to be materially misstated. Other information so far as it relates to the subsidiaries, associates obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of
and joint ventures is traced from their financial statements audited by the other auditors. the Group and its associates and joint ventures to continue as a going concern. If we conclude that a material uncertainty exists,
• If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if
required to report that fact. We have nothing to report in this regard. such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date
of our auditor’s report. However, future events or conditions may cause the Group and its associates and joint ventures to cease
Management’s Responsibility for the Consolidated Financial Statements
to continue as a going concern.
The Parent’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and
of these consolidated financial statements that give a true and fair view of the consolidated financial position, consolidated financial
whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair
performance including other comprehensive income, consolidated cash flows and consolidated changes in equity of the Group including
presentation.
its associates and joint ventures in accordance with the Ind AS and other accounting principles generally accepted in India. The
Apollo 24 / 7
respective Board of Directors of the companies included in the Group and of its associates and joint ventures are responsible for • Obtain sufficient appropriate audit evidence regarding the financial statements of the Group and its associates and joint ventures
maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance
and its associates and joint ventures and for preventing and detecting frauds and other irregularities; selection and application of of the audit of the financial information included in the consolidated financial statements of which we are the independent
appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and auditors. For the other entities included in the consolidated financial statements, which have been audited by the other auditors,
300 301
such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated financial
remain solely responsible for our audit opinion. statements have been kept so far as it appears from our examination of those books, returns and the reports of the other
Materiality is the magnitude of misstatements in the consolidated financial statements that, individually or in aggregate, makes it auditors.
probable that the economic decisions of a reasonably knowledgeable user of the consolidated financial statements may be influenced. c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including Other Comprehensive Income, the
We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of Consolidated Statement of Cash Flows and the Consolidated Statement of Changes in Equity dealt with by this Report are in
our work; and (ii) to evaluate the effect of any identified misstatements in the consolidated financial statements. agreement with the relevant books of account maintained for the purpose of preparation of the consolidated financial statements.
We communicate with those charged with governance of the Parent Company and such other entities included in the consolidated d) In our opinion, the aforesaid consolidated financial statements comply with the Ind AS specified under Section 133 of
financial statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the the Act.
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. e) On the basis of the written representations received from the directors of the Parent Company as on March 31, 2020 taken on
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding record by the Board of Directors of the Parent and the reports of the statutory auditors of its subsidiary companies, associate
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our companies and joint venture companies incorporated in India, none of the directors of the Group companies, its associate
independence, and where applicable, related safeguards. companies and joint venture companies incorporated in India is disqualified as on March 31, 2020 from being appointed as a
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the director in terms of Section 164 (2) of the Act.
audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters f) With respect to the adequacy of the internal financial controls over financial reporting and the operating effectiveness
in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, of such controls, refer to our separate Report in “Annexure A” which is based on the auditors’ reports of the Parent
we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably Company, subsidiary companies, associate companies and joint venture companies incorporated in India. Our report expresses
be expected to outweigh the public interest benefits of such communication. an unmodified opinion on the adequacy and operating effectiveness of internal financial controls over financial reporting of those
Other Matters companies. With respect to the associate, Stemcyte India Therapeutics Private Limited, a Private Limited Company incorporated
in India, covered by the exemption under notification number GSR 464(E) dated June 5, 2015 as amended by notification
(a) We did not audit the financial statements of 20 subsidiaries, whose financial statements reflect total assets of ` 14,257 million
number GSR 583(E) dated June 13, 2017, reporting on the Internal Financial Controls Over Financial Reporting under Clause (i)
as at March 31, 2020, total revenues of ` 8,289 million, and net cash inflows amounting to ` 127 million for the year ended
of Sub-section 3 of Section 143 of the Companies Act, 2013 is not applicable for the year ended March 31, 2020, based on the
on that date, as considered in the consolidated financial statements. The consolidated financial statements also include the
corresponding report of the auditor of the said associate.
Group’s share of net loss after tax of ` 77 million for the year ended March 31, 2020, as considered in the consolidated financial
statements, in respect of 3 associates and 3 joint ventures, whose financial statements have not been audited by us. These g) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of section 197(16)
financial statements have been audited by other auditors whose reports have been furnished to us by the Management and our of the Act, as amended, in our opinion and to the best of our information and according to the explanations given to us, the
opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of remuneration paid by the Parent Company to its directors during the year is in accordance with the provisions of section 197 of
these subsidiaries, joint ventures and associates, and our report in terms of sub-section (3) of Section 143 of the Act, in so far the Act.
as it relates to the aforesaid subsidiaries, joint ventures and associates, is based solely on the reports of the other auditors. h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and
(b) The consolidated financial statements also include 3 subsidiaries whose financial statements reflect total assets of ` 158 million Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to
as at March 31, 2020 and total revenue of ` Nil and net cash outflows of ` 0.14 million for the year ended March 31, 2020 us:
whose financial statements have not been audited by us. The Group’s share of net loss after tax of ` 11 million for the year ended i) The consolidated financial statements disclose the impact of pending litigations on the consolidated financial position
March 31, 2020, as considered in the consolidated financial statements, in respect of 1 associate, whose financial statements of the Group, its associates and joint ventures;
have not been audited by us. These financial statements are unaudited and have been furnished to us by the Management and ii) Provision has been made in the consolidated financial statements, as required under the applicable law or accounting
our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts;
of this associate, is based solely on such unaudited financial statements. In our opinion and according to the information and iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection
explanations given to us by the Management, these financial statements are not material to the Group. Fund by the Parent Company and its subsidiary companies, associate companies and joint venture companies
incorporated in India.
Our opinion on the consolidated financial statements above and our report on Other Legal and Regulatory Requirements below, is not

modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.
Report on Other Legal and Regulatory Requirements Firm Registration No. 117366W/W-100018
Apollo 24 / 7
1. As required by Section 143(3) of the Act, based on our audit and on the consideration of the reports of the other auditors on the
separate financial statements and other information of the subsidiaries, associates and joint ventures referred to in the Other Vikas Bagaria
Matters section above we report, to the extent applicable, that: Partner
Place : Bengaluru Membership No. 060408
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary Date : July 24, 2020 (UDIN 20060408AAAABQ6617)
for the purposes of our audit of the aforesaid consolidated financial statements.
302 303
ANNEXURE “A” TO THE Meaning of Internal Financial Controls Over Financial Reporting
INDEPENDENT AUDITOR’S REPORT A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
(Referred to in paragraph (f) under “Report on Other Legal and Regulatory Requirements” section of our report of even date) accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that (1)
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies
assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
Act, 2013 (“the Act”)
statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being
In conjunction with our audit of the consolidated financial statements of the Company as of and for the year ended March 31, 2020, made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance
we have audited the internal financial controls over financial reporting of Apollo Hospitals Enterprise Limited (hereinafter referred to regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a
as “Company”/”Parent Company”) and its subsidiary companies, its associate companies and joint ventures, which are companies material effect on the financial statements.
incorporated in India, as of that date.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Management’s Responsibility for Internal Financial Controls
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper
The respective Board of Directors of the Parent, its subsidiary companies, its associate companies and joint ventures, which are management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any
companies incorporated in India, are responsible for establishing and maintaining internal financial controls based on the internal evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial
control over financial reporting criteria established by the respective Companies considering the essential components of internal control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the
control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered policies or procedures may deteriorate.
Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial
Opinion
controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the
respective company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and In our opinion to the best of our information and according to the explanations given to us and based on the consideration of the reports
completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies of the other auditors referred to in the Other Matters paragraph below, the Parent, its subsidiary companies, its associate companies
Act, 2013. and joint ventures, which are companies incorporated in India, have, in all material respects, an adequate internal financial controls
system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31,
Auditor’s Responsibility
2020, based on the criteria for internal financial control over financial reporting established by the respective companies considering
Our responsibility is to express an opinion on the internal financial controls over financial reporting of the Parent, its subsidiary the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
companies, its associate companies and its joint ventures, which are companies incorporated in India, based on our audit. We conducted issued by the Institute of Chartered Accountants of India.
our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”)
Other Matters
issued by the Institute of Chartered Accountants of India and the Standards on Auditing, prescribed under Section 143(10) of the
Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls
that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate over financial reporting insofar as it relates to 14 subsidiary companies, 2 associate companies and 3 joint ventures, which are
internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all incorporated in India, is based solely on the corresponding reports of the auditors of such companies incorporated in India.
material respects. Our opinion is not modified in respect of the above matters.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over For Deloitte Haskins & Sells LLP
financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining Chartered Accountants
an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing Firm Registration No. 117366W/W-100018
and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend
on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to

Vikas Bagaria
fraud or error. Partner
Place : Bengaluru Membership No. 060408
We believe that the audit evidence we have obtained and the audit evidence obtained by other auditors of the subsidiary companies,
Date : July 24, 2020 (UDIN 20060408AAAABQ6617)
Apollo 24 / 7
associates companies and joint ventures, which are companies incorporated in India, in terms of their reports referred to in the Other
Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls system
over financial reporting of the Parent Company, its subsidiary companies, its associate companies and its joint ventures, which are
companies incorporated in India.
304 305
Consolidated Balance Sheet Consolidated STATEMENT of Profit and Loss

Consolidated Financial Statements for the year ended March 31, 2020 Statement of Profit and Loss for the period ended March 31 ,2020
(All amounts are in ` Million unless otherwise stated) All amounts are in ` Million except for earnings per share information
Particulars Note As at March 31, 2020 As at March 31, 2019 Year ended Year ended
Particulars Note
ASSETS March 31, 2020 March 31, 2019
Non-current assets
(a) Property, Plant and Equipment 5 54,044 45,938 Income
(b) Right-of-use assets 6 16,474 - Revenue from Operations 30 112,468 96,174
(c) Capital work-in-progress 5.1 2,091 8,218 Other Income 31 269 314
(d) Investment Property 7 59 65
(e) Goodwill 8 3,462 3,462
Total Income 112,737 96,489
(f) Other Intangible assets 9 282 351 Expenses
(g) Intangible assets under development 265 - Cost of materials consumed 32 18,092 16,449
(h) Financial Assets Purchases of Stock-in-trade 37,967 30,876
(i) Investments in Equity Accounted Investee 10 3,242 3,654
(ii) Other Investments 11 350 274 Changes in inventory of stock-in-trade 33 (1,070) (716)
(iii) Loans 12 231 108 Employee benefits expense 34 18,529 15,982
(iv) Other financial assets 14 2,337 2,351 Finance costs 35 5,328 3,270
(i) Deferred Tax Asset 25 496 174 Depreciation and amortisation expense 36 6,197 3,955
(j) Income Tax Asset (Net) 27 2,811 2,539
(k) Other non-current assets 18 772 1,879
Other expenses 37 23,077 22,947
Total Non - Current Assets 86,916 69,014 Total expenses 108,120 92,763
Current assets Profit before exceptional items, share of net profits of investments
(a) Inventories 15 7,378 5,848
4,617 3,726
accounted for using equity method and tax
(b) Financial assets Exceptional Items (Refer note 64) 1,983 -
(i) Investments 11 749 688 Profit before share of net profits of investments accounted for using
(ii) Trade receivables 13 10,272 10,232 6,600 3,726
(iii) Cash and cash equivalents 16 3,807 2,862 equity method and tax
(iv) Bank balances 17 861 607 Tax expense
(v) Loans 12 70 80 (1) Current tax (including tax expense of prior year) 38 1,309 993
(vi) Other financial assets 14 1,018 552
(c) Contract assets 663 735 (2) Deferred tax 38 943 741
(d) Other current assets 18 1,651 1,213 Total tax expenses 2,252 1,734
Total Current Assets 26,469 22,817
Profit after tax 4,349 1,992
Total Assets 113,384 91,831
EQUITY AND LIABILITIES Share of net profit/ (loss) of associates and joint ventures accounted for
(31) 10
Equity using the equity method
(a) Equity Share capital 19 696 696 Profit for the year 4,317 2,002
(b) Other equity 20 32,695 32,639
Equity attributable to owners of the Company 33,391 33,335 Other Comprehensive Income
Non-Controlling Interest 21 1,307 1,355 Items that will not be reclassified to profit or loss (Net of tax of `7;
Total Equity 34,698 34,689 Previous year of `160)
Liabilities
Non-current liabilities (a) Remeasurement of the defined benefit plans 40 (5) (288)
(a) Financial Liabilities (b) Change in fair value of financial instruments measured at FVTOCI 49 (1) (3)
(i) Borrowings 22 28,520 29,521 Total Other Comprehensive Income (6) (291)
(ii) Other financial liabilities 23 23,749 4,774
(b) Provisions 24 101 114 Total comprehensive income for the Year 4,312 1,710
(c) Deferred tax liabilities (Net) 25 2,942 3,149 Profit/(loss) for the year attributable to:
(d) Other non-current liabilities 29 1 30
Total Non - Current Liabilities 55,313 37,588 Owners of the Company 4,548 2,360
Current liabilities Non-Controlling Interest (231) (359)
(a) Financial Liabilities
(i) Borrowings 22 4,975 4,982 Other Comprehensive Income/ (expense) for the year attributable to:
(ii) Trade payables 26 Owners of the Company (6) (292)
(a) total outstanding dues of micro enterprises and small enterprises 100 104 Non-Controlling Interest - 1
(b) total outstanding dues of creditors other than micro enterprises and 8,988 7,027
small enterprises Total Comprehensive Income/(loss) for the year attributable to:
(iii) Other financial liabilities 23 6,191 4,961 Owners of the Company 4,544 2,069
(b) Other current liabilities 29 1,887 1,448 Non-Controlling Interest (232) (358)

(c) Provisions 24 1,230 1,022
(d) Current Tax Liabilities (Net) 28 2 11 Earnings per equity share of par value of `5 each
Total Current Liabilities 23,373 19,554 Basic (in `) 42 32.70 16.97
Total Liabilities 78,686 57,142
Total Equity and Liabilities 113,384 91,831 Diluted (in `) 42 32.70 16.97
Apollo 24 / 7
The accompanying notes form an integral part of these consolidated financial statements The accompanying notes form an integral part of these consolidated financial statements
As per our report of even date attached For and on behalf of the Board of Directors As per our report of even date attached For and on behalf of the Board of Directors
For Deloitte Haskins & Sells LLP Krishnan Akhileswaran Dr. Prathap C Reddy For Deloitte Haskins & Sells LLP Krishnan Akhileswaran Dr. Prathap C Reddy
Chartered Accountants Chief Financial Officer Executive Chairman Chartered Accountants Chief Financial Officer Executive Chairman
Firm Registration No. 117366W/W-100018 Firm Registration No. 117366W/W-100018
Vikas Bagaria S M Krishnan Preetha Reddy Vikas Bagaria S M Krishnan Preetha Reddy
Partner Vice President - Finance Executive Vice Chairperson Partner Vice President - Finance Executive Vice Chairperson
Membership No. 060408 & Company Secretary Membership No. 060408 & Company Secretary
Place : Bengaluru Place : Chennai Suneeta Reddy Place : Bengaluru Place : Chennai Suneeta Reddy
Date : July 24, 2020 Date : June 25,2020 Managing Director Date : July 24, 2020 Date : June 25, 2020 Managing Director
306 307
Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows

a. Equity share capital Consolidated Financial Statements for the year ended March 31, 2020
Amount (All amounts are in ` Millions unless otherwise stated)
Balance at April 1, 2018 696 For the year ended For the year ended
Particulars
Changes in equity share capital during the year - March 31, 2020 March 31, 2019
Balance at March 31, 2019 696 Cash flow from Operating Activities
Changes in equity share capital during the year - Profit for the year 4,317 2,002
Balance at March 31, 2020 696 Adjustments for:
Depreciation and amortisation expense 6,197 3,955
b. Other Equity
Loss on Sale of Property Plant & Equipment 37 15
Items of Other Comprehensive
Profit on Sale of Investments (net) (1,988) -
Securities Share Income (OCI)
General Capital Other Retained Income tax expense 2,252 1,734
Premium Options Equity Defined Non Total
reserve Reserves reserve # earnings
Reserve Outstanding instruments benefit Controlling Finance costs 5,328 3,270
through OCI obligation Interest
Interest income (173) (145)
Balance at April 1, 2018 11,250 17,139 30 1,195 19 2,602 (5) (410) 1,324 33,144
Dividend income - (4)
Profit for the year and Other comprehensive income for - - - - - 2,360 (3) (289) (358) 1,710
the year, net of income tax Expected Credit Loss on trade receivables 752 657
Payment of dividends (Including dividend distribution (837) (837) Provision written back (51) (35)
tax of `142 Million) Net gain/(loss) arising on financial assets designated as at FVTPL (32) (32)
Gross Obligation over written Put Option on (382) 382 - Share-based compensation expense 3 13
Non-controlling Interest (Refer note 58)
Unrealised foreign exchange loss (net) 51 7
Adjustments towards Non Controlling Interest (13) 13 -
Operating Cash Flow before working capital changes 16,693 11,436
Transfer to Reserves - -
(Increase)/decrease in operating assets
Share-based compensation expense 9 4 13
Movement on account of change in shareholding of (26) (10) (36) Inventories (1,531) (189)
existing subsidiaries Trade receivables (845) (2,642)
Balance at March 31, 2019 11,250 17,139 30 1,195 28 3,704 (7) (699) 1,355 33,994 Other financial assets - Non current (207) 180
Adjustment on adoption of Ind AS 116 (Refer note 52) (2,699) (2,699)
Other financial assets - Current (524) 806
Adjusted balance as at April 1, 2019 11,250 17,139 30 1,195 28 1,005 (7) (699) 1,355 31,295
Other non-current assets 353 (298)
Profit for the year and Other comprehensive 4,549 (1) (5) (232) 4,312
income for the year, net of income tax Other current assets (465) 129
Dividends paid (including dividend distribution (1,555) (1,555) Contract assets 72 (83)
tax of `264)
(3,147) (2,098)
Gross Obligation over written Put Option on Non- (211) 211 -
Controlling Interest (Refer note 58) Increase/(decrease) in operating liabilities
Adjustments towards Non Controlling Interest - (14) (14) Trade payables 1,905 1,076
Transfer to Retained Earnings from Debenture (500) 500 - - Other financial liabilities-Non current 299 53
Redemption Reserve
Other financial liabilities-Current (480) (16)
Share-based compensation expense 2 1 3
Provisions 240 27
Movement on account of change in shareholding of (25 (14) (39)
existing subsidiaries Other Non-Current Liabilities (1) -
Balance at March 31, 2020 11,250 17,139 30 695 30 4,263 (8) (703) 1,307 34,002 Other Current Liabilities 480 497
# Other reserves includes Debenture Redemption Reserve, Revaluation reserve, Capital Redemption Reserve and Reserves arising on transition from Previous GAAP to 2,443 1,638

IND AS which are not available for distribution.
Cash generated from operations 15,990 10,976
The accompanying notes form an integral part of these standalone financial statements Net income tax paid (3,061) (1,924)
As per our report of even date attached For and on behalf of the Board of Directors Net cash generated from operating activities (A) 12,928 9,052
Apollo 24 / 7
For Deloitte Haskins & Sells LLP Krishnan Akhileswaran Dr. Prathap C Reddy Cash flow from Investing Activities
Firm Registration No. 117366W/W-100018 Purchase of Property Plant & Equipment (5,130) (6,789)
Vikas Bagaria S M Krishnan Preetha Reddy Proceeds from sale of Property Plant and Equipment 24 69
Partner Vice President - Finance Executive Vice Chairperson
Investment in Bank Deposits (253) 502
308 309
Notes to the consolidated financial statements for the year

For the year ended For the year ended
Particulars
March 31, 2020 March 31, 2019 ended March 31, 2020
Purchase of investments in Joint Venture - (910)
Purchase of Investments (1,199) (333) 1 General Information
Proceeds from sale of current investments 669 207
Apollo Hospitals Enterprise Limited (‘the Group’ or ‘the Company’) is a public company incorporated in India. The address of its
Proceeds from sale of investment in associate 2,826 -
registered office and principal place of business is at 19, Bishop Gardens, Raja Annamalaipuram, Chennai, Tamilnadu. The main
Proceeds from current loan 10 -
business of the Group is to enhance the quality of life of patients by providing comprehensive, high-quality hospital services on
Proceeds from Non-current loan 10 -
a cost-effective basis and providing / selling high quality pharma and wellness products through a network of pharmacies. The
Interest received 154 145
principal activities of the Group and its subsidiaries (hereinafter referred to as ‘the group’) include operation of multidisciplinary
Dividend Received 0.06 4
private hospitals, clinics,diagonostic centers and pharmacies.
Net cash used in Investing Activities (B) (2,888) (7,106)
Cash flow from Financing Activities Significant accounting policies
Proceeds from Borrowings 7,518 5,624 This note provides a list of the significant accounting policies adopted in the preparation of the Consolidated financial statements.
Repayment of Borrowings (8,089) (3,276) These policies have been consistently applied to all the years presented unless otherwise stated.
Finance costs (including interest on lease liability)
Acquisition of Non-Controlling Interest in a subsidiary
(5,645)
(39)
(3,621)
(36)
2 Application of new and revised Ind ASs
Dividend paid on equity shares (including Dividend Distribution tax) (1,551) (837) The Group has applied all the Ind ASs notified by the MCA.
Payment towards lease liability (1,289) - Effective April 1, 2019, the Company adopted Ind AS 116 “Leases” and applied the standard to all lease contracts existing on
Net cash used in Financing Activities (C) (9,095) (2,147) April 1, 2019 using the modified retrospective method (except for one lease contract where modified prospective method is used)
Net Increase in cash and cash equivalents (A+B+C) = (D) 945 (201) has taken the cumulative adjustment to retained earnings, on the date of initial application. Consequently, the Company recorded
Cash and cash equivalents at the beginning of the year (E) 2,862 3,063 the lease liability at the present value of the lease payments discounted at the incremental borrowing rate and the right of use
Cash and cash equivalents at the end of the year (D) + (E) 3,807 2,862 asset at its carrying amount as if the standard had been applied since the commencement date of the lease, but discounted at
Cash and non cash changes in liabilities arising from financing activities the Company’s incremental borrowing rate at the date of initial application. Comparatives as at and for the year ended March 31,
2019 have not been retrospectively adjusted and therefore will continue to be reported under the accounting policies included as
Non-cash changes
part of our Annual Report for year ended March 31, 2019. On transition, the adoption of the new standard resulted in recognition
Particulars April 1, 2019 Cash flow Ind AS 116 Addition to Foreign exchange
March 31, 2020 of ‘Right-of-Use’ asset and a lease liability as at April 1, 2019. The cumulative effect of applying the standard was debited to
adoption lease liabilities movements
Borrowings (inlcuding bank 36,746 (571) - - (219) 35,957 retained earnings, net of taxes.
overdraft) The financial impact on initial application of this standard on the consolidated financial statements is disclosed as part of
Lease Liabilities - (2,983) 19,132 4,102 - 20,250 Note 52.
Non-cash changes Appendix C to Ind AS 12 - Uncertainty over income tax treatments

Particulars April 1, 2018 Cash flow Foreign exchange March 31, 2019 Appendix C to Ind AS 12 clarifies the accounting for uncertainties in income taxes. The interpretation is to be applied to the
movements determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty
Borrowings (including bank overdraft) 34,363 2,347 36 36,746
over income tax treatments under Ind AS 12. The adoption of Appendix C to Ind AS 12 did not have any material impact on the
consolidated financial statements.
For Deloitte Haskins & Sells LLP Krishnan Akhileswaran Dr. Prathap C Reddy Amendment to Ind AS 19 - Plan Amendment, Curtailment or Settlement

The Ministry of Corporate Affairs issued amendments to Ind AS19, ‘Employee Benefits’, in connection with accounting for plan
Vikas Bagaria S M Krishnan Preetha Reddy
amendments, curtailments and settlements requiring an entity to determine the current service costs and the net interest for
Partner Vice President - Finance Executive Vice Chairperson the period after the remeasurement using the assumptions used for the remeasurement; and determine the net interest for the
Apollo 24 / 7
remaining period based on the remeasured net defined benefit liability or asset. The adoption of amendment to Ind AS 19 did not
Date : July 24, 2020 Date : June 25, 2020 Managing Director have any material impact on the consolidated financial statements.
310 311
| APOLLO HOSPITALS ENTERPRISE LIMITED | Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2020
(All amounts are in `million unless otherwise stated)
Amendment to Ind AS 12 – Income Taxes The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one
The Ministry of Corporate Affairs issued amendments to IndAS 12 – Income Taxes. The amendments clarify that an entity shall or more of the three elements of control listed above.
recognize the income tax consequences of dividends on financial instruments classified as equity according to where the entity When the Group has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights
originally recognized those past transactions or events that generated distributable profits were recognized. The adoption of are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all
amendment to Ind AS 12 did not have any material impact on the consolidated financial statements. relevant facts and circumstances in assessing whether or not the Group’s voting rights in an investee are sufficient to give it
2.1 New Accounting Standard not yet adopted power, including:
Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards. There is no such notification • the size of the Group’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;
which would have been applicable from April 1, 2020.
• potential voting rights held by the Group, other vote holders or other parties;
3.1 Statement of compliance
• rights arising from other contractual arrangements; and
The consolidated financial statements have been prepared in accordance with the Indian Accounting Standards (Ind AS) as per
the Companies (Indian Accounting Standards) Rules, 2015 notified under section 133 of the Companies Act 2013 (the Act) and • any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the
other relevant provisions of the act. relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings.
The financial statements were authorised for issue by the Group’s Board of Directors on June 25 , 2020 Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control
of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the
3.2 Basis of preparation and presentation
consolidated statement of profit and loss from the date the Group gains control until the date when the Group ceases to control
The consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments
the subsidiary.
that are measured at fair values at the end of each reporting period, as explained in the accounting policies below.
Profit or loss and each component of other comprehensive income are attributed to the owners of the Group and to the non-
Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Group and to the non-
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between controlling interests even if this results in the non-controlling interests having a deficit balance.
market participants at the measurement date, regardless of whether that price is directly observable or estimated using another
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with
valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of
the Group’s accounting policies.
the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at
the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is All intragroup assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the
determined on such a basis, except for share-based payment transactions that are within the scope of Ind AS 102, leasing Group are eliminated. Profits and losses on items of property, plant and equipment and inventory acquired from other group
transactions that are within the scope of Ind AS 17, and measurements that have some similarities to fair value but are not fair entities are also eliminated.
value, such as net realisable value in Ind AS 2 or value in use in Ind AS 36. The following subsidiaries were consolidated as at March 31, 2020:
In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2, or 3 based on the degree to % of holding
Country of
which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement Name of the Subsidiary/Step down Subsidiary As at As at
Incorporation
March 31, 2020 March 31, 2019
in its entirety, which are described as follows:
Apollo Home Healthcare (India) Limited India 100.00% 100.00%
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the Apollo Home Healthcare Limited India 70.75% 58.12%
measurement date;
AB Medical Centers Limited India 100.00% 100.00%
Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either Apollo Health and Lifestyle Limited India 70.25% 70.25%
directly or indirectly; and Samudra Healthcare Enterprise Limited India 100.00% 100.00%
Level 3 inputs are unobservable inputs for the asset or liability. Imperial Hospital & Research Centre Limited India 90.00% 90.00%
Apollo Hospital (UK) Limited United Kingdom 100.00% 100.00%

The Signficant accounting policies are set out below.
Apollo Nellore Hospitals Limited India 80.87% 79.44%
3.3 Basis of consolidation Apollo Rajshree Hospitals Private Limited India 54.63% 54.63%
The consolidated financial statements incorporate the financial statements of the Group and its subsidiaries. Control is achieved Apollo Lavasa Health Corporation Limited India 51.00% 51.00%
Apollo 24 / 7
when the Group: Western Hospitals Corporation Private Limited India 100.00% 100.00%
• has power over the investee; Apollo Hospitals Singapore Pte Ltd, Singapore Singapore 100.00% 100.00%
Sapien Biosciences Private Limited India 70.00% 70.00%
• is exposed, or has rights, to variable returns from its involvement with the investee; and
• has the ability to use its power to affect its returns.

312 313
% of holding b) liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment
Country of
Name of the Subsidiary/Step down Subsidiary As at As at arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in
Incorporation
March 31, 2020 March 31, 2019 accordance with Ind AS 102 Share-based Payment at the acquisition date
Total Health India 100.00% 100.00%
c) assets (or disposal groups) that are classified as held for sale in accordance with Ind AS 105 Non-current Assets Held for Sale
Apollo Healthcare Technology Solutions Ltd India 40.00% 40.00%
and Discontinued Operations are measured in accordance with that Standard
Assam Hospitals Limited India 65.52% 62.32%
Apollo Hospitals International Ltd India 50.00% 50.00% On acquisition, the Group assesses the classification of the acquiree’s assets and liabilities and reclassifies them where the
Future Parking Private Limited India 49.00% 49.00% classification is inappropriate for Group purposes.
Apollo Medicals Private Limited India 100.00% 100.00% Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests
Step down subsidiaries in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net of the
Apollo CVHF Limited India 66.67% 66.67% acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.
Apollo Dialysis Private Limited India 59.30% 59.53% Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity’s net
Alliance Dental Care Limited India 69.54% 69.54% assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests’ proportionate
Apollo Sugar Clinics Limited India 80.00% 80.00% share of the recognised amounts of the acquiree’s identifiable net assets. The choice of measurement basis is made on a
Apollo Specialty Hospitals Private Limited India 100.00% 100.00% transaction-by-transaction basis. Other types of non-controlling interests are measured at fair value or, when applicable, on the
Apollo Bangalore Cradle Limited India 100.00% 100.00% basis specified in another Ind AS.
Apollo Pharmacies Limited India 100.00% 100.00% When a business combination is achieved in stages, the Group’s previously held equity interest in the acquiree is remeasured
Kshema healthcare Private Limited India 100.00% 100.00% to its acquisition-date fair value and the resulting gain or loss, if any, is recognised in Statement of statement of profit and
AHLL Diagnostics Limited India 100.00% 100.00% loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other
AHLL Risk Management Private Limited India 100.00% 100.00% comprehensive income are reclassified to Statement of statement of profit and loss where such treatment would be appropriate
3.4 Changes in the Group’s ownership interests in existing subsidiaries if that interest were disposed of.
Changes in the Group’s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries 3.6 Goodwill
are accounted for as equity transactions. The carrying amounts of the Group’s interests and the non-controlling interests are Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business (see
adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the note 3.4 above) less accumulated impairment losses, if any.
non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and
For the purposes of impairment testing, goodwill is allocated to each of the Group’s cash-generating units (or groups of cash-
attributed to owners of the Group.
generating units) that is expected to benefit from the synergies of the combination.
When the Group loses control of a subsidiary, a gain or loss is recognised in statement of profit and loss and is calculated as
On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit
the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest
and loss on disposal.
and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling
interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for The Group’s policy for goodwill arising on the acquisition of an associate and a joint venture is described at note 3.7 and
as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit and loss or impairment of goodwill is descried in 3.18.1
transferred to another category of equity as specified/permitted by applicable Ind AS). The fair value of any investment retained in 3.7 Investments in associates and joint ventures
the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting
An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the
under Ind AS 109, or, when applicable, the cost on initial recognition of an investment in an associate or a joint venture.
financial and operating policy decisions of the investee but does not denote control or joint control over those policies.
3.5 Business combinations
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets
Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when

combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred decisions about the relevant activities require unanimous consent of the parties sharing control.
by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group
The results and assets and liabilities of associates or joint ventures are incorporated in these consolidated financial statements
in exchange of control of the acquiree. Acquisition-related costs are generally recognised in Statement of profit and loss as
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using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which
incurred.
case it is accounted for in accordance with Ind AS 105. Under the equity method, an investment in an associate or a joint
At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value, except that: venture is initially recognised in the consolidated balance sheet at cost and adjusted thereafter to recognise the Group’s share
a) deferred tax assets or liabilities, and assets or liabilities related to employee benefit arrangements are recognised and of profit and loss and other comprehensive income of the associate or joint venture. Distributions received from an associate
measured in accordance with Ind AS 12 Income Taxes and Ind AS 19 Employee Benefits respectively; or a joint venture reduce the carrying amount of the investment. When the Group’s share of losses of an associate or a joint
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venture exceeds the Group’s interest in that associate or joint venture, the Group discontinues recognising its share of further The patient is obligated to pay for healthcare services at amounts estimated to be receivable based upon the Company’s
losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made standard rates or at rates determined under reimbursement arrangements. The reimbursement arrangements are generally with
payments on behalf of the associate or joint venture. third party administrators. The reimbursement is also made through national, international or local government programs with
reimbursement rates established by statute or regulation or through a memorandum of understanding.
An investment in an associate or a joint venture is accounted for using the equity method from the date on which the investee
becomes an associate or a joint venture. On acquisition of the investment in an associate or a joint venture, any excess of the Revenue is recognised at the transaction price when each performance obligation is satisfied at a point in time when inpatient/
cost of the investment over the Group’s share of the net fair value of the identifiable assets and liabilities of the investee is outpatients has actually received the service except for few specific services in the dialysis and oncology specialty where the
recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group’s share of the performance obligation is satisfied over a period of time.
net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised directly
Revenue from healthcare patients, third party payors and other customers are billed at our standard rates net of disallowances,
in equity as capital reserve in the period in which the investment is acquired.
discounts or rebates to reflect the estimated amounts to be receivable from these payors.”
When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with
Heathcare Services performed for patients where the collection of the billed amount or a portion of the billed amount cannot
Ind AS 36 Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less
be determined at the time services are performed the Company concludes that the consideration is variable (“implicit price
costs of disposal) with its carrying amount, Any impairment loss recognised forms part of the carrying amount of the investment.
concession”) and records the difference between the billed amount and the amount estimated to be collectible as a reduction
Any reversal of that impairment loss is recognised in accordance with Ind AS 36 to the extent that the recoverable amount of the
to healthcare services revenue. Implicit price concessions include such items as amounts due from patients without adequate
investment subsequently increases.
insurance coverage, patient co-payment and deductible amounts due from patients with healthcare coverage. The Company
The Group continues to use the equity method when an investment in an associate becomes an investment in a joint venture determines implicit price concessions primarily upon past collection history. Upon receipt of new information relevant for the
or an investment in a joint venture becomes an investment in an associate. There is no remeasurement to fair value upon such determination of the implicit price concession, the Company constrains, or adjusts the constraints for the variable consideration
changes in ownership interests. of the transaction price.
% of holding 3.8.2 Pharmaceutical Products
Particulars Place of Incorporation
31-Mar-20 31-Mar-19 In respect of sale of pharmaceutical products, where the performance obligation is satisfied at a point in time, revenue is
Indraprastha Medical Corporation Limited India 22.03% 22.03% recognised when the control of goods is transferred to the customer.
Stemcyte India Therapeutics Private Limited India 24.50% 24.50%
3.8.3 Project Consultancy Income
Apollo Munich Health Insurance Company Limited India - 9.96%
In respect of project consultancy income, i.e. the revenue arising from the Operating & Maintenance (O&M) contracts where
Family Health Plan Insurance TPA Limited India 49.00% 49.00%
the performance obligation is satisfied over time, revenue is recognised along the period when the services are received and
3.8 Revenue recognition accepted by the customer.
The group earns revenue primarily by providing healthcare services and sale of pharmaceutical products. Other sources of 3.8.4 Clinical trials
revenue include revenue earned through Operation and Management (O&M) contracts, brand license agreements and contracts
In respect of clinical trials, where the performance obligation is satisfied at a point in time, revenue is recognised when the
for clinical trials.
service has been received and accepted by the customer.
Effective April 1, 2018, the Group has applied Ind AS 115 - Revenue from Contract with customers which establishes 3.8.5 Other Services
a comprehensive framework for revenue recognition. Ind AS 115 replaces Ind AS 18 Revenue and Ind AS 11 Construction
(i) Hospital Project Consultancy income is recognised as and when it becomes due, on percentage completion method, on
Contracts. The Group has adopted Ind AS 115 using the cumulative effect method(modified retrospective approach). The effect
achievement of milestones.
of initially applying this standard was recognised at the date of initial application (i.e. April 1, 2018). The impact of the adoption
of the standard on the financial statements of the Group was insignificant. (ii) Income from Clinical Trials on behalf of Pharmaceutical Companies is recognized on completion of the service, based
on the terms and conditions specified to each contract.
Revenue is recognised upon transfer of control of promised products or services to customers in an amount that reflects the
consideration which the Group expects to receive in exchange for those products or services. When there is uncertainty on (iii) One-time franchise license fees is recognised based on achievement of the milestones as per the terms of the contract
ultimate collectability, revenue recognition is postponed until such uncertainty is resolved. and where ever there is no bifurcation of total fee then over the period of the agreement.

3.8.1 Healthcare Services (iv) Other Franchisee license fee is recognised on accrual basis as per the terms of the contracts.
The Healthcare services income include revenue generated from outpatients, which mainly consist of activities for (v) Other services fee is recognized on basis of the services rendered and as per the terms of the agreement.
physical examinations, treatments, surgeries and tests, as well as that generated from inpatients, which mainly consist
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(vi) Royalty income is recognised on an accrual basis in accordance with the terms of the relevant agreement.
of activities for clinical examinations and treatments, surgeries, and other fees such as room charges, and nursing care.
The performance obligations for this stream of revenue include food & beverage, accommodation, surgery, medical/
clinical professional services, supply of equipment, investigation and supply of pharmaceutical and related products.
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3.8.6 Contract assets and liabilities d. Reserve for Unexpired Risk:

Revenue recognised by the Company where services are rendered to the customer and for which invoice has not been raised Reserve for unexpired risk represents that part of the net premium (premium net of reinsurance ceded) attributable to the
(which we refer as unbilled revenue) are classified as contract assets. Amount collected from the customer and services have succeeding accounting period subject to a minimum amount of reserves as required by Section 64V (1) (ii) (b) of the Insurance
not yet been rendered are classified as contract liabilities. Act, 1938.
3.8.7 Transaction Price e. Interest / Dividend Income:
Revenue is measured based on the transaction price, which is the fixed consideration adjusted for discounts, estimated Interest income is recognized on accrual basis. Dividend is recognized when the right to receive the dividend is established.
disallowances, amounts payable to customer in the nature of commissions, principal versus agent considerations, loyalty credits f. Accretion / Amortization of Discounts/ Premium
and any other rights and obligations as specified in the contract with the customer. Revenue also excludes taxes collected from
Accretion of discounts and amortization of premium relating to debt securities is recognized over the holding / maturity period.
customers and deposited back to the respective statutory authorities. Subsequent changes resulting from a patient’s ability to
pay are recorded as bad debt expense, which is included as an expense in the consolidated statements of profit and loss. 3.8.10Revenue from Third Party Administrator (TPA)
Inpatient services rendered to TPA are paid according to a fee-for-service schedule. These rates vary according to a patient
Principal versus agent considerations
classification system that is based on clinical, diagnostic and other factors. Inpatient services generated through TPA are
The Group is a principal and records revenue on a gross basis when the Group is primarily responsible for fulfilling the service,
recorded on an accrual basis in the period in which services are provided at established rates.
has discretion in establish pricing and controls the promised service before transferring that service to customers.
The Group determines the transaction price on the TPA contracts based on established billing rates reduced by contractual
In limited instances, the patient services are provided by visiting consultants, who are doctors/medical experts and not considered
adjustments provided to TPAs. Contractual adjustments and discounts are based on contractual agreements, discount policies
as the Group’s employees. As the visiting consultants have the discretion to take their patients to other hospital for the required
and historical experience. Implicit price concessions are based on historical collection experience. Most of our TPA contracts
treatment and set their own consultation fee charged to patients, the Group is an agent in such arrangement. The Group collects
contain variable consideration. However, it is unlikely a significant reversal of revenue will occur when the uncertainty is resolved,
fees on behalf of the visiting consultants and records revenue at the net amounts as commissions.
and therefore, the Company has included the variable consideration in the estimated transaction price.
Sometimes the Group engages third-party providers to provide medical examination and disease screening services. The Group 3.8.11Trade accounts and other receivables and allowance for doubtful accounts
evaluates the services provided by third parties to determine whether to recognize the revenues on a gross or net basis. The
Trade receivables from healthcare services are recognized and billed at amounts estimated to be collectable under government
determination is based upon an assessment as to whether the Group acts as a principal or agent when providing the services.
reimbursement programs, reimbursement arrangements with third party administrators and contracutal arrangements with
Some of the revenues involving third-party providers providing medical examination or disease screening services are accounted
corporates including public sector undertakings. The billing on government reimbursement programs are at pre-determined net
for on a net basis since the third-party providers are the primary obligor, have the latitude in establishing prices, and the
realizable rates per treatment that are established by statute or regulation. Revenues for non-governmental payors with which
customer has discretion in third-party provider selection.
the Group has contracts are recognized at the prevailing contract rates. The remaining non-governmental payors are billed
3.8.8 Contract modifications at the Group’s standard rates for services and a contractual adjustment is recorded to recognize revenues based on historic
Contract modifications are accounted for when additions, deletions or changes are approved either to the contract scope or reimbursement. The contractual adjustment and the allowance for doubtful accounts are reviewed quarterly for their adequacy.
contract price. The accounting for modifications of contracts involves assessing whether the services added to an existing The collectability of receivables is reviewed on a regular basis.
contract are distinct and whether the pricing is at the stand alone selling price. Services added that are not distinct are
Receivables where the expected credit losses are not assessed individually are grouped based on similar credit
accounted for on a cumulative catch-up basis, while those that are distinct are accounted for prospectively, either as a separate
characteristics and the impairment is assessed based on historical default rates and macroeconomic indicators.
contract, if the additional services are priced at the standalone selling price, or as a termination of the existing contract and
Write offs are taken on a claim-by-claim basis. Due to the fact that a large portion of its reimbursement is provided by public
creation of a new contract if not priced at the standalone selling price.
healthcare organizations and private insurers, the Company expects that most of its accounts receivables will be collectible. A
3.8.9 Revenue from Insurance business significant change in the Company’s collection experience, deterioration in the aging of receivables and collection difficulties
a. Premium: could require that the Company increases its estimate of the allowance for doubtful accounts. Any such additional bad debt
Premium (net of service tax) is recognized as income over the contract period or period of risk, whichever is appropriate. Any charges could materially and adversely affect the Company’s future operating results. When all efforts to collect a receivable
subsequent revision or cancellation of premium is accounted for in the year in which they occur. have been exhausted, and after appropriate management review, a receivable deemed to be uncollectible is considered a bad
b. Commission on Reinsurance Premium: debt and written off.

Commission on reinsurance ceded is recognized as income in the year of cession of reinsurance premium. Profit commission Other Income
under reinsurance treaties, wherever applicable, is recognized in the year of determination of the profits and as intimated by 3.8.12 Revenue from export benefit schemes
the reinsurer.
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Under the “Served from India Scheme” introduced by the Government of India, an exporter of service is entitled to certain export
c. Premium Deficiency: benefits on foreign currency earned. The revenue in respect of export benefits is recognized on the basis of the foreign exchange
Premium deficiency is recognized whenever the ultimate amount of expected claims, related expenses and maintenance costs earned at the rate at which the said entitlement accrues to the extent there is no significant uncertainty as to the amount of
exceeds the related sum of premium carried forward to the subsequent accounting period as reserve for unexpired risk. consideration that would be derived and as to its ultimate collection.
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3.8.13 Dividend and interest income ii) variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement
Dividend income from investments is recognised when the shareholder’s right to receive payment has been established (provided date;
that it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably). iii) the amount expected to be payable by the lessee under residual value guarantees;
Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Group and the iv) lease payments in optional renewal periods, where exercise of extension options is reasonably certain, and
amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding v) payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.
and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the The lease liability is presented as a separate line in the Balance Sheet under “”Other Financial Liabilities””. The lease liability
expected life of the financial asset to that asset’s net carrying amount on initial recognition. is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective
3.8.14 Rental income interest method) and by reducing the carrying amount to reflect the lease payments made.
The Group’s policy for recognition of revenue from operating leases is described under note 3.9.1 below. Lease liability payments are classified as cash used in financing activities in the Statement of cash flows.”
3.9 Leases Right-of-Use Assets:
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of The Group recognises right-of-use asset at the commencement date of the respective lease. Right-of-use asset are stated at
ownership to the lessee. All other leases are classified as operating leases. cost less accumulated depreciation. Upon initial recognition, cost comprises of:
3.9.1 The Group as lessor • the initial lease liability amount,
Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group’s net investment in the • initial direct costs incurred when entering into the lease,
leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group’s • (lease) payments before commencement date of the respective lease, and
net investment outstanding in respect of the leases.
• an estimate of costs to dismantle and remove the underlying asset,
Rental income from operating leases is generally recognised on a straight-line basis over the term of the relevant lease. Where • less any lease incentives received.
the rentals are structured solely to increase in line with expected general inflation to compensate for the Group’s expected
Prepaid lease payments (including the difference between nominal amount of the deposit and the fair value) are also included
inflationary cost increases, such increases are recognised in the year in which such benefits accrue. Initial direct costs incurred
in the initial carrying amount of the right of use asset.
in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a
straight-line basis over the lease term. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are
3.9.2 The Group as lessee depreciated on a straight line basis over the shorter period of lease term and useful life of the underlying asset. If a lease
transfers ownership of the underlying asset or the cost of the Right-of-use asset reflects that the Group expects to exercise
The Group enters into an arrangement for lease of land, buildings, plant and machinery including computer equipment and
a purchase option, the related Right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation
furnitures. Such arrangements are generally for a fixed period but may have extension or termination options. The Group assesses,
starts at the commencement date of the lease
whether the contract is, or contains, a lease, at its inception. A contract is, or contains, a lease if the contract conveys the right to –
(a) control the use of an identified asset, The Right-of-use assets are presented as a separate line in the Balance Sheet.
The Group applies Ind AS 36 to determine whether a ROU asset is impaired and accounts for any identified impairment loss as
(b) obtain substantially all the economic benefits from use of the identified asset, and
described in the impairment of non-financial assets below.
(c) direct the use of the identified asset. The Group determines the lease term as the non-cancellable period of a lease, together
The Group incurs obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore
with periods covered by an option to extend the lease, where the Company is reasonably certain to exercise that option
the underlying asset to the condition required by the terms and conditions of the lease. The Group has assessed that such
The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it restoration costs are negligible and hence no provision under Ind-AS 37 has been recognised. “
is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value
Variable rents that do not depend on an index or rate are not included in the measurement the lease liability and the Right-of-
assets. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the
use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those
term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the
payments occurs and are included in the line “other expenses” in the statement of profit and loss.
leased asset are consumed. This expense is presented within ‘other expenses’ in statement of profit and loss.

Lease policy applicable before April 1, 2019
Lease Liabilities:
Rental expense from operating leases is generally recognised on a straight-line basis over the term of the relevant lease. Where
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
the rentals are structured solely to increase in line with expected general inflation to compensate for the lessor’s expected
discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental
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inflationary cost increases, such increases are recognised in the year in which such benefits accrue. Contingent rentals arising
borrowing rate.
under operating leases are recognised as an expense in the period in which they are incurred.
Lease payments included in the measurement of the lease liability comprise:
i) fixed lease payments (including in-substance fixed payments), less any lease incentives;
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3.10 Foreign currencies • service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements);
Exchange differences on monetary items are recognised in the statement of profit and loss in the period in which they arise • net interest expense or income; and
except for exchange differences on foreign currency borrowings relating to assets under construction for future productive
• remeasurement
use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign
currency borrowings. The Group presents the first two components of defined benefit costs in statement of profit and loss in the line item ‘Employee
3.11 Borrowings and Borrowing costs benefits expense’.
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at The retirement benefit obligation recognised in the balance sheet represents the actual deficit or surplus in the Group’s defined
amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the
statement of profit and loss over the period of the borrowings using the effective interest rate method. Borrowings are classified form of refunds from the plans or reductions in future contributions to the plans.
as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after 3.13.2 Short-term and other long-term employee benefits
the reporting date. Leave Encashment
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that The employees of the Company are entitled to encash the unutlised leave. The employees can carry forward a portion of the
necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, unutilized accumulating leave and utilize it in future periods or receive cash as per the Companies policy upon accumulation of
until such time as the assets are substantially ready for their intended use or sale. minimum number of days. The Company records an obligation for leave encashment in the period in which the employee renders
the services that increases this entitlement. The Company measures the expected cost of leave encashment as the additional
Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is
amount that the Company expects to pay as a result of the unused entitlement that has accumulated at the end of the reporting
deducted from the borrowing costs eligible for capitalisation.
period. The Company recognizes accumulated leave entitlements based on actuarial valuation using the projected unit credit
All other borrowing costs are recognised in the statement of profit and loss in the period in which they are incurred. method. Non-accumulating leave balances are recognized in the period in which the leaves occur.
3.12 Government grants Other short term employee benefits
Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of the benefits
attached to them and that the grants will be received. expected to be paid in exchange for the related service.
Government grants are recognised in the statement of profit and loss on a systematic basis over the periods in which the Group Liabilities recognised in respect of other long-term employee benefits are measured at the present value of the estimated future
recognises as expenses the related costs for which the grants are intended to compensate. Specifically, government grants cash outflows expected to be made by the Group in respect of services provided by employees up to the reporting date.
whose primary condition is that the Group should purchase, construct or otherwise acquire non-current assets are recognised as
3.14 Share-based payment arrangements
deferred revenue in the consolidated balance sheet and transferred to statement of profit and loss on a systematic and rational
3.14.1 Share-based payment transactions
basis over the useful lives of the related assets.
Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of
Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving
the equity instruments at the grant date. Details regarding the determination of the fair value of equity-settled share-based
immediate financial support to the Group with no future related costs are recognised in statement of profit and loss in the period
transactions are set out in the notes to accounts.
in which they become receivable.
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over
The benefit of a government loan at a below-market rate of interest is treated as a government grant, measured as the difference
the vesting period, based on the Group’s estimate of equity instruments that will eventually vest, with a corresponding increase
between proceeds received and the fair value of the loan based on prevailing market interest rates.
in equity. At the end of each reporting period, the Group revises its estimate of the number of equity instruments expected to
3.13 Employee benefits vest. The impact of the revision of the original estimates, if any, is recognised in profit and loss such that the cumulative expense
3.13.1 Retirement benefit costs and termination benefits reflects the revised estimate, with a corresponding adjustment to the equity-settled employee benefits reserve.
Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the goods
entitling them to the contributions. or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value

For defined benefit retirement benefit plans, the cost of providing benefits is determined using the projected unit credit method, of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service.
with actuarial valuations being carried out at the end of each annual reporting period. Re-measurement, comprising actuarial For cash-settled share-based payments, a liability is recognised for the goods or services acquired, measured initially at the fair
gains and losses is reflected immediately in the balance sheet with a charge or credit recognised in other comprehensive income value of the liability. At the end of each reporting period until the liability is settled, and at the date of settlement, the fair value
Apollo 24 / 7
in the period in which they occur. Re-measurement recognised in other comprehensive income is reflected in retained earnings of the liability is re-measured, with any changes in fair value recognised in profit and loss for the year.
and is not reclassified to statement of profit and loss. Past service cost is recognised in statement of profit and loss in the period
3.15 Taxation
of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined
Income tax expense represents the sum of the tax currently payable and deferred tax.
benefit liability or asset. Defined benefit costs are categorised as follows:
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3.15.1Current tax Assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets. However,
The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as reported in the when there is no reasonable certainty that ownership will be obtained by the end of the lease term, assets are depreciated over
statement of profit and loss because of items of income or expense that are taxable or deductible in other years and items that the shorter of the lease term and their useful lives.
are never taxable or deductible. The Group’s current tax is calculated using tax rates that have been enacted or substantively The management believes that these estimated useful lives that reflect fair approximation of the period over which the assets
enacted by the end of the reporting period. Advance taxes and provisions for current income taxes are presented in the Balance are likely to be used.
Sheet after off-setting advance tax paid and income tax provision
Estimated useful lives of the assets are as follows:
3.15.2 Deferred tax Category of assets Useful Life (in years)
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial Buildings (Freehold) 60 years
statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally Buildings (Leasehold) Over the lease term
recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary Plant and Machinery 15 Years
differences to the extent that it is probable that taxable profits will be available against which those deductible temporary Electrical Installation and Generators 10 Years
differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the Medical Equipment 13 Years
initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable
Surgical Instruments 3 Years
profit nor the accounting profit. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the
Furnitures and Fixtures 10 Years
initial recognition of goodwill. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same
Vehicles 8 Years
taxation authority and the relevant entity intends to settle its current tax assets and liabilities on a net basis
Office Equipments 5 Years
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no Computers 3 Years
longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Servers 6 Years
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to
settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and
the reporting period. equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which in profit and loss.
the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. 3.17 Intangible assets
3.15.3 Current and deferred tax for the year 3.17.1 Intangible assets acquired separately
Current and deferred tax are recognised in statement of profit and loss, except when they relate to items that are recognised Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and
in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives. The
comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in
a business combination, the tax effect is included in accounting for the business combination. estimates being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately
3.16 Property, plant and equipment are carried at cost less accumulated impairment losses. Intangible assets with finite useful lives are evaluated for impairment
when events have occurred that may give rise to an impairment.
Land and buildings mainly comprise of hospitals and offices. Land and buildings held for use in the production or supply of
goods or services, or for administrative purposes, are stated in the balance sheet at cost less accumulated depreciation and 3.17.2 Intangible assets acquired in a business combination
accumulated impairment losses. Freehold land is not depreciated. Intangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at their fair
value at the acquisition date (which is regarded as their cost).
Expenses in the nature of general repairs and maintenance , i.e. in the nature of day to day service costs are charged to income
statement during the financial period in which they are incurred. Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated
amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.
Parts of some items of property, plant and equipment may require replacement at regular intervals and this would enhance the

life of the asset. The Group recognises these in the carrying value of property, plant & equipment and amortised over the period 3.17.3 Derecognition of intangible assets
which is lower of replacement period and its useful life. The carrying amount of those parts that are replaced is derecognized in An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains
accordance with the derecognition provisions of Ind AS 16. or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and
Apollo 24 / 7
the carrying amount of the asset, are recognised in statement of profit and loss when the asset is derecognised.
Depreciation is recognised so as to write off the cost of assets (other than freehold land and properties under construction)
less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and
depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for
on a prospective basis.
324 325
3.17.4 Useful lives of intangible assets To perform the annual impairment test of goodwill, the Company identified its groups of cash generating units (CGUs) and
Estimated useful lives of the intangible assets are as follows: determined their carrying value by assigning the assets and liabilities, including the existing goodwill and intangible assets, to
Category of assets Useful Life (in years) those CGUs. CGUs reflect the lowest level on which goodwill is monitored for internal management purposes.
Software License 3 years For the purpose of goodwill impairment testing, all corporate assets and liabilities are allocated to the CGUs. At least once a year,
Non Compete Fees 3 years the Group compares the recoverable amount of each CGU to the CGU’s carrying amount.
Trademarks 3 years
To evaluate the recoverability of intangible assets with indefinite useful lives, the Group compares the fair values of intangible
3.17.5 Review of useful life and method of depreciation assets with their carrying values.
Estimated useful lives are periodically reviewed, and when warranted, changes are made to them. The effect of such change in
3.19 Inventories
estimates are accounted for prospectively.
Inventories of medical consumables, drugs and stores & spares are valued at lower of cost or net realizable value. Net Realizable
3.17.6 Capital work in progress Value represents the estimated selling price in the ordinary course of business less estimated costs necessary to make the sale.
Amounts paid towards the acquisition of property, plant and equipment outstanding as of each reporting date are recognized as
Cost is determined as follows:
capital advance and the cost of property, plant and equipment not ready for intended use before such date are disclosed under
capital work- in-progress a. ‘Medicines’ under healthcare segment is valued on First in First Out (FIFO) basis.
b. ‘Stock in Trade’ under retail pharmacies segment is valued on weighted average rates.
Commencement of Depreciation related to property, plant and equipment classified as Capital work in progress (CWIP) involves
determining when the assets are available for their intended use. The criteria the Group uses to determine whether CWIP are c. ‘Stores and spares’ is valued on First in First Out (FIFO) basis.
available for their intended use involves subjective judgments and assumptions about the conditions necessary for the assets to d. ‘Other consumables (including laboratory consumables)’ is valued on First in First Out (FIFO) basis.
be capable of operating in the intended manner. 3.20 Provisions
3.17.7 Internally generated intangibles Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable
Research costs are expensed as incurred. Software product development costs are expensed as incurred unless technical and that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
commercial feasibility of the project is demonstrated, future economic benefits are probable, the Company has an intention and
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end
ability to complete and use the software and the costs can be measured reliably. The costs which can be capitalized include the
of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured
cost of material, direct labour, overhead costs that are directly attributable to preparing the asset for its intended use.
using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when
3.18 Impairment of tangible and intangible assets other than goodwill the effect of the time value of money is material).
The carrying values of property plant and equipment and intangible assets with finite life are reviewed for possible impairment When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a
whenever events, circumstances or operating results indicate that the carrying amount of an asset may not be recoverable. If receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable
any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment can be measured reliably.
loss (if any).
3.20.1 Onerous contracts
Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated
Present obligations arising under onerous contracts are recognised and measured as provisions. An onerous contract is
future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of
considered to exist where the Group has a contract under which the unavoidable costs of meeting the obligations under the
the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
contract exceed the economic benefits expected to be received from the contract.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying 3.21 Financial instruments
amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately
Financial assets and financial liabilities are recognised when a Group entity becomes a party to the contractual provisions of the
in statement of profit and loss.
instruments.
If at the reporting date, there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the
reassessed and the impairment losses previously recognized are reversed such that the asset is recognized at its recoverable amount

acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value
but not exceeding written down value which would have been reported if the impairment losses had not been recognized initially.
through profit and loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate,
An impairment in respect of goodwill is not reversed.
on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value
Apollo 24 / 7
3.18.1 Impairment of Goodwill and indefinite useful lives are recognised immediately in the consolidated statement of profit and loss.
Goodwill and identifiable intangibles with indefinite useful lives are not amortized but tested for impairment annually or when an 3.21.1 Financial assets
event becomes known that could trigger an impairment.
The Company classifies its financial instruments in accordance with Ind AS 109 in the following measurement categories: at
amortized cost, at fair value through profit and loss (“FVPL”) and at fair value through other comprehensive income (”FVOCI”).
326 327
Financial assets are classified depending on the business model in which the financial assets are held and the contractual terms does not represent a recovery of part of cost of the investment and the amount of dividend can be measured reliably. Dividends
of the cash flows. Financial assets are only reclassified when the business model for managing those assets changes. During recognised in the consolidated statement of profit and loss are included in the ‘Other income’ line item.
the reporting period no financial instruments were reclassified. Purchases and sales of financial assets are accounted for on the 3.21.2 Impairment of financial assets
trading day. The Company does not make use of the fair value option, which allows financial liabilities to be classified at FVPL
The Group applies the expected credit loss model for recognising impairment loss on financial assets measured at amortised
upon initial recognition. At initial recognition financial asset and financial liabilities are measured at fair value.
cost, debt instruments at FVTOCI, lease receivables, trade receivables, other contractual rights to receive cash or other financial
Excluded are trade accounts receivables. At initial recognition trade accounts receivables (in accordance with Ind AS 115) are asset, and financial guarantees not designated as at FVTPL.
measured at their transaction price.
The expected credit loss approach requires that all impacted financial assets will carry a loss allowance based on their expected
Subsequent measurement is either at cost, FVPL or FVOCI. credit losses. Expected credit losses are a probability-weighted estimate of credit losses over the contractual life of the financial
In general, financial liabilities are classified and subsequently measured at amortized cost, with the exception of contingent assets.
considerations resulting from a business combination, noncontrolling interests subject to put provisions as well as derivative
For trade receivables or any contractual right to receive cash or another financial asset that result from transactions that are
financial liabilities.
within the scope of Ind AS 115 Revenue from Contracts with customers, the Group measures the loss allowance at an amount
Investments in equity instruments are recognized and subsequently measured at fair value. The Company’s equity investments equal to lifetime expected credit losses.
are not held for trading. In general, changes in the fair value of equity investments are recognized in the income statement.
The impairment provisions for trade receivables is based on reasonable and supportable information including historic loss rates,
However, at initial recognition the Company elected, on an instrument-by-instrument basis, to represent subsequent changes in
present developments such as liquidity issues and information about future economic conditions, to ensure foreseeable changes
the fair value of individual strategic equity investments in other comprehensive income (loss) (“OCI”).
in the customer-specific or macroeconomic environment are considered.
The Group’s investment in debt securities with the objective to achieve both collecting contractual cash flows and selling the 3.21.3 Derecognition of financial assets
financial assets, and initially measured at fair value. Some of these securities give rise on specified dates to cash flows that are
The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it
solely payments of principle and interest. These securities are subsequently measured at FVOCI. Other securities are measured
transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group
at FVPL.
neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset,
Amortised Cost and Effective interest method the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the
over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all financial asset and also recognises a collateralised borrowing for the proceeds received.
fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or 3.21.4 Foreign exchange gains and losses
discounts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount
The fair value of financial assets denominated in a foreign currency is determined in that foreign currency and translated at the
on initial recognition.
spot rate at the end of each reporting period.
Income is recognised on an effective interest basis for debt instruments other than those financial assets classified as at FVTPL.
• For foreign currency denominated financial assets measured at amortised cost and FVTPL, the exchange differences are
Interest income is recognised in profit and loss and is included in the “Other income” line item.
recognised in statement of profit and loss except for those which are designated as hedging instruments in a hedging relationship.
Instruments at FVTOCI
• Changes in the carrying amount of investments in equity instruments at FVTOCI relating to changes in foreign currency rates
On initial recognition, the Group can make an irrevocable election (on an instrument-by-instrument basis) to present the
are recognised in other comprehensive income.
subsequent changes in fair value in other comprehensive income pertaining to investments in equity instruments. This election
is not permitted if the equity investment is held for trading. These elected investments are initially measured at fair value • Net gain / (loss) on foreign currency transactions and translation during the year recognised in the consolidated statement of
plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value Profit and Loss account is presented under Other income.
recognised in other comprehensive income and accumulated in the ‘Reserve for equity instruments through other comprehensive 3.22 Financial liabilities and equity instruments
income’. The cumulative gain or loss is not reclassified to statement of profit and loss on disposal of the investments. 3.22.1 Classification as debt or equity
A financial asset is held for trading if: Debt and equity instruments issued by a Group are classified as either financial liabilities or as equity in accordance with the

• it has been acquired principally for the purpose of selling it in the near term; or substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
• on initial recognition it is part of a portfolio of identified financial instruments that the Group manages together and has a 3.22.2 Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.
Apollo 24 / 7
recent actual pattern of short-term profit-taking; or

Equity instruments issued by a group entity are recognised at the proceeds received, net of direct issue costs.
• it is a derivative that is not designated and effective as a hedging instrument or a financial guarantee.
Repurchase of the Group’s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in
Dividends on these investments in equity instruments are recognised in profit and loss when the Group’s right to receive the
statement of profit and loss on the purchase, sale, issue or cancellation of the Group’s own equity instruments.
dividends is established, it is probable that the economic benefits associated with the dividend will flow to the entity, the dividend
328 329
3.22.3 Financial liabilities Financial guarantee contracts issued by a group entity are initially measured at their fair values and, if not designated as at
All financial liabilities are subsequently measured at amortised cost using the effective interest method. FVTPL, are subsequently measured at the higher of:
3.22.4 Financial liabilities are classified as at FVTPL when the financial liability is either contingent consideration recognised by the · the amount of loss allowance determined in accordance with impairment requirements of Ind AS 109; and
Group as an acquirer in a business combination to which Ind AS 103 applies or is held for trading or it is designated as at FVTPL. · the amount initially recognised less, when appropriate, the cumulative amount of income recognised in accordance with
A financial liability is classified as held for trading if: the principles of Ind AS 115.
• it has been incurred principally for the purpose of repurchasing it in the near term; or 3.22.7 Derecognition of financial liabilities
• on initial recognition it is part of a portfolio of identified financial instruments that the Group manages together and has a The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or have
recent actual pattern of short-term profit-taking; or expired. An exchange between with a lender of debt instruments with substantially different terms is accounted for as an
extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification
• it is a derivative that is not designated and effective as a hedging instrument.
of the terms of an existing financial liability is accounted for as an extinguishment of the original financial liability and the
A financial liability other than a financial liability held for trading or contingent consideration recognised by the Group as an recognition of a new financial liability. The difference between the carrying amount of the financial liability derecognised and the
acquirer in a business combination to which Ind AS 103 applies, may be designated as at FVTPL upon initial recognition if: consideration paid and payable is recognised in profit and loss.
• such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; 3.22.8 Derivative financial instruments
• the financial liability forms part of a Group of financial assets or financial liabilities or both, which is managed and its The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange
performance is evaluated on a fair value basis, in accordance with the Group’s documented risk management or investment rate risks, including interest rate swaps and cross currency swaps.
strategy, and information about the grouping is provided internally on that basis; or
Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently
• it forms part of a contract containing one or more embedded derivatives, and Ind AS 109 permits the entire combined contract remeasured to their fair value at the end of each reporting period. Derivatives are carried as financial assets when the fair value
to be designated as at FVTPL in accordance with Ind AS 109. is positive and as financial liabilities when the fair value is negative
Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognised in profit and The change in fair value of derivatives is recorded in the statement of profit and loss.
loss. The net gain or loss recognised in profit and loss incorporates any interest paid on the financial liability and is included in
Derivatives embedded in host contracts are accounted for as separate derivatives if their economic characteristics and risks are
the ‘Other income’ line item.
not closely related to those of the host contracts. These embedded derivatives are measured at fair value with changes in fair
However, for not-held-for-trading financial liabilities that are designated as at FVTPL, the amount of change in the fair value of value recognized in the statement of profit and loss.
the financial liability that is attributable to changes in the credit risk of that liability is recognised in other comprehensive income,
3.23 Put Options
unless the recognition of the effects of changes in the liability’s credit risk in other comprehensive income would create or
The Group has issued written put option to non-controlling interests in certain subsidiaries of the Group in accordance with the
enlarge an accounting mismatch in profit and loss, in which case these effects of changes in credit risk are recognised in profit
terms of underlying agreement with such option holders. Should the option be exercised, the Group has to settle such liability
and loss. The remaining amount of change in the fair value of liability is always recognised in profit and loss. Changes in fair
by payment of cash.Accounting on Initial Recognition: The amount that may become payable under the option on exercise is
value attributable to a financial liability’s credit risk that are recognised in other comprehensive income are reflected immediately
recognised as a financial liability at fair value on the transaction date with a corresponding charge directly to the shareholders’
in retained earnings and are not subsequently reclassified to profit and loss.
equity.
Gains or losses on financial guarantee contracts and loan commitments issued by the Group that are designated by the Group
Subsequent Measurement:
as at fair value through profit and loss are recognised in profit and loss.
The liability is subsequently accreted through finance charges recognised under finance cost in the Statement of Profit and Loss
3.22.5 Financial liabilities subsequently measured at amortised cost
up to the redemption amount that is payable at the date on which the option first becomes exercisable. In the event that the
The carrying amounts of financial liabilities that are subsequently measured at amortised cost are determined based on the
option expires unexercised, the liability is derecognised with a corresponding adjustment to equity.
effective interest method. Interest expense that is not capitalised as part of costs of an asset is included in the ‘Finance costs’
line item.
3.24 Segment reporting
In accordance with Ind AS 108, Segment Reporting, the Group’s chief operating decision maker (“CODM”) has been identified

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest
as the board of directors. The Group’s CODM evaluates segment performance based on revenues and profit by the hospital,
expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments
pharmacy and clinic segments.
(including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other
premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net 3.25 Non Current Asset Held for Sale
Apollo 24 / 7
carrying amount on initial recognition. The Group classifies non-current assets held for sale if their carrying amounts will be principally recovered through a sale rather
3.22.6 Financial guarantee contracts than through continuing use of assets and action required to complete such sale indicate that it is unlikely that significant
changes to the plan to sell will be made or that the decision to sell will be withdrawn. Also, such assets are classified as held for
A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the holder for a
sale only if the management expects to complete the sale within one year from the date of classification.
loss it incurs because a specified debtor fails to make payments when due in accordance with the terms of a debt instrument.
330 331
3.25.1 Discontinued operations 4.1.2 Impairment of Financial Assets

A discontinued operation is a ‘component’ of the group business that represents a separate line of business that has been The impairment provisions for trade receivables is based on assumptions about risk of default and expected loss rates. The
disposed of or is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued Group uses judgements in making certain assumptions and selecting inputs to determine impairment of these trade receivables,
operation occurs upon the earlier of disposal or when the operation meets the criteria to be classified as held for sale. based on on reasonable and supportable information including historic loss rates, present developments such as liquidity issues
and information about future economic conditions, to ensure foreseeable changes in the customer-specific or macroeconomic
The group considers the guidance in Ind AS 105 Non-Current assets held for sale and discontinued operations to assess whether
environment are considered.
a divestment asset would qualify the definition of ‘component’ prior to classification into discontinued operation.
4.1.3 Fair value measurements and valuation processes
3.26 Dividend
Some of the Group’s assets and liabilities are measured at fair value for financial reporting purposes. The business acquisitions
A final dividend, including tax thereon, on equity shares is recorded as a liability on the date of approval by the shareholders. An made by the Group are also accounted at fair values.
interim dividend, including tax thereon, is recorded as a liability on the date of declaration by the board of directors.
In estimating the fair value of an asset or a liability, the Group uses market-observable data to the extent it is available. Where
3.27 Contingent liabilities Level 1 inputs are not available, the Group’s engages third party qualified valuers to perform the valuation. The management
Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the occurrence works closely with the qualified external valuers to establish the appropriate valuation techniques and inputs to the model.
or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that 4.1.4 Employee Benefits - Defined benefit obligations
arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic
The cost of the defined benefit plans are based on actuarial valuation using the projected unit credit method. An actuarial valuation
benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.
involves making various assumptions that may differ from actual developments in the future. These include the determination of
Contingent liabilities acquired in a business combination are initially measured at fair value at the acquisition date. At the end of the discount rate, future salary increases, attrition and mortality rates. Due to the complexities involved in the valuation and its
subsequent reporting periods, such contingent liabilities are measured at the higher of the amount that would be recognised in long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed
accordance with Ind AS 37 and the amount initially recognised less cumulative amortisation recognised in accordance with Ind at each reporting date.
AS 115 Revenue from contracts with customers. 4.1.5 Litigations
4 Critical accounting judgements and key sources of estima- The amount recognised as a provision shall be the best estimate of the expenditure required to settle the present obligation
arising during the reporting period.
tion uncertainty 4.1.6 Revenue Recognition
Use of estimates The Group’s contracts with customers could include promises to render multiple services to a customer. The Group assesses
The preparation of consolidated financial statements in conformity with Ind AS requires management to make estimates and the services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct
assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the performance obligation involves judgement to determine the deliverables and the ability of the customer to benefit independently
balance sheet dates and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and from such deliverables.
assumptions reflected in the Company’s financial statements include, but are not limited to, expected credit loss, impairment of
Judgement is applied in the assessment of principal versus agent considerations with respect to contracts with customers and
goodwill, useful lives of property, plant and equipment and leases, realization of deferred tax assets, unrecognized tax benefits,
doctors which is determined based on the substance of the arrangement.
incremental borrowing rate of right-of-use assets and related lease obligation, the valuation of the Group’s acquired equity
investments. Actual results could materially differ from those estimates. Judgement is also applied to determine the transaction price of the contract. The transaction price shall include a fixed amount
of customer consideration and components of variable consideration which constitutes amounts payable to customer, discounts,
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised commissions , disallowances and redemption patterns of loyalty customers. The estimated amount of variable consideration is
in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future adjusted in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative
periods if the revision affects both current and future periods. revenue recognised will not occur and is reassessed at the end of each reporting period.
4.1 Key sources of estimation uncertainty 4.1.7 Useful lives of property plant and equipment
The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the The Group depreciates property, plant and equipment on a straight-line basis over estimated useful lives of the assets. The
reporting period that may cause a material adjustment to the carrying amounts of assets and liabilities within the next financial charge in respect of periodic depreciation is derived based on an estimate of an asset’s expected useful life and the expected

year. residual value at the end of its life. The lives are based on historical experience with similar assets as well as anticipation of
4.1.1 Impairment of goodwill future events, which may impact their life, such as changes in technology. The estimated useful life is reviewed at least annually.
Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which 4.1.8 Point of Capitalisation
Apollo 24 / 7
goodwill has been allocated. The value in use is determined using a discounted cash flow approach based upon the cash flow Management has set in parameters in respect of its medical Equipments specific to the stability and reaching the contractual
expected to be generated by the CGU. In case that the value in use of the CGU is less than its carrying amount, the difference is availability goals. The Property, plant & equipment shall be capitalised upon reaching these parameters at which stage the asset
at first recorded as an impairment of the carrying amount of the goodwill. is brought to the location and condition necessary for it to be capable of operating in the manner intended by management
332 333
4.1.9 Impairment of Non - Financial Assets
stayed by the High court of Karnataka on April 27, 2018. Based on legal opinion, the management is of the opinion that it has complied with applicable conditions and therefore the
(iv) Land and Building of `190 million and `813 million for the year ended March 31, 2020 and March 31, 2019 respectively relate to one of the subsidiary company Imperial Hospitals
(v) Capital work in progress includes `47.26 million in respect of land alloted by Andhra Pradesh Industrial Infrastructure Corporation, which is yet to be registered in the name of the
and Research Center Limited which is under dispute with Government of Karnataka alleging non-compliance of certain conditions associated with the allotment of land, which has been
54,044
45,938
72,925
18,881
(590)
(117)
(393)
12,556
3,915
61,353
(332)
15,415
(164)
(159)
(199)
3,746
5,983
(119)
55,733
11,947
Total
Total
Determining whether the asset is impaired requires to assess the recoverable amount of the asset or Cash Generating Unit (CGU)
which is compared to the carrying amount of the asset or CGU, as applicable. Recoverable amount is the higher of fair value less
costs of disposal and value in use. Where the carrying amount of an asset or CGU exceeds the recoverable amount, the asset is
(i) Refer Note 22 for information on Property, Plant & Equipment pledged as security by the Company for securing financing facilities from banks and financial institutions.
Vehicles
500
305
1,028
527
-
-
(6)
271
75
763
(5)
457
(2)
(3)
(9)
71
42
(5)
732
395
Vehicles
considered impaired and is written down to its recoverable amount.
4.1.10 Income Taxes
Management judgment is required for the calculation of provision for income taxes and deferred tax assets and liabilities. The
(ii) Refer Note 53 for the contractual capital commitments for purchase of Property, plant & equipment.
(iii) Refer note 35 for details of interest capitalised during the year under Capital Work in Progress.
Computers#
Computers#
Group reviews at each balance sheet date the carrying amount of deferred tax assets. The factors used in estimates may differ
335
340
1,525
1,191
-
-
(30)
165
168
1,391
(28)
1,051
(63)
(24)
(14)
147
192
(12)
1,275
941
from actual outcomes which could lead to significant adjustment to the amounts reported in the financial statements.
4.1.11 Leases
Ind AS 116 defines a lease term as the non-cancellable period for which the lessee has the Right-to- use an underlying asset
equipments
equipments
430
392
1,275
844
-
-
(23)
185
144
1,113
(20)
721
(43)
(6)
(8)
135
101
(7)
1,063
599
Office
Office
including optional periods, when an entity is reasonably certain to exercise an option to extend (or not to terminate) a lease. The
Group considers all relevant facts and circumstances that create an economic incentive for the lessee to exercise the option
when determining the lease term. The option to extend the lease term is included in the lease term, if it is reasonably certain
and Fixtures
and Fixtures
Furniture
Furniture
3,023
2,989
5,064
2,041
(129)
(23)
(46)
623
463
4,615
(27)
1,627
(76)
(30)
(53)
452
699
(28)
4,046
1,232
that the lessee would exercise the option. The Group reassesses the option when significant events or changes in circumstances
occur that are within the control of the lessee.
4.1.12 Uncertainty relating to the global health pandemic on COVID-19
(Leasehold) Machinery@ Equipment*
(Leasehold) Machinery@ Equipment*

In assessing the recoverability of receivables including contract assets, goodwill, intangible assets, and certain investments, the
Medical
15,615
11,884
22,765
7,150
-
-
(243)
5,518
1,761
17,490
(218)
5,606
766
42
(66)
1,645
2,046
(48)
14,745
3,966
Medical
Company has considered internal and external information up to the date of approval of these standalone financial statements
proceedings are not sustainable.

including credit reports and economic forecasts. The Company has performed sensitivity analysis on the assumptions used
herein. Based on the current indicators of future economic conditions, the Company expects to recover the carrying amount of
Plant and
Plant and
4,285
4,269
7,879
3,594
(67)
(44)
(45)
589
540
7,402
(35)
3,133
(699)
(107)
(30)
560
518
(18)
7,614
2,698
these assets.
The impact of COVID-19 remains uncertain and may be different from what we have estimated as of the date of approval of these
Accumulated depreciation and impairment

consolidated financial statements and the Company will continue to closely monitor any material changes to future economic
Buildings
Buildings
7,522
3,854
9,393
1,872
(395)
(49)
4,409
397
5,379
-
1,524
2,866
(3)
(6)
413
1,024
(2)
1,495
1,116
conditions.
5
Property, Plant and Equipment and Capital Work-in-progress
(Freehold)
(Freehold)
Buildings
Buildings
17,630
17,201
19,292
1,662
-
-
-
796
366
18,497
1,296
(2,913)
(28)
(2)
322
255
-
21,157
1,001
Particulars
2020 2019
Land
Notes:
Buildings (Freehold) 4,704 4,704
Land (Refer
Land (Refer
4,704
4,704
4,704
-
-
-
-
-
-
-
4,704
-
-
-
(10)
-
1,107
-
3,606
-
note iv)
note iv)
Buildings (Leasehold) 17,630 17,201
Plant and Machinery 7,522 3,854
Medical Equipment & Surgical 4,285 4,269

@ Includes electrical installation and generators

Impact on adoption of Ind AS 116 (Refer
Impact on adoption of Ind AS 116 (Refer

Instruments
Furniture and Fixtures 15,615 11,884
Company as at March 31,2020

Office equipment 3,023 2,989



Balance as at April 1, 2018
Balance as at April 1, 2018

Adjustment/Reclassification
Adjustment/Reclassification
Particulars
Computers 430 392
Particulars
* Includes surgical equipments

Gross Block
Vehicles 335 340
Depreciation expense
Depreciation expense
Apollo 24 / 7
500 305
# Includes Servers
54,044 45,938
Disposals
Disposals
Disposals
Disposals
Additions
Additions
5.1 Capital Work-in-progress (Refer Note v) 2,091 8,218
note 52)
note 52)
Total 56,135 54,156
334 335
As at As at
6 Right-of-Use Asset Particulars
March 31, 2020 March 31, 2019
Plant and Medical Adjustment/Reclassification
Particulars Land Buildings Total
Machinery Equipment Balance as at March 31, 2020 25
Right-of-use asset recognised on 2,176 20,054 - 67 22,297 Carrying amount as on March 31, 2019 65
adoption of IND AS 116 as at April Carrying amount as on March 31, 2020 59
1, 2019
* Depreciation expenses amounting to `5.08 million
Additions - 2,514 17 - 2,531
Disposals/ Deletions - (361) - - (361) The land associated to this investment property (building - Multi-level Car Park) is granted to the Group by virtue of a concessionaire
agreement executed between Corporation of Chennai and Consortium of MARG Limited and Apollo Hospitals Enterprise Limited for a
Balance at March 31, 2020 2,176 22,207 17 67 24,467
period of 20 years starting from September 22, 2010 expiring on September 21, 2030.
Accumulated depreciation Fair Value of investment Property
Plant and Medical The fair value of the investment property as at March 31, 2020 is `275 Million on the basis of valuation carried out by independent
Particulars Land Buildings Total
Machinery Equipment valuers. The guideline value as pronounced by the government has been considered as a basis for fair valuation.
Accumulated depreciation on 28 6,144 - 44 6,216
Right-of-Use assets recognised on 8. Goodwill
adoption of IND AS 116
As at As at
as at April 1, 2019 Particulars
March 31, 2020 March 31, 2019
Disposals/ Deletions - (245) - - (245)
Opening Balance 3,462 3,462
Depreciation expense * 40 1,968 2 11 2,021 Additions - -
Balance at March 31, 2020 67 7,867 2 56 7,993 Accumulated impairment losses - -
Carrying amount as on 2,108 14,340 15 12 16,474 Total 3,462 3,462
March 31, 2020
(i) Allocation of goodwill to cash generating units:
* Depreciation expenses amounting to `5.08 million is capitalised to Capital work in progress
Goodwill has been allocated for impairment testing purposes to the following cash-generating unit. The following table presents
7. Investment Property the allocation of goodwill to reportable segments:
Carrying amounts of: Standalone Pharmacy 948 948
Building (Multi-level Car Park) 59 65
Healthcare 2,062 2,062
Total 59 65
Clinics 384 384
Particulars Amount
Others 68 68
Balance at beginning of the year 84
Additions - Total 3,462 3,462
Disposals - (ii) Key assumptions used for value-in-use calculations
Balance as at March 31, 2019 84
The Group tests whether the goodwill has been impaired on an annual basis or on arise of impairment indicators whichever is earlier.
Additions -
Disposals - For the purpose of testing of impairment, the carrying amount of goodwill is allocated to a Cash Generating Unit (CGU) representing
Balance as at March 31, 2020 84 the lowest level at which the goodwill is monitored for internal management purposes and is not higher than the Company’s

Accumulated depreciation and impairment operating segments
Balance at beginning of year 12 The recoverable amount of the CGUs have been assessed based on its value-in-use. Value-in-use is determined by discounting
Amortisation expense 6 the future cash flows to be generated from the continuing use of the CGU. Key assumptions on which the Group has based its
Apollo 24 / 7
Disposals - determinations of value-in-use include:

Balance as at March 31, 2019 19
Amortisation expense 6
Disposals
336 337
Key Assumptions Standalone Healthcare Clinics Adjustment/Reclassification (9) - - -9

Pharmacy Balance at March 31, 2019 699 66 64 829
Discount Rate 13.50% 12% 16% Amortisation expense 253 4 257
Long term Growth Rate (used for determining Terminal Value) 3.50% 3.5% - 5% 5% Disposals -
a. These calculations use cash flow projections over a period of five years to seven years as applicable based on internal Adjustment/Reclassification -
management budgets and estimates. Balance at March 31, 2020 951 66 68 1,086
Carrying amount as on March 31, 2019 347 - 4 351
b. Terminal value is arrived by using last year’s forecasted cash flows to perpetuity using a constant long-term growth rate. This
Carrying amount as on March 31, 2020 282 - - 282
long-term growth rate takes into consideration external macroeconomic sources of data.
c. The discount rates used are based on the Company’s weighted average cost of capital of a comparable market participants,
which is adjusted for specific risks.
10 Investment in Equity Accounted Investee
As at As at
Based on the assessment, the management has concluded that there is no impairment of goodwill in respect of the CGU’s. The Associate/ Quoted /
Name of the Body Corporate March 31,2020 March 31,2019
Joint Venture Unquoted
management believes that any reasonably possible further change in key assumptions on which recoverable amount is based would not Quantity Amount Quantity Amount
cause the carrying amount of the goodwill related to each of the significant units to exceed its recoverable amount. Carrying amount determined using equity method
of accounting:
The Group has performed sensitivity analysis for all key assumptions, including the cash flow projections consequent to the change in
Indraprastha Medical Corporation Limited Associate Quoted 20,190,740 749 20,190,740 690
estimated future economic conditions arising from the possible effects due to COVID-19 and is unlikely to cause the carrying amount
Stemcyte India Therapeutics Private Limited Associate Unquoted 240,196 50 240,196 62
of the CGU exceed its estimated recoverable amount.
Apollo Munich Health Insurance Company Limited Associate* Unquoted - - 35,709,000 443
9 Other Intangible assets Family Health Plan Insurance TPA Limited Associate Unquoted 490,000 449 490,000 391
Apollo Gleneagles Hospitals Limited Joint Venture Unquoted 54,675,697 1,210 54,675,697 1,158
As at As at
Particulars Apollo Gleneagles PET-CT Private Limited Joint Venture Unquoted 8,500,000 43 8,500,000 42
March 31, 2020 March 31, 2019
Carrying amounts of: ApoKos Rehab Private Limited Joint Venture Unquoted 8,475,000 59 8,475,000 66
Software Licence 282 347 Medics International Life sciences Limited Joint Venture Unquoted 55,000,000 680 55,000,000 804
Trademark - - Total 3,242 3,654
Non Compete Fee - 4 * Refer note 64 in respect of disposal of investment in Apollo Munich Health Insurance Company Limited. The Group has ceased to
Total 282 351 have significant influence in this associate company with effect from January 1, 2020 in which date the closing conditions required to
complete the sale have been completed and consideration for the sale has been received, the investment has been de-recognised from
Gross block
the books with effect from January 1, 2020
Particulars Software License Trademark Non Compete Fee Total
Aggregate book value of quoted investments 749 690
Balance as at April 1, 2018 911 66 68 1,046 Aggregate market value of quoted investments 685 774
Additions 145 - - 145 Aggregate carrying value of unquoted investments 2,493 2,965
Disposals - - - -
Adjustment/Reclassification (11) - (11) 10.1 Details of material associates
Balance at March 31, 2019 1,045 66 68 1,180
The Group has interest in the following companies. The Group has significant influence either by virtue of shareholding being
Additions 188 188 more than 20% or through Board representation. However the Group does not have control or joint control over any of them.
Disposals -

Proportion of ownership interest / voting
Adjustment/Reclassification - Place of Incorporation
rights held by the Group
Balance at March 31, 2020 1,233 66 68 1,367 Name Principal Activity and Principal place of
Business
Apollo 24 / 7
Accumulated Amortisation and impairment 2020 2019

Indraprastha Medical Corporation Healthcare and India 22.03% 22.03%
Balance as at April 1, 2018 519 64 53 636
Limited services
Amortisation expense 189 2 11 202
Disposals - - - -
338 339
Proportion of ownership interest / voting As at As at

Place of Incorporation Particulars
rights held by the Group March 31, 2020 March 31, 2019
Name Principal Activity and Principal place of
As at March 31, As at March 31, Ownership held by the Group 49% 49%
Business
2020 2019 Group's Share of Net Assets 463 406
Stemcyte India Therapeutics Private Healthcare and India 24.50% 24.50% Capital reserve (15) (15)
Limited services Carrying amount of Group's interest in FHPTL 449 391
Apollo Munich Health Insurance Health Insurance India - 9.96%
Company Limited For the year ended For the year ended
Particulars
March 31, 2020 March 31, 2019
Family Health Plan Insurance TPA Limited Health Insurance India 49.00% 49.00%
Revenue 1,380 1,232
10.2 Summarised financial information of material associates Profit from continuing operations (after tax) 126 79
The summarised financial information below represents amounts shown in the material’s associate financial statements prepared Other comprehensive income for the year (7) 3
in accordance with Ind ASs adjusted by the Group for equity accounting purposes.
Total comprehensive income for the year 118 83
10.2.1 Indraprastha Medical Corporation Limited (IMCL) Proportion of the Group's ownership interest in Total Comprehensive Income 58 41
As at As at 10.2.3 Apollo Munich Health Insurance Company Limited
Particulars
March 31, 2020 March 31, 2019
As at As at
Non-current assets 3,075 2,868 Particulars
March 31, 2020 March 31, 2019
Current assets 1,415 1,356 Net Assets - 4,446
Non-current liabilities (416) (542) Ownership held by the Group - 9.96%
Current liabilities (1,396) (1,241) Group's Share of Net Assets - 443
Impact on adoption of IND AS 116 (1) - Carrying amount of Group's interest in Apollo Munich - 443
Net Assets 2,677 2,440
Ownership held by the Group 22.03% 22.03% As at As at
Particulars
March 31, 2020 March 31, 2019
Group's Share of Net Assets 590 538
Revenue 8,097 19,793
Add: Goodwill on acquistion 160 160
Add: Others (1) (8) Profit from continuing operations (after tax) (1,075) 69
Less:Dividend received elimnated on consolidation (30) - Other comprehensive income for the year 29 15
Carrying amount of Group's interest in IMCL 719 690 Total comprehensive income for the year (1,046) 84
Proportion of the Group's ownership interest in Total Comprehensive Income (104) 8
Particulars
March 31, 2020 March 31, 2019
10.3 Investments in joint ventures
Revenue 8,308 7,882
10.3.1 Details of material joint ventures
Profit from continuing operations (after tax) 436 284
Other comprehensive income for the year (20) (1) The Group has interest in the following companies. This has been accounted for using the equity method in the consolidated
financial statements. The Group has joint control by virtue of contractual arrangements.
Total comprehensive income for the year 416 283
Proportion of the Group's ownership interest in Total Comprehensive Income * 92 62 Proportion of ownership interest / voting
Place of Incorporation
* The share of loss of associate accounted using equity method of accounting was considered till June 30, 2019. With effect from rights held by the Group
Name Principal Activity and Principal place of
July 1, 2019 the investment in this associate company is classified as held for sale. As at March 31, As at March 31,
Business
2020 2019
10.2.2 Family Health Plan Insurance TPA Limited (FHPTL)
Apollo Gleneagles Hospitals Limited Healthcare and India 50% 50%

As at As at services
Particulars
March 31, 2020 March 31, 2019
Apollo Gleneagles Hospitals PET CT Healthcare and India 50% 50%
Non-current assets 909 799
Private Limited services
Current assets 631 464
Apollo 24 / 7
ApoKos Rehab Private Limited Healthcare and India 50% 50%

Non-current liabilities (350) (199) services
Current liabilities (245) (236) Medics International Life Sciences Healthcare and India 50% 50%
Net Assets 946 828 Limited services
340 341
10.3.2 Summarised financial information of material joint ventures 10.3.5 Medics International Life Sciences Limited
The summarised financial information below represents amounts shown in the joint venture company’s financial statements As at As at
Particulars
prepared in accordance with Ind ASs adjusted by the Group for equity accounting purposes. March 31, 2020 March 31, 2019
Non-current assets 2,926 2,789
10.3.3 Apollo Gleneagles Hospital Limited (AGHL)
As at As at Non-current liabilities (1,562) (1,290)
Particulars
March 31, 2020 March 31, 2019
Current liabilities (637) (432)
Non-current assets 3,590 3,494
Net Assets 915 1,162
Current assets 1,876 1,811
Ownership held by the Group 50% 50%
Non-current liabilities (591) (453)
Group's Share of Net Assets 458 581
Current liabilities (2,576) (2,627) Goodwill 223 223
Impact on adoption of IND AS 116 32 - Carrying amount of Group's interest in Medics International Life Sciences Limited 680 804
Net Assets 2,330 2,225
Ownership held by the Group 50% 50% For the year ended For the year ended
Particulars
March 31, 2020 March 31, 2019
Group's Share of Net Assets 1,165 1,112
Revenue 1,151 140
Add: Goodwill on acquistion 45 45
Carrying amount of group's interest in AGHL 1,210 1,158 Profit/(Loss) from continuing operations (after tax) (243) (212)
Other comprehensive income for the year (4) (1)
Particulars Total comprehensive income for the year (247) (213)
March 31, 2020 March 31, 2019
Proportion of the Group's ownership interest in Total Comprehensive Income (124) (106)
Revenue 7,162 6,388
Profit/(Loss) from continuing operations (after tax) 115 44 10.4 The Group’s share of commitment and contingent liabilities in respect of its associates and joint venture is disclosed as part of
Other comprehensive income for the year (9) (3) Note 53 and Note 54.
Total comprehensive income for the year 105 41 11 Other Investments

Proportion of the Group's ownership interest in Total Comprehensive Income 53 21
Particulars
10.3.4 ApoKos Rehab Private Limited (ApoKos)
Investment carried at Fair Value through Profit and Loss*
As at As at
Particulars Mutual Funds (Liquid and short term funds) - 749 - 688
March 31, 2020 March 31, 2019
Other Investments 269 - 191 -
ApoKos Rehab Private Limited (ApoKos)
Investments in equity instruments at FVTOCI*
Non-current assets 87 94
Investment in Equity instruments 2 - 3 -
Investments carried at amortised cost
Non-current liabilities (2) (2)
Investment in debentures 80 - 80 -
Current liabilities (75) (34)
Total 350 749 274 688
Net Assets 117 132
*Refer note 51 for information and disclosure in respect of fair value measurements
Ownership held by the Group 50% 50%
Group's Share of Net Assets 59 66 Aggregate amount of unquoted investments 350 749 274 688
Carrying amount of Group's interest in ApoKos Rehab Private Limited 59 66
11.1 Investment carried at Fair Value through Profit and Loss

Particulars Quoted/ Partly paid/ Amount Amount
March 31, 2020 March 31, 2019 Name of the Entity
Unquoted Fully paid March 31,2020 March 31,2019
Revenue 135 94
Investments in mutual funds (Liquid and short term
Profit/(Loss) from continuing operations (after tax) (15) (8) funds)
Apollo 24 / 7
Other comprehensive income for the year - - SBI Magnum Ultra Short Duration Fund Unquoted Fully paid 151 -
Total comprehensive income for the year (15) (8) ICICI Prudential STP - Growth Unquoted Fully paid 63 58
Proportion of the Group's ownership interest in Total Comprehensive Income (7) (4)
342 343
Quoted/ Partly paid/ Amount Amount Quoted/ Partly paid/ March 31,2020 March 31,2019
Name of the Entity Name of the Entity Face value
Unquoted Fully paid March 31,2020 March 31,2019 Unquoted Fully paid Quantity Amount Quantity Amount
Aditya Birla Sun Life Short Term Fund Unquoted Fully paid 60 55 Matrix Agro Private Limited 10 Unquoted Fully Paid 50,000 1 50,000 1
SBI STD Fund - Reg plan Growth Unquoted Fully paid 59 54 Morgan securities & credit private 10 Unquoted Fully Paid 5,000 - 5,000 0.05
ICICI Equity Arbitrage Fund Unquoted Fully paid 58 54 limited
SBI Liquid Fund Unquoted Fully paid 50 - National Savings Certificate - Unquoted Fully Paid - - - 0.02
Canara Robeco Short Term Fund Unquoted Fully paid 43 5 Unquoted
Kotak Floater Short Term Unquoted Fully paid 40 37 CWRE Power Private Limited 10 Unquoted Fully Paid 1,625 - - -
IDFC All Seasons Bond Fund Unquoted Fully paid 26 23 Iris Ecopower Venture Private 10 Unquoted Fully Paid 100 - - 2
Kotak Bond Short Term Unquoted Fully paid 26 24 Limited
HDFC Short Term Oppurtunities Fund Unquoted Fully paid 24 22 Indo wind power Private Limited 10 Unquoted Fully Paid 10,650 - 10,650 -
Axis Short Term Fund Unquoted Fully paid 24 22 Array land developers Private 10 Unquoted Fully Paid - 50,000 1
ICICI Short Term Plan Growth Unquoted Fully paid 24 22 Limited
Kotak Equity Arbitrage Fund Unquoted Fully paid 23 22 Total 269 191
11.3 Investments carried at Amortised Cost
IDFC Arbitrage Fund Growth Unquoted Fully paid 23 22
Investments in debentures
HDFC Debt Fund for Cancer Cure 2014 Unquoted Fully paid 20 20
SBI Liquid Fund Regular Growth Unquoted Fully paid 10 Quoted/ Partly/ March 31,2020 March 31,2019
Name of the Entity Face value
Birla SunLife Unquoted Fully paid 9 10 Unquoted Fully paid Quantity Amount Quantity Amount
Kotak Flexi Debt Unquoted Fully paid 7 6 Apollo Munich Health Insurance 1,000,000 Unquoted Fully Paid 80 80 80 80
UTI Floating rate fund Unquoted Fully paid 5 4 Company Limited (Redeemable
non convertible debentures)
Relaince Income Fund Unquoted Fully paid 2 0.03
Total 80 80
Reliance Short Term Fund - Growth Unquoted Fully paid 1 0.49
11.4 Investments in equity instruments at FVTOCI
DHFL Pramerica Insta Cash Fund Unquoted Fully paid - 138
Investment in equity instruments
Reliance Short Term Fund Unquoted Fully paid - 82
Trade Investment with ICB Unquoted Fully paid - - Quoted/ Partly paid/ March 31,2020 March 31,2019
The Karur Vysya Bank Limited Unquoted Fully paid - 6 Unquoted Fully paid Quantity Amount Quantity Amount
Total 749 688 Searchlight Health Private Limited 10 Unquoted Fully Paid 201,000 2 201,000 3
11.2 Investments carried at Fair value through Profit and loss Sunrise Medicare Private Limited 10 Unquoted Fully Paid 78 - 78 -
March 31,2020 March 31,2019 Total 201,078 2 201,078 3
Quoted/ Partly paid/
Unquoted Fully paid Quantity Amount Quantity Amount 12 Loans - Non current
HealthXCapital, L.P. 10 Unquoted Fully Paid - 148 - 110
Immuneel Therapeutics Private 10 Unquoted Fully Paid 500,000 50 - - Particulars
Non-current Current Non-current Current
Limited
Impact Guru Technology Venture 10 Unquoted Fully Paid - 25 - 25
Private Limited Loans to Related parties 231 - 108 -
Clover energy Private Limited 10 Unquoted Fully Paid 1,642,935 16 1,929,250 14 Loans to others 70 80
Tirunelveli Vayu Energy Generation 1000 Unquoted Fully Paid 36 14 36 14 Total 231 70 108 80
Private Limited Particulars of related parties, rate of interest and repayment terms have been summarised below:
Searchlight Health Private Limited 10 Unquoted Fully Paid 406,514 5 406,514 16
March March Interest
Particulars Terms of repayment

Citron ECO power private limited 10 Unquoted Fully Paid 232,850 2 436,125 4
31,2020 31,2019 rate
Kurnool Hospitals Enterprise 10 Unquoted Fully Paid 157,500 2 157,500 2
Lifetime Wellness Rx International Limited 148 92 10% Repayable in five equated installments by
Limited
September 30, 2024
The Karur Vysya Bank Ltd 10 Unquoted Fully Paid 82,203 2 - -
Apollo 24 / 7
Apollo Shine Foundation 6 16 10% Repayable in three equated installments by

Connect Wind India Private Limited 10 Unquoted Fully Paid 1,599,375 2 - - March 31, 2022
Leap Green Energy Private Limited 10 Unquoted Fully Paid 97,600 1 97,600 1 Apollo Medskills Limited 77 - 10% Repayable in three equated installments by
Cholamandalam Finance 10 Unquoted Fully Paid 5,000 1 5,000 1 March 31, 2021
VMA Wind Energy India Private 10 Unquoted Fully Paid 60,000 1 60,000 1 Total 231 108
Limited
344 345
13 Trade receivables 14 Other Financial Assets

As at As at (Unsecured, considered good unless otherwise stated)
Current Current Particulars
Non-Current Current Non-Current Current
Unsecured
(a) Operating lease receivables 183 89
(a) Considered good 10,940 10,946
(b) Other Receivables 2 674 - 275
(c) Advances to employees - 95 - 141
(b) Considered doubtful 525 722
(d) Fair value of derivative financial instruments 67 - 288 -
(e) Interest Receivable - 66 - 47
Total 10,272 10,232
(f) Security Deposits 2,263 - 2,058 -
Trade receivables represent the amount outstanding on sale of pharmaceutical products, hospital and other healthcare allied services (g) Finance lease receivables ( Refer 14.1 & 14.2 below) 5 - 5 -
which are considered as good by the management.In addition the group has also considered credit reports and other credit information Total 2,337 1,018 2,351 552
for its customers to estimate the probability of default in future and has taken into account estimates of possible effect from the 14.1 Leasing arrangements
pandemic relating to COVID -19. The Group believes that the carrying amount of allowance for expected credit loss with respect to trade
The Company entered into finance lease arrangements with Apollo Hospitals Education and Research Foundation (AHERF) for its
receivables is adequate.
Building in Hyderabad. The lease is denominated in Indian Rupees. The average term of finance lease entered into is 99 years.
Majority of the Groups’ transactions are earned in cash or cash equivalents. The trade receivables comprise mainly of receivables from
Insurance Companies, Corporate customers and Government Undertakings. 14.2 Amounts receivable under finance leases
Average credit Period Present value of minimum
Minimum lease payments
lease payments
The average credit period on sales of services is 30-60 days. Particulars
Customer Concentration March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019
No single customer represents 10% or more of the group’s total revenue during the year ended March 31, 2020 and March 31, Not later than one year 0.54 0.54 - -
2019. Later than one year and not later than five years 2 2 - -
Impairment Methodology Later than five years 47 47 5 5
The Group has used a practical expedient by computing the expected credit loss allowance for receivables. The provision matrix takes Less: unearned finance income 42 43 - -
into account historical credit loss experience and is adjusted for forward looking information considering reasonable and supportable Present value of minimum lease payments 5 5 - -
receivable
information that is available without undue cost or effort as at the reporting date. The expected credit loss allowance is based on the
Allowance for uncollectible lease payments
ageing of the days the receivables are due and the rates as given in the provision matrix.
Net Total 5 5 5 5
13.3 Movement in the expected credit loss allowance
The interest rate inherent in the leases is considered as the average incremental borrowing rate which is approximately 12% per annum
(as at March 31, 2019: 12% per annum).
Balance at beginning of the year 1,436 1,075
Add: Movement during the year, net* (242) 361 15 Inventories
Balance at end of the year 1,193 1,436 As at As at
Particulars
* Includes `752 million (previous year `657 million) of provision created and `994 million (previous year `296 million) has been written March 31, 2020 March 31, 2019
Inventories (lower of cost and net realisable value)
off against the provision available.
(a) Medicines 677 469
Refer note 60.1 for information on amounts receivable from related parties (b) Stores and Spares 473 264
Refer note 22.1 for the receivables provided as security against borrowings

(c) Lab Materials 40 24
(d) Other Consumables 154 126
(e) Stock in Trade (in respect of goods acquired for trading)
- Pharmaceutical products (including surgical and generics) 3,602 3,110
Apollo 24 / 7
- FMCG products 1,808 1,490

- Private label and other categories 623 364
Total 7,378 5,848
346 347
16 Cash and cash equivalents 19.1 Fully paid equity shares

Number of Share capital
As at As at Particulars
Particulars shares Amount
March 31, 2020 March 31, 2019
Balance at April 1, 2019 139,125,159 696
(a) Balances with Banks (Including deposits with original maturity upto 3 months)
Movement during the year 2019-20 - -
(i) In Current Accounts 3,306 2,361
Balance at March 31, 2020 139,125,159 696
(ii) In Fixed Deposits 281 130
19.2 Rights, Preferences and restrictions attached to equity shares
(b) Cash on hand 215 256
(c) Cheques on Hand 5 114 The Company has equity shares having a nominal value of `5 each. All equity shares rank equally with regard to dividend and
Total 3,807 2,862 share in the Company’s residual assets. Each holder of equity shares is entitled to one vote per share. The equity shares are
17 Bank balances entitled to receive dividend as declared from time to time. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders
As at As at of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The
Particulars
March 31, 2020 March 31, 2019 distribution will be in proportion to the number of equity shares held by shareholders.
Balances with Bank in earmared accounts
19.3 Details of shares held by each shareholder holding more than 5% shares
(a) Unclaimed Dividend Accounts 38 35
(b) Term deposits held as Margin money 650 572 As at March 31, 2020 As at March 31, 2019
(b) Deposits account 173 - Particulars Number of % holding of Number of % holding of
Total 861 607 Shares held equity shares Shares held equity shares
Fully paid equity shares
18 Other Assets PCR Investments Limited 27,223,124 19.57 27,223,124 19.57
As at March 31, 2020 As at March 31, 2019 Life Insurance Corporation of India - - 7,900,314 5.68
Particulars
The Company had issued 9,000,000 Global Depository Receipts of `10 (now 18,000,000 Global Depository Receipts of `5 each) with
(a) Capital Advances 478 - 553 -
two-way fungibility during the year 2005-06. Total GDRs converted into underlying Equity shares during the year ended on March 31,
(b) Advance to suppliers 5 801 5 572
2020 is 121,840 (2018-19: 2,95,009) of `5 each and total Equity shares converted back to GDR during the year ended March 31,
(c) Prepaid Expenses 100 571 266 494
2020 is 32,224 (2018-19: 1,850) of `5 each.
(d) Prepayment towards leasehold land (Refer Note (ii) - - 681 12
(e) Balances with Statutory Authorities (Refer Note (i) 185 1 337 1 20 Other equity
(f) Others 3 278 38 133
Particulars Note As at March 31, 2020 As at March 31, 2019
Total 772 1,651 1,879 1,213
General reserve 20.1 11,250 11,250
Note (i) Refer note 54 for amounts deposited with the statutory authorities in respect of disputed dues. Securities premium reserve 20.2 17,139 17,139
(ii) The upfront lease premium paid to the City and Industrial Corporation of Maharashtra Limited (‘CIDCO’) for granting the Capital Reserves 20.3 30 30
leasehold rights for a period of 60 years for developing a multi-speciality hospital in Navi Mumbai has been reclassified to Retained earnings 20.4 4,263 3,704
Right-of-use asset during the year on account of adoption to Ind AS 116, Leases. Capital redemption reserve 20.5 60 60
Debenture redemption reserve 20.6 1,250 1,750
19 Equity Share Capital Revaluation Reserve 20.7 78 78
As at March As at March Shares Options Outstanding Account 20.8 30 28
Particulars
31, 2020 31, 2019 Remeasurement of defined benefit obligation through 20.9 (703) (699)
Equity share capital other comprehensive income

Authorised Share capital : Fair value changes on equity instruments through 20.10 (8) (7)
200,000,000 (2018-19 : 200,000,000) Equity Shares of `5/- each 1,000 1,000 other comprehensive income
1,000,000 (2018-19 : 1,000,000) Preference Shares of `100/- each 100 100 IND AS Transition reserve 20.11 (693) (693)
Apollo 24 / 7
Issued Balance at the end of the year 32,695 32,639

139,658,177 ( 2018-19: 139,658,177) Equity shares of `5/- each 698 698
Subscribed and Paid up capital comprises:
139,125,159 fully paid equity shares of `5 each (as at March 31, 2019: 139,125,159) 696 696
Total 696 696
348 349
20.1 General reserve transfer shall be disclosed in the balance sheet. The capital redemption reserve account may be applied by the Company, in paying up
Particulars As at March 31, 2020 As at March 31, 2019 unissued shares of the Company to be issued to shareholders of the Company as fully paid bonus shares.
Balance at beginning of year 11,250 11,250 20.6 Debenture Redemption reserve
Transfer from Profit and Loss - - Particulars As at March 31, 2019 As at March 31, 2019
Balance at the end of the year 11,250 11,250 Balance at beginning of year 1,750 1,750
The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general Movement during the year (500) -
reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items Balance at the end the of year 1,250 1,750
included in general reserve will not be reclassified subsequently to profit and loss. Debenture Redemption Reserve is created out of the profits of the company available for the payment of dividends and such reserve
20.2 Securities premium shall be utilised only for the redemption of debentures
Particulars As at March 31, 2019 As at March 31, 2019 20.7 Revaluation Reserve
Balance at beginning of year 17,139 17,139 Particulars As at March 31, 2019 As at March 31, 2019
Share issue costs - - Balance at beginning of year 78 78
Balance at the end of the year 17,139 17,139 Movement during the year - -
Securities premium is used to record premium received on issue of shares. The reserve is utilised in accordance with the provisions of Balance at the end the of year 78 78
the Companies Act, 2013 (the “Companies Act”). 20.8 Share Options Outstanding Account
20.3 Capital Reserves Particulars As at March 31, 2019 As at March 31, 2019
Particulars As at March 31, 2019 As at March 31, 2019 Balance at beginning of year 28 19
Balance at beginning of year 30 30 Movement during the year 2 9
Movement - - Balance at the end the of year 30 28
Balance at the end of the year 30 30 Shares options outstanding account relates to share options granted by the company to its employees under its employees share option
20.4 Retained earnings plan. These will be transformed to retained earnings after the exercise of the underlying options.
Particulars As at March 31, 2019 As at March 31, 2019 20.9 Remeasurement of Defined Benefit Obligations through other comprehensive income
Balance at beginning of year 3,704 2,602 Particulars As at March 31, 2019 As at March 31, 2019
Gross obligation over written put option (211) (382) Balance at beginning of year (699) (410)
Profit attributable to owners of the Company 4,549 2,360 Movement during the year (5) (289)
Impact of Ind AS 116 attributable to Owners ( refer note 52) (2,699) Balance at the end the of year (703) (699)
Movement on account of change in shareholding of existing subsidiaries (25) (26)
20.10 Fair value changes on equity instruments through other comprehensive income
Adjustment towards Non-controlling interest - (13)
Transfer from debenture redemption reserve 500 - Particulars As at March 31, 2019 As at March 31, 2019
Dividends paid (including dividend distribution tax) (1,555) (837) Balance at beginning of year (7) (5)
Balance at the end of the year 4,263 3,704 Movement during the year (1) (3)
Balance at the end the of year (8) (7)
In respect of the year ended March 31, 2020, the company declared an interim dividend of ` 3.25 per share be paid on fully paid
equity shares in addition to the interim dividend ` 2.75 per share is declared in the current year. For the previous year, dividend of `6 20.11 IND AS Transition Reserve
per share was paid. Particulars As at March 31, 2019 As at March 31, 2019
Balance at beginning of year (693) (693)
20.5 Capital Redemption reserve

Balance at the end the of year (693) (693)
21 Non-controlling interests
Apollo 24 / 7
Balance at the end the of year 60 60
The Companies Act requires that where a Company purchases its own shares out of free reserves or securities premium account, a sum Particulars As at March 31, 2019 As at March 31, 2019
equal to the nominal value of the shares so purchased shall be transferred to a capital redemption reserve account and details of such Balance at beginning of year 1,355 1,324
Loss attributable to Non controlling Interest (NCI) (231) (359)
350 351
Particulars As at March 31, 2019 As at March 31, 2019 22 Borrowings

Other comprehensive Income 1
Movement on account of share based compensation 1 4 Particulars
Movement on account of change in shareholding of existing subsidiaries (14) (10)
Secured - at amortised cost
Impact of Ind AS 116 attributable to NCI (10) -
(a) Redeemable non-convertible debentures 5,000 - 7,000 -
Gross obligation over written put option 211 382
(b) Term loans
Others (5) 13
-from banks and other financial institutions 23,520 61 21,680 320
Balance at end of year 1,307 1,355
(c) Bank Overdrafts including working capital facilities - 3,045 571
Details of non-wholly owned subsidiaries that have material non-controlling interests
(d) Finance lease obligations ( Refer note iii) - - 7 -
The table below shows details of non-wholly owned subsidiaries of the Group that have material non-controlling interests: Unsecured - at amortised cost
(a) Term loans
Proportion of ownership
Profit (loss) allocated Accumulated -from banks and other financial institutions - 980 531 3,250
interests and voting rights
to non - controlling non - controlling -from other parties - 97 21 71
held by non - controlling
Name of the Entity interest interests (b) Bank Overdrafts including working capital facilities - 86 - 148
interests
March 31, March 31, March 31, March 31, March 31, March 31, (c) Bonds/Debentures - 6 - 34
2020 2019 2020 2019 2020 2019 (d) Bills Payable - 701 282 588
Imperial Hospital and Research Centre Limited 10.00% 10.00% 21 33 120 99 Total 28,520 4,975 29,521 4,982
Apollo Health & Lifestyle Limited 29.75% 29.75% (225) (424) 42 64 (i) There is no breach of loan covenants as at March 31,2020 and March 31,2019
Apollo Rajshree Hospital Private Limited 45.37% 45.37% 11 - 19 9
Apollo Lavasa Health Corporation Limited 49.00% 49.00% (20) (19) 217 236 (ii) The secured listed non-convertible debentures of the Group aggregating to `5,000 million as on March 31, 2020 are secured
Sapien Biosciences Private Limited 30.00% 30.00% 3 - (6) (9) by way of first mortgage/charge on the Group’s properties. The asset cover on the secured listed non-convertible debentures of
Apollo Healthcare Technology Solutions Limited 60.00% 60.00% - - - - the Group exceeds hundred percent of the principal amount of the said debentures.
Apollo Home Healthcare Limited 10.00% 14.88% (4) (15) (51) (48) (iii) For the year ended March 31, 2020, due to outbreak of Covid-19 pandemic, RBI vide circular DOR.No.BP.BC.47/21.04.048/2019-
Assam Hospitals Limited 34.48% 37.68% 17 55 429 428 20 dated March 27, 2020 has directed banks and financial institutions to provide moratorium of 3 months to borrowers on all
Apollo Hospitals International Limited 50.00% 50.00% (36) 9 533 573 payments falling due between March 1, 2020 and May 31, 2020 to all eligible borrowers classified as standard. Accordingly,
Future Parking Private Limited 51.00% 51.00% - - - - the Company has availed moratorium with respect to the principal and interest aggregating to `86 million which were due in the
Apollo Nellore Hospital Limited 19.13% 20.56% 1 1 4 3 month of March 20.
Apollo Medicals Private Limited 0.01% - - - - -
(iv) The finance lease obligations of last year has been reclassfied to lease liabilities on adoption of Ind AS 116, Leases
Total (231) (359) 1,307 1,355
Note (i): In respect of the subsidiary company Apollo Hospitals International Limited (AHIL), the group holds 50% ownership and voting
power along with its wholly owned subsidiary Apollo Home Healthcare (India) Limited. Based on the contractual arrangements between
the Group and other investors, the Group has the right in respect of appointment of Key Managerial Personnel (KMP) and approval of
business plan coupled with the affirmative voting rights, the directors of the company concluded that the Group has the practical ability
to direct the relevant activities and hence concluded that Group exercises control on the AHIL.
Note (ii): In respect of the subsidiary company Future Parking Private Limited (FPPL), though the Group holds 49% ownership and voting
power, based on the contractual arrangements between the Group and other investor, the Group has the unilateral right to direct the
relevant activities and hence concluded that the group exercises control on FPPL.

Note (iii): In respect of the subsidiary company Imperial Hospital and Research Centre Limited (IHRCL), the Company has paid `35
million for transfer of the balance 10% in favor of the Company. Pending approvals from the requisite statutory authorities, the transfer
of shares has not been executed as at March 31, 2020.
Apollo 24 / 7
352 353
354
Apollo 24 / 7
22.1 Summary of Borrowing arrangements

(a) Redeemable Non-Convertible Debentures
Principal Principal
Rate of Rate of
Particulars Details of repayment terms and maturity Nature of Security Interest Interest
31 Mar 20 31 Mar 19
31, 2020 31, 2019
10.2% Non - 2,000 The Company issued 2,000 no's of 10.20% Non Secured by way of Pari passu first charge 10.20% 10.20%
Convertible Convertible Redeemable Debentures of `1 Million on the fixed assets of the Company,
Debentures each on August 22, 2014 to banks and financial existing and future along with Bank and
institutions, with an option to re-purchase/ Institutions; such Pari passu first charge
re-issue some or all of its debentures in the ensuring at least a cover of 1.25 times the
secondary market or otherwise at any time prior value of outstanding principal amount of
to the specified date of redemption of August 22, the loan
2028.
It has been fully repaid in the current year.

8.7% Non Convertible 3,000 3,000 The Company issued 3,000 nos. of 8.70% Non Secured by way of Pari passu first charge 8.70% 8.70%
Debentures Convertible Debentures of `1 Million each on on the fixed assets of the Company,
October 7, 2016, with 2 call options to re- existing and future along with Bank and
purchase/ re-issue some or all of its debentures Institutions; such Pari passu first charge
in the secondary market or otherwise at any ensuring at least a cover of 1.25 times the
time prior to the specified date of redemption of value of outstanding principal amount of
October 7, 2026. the loan
7.8% Non Convertible 2,000 2,000 The Company issued 2,000 nos. of 7.80% Non Secured by way of Pari passu first charge 7.80% 7.80%
Debentures Convertible Debentures of `1 Million each on the fixed assets of the Company,
on March 7, 2017, and the specified date of existing and future along with Bank and
redemption is March 7, 2022. Institutions; such Pari passu first charge
ensuring at least a cover of 1.25 times the
value of outstanding principal amount of
the loan
(b) Secured and Unsecured borrowing facilities from banks and others
HDFC Bank Limited 3,500 3,500 The loan is repayable in 22 half yearly instalments The loan is secured by first pari passu 8.15% 8.40%
(with a moratorium period of 4 years from the charge on all present and future movable
date of the first disbursement) commencing from and immovable fixed assets of the
September 8, 2020. Company along with minimum cover of
1.25 times the value of the outstanding
Principal Principal
Rate of Rate of
Review
Corporate
31 Mar 20 31 Mar 19
31, 2020 31, 2019
Axis Bank Limited 2,775 2,925 The loan is repayable in 40 Quarterly instalments The loan is secured by first pari passu 8.10% 8.60%
(with a moratorium of 4 years from the date of 1st charge on all present and future movable
disbursement) commencing from December 15, and immovable fixed assets of the
2018. Company along with minimum cover of
1.25 times) the value of the outstanding
principal amount of the loan
Section
HDFC Bank Limited 600 - The Company availed a term loan from HDFC Bank The loan is secured by first pari passu 8.10% NA
Statutory
Ltd for a sanctioned limit of `750 million which is ranking charge on entire existing and
repayable by FY 2021-2022 future movable fixed asset of the Company
with minimum cover of 1.25 times the
value of the outstanding principal amount
of the loan.
Bank of India 2,313 2,425 This loan is repayable in 40 Quarterly instalments The loan is secured by first pari passu 8.10% 9.55%
(with a moratorium of 4 years from the date of 1st charge on all present and future movable
disbursement) commencing from December,30, and immovable fixed assets of the
Review
Business
2018. Company along with minimum cover of

1.25 times the value of the outstanding
HSBC Term Loan -I 1,675 1,825 The Company has availed Rupee Term Loan of The loan is secured by first pari passu 7.95%-8.05% 8.30%
`2000 Million from HSBC Bank Limited, out of charge on all present and future movable
which `1,000 Million is repayable in 16 semi- and immovable fixed assets of the
annual instalments commencing from March 2, Company ensuring atleast a cover of 1.25
2017 and the balance `1,000 Million is repayable times the value of the outstanding principal
in 16 semi-annual instalments commencing from amount of the loan.
Notes to the Consolidated Financial Statements as at and for the year ended March 31, 2020
November 13, 2018.

Financials
Standalone
HSBC Bills Payable - 132 The Company has availed a buyer’s line of credit of The loan is secured by first pari passu - 6 months libor
from HSBC for the import of medical Equipments ranking charge on entire existing and +0.55
which is repaid on various dates in FY 2019-20 future movable fixed asset of the Company
with minimum cover of 1.25 times the
value of the outstanding principal amount
of the loan.
Financials
Consolidated

355
356
Apollo 24 / 7
Principal Principal
Rate of Rate of
31 Mar 20 31 Mar 19
31, 2020 31, 2019
HSBC Term Loan -II 350 - The Company has availed Rupee Term Loan of The loan is secured by first pari passu 7.50% -
`350 Million out of sanctioned amount of `1,500 ranking charge on entire existing and
Million from HSBC Bank Limited repayable in 28 future movable fixed asset of the Company
quarterly installments commencing from June with minimum cover of 1.25 times the
2020 value of the outstanding principal amount
of the loan.
International - 892 The Loan outstanding is repayable in 8 semi- The ECB loan is secured by way of pari 9.20% 9.20%
Finance Corporation annual instalments during September and March passu first ranking charge on the fixed
(External Commercial of each year. This has been repaid in the current assets of the Company ensuring at least
Borrowings financial year a cover of 1.25 times the value of the
outstanding principal amount of the loan.
HSBC (External - 277 The loan outstanding was repayable in 6 quarterly The ECB loan was secured by way of pari - 9.50%
Commercial instalments starting from April, 2018. This has passu first ranking charge on the fixed
Borrowings) been repaid in the current financial year assets of the Company.
IDFC Bank Limited - 514 This balance loan outstanding is repayable in 38 The loan is secured by first pari passu - 8.65%
quarterly instalments falling due on April, July, charge on all present and future movable
October and January every year. The balance and immovable fixed assets of the
amount outstanding as of March 31, 2019 is Company ensuring atleast a cover of 1.25
repaid in the current year. times the value of the outstanding principal
amount of the loan.
NIIF Infrastructure 1,000 1,000 During the year 2015-16 the Company availed The loan is secured by first pari passu 9.60% 9.60%
Finance Limited loan of `1,000 million which is repayable in 3 charge on all present and future movable
annual instalments of 20% at the end of December and immovable fixed assets of the
2029 (14th year), 40% at the end of December Company ensuring atleast a cover of 1.25
2030 (15th year) and balance 40% at the end of times the value of the outstanding principal
December 2031 (16th year) from the date of first amount of the loan.
disbursement.
ICICI Bank Limited 2,386 2,460 The loan is repayable in 48 quarterly instalments The loan is secured by first pari passu 9.05% 9.05%
commencing from June 30, 2019. charge on all present and future movable
and immovable fixed assets of the
Company.
Principal Principal
Rate of Rate of
Review
Corporate
31 Mar 20 31 Mar 19
31, 2020 31, 2019
State Bank of India 6,829 3,611 The balance outstanding is repayable in quarterly The loan is secured by paripassu first 8%-8.10% 8.80%
instalments till 2032-2033 charge with other term lenders and
debenture holders on all the present and
future movable and immovable fixed assets
of the Company with a minimum cover
of 1.25 times the value of outstanding
Section

Statutory
Axis bank Working 650 - The Company has been sanctioned working capital Secured by hypothecation of stock and 7.20% -
Capital facility of ` 1500 million from Axis bank. book debts of the Company
Axis Bank Limited- 980 - The Company has been sanctioned a short term 7.20% -
Short term facilities facility from Axis bank of `1,500 million

HSBC- WCDL 63 148 The Company has been sanctioned `750 Million 8.05% 8.75%
overdraft facility by HSBC which is repayable on
various dates
Review
Fixed Deposits 2 13 Represents the unclaimed fixed deposits - 8.75% to 9.25%

Business
secured from public outstanding as on March 31, 2019

Bank of Tokyo – 601 1,109 The loan is repayable in 3 annual instalments - 9.20% 9.20%
Mitsubishi UFJ starting from the year September 2018.
(External Commercial
Borrowings)
Citi Bank - Bill 701 588 The Company has been sanctioned bill discounting - 7.10% 8%
Discounting facility from Citi Bank for a maximum outstanding
of `1,000 million.
HDFC Bank Limited 1,900 1,250 The Company has been sanctioned Working Secured by hypothecation of stock and 7.20% 0.084
Financials
Standalone
Capital Demand Loan facility book debts of the Company

HDFC Bank Limited - - 150 The Company had availed a buyer’s line of credit
Bills payable from HDFC for the import of medical equipments
which has been repaid in FY2019-20
HDFC Bank Limited - 276 571 The Company has availed a cash credit facility Secured by hypothecation of stock and 7.50% 8.75%
CC A/c from HDFC Bank which is repayable on various book debts of the Company
dates in FY 2019 -20
Financials
Consolidated

357
358
Apollo 24 / 7
Principal Principal
Rate of Rate of
31 Mar 20 31 Mar 19
31, 2020 31, 2019
MUFG Bank Ltd. - 2,000 The Company had availed a loan of `1,000 million - 8.50%
each on March 22, 2019 and March 27, 2019
which was repaid in FY 2019 - 20
HDFC Bank Ltd. 23 - The Company had availed a overdraft facility of 10.00% -
`100 million in March, 2019 and utilised in FY20
Axis Bank Ltd. 222 247 The loan is repayable in 24 quarterly instalments Secured by way of pari passu first ranking 3 Month 3 Month
commencing from the end of 51st Month from the charge on the fixed assets of the company. MCLR+1.25% MCLR+1.25%.
date of first disbursement of Loan Interest rates
reset will happen
every 6 months.
Lavasa Corporation 97 97 Apollo Lavasa Health Corpoation Limited, a 12.00% 12.00%
Limited subsidiary company of the Group has secured
Inter Corporate Deposit from Lavasa Corporation
Limited amounting to `97.23 million which is
repayable on demand.
Jugnu Jain - Director - 2 Sapien Biosciences Limited, a subsidiary company - 11.00%

of the Group has secured a loan from its director
which is repayable on demand and has been
repaid in the current financial year.
Yes Bank 228 284 Apollo Hospital International Limited, a subsidiary The loans are secured by first pari 10.20% 9.95%
company of the Group, has availed term loans passu charge on all present and future
of `310 million and `100 million which are movable and immovable fixed assets
repayable in thirty six quarterly instalments, of the subsidiary company along with
commencing from March 26, 2013 and July 24, minimum cover of 1.75 times the value
2017 respectively. of the outstanding considering movable
& immovable assets (subject to 1.5 times
cover considering immovable assets).
HDFC Bank 72 144 Apollo Hospital International Limited, a subsidiary The loans are secured by first pari 9.65% 10.20%
company of the Group, has availed term loan of passu charge on all present and future
`409 million from HDFC Bank Limited, which movable and immovable fixed assets
are repayable in 28 quarterly instalments, of the subsidiary company along with
commencing from March 2, 2015. minimum cover of 1.75 times the value
of the outstanding considering movable &
immovable assets.
Principal Principal
Rate of Rate of
Review
Corporate
31 Mar 20 31 Mar 19
31, 2020 31, 2019
Yes Bank 200 148 Apollo Hospital International Limited, a subsidiary The loans are secured by first pari 9.80% 9.80%
company of the Group, has availed term loan of passu charge on all present and future
`161 from YES Bank Limited, which are repayable movable and immovable fixed assets
in 28 quarterly instalments, commencing from of the subsidairy company along with
January 2022 . minimum cover of 1.75 times the value
of the outstanding considering movable
Section
& immovable assets (subject to 1.5 times

Statutory
cover considering immovable assets .

Yes Bank 130 71 Apollo Hospital International Limited, a subsidiary - 9.40% 9.40%
company of the Group, has availed a overdraft
facility Yes Bank which has to be compulsarily

repaid at the end of 12 months.
Cumulative 42 26 Redeemable Preference shares were amended in 9% 9%
Redeemable 2016-2017 for a cumulative non -discretionary
Preference Shares dividend of 9% per annum. These redeemable
Review
Business
preference shares do not contain any equity

component.
Yes Bank 189 1,283 Apollo Health & Lifestyle Limited, a subsidiary Secured by first pari-passu charge on Yearly MCLR Yearly MCLR plus
company of the Group, has availed a term loan movable fixed assets and current assets of plus 0.15% 0.15% p.a
which is repayable in 28 structured quarterly the Company. p.a
instalments after a moratorium period of 36
months from the date of disbursement.
Federal Bank 354 - Apollo Health & Lifestyle Limited, a subsidiary Secured by First Pari-passu charge on Yearly MCLR -
company of the Group, has availed a term loan movable fixed assets, current assets plus 0.30%
Financials
Standalone
which is repayable in 28 structured quarterly p.a

instalments from the date of first disbursement.
Optionally Convertible 6 7 Apollo Health & Lifestyle Limited, a subsidiary - -
Debentures company of the Group, has issued zero%
Optionally Convertible Debentures for `9,550,000
on March 29, 2016 to key employees and
directors. These OCD’s are convertible into equity
shares at the option of the holder and repayable
on after 5 years or upon separation.
Financials
Consolidated

359
23 Other Financial Liabilities

Yearly MCLR Yearly MCLR plus
0.15% p.a
Yearly MCLR Yearly MCLR plus

0.40% p.a
12%
14%
8.85%
31 Mar 19
Interest
Rate of

Particulars
(a) Interest accrued but not due on borrowings - 351 - 433
(b) Unclaimed dividends ( Refer Note 17 (a) ) - 38 - 35
plus 0.15%
p.a
plus 0.40%
p.a
-
-
8.15%
31 Mar 20
Interest
Rate of
(c) Security deposits 71 2 61 15

(d) Unclaimed matured deposits and interest accrued thereon - 2 - 13
(e) Current maturities of long-term debt - 2,461 - 2,210
(f) Current maturities of finance lease obligations (Refer footnote (ii)) - - - 18
medical equipment supplied by the vendor.

(g) Derivative Financial instruments - - - -
assets, current assets of the Company
movable fixed assets, rental and lease
moveable fixed assets of the company

Secured by first pari-passu charge on
Secured by charge on movable fixed
Secured by exclusive charge on the

Secured by exclusive charge on the
(h) Gross Obligation under written put option (Refer Note 58) 4,955 - 4,713 -
Nature of Security
(i) Lease liabilities (Refer Note 52) 18,676 1,575 - -

(j) Other Payables 47 953 - 1,016
deposits of the Company
(k) Capital Creditors - 810 - 1,220
(present and future)

Total 23,749 6,191 4,774 4,961
(i) During the year 2019-20 , the amount transferred to the Investors Education and Protection Fund of the Central Government as
per the provisions of Section 124 (5) and 124 (6) of the Companies Act, 2013 is ` 3.34 Million (Previous year ` 3.66 Million)
(ii) The finance lease obligations of last year has been reclassfied to lease liabilities on adoption of Ind AS 116, Leases.
obligation has been reclassified to lease liabilities

balance outstanding is repaid in the current year.
subsidairy company of the Group, has purchased

820 Imperial Hospital and Research Center Limited, a
25 Imperial Hospital and Research Center Limited, a

24 Provisions
term loan repayable in 36 quarterly installments
subsidairy company of the Group, has availed a
Details of repayment terms and maturity
repayment is spread over 7 years starting from

company of the Group, has availed a term loan
company of the Group, has availed a term loan

818 Apollo Health & Lifestyle Limited, a subsidiary
The outstanding balance of this finance lease

repayable in 36 monthly instalments and the
a medical equipment on finance lease whose

which is repayable in 28 structured quarterly
months from the date of disbursement to the
which is repayable in 28 structured quarterly
months from the date of disbursement to the

instalments, after a moratorium period of 36
instalments, after a moratorium period of 36
company of the Group, has secured a loan

Particulars
on adoption of Ind AS 116, Leases.

Provision for Bonus (Refer Note (i) below) - 444 - 428
from the date of disbursement.
Provision for Gratuity and leave encashment (Refer Note 44 and 45) 101 786 114 594
Total 101 1,230 114 1,022
(i) The provision for bonus is based on the management’s policy in line with the Payment of Bonus Act, 1965.
December 2013.
25 Deferred tax balances

Company.
Company.

Deferred Tax Assets (Net) (496) (174)
Principal
31, 2019
Deferred Tax Liabilities (Net) 2,942 3,149

Total 2,445 2,975
The major components of deferred tax liabilities/(assets) arising on account of timing differences for the year ended March 31, 2020
1,722
264
810
-
Principal
31, 2020
Recognised
Recognised in

Opening in other Recognised in Closing
Particulars Statement of
Balance comprehensive Other Equity Balance
Profit and Loss
income
Philips India Pvt Ltd -
Property Plant and Equipment 8,292 366 - - 8,658

ICICI Bank Limited
Apollo 24 / 7
Particulars
Axis Bank Ltd.
Financial Assets (416) (75) - - (490)

Dr GSK Velu
HDFC Bank
Lease Liabilities - (250) (1,468) (1,718)

PET CT
Retirement Benefit Plans (389) (5) (5) - (398)
360 361
Recognised 26.1 Due to Micro, Small and Medium Enterprises

Recognised in
Opening in other Recognised in Closing The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated 26 August 2008 which
Balance comprehensive Other Equity Balance
Profit and Loss recommends that the Micro and Small Enterprises should mention in their correspondence with its customers the Entrepreneurs
income
Business Loss carried forward under Income Tax (145) 92 - - (53) Memorandum Number as allocated after filing of the Memorandum. Accordingly, the disclosure in respect of the amounts payable
to such enterprises as at 31 March 2018 has been made in the financial statements based on information received and available
Minimum Alternate Tax Credit (4,366) 814 - - (3,551)
with the Group. Further in view of the management, the impact of interest, if any, that may be payable in accordance with the
Others Liabilities (2) - - - (2)
provisions of the Micro, Small and Medium Enterprises Development Act, 2006 (‘The MSMED Act’) is not expected to be material.
Total 2,975 943 (5) (1,468) 2,445
The Group has not received any claim for interest from any supplier.
The major components of deferred tax liabilities/(assets) arising on account of timing differences for the year ended March 31, 2019
Recognised The amounts remaining unpaid to micro and small suppliers as at
Recognised in
Opening in other Recognised in Closing the end of the year
Balance comprehensive Other Equity Balance - Principal 100 104
Profit and Loss
income
- Interest 1 1
Property Plant and Equipment 8,350 (58) - - 8,292
The amount of interest paid by the buyer as per the MSMED Act
Financial Assets (204) (211) - - (416)
The amount of payments made to micro and small suppliers beyond the appointed
Retirement Benefit Plans (215) (14) (160) - (389) day during the accounting year;
Business Loss carried forward under Income Tax (1,100) 955 - - (145) The amount of interest due and payable for the period of delay in making payment
Minimum Alternate Tax Credit (MAT) (4,451) 85 - (4,366) (which have been paid but beyond the appointed day during the year) but without
(Refer note (i)) adding the interest specified under the MSMED Act;
Others Liabilities 13 (15) - (2) The amount of interest accrued and remaining unpaid at the end of each
accounting year
Total 2,393 741 (160) - 2,975
The amount of further interest remaining due and payable even in the succeeding
Note (i) : The Group has unused tax credits in the form of Minimum Alternate Tax (MAT) which would expire by financial year ending years, until such date when the interest dues as above are actually paid to the
March 2027. small enterprise for the purpose of disallowance as a deductible expenditure
under the MSMED Act
Note (ii) : Deferred income tax liabilities are recognised for all taxable temporary differences except in respect of taxable temporary
differences associated with investments in subsidiaries where the timing of the reversal of the temporary difference can be 27 Income Tax Asset (Net)
controlled and it is probable that the temporary difference will not reverse in the foreseeable future.Accordingly, deferred
income tax liabilities on cumulative earnings of subsidiaries amounting to `1,356 million, and `1,199 million as at March
Advance Tax 2,464 2,705
31, 2020 and 2019, respectively has not been recognized. Further, it is not practicable to estimate the amount of the
Tax refund receivable 10,358 8,550
unrecognized deferred tax liabilities for these undistributed earnings.
Sub Total 12,822 11,255
26 Trade Payables Less:

Income tax payable (10,011) (8,716)
Particulars As at March 31, 2020 As at March 31, 2019 Total 2,811 2,539
Total outstanding dues of micro enterprises and small enterprises 100 104
(Refer note 26.1) 28 Current Tax Liabilities (Net)
Total outstanding dues of creditors other than micro and small enterprises 8,988 7,027
Total 9,089 7,131
Provision for tax (Net) 2 11
(i) The average credit period on purchases of goods ranges from immediate payments to credit period of 45 days based on the Total 2 11

nature of the expenditure.
(ii) Amounts payable to related parties is disclosed in note 60.1
(iii) The Group’s exposure to currency and liquidity risks related to trade payable is disclosed in note 47.
Apollo 24 / 7
362 363
29 Other Liabilities Clinics

As at March 31, 2020 As at March 31, 2019 Region
Non-current Current Non-current Current Tamilnadu 1,270 1,453
(a) Contract Liabilities (Refer footnote (i)) - 1,072 - 900 AP, Telangana 1,091 1,521
(b) Balances with statutory authorities - 777 - 491 Karnataka 1,649 1,028
(c) Deferred lease rent (Refer footnote (ii)) - - 27 41 Others 2,955 1,886
(d) Others 1 37 3 16 Total 6,964 5,888
Total 1 1,887 30 1,448
Category of Customer
(i) Contract liabilities represents deferred revenue arises in respect of the Groups’ Loyalty Points Scheme, deposits collected from Year ended Year ended
patients/customers recognised in accordance with Ind AS 115 Revenue from contracts with customers. particulars
March 31, 2020 March 31, 2019
(ii) Deferred lease rent has been reclassified to lease liabilities upon adoption of Ind AS 116, Leases. Cash 74,572 68,381
Credit 37,896 27,793
30 Revenue from Operations Total 1,12,468 96,174
Year ended Year ended Nature of treatment

Particulars
March 31, 2020 March 31, 2019 Year ended Year ended
(a) Revenue from Healthcare services 56,545 51,191 particulars
March 31, 2020 March 31, 2019
(b) Revenue from sale of Pharmaceutical products 48,206 38,860 In-Patient 41,854 44,031
(c) Revenue from Clinics 6,964 5,888 Out-Patient 20,718 12,705
(d) Other Operating Income Sale of Pharmaceutical products 48,808 38,860
- Project Consultancy Income 677 168 Others 1,088 578
- Franchise fees 19 16 Total 112,468 96,174
- Income from Clinical Trials 57 51
Refer note 3.5 of Significant accounting policies section which explain the revenue recognition criteria in respect of revenue from
Total 112,468 96,174
rendering Healthcare and allied services and Pharmaceutical products as prescribed by Ind AS 115, Revenue from contracts with
Dissaggregation of Revenue customers.
Healthcare Services ( Including Other Operating Income) During the financial year ended March 31, 2020, the company has recognised revenue of `468 million (Previous year `573 million)
Year ended Year ended from its Patient deposit outstanding as on April 1, 2019
Region
March 31, 2020 March 31, 2019
Reconciliation of revenue recognised with the contract price is as follows:
Tamilnadu 22,591 20,092
Healthcare Services (Including Other Operating Income)
AP, Telangana 11,032 10,847
Karnataka 6,863 6,206 Particulars
March 31, 2020 March 31, 2019
Others 16,812 14,282 Contract price as reflected in the invoice 67,292 59,658
Total 57,297 51,426 Reduction in the form of discounts and disallowances 2,715 1,503
Pharmaceutical Products Reduction towards amounts received on behalf of third party service consultants 7,279 6,729
Year ended Year ended Revenue recognised in the consolidated statement of profit & loss 57,297 51,426
Region

March 31, 2020 March 31, 2019
Region 1 ( Includes TamilNadu, Karnataka, Maharashtra, 18,044 14,312 Pharmaceutical Products
Pondicherry, Goa and Port Blair) Year ended Year ended
Particulars
Region 2 ( Includes Telangana, Chhatisgarh, Orissa, 21,713 17,605 March 31, 2020 March 31, 2019
Apollo 24 / 7
West Bengal, Andhra Pradesh , Assam and Jharkhand) Contract price as reflected in the invoice 48,474 39,175
Region 3 ( Bihar, J&k, New Delhi, Ahmedabad, Ludhiana, 8,449 6,944 Reduction in the form of discounts and disallowances 100 75
Chandigarh, Uttar Pradesh, Rajasthan, Haryana, Himachal Pradesh, Revenue deferred on account of unredeemed loyalty credits 168 240
Madhya Pradesh and Uttarakhand)
Revenue recognised in the consolidated statement of profit & loss 48,206 38,860
Total 48,206 38,860
364 365
Clinics 32 Cost of materials Consumed

Particulars Year ended Year ended
March 31, 2020 March 31, 2019 Particulars
March 31, 2020 March 31, 2019
Contract price as reflected in the invoice 7,891 6,650
Opening inventory 884 1,410
Reduction in the form of discounts and disallowances 388 318
Add: Purchases 18,877 15,923
Revenue deferred on account of unredeemed loyalty credits 9 9
Less: Closing inventory 1,668 884
Reduction towards amounts received on behalf of service consultants 530 434
Total 18,092 16,449
Revenue recognised in the consolidated statement of profit & loss 6,964 5,888
The company receive payments from customers based upon contractual billing schedules and upon submission of requisite
33 Changes in inventory of Stock in trade
documentation; accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets includes Year ended Year ended
Particulars
amounts related to our contractual right to consideration for completed performance obligations not yet invoiced. Contract liabilities March 31, 2020 March 31, 2019
include payments received in advance of satisfying a performance obligation as per the terms of the contract. Inventories at the beginning of the year 4,964 4,249
Inventories at the end of the year (6,034) (4,964)
31 Other Income Changes in inventory of stock in trade (1,070) (716)
Particulars
March 31, 2020 March 31, 2019 34 Employee benefits expense
a) Interest income Year ended Year ended
Particulars
(Interest Income earned on financial assets that are not designated as at fair March 31, 2020 March 31, 2019
value through profit or loss) Salaries and wages 16,705 14,374
Bank deposits 58 64 Contribution to provident and other funds 1,042 952
Other financial assets 115 81 Staff welfare expenses 782 657
Sub Total 173 145 Total 18,529 15,982
b) Dividend Income
Dividend on equity investments - 4 35 Finance costs
c) Other non-operating income (net of expenses directly Year ended Year ended
attributable to such income) Particulars
March 31, 2020 March 31, 2019
Provision for liabilities written back 51 35 Interest expense on financial liabilities measured at amortised cost 2,929 2,837
Sub Total 51 35 Interest expense on lease liabilities 1,704 -
d) Other gains and losses Other borrowing costs 695 433
Gain on disposal of Property Plant and Equipment - 46 Total 5,328 3,270
Net gain on disposal of financial assets 5 6
During the year the Group has capitalised borrowing costs of `232 million ( Previous year `350 million) relating to projects, included in
Gain/(loss) on fair valuation of investment in debentures - -
Capital Work in progress. The capitalisation rate used is the weighted average interest of 9% ( previous year 9.03%)
Gain on fair valuation of mutual funds 43 32
Gain/(loss) on fair valuation of equity instruments (11) - 36 Depreciation and amortisation expense
Foreign exchange gain/(loss), net (51) (9)
Miscellaneous Income 59 54 Particulars
March 31, 2020 March 31, 2019

Sub Total 45 130 Depreciation of property, plant and equipment 3,915 3,746
Total (a+b+c+d) 269 314 Amortisation of intangible assets 260 203
Depreciation of Right-of-use asset 2,016 -
Apollo 24 / 7
Depreciation of investment property 6 6

Total 6,197 3,955
366 367
37 Other expenses Consequent to the requirements of section 135 of Companies Act 2013, the company has made contributions as stated below.
The same is in line with activities specified Schedule VII of Companies Act, 2013.
Particulars Amount spent during the year ended March 31, 2020 on corporate social responsibility activities:
March 31, 2020 March 31, 2019
Retainer Fees to Doctor`s 6,378 5,750 Year ended Year ended
Particulars
March 31, 2020 March 31, 2019
Advertisement, Publicity & Marketing 2,271 1,839
Construction/acquisition of any asset - -
Power and fuel 1,946 1,706
On purpose other than above 87 81
Legal & Professional Fees 1,165 1,213
Outsourcing Expenses:- 38 Income taxes
Food and Beverages 1,623 1,192
House Keeping Expenses 1,391 1,033 Particulars
March 31, 2020 March 31, 2019
Security Charges 361 354 Current tax
Bio Medical maintenance 93 231 In respect of the current year 1,249 993
Other Services 90 80 In respect of the prior year 60 -
Office Maintenance & Others 1,027 819 Total (a) 1,309 993
Repairs to Machinery 986 773
Rent 930 3,502 39 Deferred tax
Travelling & Conveyance 868 818 Year ended Year ended
Particulars
Expected Credit Loss on trade receivables 752 657 March 31, 2020 March 31, 2019
Printing & Stationery 523 428 In respect of the current year (includes MAT credit utilised amounting to `832 943 741
House Keeping Expenses 335 325 (previous year `266))
Rates and Taxes, excluding taxes on income 216 183 Total (b) 943 741
Repairs to Buildings 205 164 Total income tax expense (a+ b) 2,252 1,734
Telephone Expenses 194 149 Income tax expense can be reconciled to the accounting profit as follows:
Water Charges 184 132
Postage & Telegram 157 133 Particulars
March 31, 2020 March 31, 2019
Insurance 155 139 Profit before share of net profits of investments accounted for using equity 6,600 3,726
Hiring Charges 147 135 method and tax
Continuing Medical Education & Hospitality Expenses 140 94 Enacted tax rates in India 34.94% 34.94%
Laboratory testing charges 122 104 Income tax expense 2,306 1,302
Franchise Service Charges 93 101 Effect of income that are not considered in determining taxable profit (686) -
Repairs to Vehicles 87 70 Effect of income that is exempt from taxation - 30
Seminar Expenses 55 58 Capital gains recognised on sale of investments 222 -
Loss on Sale of Property Plant and Equipments 37 60 Effect of expenses that are not deductible in determining taxable profit 39 (27)
Subscriptions 21 23 Effect of tax expenses recorded in resepct of previous years not included in profit 60 -
Donations 21 25 considered above
Effect of unrecognised deferred taxes deductible temporary differences 310 422

Books & Periodicals 15 16
Director Sitting Fees 9 7 Total 2,252 1,727
Miscellaneous expenses 395 553
Apollo 24 / 7
Total (a) 22,990 22,866

Expenditure incurred for corporate social responsibility (b) 87 81
Total (a) + (b) 23,077 22,947
368 369
40 Amount recognised in Other Comprehensive Income (OCI) Segment Revenue Segment Profit
Particulars March 31, March 31, March 31, March 31,
Year ended Year ended 2020 2019 2020 2019
Particulars
March 31, 2020 March 31, 2019 Exceptional item (Net) (Refer note 64) 1,983 -
Items that will not be reclassified subsequently to statement of profit and loss Profit before share of net profits of investments accounted for using 6,601 3,726
Re-measurement of defined benefit plans (Refer Note 44) (5) (288) equity method and tax
Equity instruments through other comprehensive income (1) (3)
Segment profit represents the profit before tax earned by each segment without allocation of finance costs. This is the measure reported
Total (6) (291)
to the chief operating decision maker for the purposes of resource allocation and assessment of segment performance.
41
Segment information 41.2 Segment assets and liabilities
Operating Segments As at As at
Particulars
The board of directors have been identified as the Chief Operating Decision Maker (CODM) by the company. Information reported March 31, 2020 March 31, 2019
to the CODM for the purposes of resource allocation and assessment of segment performance focuses on the types of goods or Segment Assets
services delivered or provided. Healthcare, Retail Pharmacy, clinics and others have been identified as the operating segments. Healthcare 76,018 67,824
No operating segments have been aggregated in arriving at the reportable segments of the Group. Retail Pharmacy 20,550 11,234
Clinics 8,232 4,581
The Group operates mainly in India. Accordingly, there are no additional disclosures to be provided under Ind AS 108, other than
Others 477 505
those already provided in these consolidated financial statements.
Total Segment Assets 105,277 84,143
The following are the accounting policies adopted for segment reporting :
a. Assets, liabilities, revenue and expenses have been identified to segments on the basis of their relationship to the Total assets 113,384 91,831
operating activities of the segment. Segment liabilities
b. Healthcare segment includes hospitals and hospital based pharmacies. Retail pharmacy include pharmacy retail outlets. healthcare 22,864 14,464
Clinics Segment include clinics, diagnostics, Spectra, Cradle, Sugar, Dental and Dialysis business. Other Segment Retail Pharmacy 11,276 2,250
includes revenue, assets and liabilities of companies not engaged in any of the aforementioned segments and treasury Clinics 6,367 1,693
investments, fixed deposits and their related income of companies involved in all the three segments. Unallocated
Others 195 177
assets and liabilities includes those assets and liabilities which are not allocable to above mentioned segments such
Total Segment liabilities 40,701 18,582
as Deferred tax, Borrowings, Investments and others
c. Inter segment revenue and expenses are eliminated.
Total liabilities 79,991 58,496
The Group has disclosed this Segment Reporting in Financial Statements as per Ind AS 108.
41.1 Segment revenues and results 42 Earnings per Share (EPS)
The following is an analysis of the Group’s revenue and results from continuing operations by reportable segments. EPS is calculated by dividing the profit attributable to equity shareholders by the weighted average number of equity shares
outstanding during the year. The earnings and the weighted average number of shares used in calculating basic and diluted
Particulars March 31, March 31, March 31, March 31, earnings per share is as follows:
2020 2019 2020 2019 As at As at
Healthcare 57,504 51,618 7,024 6,198 Particulars
March 31, 2020 March 31, 2019
Retail Pharmacy 48,206 38,860 2,902 1,682 Basic and Diluted earnings per share ( Face value `5 per share)
Clinics 6,964 5,887 (219) (1,149)

(i) Income :-
Others 44 40 (31) (49) Profit for the year attributable to the owners of the Company 4,549 2,360
Sub-Total 112,717 96,406 9,676 6,681 Earnings used in the calculation of basic and dilued earnings per share 4,549 2,360
Apollo 24 / 7
Less: Inter Segment Revenue 249 232 (ii) Weighted average number of equity shares for the purposes of basic earnings 139,125,159 139,125,159
Total 112,468 96,174 9,676 6,681 per share
Finance costs (5,328) (3,270) (iii) Earnings per share ( Face value `5 per share)
Other un-allocable expenditure 270 314 Basic and Diluted 32.70 16.97
370 371
Employee Benefits Plans Particulars March 31, 2020 March 31, 2019
43 Defined contribution plans Benefits paid (60) (96)

Closing defined benefit obligation 1,424 1,315
The Group makes contributions towards provident fund and employees state insurance as a defined contribution retirement
benefit fund for qualifying employees. The provident fund is operated by the regional provident fund commissioner. The amount B. Changes in Fair value of Plan Assets
recognised as expense towards contribution to provident fund amount was ` 696 million (previous year `592 million) .The Year ended Year ended
Particulars
Employee state insurance is operated by the employee state insurance corporation. Under these schemes, the Group is required March 31, 2020 March 31, 2019
to contribute a specific percentage of the payroll cost as per the statute. The amount recognised as expense towards contribution Opening fair value of plan assets 913 747
to Employee State Insurance amount was ` 232 million (previous year `258 million). The Group has no further obligations in Interest income 65 61
regard of these contribution plans. Return on plan assets (excluding amounts included in net interest expense) 4 7
Contributions from the employer 80 186
44 Defined benefit plans Benefits paid (60) (87)
44.1
a) Gratuity Closing fair value of plan assets 1,001 913
The Group operates post-employment defined benefit plan that provide gratuity. The gratuity plan entitles an employee, who C. Amount recognised in Balance Sheet
has rendered at least five years of continuous service, to receive one-half month’s salary for each year of completed service at
the time of retirement/exit. The Group’s obligation in respect of the gratuity plan, which is a defined benefit plan, is provided for Particulars March 31, 2020 March 31, 2019
based on actuarial valuation carried out by an independent actuary using the projected unit credit method. The Group recognizes
Present value of funded defined benefit obligation 1,424 1,315
actuarial gains and losses immediately in other comprehensive income, net of taxes. The Group accrues gratuity as per the
Fair value of plan assets (1,001) (913)
provisions of the Payment of Gratuity Act, 1972 as applicable as at the balance sheet date.
Funded status 423 402
The Group contributes all ascertained liabilities towards gratuity to the Fund. The plan assets have been primarily invested Restrictions on asset recognised - -
in insurer managed funds. The Gratuity plan provides a lump sum payment to the vested employees at retirement, death, Net liability arising from defined benefit obligation 423 402
incapacitation or termination of employment based on the respective employees salary and tenure of the employment with the
D. Expenses recognised in statement of profit and loss
Group
The present value of the defined benefit obligation, and the related current service cost and past service cost, were measured Particulars March 31, 2020 March 31, 2019
using the projected unit credit method. Service cost:
Investment risk The present value of the defined benefit plan liability is calculated using a discount rate which is determined Current service cost 91 97
by reference to market yields at the end of the reporting period on government bonds. Plan investment is a Net interest expense 23 5
mix of investments in government securities, and other debt instruments. Components of defined benefit costs recognised in profit or loss 114 102
Interest risk A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an
E. Expenses recognised in Other Comprehensive Income
increase in the return on the plan's debt investments
Longevity risk The present value of the defined benefit plan liability is calculated by reference to the best estimate of the Particulars March 31, 2020 March 31, 2019
mortality of plan participants both during and after their employment. An increase in the life expectancy of
the plan participants will increase the plan's liability Remeasurement on the net defined benefit liability:
Salary risk The present value of the defined benefit plan liability is calculated by reference to the future salaries of Return on plan assets (excluding amounts included in net interest expense) (4) (7)
plan participants. As such, an increase in the salary of the plan participants will increase the plan's liability. Actuarial (gains) / losses arising from changes in demographic assumptions (9) 292
A. Change in Defined Benefit Obligation Actuarial (gains) / losses arising from changes in financial assumptions - 3
Actuarial (gains) / losses arising from experience adjustments - 6

Particulars March 31, 2020 March 31, 2019 Components of defined benefit costs recognised in other comprehensive income (13) 294
Opening defined benefit obligation 1,315 957 Remeasurement (gain)/ loss recognised in respect of other long term benefits - 154
Current service cost 91 97 Total of remeasurement (gain)/loss recognised in Other Comprehensive Income (OCI) (13) 448
Apollo 24 / 7
Interest cost 88 65
Remeasurement (gains)/losses on account of change in actuarial assumptions (9) 292
372 373
F. Significant Actuarial Assumptions There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.
Valuation as at March 31, 2020 March 31, 2019

Particulars
March 31, 2020 March 31, 2019 Estimated benefit payments from the fund for the year ended March 31
Discount rate(s) Hospital-5.45%-7% Hospital-6.6%-8% 2022 581 787
Pharmacy-5.45% Pharmacy-6.76% 2023 142 191
Clinics-6.5%-7% Clinics-7.6%-8% 2024 92 123
Expected rate(s) of salary increase Hospital: 0%-8% Hospital: 5%-8% 2025 59 81
Pharmacy:0% (FY21) and 5% Pharmacy:5.8% Thereafter 155 193
balance years
Clinics:5% Clinics:5%-8% 45 Long Term Benefit Plans
Attrition Rate Hospital:2%-45% Hospital:3%-45% 45.1 Leave Encashment
Pharmacy:32% Pharmacy:32% The company pays leave encashment benefits to employees as and when claimed subject to the policies of the company. The company
Clinics:5%-35% Clinics:2%-35% provides leave benefits through annual contributions to the fund managed by HDFC Life.
Retirement Age 58.00 58.00
The significant actuarial assumptions used for the purposes of the actuarial valuations were as follows.
Pre-retirement mortality Indian Assured Lives Mortality Indian Assured Lives Mortality
(2012-14) Ultimate (2012-14) Ultimate Particulars March 31, 2020 March 31, 2019
Discount rate(s) 5.45%-7% 5.8%-8%
The expected rate of return on plan assets is based on market expectations at the beginning of the year. The rate of return on long-term
Expected rate(s) of salary increase 0%-8% 5%-8%
government bonds is taken as reference for this purpose.
Attrition Rate 2%-45% 5.00%- 45.00%
G. Category of Assets
Retirement Age 58.00 58.00
Valuation as at Pre-mortality rate Indian Assured Lives Indian Assured Lives
Particulars
March 31, 2020 March 31, 2019 Mortality (2012-14) Ultimate Mortality (2012-14) Ultimate
Insurer managed funds 1,001 913
Total 1,001 913
46
Financial instruments
46.1
Capital management
Each year Asset Liability matching study is performed in which the consequences of strategic investments policies are analysed in
The Group manages its capital to ensure it will be able to continue as going concern while maximising the return to stakeholders
terms of risk and returns profiles. Investments and Contributions policies are integrated within this study.
through the optimisation of the debt and equity balance.The capital structure of the Group consists of net debt and total equity
H.
Sensitivity Analysis of the Company. The Group is not subject to any externally imposed capital requirements.
Significant actuarial assumptions for the determination of the defined obligation are discount rate, expected salary increase
The Group’s risk management committee reviews the capital structure of the Group on a semi-annual basis. As part of this
and mortality. The sensitivity analyses below have been determined based on reasonably possible changes of the respective
review, the committee considers the cost of capital and the risks associated with each class of capital. The Group has a target
assumptions occurring at the end of the reporting period, while holding all other assumptions constant.
gearing ratio of 100% of net debt to total equity determined as the proportion of net debt to total equity. The gearing ratio at
The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is: March 31, 2020 of 90% ( Previous year 96%) was below the target range.
Change in assumption Increase in assumption Decrease in assumption Gearing ratio

31st March, 31st March, 31st March, 31st March, As at As at
31st March, 2020 31st March, 2019 Particulars
2020 2019 2020 2019 March 31, 2020 March 31, 2019
Discount rate +100 basis points/ +100 basis points/ 1,539 1,147 1,505 1,203
The gearing ratio at end of the reporting period was as follows.
-100 basis points -100 basis points

Debt (includes Borrowings , Current Maturities of Long term Debt, unpaid maturities of 35,958 36,726
Salary growth rate +100 basis points/ +100 basis points/ 1,551 1,198 1,491 1,152
deposits and excludes lease liabilities recognised upon adoption of Ind AS 116 in the
current year)
Attrition rate +100 basis points/ +100 basis points/ 1,520 1,175 1,516 1,173
Apollo 24 / 7
Cash and bank balances (Refer Note 16 & Note 17) 4,667 3,470
Net Debt 31,291 33,257
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely Total Equity 34,697 34,689
that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.
Net debt to equity ratio 90% 96%
374 375
46.2 Categories of financial instruments 46.4 Market risk

As at As at The Group’s activities expose it to the financial risks of changes in foreign currency exchange rates and interest rates. The Group
Particulars
March 31, 2020 March 31, 2019 enters into a variety of derivative financial instruments to manage its exposure to foreign currency risk and interest rate risk using
Financial assets currency cum interest swaps
Measured at fair value through profit or loss (FVTPL) 46.5
Foreign currency risk management
(i) Investments in Equity Instruments (Other than Joint Ventures and Associates) 269 191
The Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations
(ii) Investments in Mutual Funds 749 688 arise. Exchange rate exposures are managed within approved policy parameters utilising forward foreign exchange contracts.
(iii) Derivative Financial Instruments 67 288
The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities at the end of the
reporting period are as follows.
(i) Cash and Cash Equivalents 4,667 3,470
(ii) Trade Receivables 10,272 10,232 Liabilities as at Assets as at
Particulars 31st March, 31st March, 31st March, 31st March,
(iii) Investment in Debentures 80 80
2020 2019 2020 2019
(iv) Other Financial Assets 3,283 2,610 Foreign Currency Borrowings ( in USD ) 8 35 - -
(vi) Loans 301 188 Foreign Currency Borrowings ( in INR ) 601 2,410 - -
(v) Finance Lease Receivable 5 5 Trade Receivables (In USD) - - 1 -
Measured at Cost (equity method of accounting) Trade Receivables (In INR) - - 49 18
(i) Investments in Joint ventures and Associates 3,242 3,654 Trade Payables (In EURO) 7 - - -
Investments measured at Fair Value Through Other Comprehensive Income (FVTOCI) 2 3 Trade Payables (In INR) 568 - - -
Financial liabilities
Foreign currency sensitivity analysis
Of the above, The borrowings of USD 8 Million as at March 31, 2020 and USD 32.86 Million as at March 31, 2019 are
(i) Trade Payables 9,089 7,131
completely hedged against foreign currency fluctuation using forward contracts and Interest rate swaps. Therefore the exposure
(ii) Borrowings (includes short, long term and interest accrued and not due) 35,958 36,726
of the Group of foreign exchange risk is limited to unhedged borrowings and trade payables, trade receivables denominated in
(iii) Other Financial Labilities (includes lease liabilities) 22,522 2,798
foreign currency for which below sensitivity is provided
(iv) Gross Obligation over written put options 4,955 4,713
The Group is mainly exposed to currency United States Dollar (USD).
46.3
Financial risk management objectives
The following table details the Group’s sensitivity to a 10% increase and decrease in the ` against the relevant foreign currencies.
The Group’s Corporate Treasury function provides services to the business, co-ordinates access to domestic and international
10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents
financial markets, monitors and manages the financial risks relating to the operations of the Group through internal risk reports
management’s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only
which analyse exposures by degree and magnitude of risks. These risks include market risk (including currency risk, interest rate
outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% change in
risk and other price risk), credit risk and liquidity risk.
foreign currency rates. A positive number below indicates an increase in profit or equity where the ` strengthens 10% against
The Group’s exposure to credit risk is primarily from trade receivables which are in the ordinary course of business influenced the relevant currency. For a 10% weakening of the ` against the relevant currency, there would be a comparable impact on the
mainly by the individual characteristic of each customer. profit or equity, and the balances below would be negative.
The Group’s exposure to currency risk is on account of borrowings and other credit facilities demoninated in currency other than Impact of Foreign Currency
Particulars
Indian Rupees. The Group seeks to minimise the effects of these risks by using derivative financial instruments to hedge risk 31st March, 2020 31st March, 2019
exposures. The use of financial derivatives is governed by the Group’s policies approved by the board of directors, which provide +10% (10%) +10% (10%)
written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non -derivative Impact on Profit or Loss for the year (52) 52 (13) 13

financial instruments, and the investment of excess liquidity. Compliance with policies and exposure limits is reviewed by Impact on Equity for the year (52) 52 (13) 13
the internal auditors on a continuous basis. The Group does not enter into or trade financial instruments, including derivative
financial instruments, for speculative purposes. 46.6
Interest rate risk management
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The Group is exposed to interest rate risk because the Group borrows funds at both fixed and floating interest rates. The risk is
The Corporate Treasury function reports quarterly to the Group’s risk management committee, an independent body that monitors
managed by the Group by maintaining an appropriate mix between fixed and floating rate borrowings, and by the use of interest
risks and policies implemented to mitigate risk exposures.
rate swap contracts and forward rate contracts. Hedging activities are evaluated regularly to align with interest rate views and
defined risk appetite, ensuring the most cost-effective hedging strategies are applied.
376 377
Interest rate sensitivity analysis 47 Liquidity risk management

The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and non-
Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate
derivative instruments at the end of the reporting period. For floating rate liabilities, the analysis is prepared assuming the
liquidity risk management framework for the management of the Group’s short-term, medium-term and long-term funding and
amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase
liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and
or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s
reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of
assessment of the reasonably possible change in interest rates.
financial assets and liabilities.
If interest rates had been 50 basis points higher/lower and all other variables were held constant, the
Group’s: 47.1 Liquidity and interest risk tables
• profit for the year ended March 31, 2020 would decrease/increase by `149 Million (Previous year: decrease/ increase by The following tables detail the Group’s remaining contractual maturity for its non-derivative financial liabilities with agreed
`136 million). This is mainly attributable to the Group’s exposure to interest rates on its variable rate borrowings repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the
earliest date on which the Group can be required to pay. The tables include both interest and principal cash flows. To the extent
Cross Currency Interest rate swap contracts
that interest flows are floating rate, the undiscounted amount is derived from interest rate curves at the end of the reporting period.
Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts The contractual maturity is based on the earliest date on which the Group may be required to pay.
calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of changing interest rates
Weighted
on the fair value of issued fixed rate debt and the cash flow exposures on the issued variable rate debt. The average interest rate
Outstanding Contracts average effective 3 months to 1 year 1 Year to 5 years > 5 years
is based on the outstanding balances at the end of the reporting period. The Cross Currency Interest Rate Swaps on External interest rate( %)
Currency Borrowings hedges the interest rte risk on the USD Borrowing. March 31, 2020
Fixed Interest Non-interest bearing 3,728 - 5,073
Outstanding Contracts Spot Rate Foreign Currency Nominal Amount Fair Value
Rate Variable interest rate instruments 8.54% 7,503 8,358 14,494
Contract 1 66.41 USD 8,000,000 5312,80,000 9.20% 67.32
46.7 Credit risk management Lease liabilities 1,575 5,943 12,733
Credit risk is a risk of financial loss to the Group arising from counterparty failure to repay according to contractual terms 12,808 16,301 35,300
or obligations. Majority of the Group’s transactions are earned in cash or cash equivalents. The Trade Receivables comprise
March 31, 2019
mainly of receivables from Insurance Companies, Corporate customers, Public Sector Undertakings, State/Central Governments.
Non-interest bearing - 9,882 - 4,774
The Insurance Companies are required to maintain minimum reserve levels and the Corporate Customers are enterprises
with high credit ratings. Accordingly, the Group’s exposure to credit risk in relation to trade receivables is considered low.
Before accepting any new credit customer, the Group uses an internal credit scoring system to assess the potential customer’s Fixed interest rate instruments 9.58% 28 2,014 5,000
credit quality and defines credit limits by customer. Limits and scoring attributed to customers are reviewed annually. The 16,274 8,470 24,377
outstanding with the debtors is reviewed periodically. The carrying amounts of the above are as follows:
Refer Note 13 For the credit risk exposure , ageing of trade receivable and impairment methodology for financial assets Outstanding Contracts 1 Year to 5 years > 5 years
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high The carrying amounts of the above are as follows: 31-Mar-20 31-Mar-19
credit-ratings assigned by credit-rating agencies Non-interest bearing 8,801 14,656
46.8
Equity price sensitivity analysis Variable interest rate instruments 30,355 27,423
The sensitivity analyses below have been determined based on the exposure to equity price risks at the end of the reporting Fixed interest rate instruments 5,002 7,043
period. Finance Lease liabilities 20,251 -
If equity prices had been 5% higher/lower: 64,409 49,122

• profit for the year ended March 31, 2020 would increase/decrease by `35 (for the year ended March 31, 2019: increase/ Non Interest bearing includes Trade Payables, Current Financial Liabilities, Non Current Financial liabilities excluding current maturities
decrease by `39) as a result of the changes in fair value of equity investments. As at 31 March 2020 the company has quoted of Long term debts
investments only in Indraprastha Medical Corporation Limited. Variable interest rate instruments and Fixed Interest rate instruments includes Long Term and Short Term Borrowings and current
Apollo 24 / 7
maturities of long term debt
The following table details the Group’s expected maturity for its non-derivative financial assets. The table has been drawn up based on
the undiscounted contractual maturities of the financial assets including interest that will he earned on those assets. The inclusion of
378 379
information on non -derivative financial assets is necessary in order to understand the Group’s liquidity risk management as the liquidity
49 Fair Value Measurement
is managed on a net asset and liability basis.
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices in actove markets for identified assets
Weighted
and liabilities
Outstanding Contracts average effective 3 months to 1 year 1 Year to 5 years > 5 years
interest rate( %) Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-the-
March 31, 2020 counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as
Non-interest bearing 11,290 2,337 little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the
Fixed interest rate instruments 10% 70 231 instrument is included in level 2.
Total 11,360 231 2,337 Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This
March 31, 2019 is the case for unlisted equity securities, contingent consideration and indemnification asset included in level 3.
Non-interest bearing - 11,519 - 2,062 Relationship of
Fair Value Valuation technique Significant
Fixed interest rate instruments 10% 80 108 Particulars Fair Value as at unobservable inputs
Hierarchy and key inputs unobservable inputs
to fair value
Total 11,599 108 2,062
Financial Assets/ March 31, March 31,
The amounts included above for variable interest rate instruments for both non-derivative financial assets and liabilities is subject to Financial Liabilities 2020 2019
change if changes in variable interest rates differ to those estimates of interest rates determined at the end of the reporting period. Derivative Financial 67 288 Level 2 Discount cash flow, - -
Instruments (Assets) Future Cash Flows
The following table details the Group’s liquidity analysis for its derivative financial instruments. The table has been drawn up based on are estimated
the undiscounted gross outflows on settlement of these derivatives. These derivatives are taken by the Group as against the External based on forward
Commercial Borrowings (ECB) which have already been included as part of the Fixed rate instruments under the financial liabilities section. exchange rates and
contract forward
Outstanding Contracts 1 Year to 5 years > 5 years rates discounted
March 31, 2020 at a rate that
reflects the credit
Net Settled:
risk of various
- Cross Currency interest rate swaps 601 counterparties
Total 601 - Investments in 749 688 Level 1 Fair value is - -
March 31, 2019 Mutual Funds determined based
on the Net asset
Net Settled:
value published by
- Cross Currency interest rate swaps 1,279 999 respective funds.
Total 1,279 999 Investments in equity 269 191 Level 3 Discounted Cash Discount rate, Risk A slight change
Instruments Flow-Income free Return, Long in assumptions
48
Financing facilities approach term Market rate will change the
The Group has access to financing facilities as described below. The Group expects to meet its other obligations from operating of return are the Fair value of the
cash flows and proceeds of maturing financial assets. assumptions used Investment
Investments in equity 1.76 2.81 Level 3 Discounted cash Long term growth A slight change
As at As at instrument at FVTOCI flow model under rates, taking in assumptions
Outstanding Contracts
31st March 2020 31st March 2019 (unquoted) income approach into account will change the
Secured bank loan facilities was used to management's Fair value of the
capture the experience and Investment

- amount used 34,599 33,237
present value of knowledge of market
- amount unused 4,745 4,265 the expected future conditions of the
Total 39,344 37,501 economic benefits specific industry at
to be derived from 5%.
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Unsecured bank loan facilities

the ownership of
- amount used 3,079 2,935 the investee.
- amount unused 2,509 794 The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current
Total 5,588 3,728 transaction between willing parties, other than in a forced or liquidation sale. The fair-value of the financial-instruments factor the
uncertainties arising out of COVID-19, where applicable.
380 381
50 Fair Value of Financial Assets and Financial Liabilities that Consolidated Statement of Profit and Loss
are not measured at fair value (but fair value disclosure are re- Interest on lease liabilities 1,704
Depreciation of Right-of-use assets 2,005
quired) Rent reversal (2,992)
The Group considers that the carrying amounts of financial assets and financial liabilities recognised in the financial statements Deferred tax (credit) (250)
at amortized cost will reasonably approximate their fair values.
Impact on the consolidated statement of profit and loss 466
51 Reconciliation of Level 3 Fair Value Measurements Earnings per share (EPS)

Basic and Diluted EPS prior to adoption of Ind AS 116 36.05
Basic and Diluted post prior to adoption of Ind AS 116 32.70
Opening Balance 194 65
Impact 3.35
Add: Investments during the year 89 155
Less : Fair value gain/(loss) (12) (27) Consolidated Statement of Cash Flows
Closing Balance 270 194 Under Ind AS 116, the Group has presented
i) Short-term lease payments, payments for leases of low-value assets and variable lease payments not included in the
If the long term growth rate used were 1% higher/ lower while all other variable were held constant the carrying amount of the shares
measurement of the lease liability as part of operating activities;
would increase / decrease by `0.071 Million and `(0.071) million respectively.
ii) Cash paid for the interest and principal portion of lease liability as financing activities
1% increase / decrease in WACC or discount rate used while holding all other variable constant would decrease/increase the carrying
amount of the unquoted investment by `0.17 million and (0.19) million respectively Under Ind AS 17, all lease payments on operating leases were presented as part of cash flows from operating activities.
Consequently, the net cash generated by operating activities has increased by ` 2,983 million and net cash used in financing
52 Financial impact of initial application of Ind AS 116, Leases activities increased by the same amount.
52.1
The Company as lessee The adoption of Ind AS 116 did not have an impact on net cash flows.
Leasing arrangement The difference between the lease obligation disclosed as of March 31, 2019 under Ind AS 17 and the value of the lease liabilities as
of April 1, 2019 is primarily on account of assessment of lease tenure considering all relevant facts and circumstances that create an
Ind AS 116 requires lessees to determine the lease term as the non-cancellable period of a lease adjusted with any option to economic incentive for the lessee to exercise the option when determining the lease term, significant leasehold improvements made
extend or terminate the lease, if the use of such option is reasonably certain. The Group makes an assessment on the expected and importance of the underlying asset to lessee’s operations.
lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options to extend or terminate Reconciliation between operating lease committment disclosed as per Ind AS 17 and lease liability recognised as at April 1, 2019 is
the contract will be exercised. In evaluating the lease term, the Group considers factors such as any significant leasehold given below:
improvements undertaken over the lease term, costs relating to the termination of the lease and the importance of the underlying Operating lease commitment as at March 31,2019 6,954
asset to the operations taking into account the location of the underlying asset and the availability of suitable alternatives. The
Discounted at incremental borrowing rate at April 1,2019 3,472
lease term in future periods is reassessed to ensure that the lease term reflects the current economic circumstances.
Recognition exemption for short term lease* -
The Group lease asset classes primarily consist of leases for land and buildings. The Group assesses whether a contract contains Extension and termination options reasonable certain to be excercised 15,660
a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an
Lease liabilities as at April 1,2019 19,132
identified asset for a period of time in exchange for consideration. Refer note 6 for Right of use asset for the period ended March
* The Group has not considered any lease commitment in case of short term leases in the previous period and these lease have also
31, 2020
not been considered under Ind AS 116. Hence, there is no adjustment on account of short term leases.
The lease term considerred by the Group for measurement of Right-of-use assets and lease liabilities range from 2 years to 60 Movement in Lease Liabilities
years and and the incremental borrowing rate considered for measurement of lease liability is 9%. Lease liability as on April 1, 2019 19,132

The tables below show amount of impact on financial statements on initial application of standard: Additions 2,529
Deletions (131)
Retained earnings
Finance Cost accrued during the period 1,704
Adjustment on account of modified retrospective approach 3,716
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Payment of lease liabilities* (2,983)

De-recognition of pre-operative expenses earlier capitalised as per Ind AS 16 451
Balance at March 31, 2020 20,250
Deferred tax impact on above (1,468)
Total 2,699 * Includes repayment of both principal and interest
Refer note 6 for movement in Right-of-use assets from April 1, 2019 to March 31, 2020
382 383
The Group does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the Notes
obligations related to lease liabilities as and when they fall due.
(i) In respect of the company , relating to the proceedings pending before the relevant income tax authority for the assessment years
(Refer Note 47.1 Liquidity and Interest risk tables maturity analysis of lease liabilities) 2009-10 to 2016-17, it is of the opinion that no additional provision for tax expense is considered necessary in the financial
The Group has made use of the following practical expedients available in its transition to Ind AS 116: statements.
a) The Group has not re-assessed whether whether a contract is, or contains, a lease at April 1, 2019 and has applied (ii) In respect of the subsidiary company Imperial Hospital & Research Centre Limited (IHRCL) for Financial year 2006 – 2007 to
the standard to all contracts that were previously identified as leases applying Ind AS 17, Leases. 2010-2011, the service tax department has raised a demand of ` 1.89 million which is disputed and the company has deposited
a sum of ` 1.89 million under protest against this demand. The company has filed an appeal against the said demand before
b) The Group has applied single discount rate to a portfolio of leases with reasonably similar characteristics (such as
CESTAT-Bengaluru, and the liability has been considered contingent until the conclusion of the appeal.
leases with a similar remaining lease term for a similar class of underlying asset in a similar economic environment).
Consequently, the Group has recorded its lease liability using the present value of remaining lease payments, discounted (iii) In respect of the subsidiary company Imperial Hospital & Research Centre Limited (IHRCL) for Assessment year 2007-2008,
using the incremental borrowing rate at the date of initial application and the right-of-use asset at its carrying amount the income tax department has raised a demand of `1.43 million which is disputed and appealed against by the Company. The
as if the standard had been applied since the commencement date of the lease, but discounted using the incremental company has deposited a sum of `1.43 million under protest against this demand, pending disposal of its appeal. The liability
borrowing rate at the date of initial application. will be considered contingent until the conclusion of the appeal.
The Group’s incremental borrowing rate as in te date of intial application is at 9%, which has been used for measurement (iv) In respect of Apollo Health & Lifestyle Limited, The Honourable supreme Court, has passed a decision on February 28, 2019
of lease liabilities.” in relation to inclusion of certain allowances in “Basic wages” for the purpose of determining contribution to provident fund
under the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952. The Group is awaiting further clarifications from
c) The Group has excluded the initial direct costs from measurement of the RoU asset
the judiciary/department in this matter in order to reasonably asses the impact on its financial statements, if any. Accordingly,
d) The Group does not recognize RoU assets and lease liabilities for leases with less than twelve months of lease term the applicability of the judgement to the group, with respect to the period and the nature of allowances to be covered, and the
and low value assets on the date of initial application. resultant impact on the past provident fund liability, cannot be reasonably ascertained, at present.
53 Commitments (v) In respect of Apollo Health & Lifestyle Limited, the company received an order from Provident Fund authorities regarding
Provident Fund (PF) payments on certain allowances given by the company to it employees for the period April 2014 to April
As at 31st March, As at 31st March,
Particulars 2016 aggregating to ` 13.96 Million excluding interest and penalties. The Company has deposited a sum of ` 4.8 Million under
2020 2019
Commitments to contribute funds for the acquisition of property, plant and equipment 1,431 4,102 protest against this demand. The company has filed an appeal against the demand and the liability is considered as contingent
until the conclusion of the appeal.
Commitments to contribute funds towards Equity 531 552
(vi) In respect of Apollo Health & Lifestyle Limited, the company has received an order from the Income tax department for the
54 Contingent liabilities Assessment Year 2016-17. The subsidiary company has filed an appeal against the said order and contending that no additional
As at 31st March, As at 31st March, provision fot tax expenses is necessary in the financial statements.
Particulars
2020 2019
(a) Claims against the Company not acknowledged as debt 3,483 2,409 55 Expenditure in foreign currency
(b) Letters of Comfort - 2 Year ended Year ended
Particulars
(c) Letter of Credit 34 - March 31, 2020 March 31,2019
a. CIF Value of Imports
(d) Other money for which the company is contingently liable
Machinery and Equipment 1,150 105
Customs Duty 310 100
Stores and Spares 30 -
Service Tax (Refer ii) 62 814
Other Consumables 33 66
Provident Fund 22 -
b. Expenditure
Value Added Tax 1 1

Travelling Expenses 69 171
Income Tax (Refer i & iii ) 317 323
Professional Charges 85 138
Other Matters 325 59
Royalty 6 13
Total 4,554 3,708
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Advertisement 4 15
Contingent Assets
Business Promotion 41 28
Consideration receivable as part of disposal of investment in associate 81 -
384 385
Year ended Year ended Summary of stock options

Particulars
March 31, 2020 March 31,2019 No. of stock options
c. Dividends Particulars For the year For the year
Amount remitted during the year in foreign currency on account of dividends 2 3 2019-20 2018-19
excluding the payment of dividends directly to the share-holder's Non-resident Options outstanding on April 1 82,500 82,500
external bank account. Options granted during the year - -
Non-Residents shareholders to whom remittance was made (Nos.) 136 144
Options forfeited/lapsed during the year 82,500 -
Shares held by non-resident share-holders on which dividend was paid (Nos.) 557,395 609,795
Options exercised during the year - -
56 Earnings in foreign currency Options outstanding on March 31 - 82,500

Options vested but not exercised on March 31 - 82,500
Particulars
March 31, 2020 March 31,2019 Exercise price is `30
Hospital Fees 968 1,045
Management has estimated the fair values of options granted at `30.
Project Consultancy Services 55 21
Pharmacy Sales 18 18 (iii) Apollo Specialty Hospitals Private Limited
Total 1,041 1,083 The Company by virtue of service and subscription agreement entered into with the doctors for continuance of services with
Apollo Specialty Hospitals Private Limited (ASH) inline with the scheme implemented by the erstwhile company (i.e. Nova
57 Share-based payments Speciality Hospitals Private Limited) has agreed to issue Fully Convertible Debentures (FCD) for a value calculated in accordance
Employee share option plan of the Company with performance based formulae at the time of acquisition.
(i) Apollo Health and Lifestyle Limited These FCD are issued in respect of the future services which will be rendered by the doctors’ and hence is in the nature of share
The Company has granted 194,698 Ordinary (Equity) Shares of `10 each during the year ended 31st March, 2012 to based payment in terms of Ind AS 102. These FCD issued would be convertible upon the expiry of service requirement and other
the eligible employees of the Company. Options are granted under Employee Stock Option Plan - 2012 (“the Scheme”) conditions as stipulated by the respective agreements.
which vest over a period of four years commencing from the respective date of grant. The compensation costs of stock options granted to employees are accounted by the Company over the vesting period.
The compensation costs of stock options granted to employees are accounted by the Company over the vesting period. Summary of stock options
Summary of stock options No. of stock options
Particulars For the year For the year
No. of stock options
2019-20 2018-19
Particulars Year ended Year ended
Options outstanding on April 1, 2019 1,595 1,595
March 31, 2020 March 31,2019
Options outstanding on April 1 - 48,675 Options granted during the year - -
Options granted during the year - - Options forfeited/lapsed during the year - -
Options forfeited/lapsed during the year - 25,290 Options exercised during the year - -
Options exercised during the year - 23,385 Options outstanding on March 31, 2020 1,595 1,595
Options outstanding on March 31 - - Options vested but not exercised on March 31, 2020 - -
Options vested but not exercised on March 31 - - Exercise price is `Nil
Exercise price is ` 30 Management has estimated the fair values of options granted at ` 25,764.
Management has estimated the fair values of options granted at ` 30.

(iv) Apollo Sugar Clinics Limited
(ii) The Company has granted 412,500 Ordinary (Equity) Shares of ` 10 each during the year ended 31st March, 2014 to the eligible The Company has granted 44,370 Ordinary (Equity) Shares of `10 each during the year ended 31st March, 2018 to the eligible
employees of the Company. Options are granted under Employee Stock Option Plan - 2013 (“the Scheme”) which vest over a employees of the Company. Options are granted under ASCL Employee Stock Option Plan - 2017 (“ESOP 2017”) which vest over
Apollo 24 / 7
period of four years commencing from the respective date of grant. a period of three years commencing from the respective date of grant.
The compensation costs of stock options granted to employees are accounted by the Company over the vesting period.
386 387
Summary of stock options Summary of stock options

No. of stock options No. of stock options
Particulars For the year For the year Particulars For the year For the year
2019-20 2018-19 2019-20 2018-19
Options outstanding on April 1, 2019 44,370 44,370 Options outstanding on April 1,2019 27,783 27,783
Options granted during the year - - Options granted during the year - -
Options forfeited/lapsed during the year - - Options forfeited/lapsed during the year - -
Options exercised during the year - - Options exercised during the year 18,522 -
Options outstanding on March 31,2020 44,370 44,370 Options outstanding on March 31,2020 9,261 27,783
Options vested but not exercised on March 31,2020 - - Options vested but not exercised on March 31,2020 9,261 27,783
Exercise price is `89.42 Exercise price is `10

Management has estimated the fair values of options granted at `275.70.
(v) Alliance Dental Care Limited
The Company has granted 56,735 Ordinary (Equity) Shares of `10 each during the year ended 31st March, 2017 to the directors 58 Written Put option over Non-controlling Interest of
and eligible employees of the Company. Options are granted under Alliance Dental ESOP Scheme 2016, which vest over a period
of four years commencing from the respective date of grant.
subsidiary
Pursuant to the shareholder agreement read with put option agreement dated October 26, 2016 entered into with International
Finance Corporation (IFC), IFC has the right to exercise the put option on shares from the end of 8th year to 12th year of
Summary of stock options subscription (i.e. 2016) either on Apollo Hospitals Enterprises Limited (“AHEL”) or Apollo Health and Lifestyle Limited (“AHLL”,
No. of stock options subsidiary of AHEL).
Particulars For the year For the year
2019-20 2018-19 The management based on the assessment of this put option, has accounted the same in accordance with note 3.23 included
Options outstanding on April 1,2019 28,368 28,368 in the significant accounting policies.
Options granted during the year - - 59 The Group has advanced loans to its subsidiary companies. The disclosures pursuant to Regulation 34(3) read with para A of
Options forfeited/lapsed during the year - - Schedule V to Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
Options exercised during the year 18,912 - 60 Information on Related Party Transactions as required by Ind AS 24 - Related Party Disclosures for the year ended March 2020
Options outstanding on March 31,2020 9,456 28,368
Country of % of Holding as at % of Holding as at
Options vested but not exercised on March 31,2020 9,456 28,368 S.No Name of the company
Exercise price is `10 A) Subsidiary Companies: (where control exists)
1 Apollo Home Healthcare (India) Limited India 100 100
2 AB Medical Centre Limited India 100 100
(vi) Apollo Dialysis Private Limited
3 Apollo Health and Lifestyle Limited India 70.25 70.25
The Company has granted 55,566 Ordinary (Equity) Shares of `10 each during the year ended 31st March, 2017 to the directors 4 Apollo Nellore Hospitals Limited India 80.87 79.44
of holding company and directors and eligible employees of the Company. Options are granted under Apollo Dialysis ESOP
5 Imperial Hospitals and Research Centre Limited India 90 90
Scheme 2016, which vest over a period of four years commencing from the respective date of grant.
6 Samudra Healthcare Enteprises Limited India 100 100
The compensation costs of stock options granted to employees are accounted by the Company over the vesting period. 7 Western Hospitals Corporation (P) Limited India 100 100

(vii) Apollo Dialysis Private Limited 8 Apollo Hospitals (UK) Limited United Kingdom 100 100
The Company has granted 55,566 Ordinary (Equity) Shares of `10 each during the year ended 31st March, 2017 to the directors 9 Sapien Biosciences Private Limited India 70 70
of holding company and directors and eligible employees of the Company. Options are granted under Apollo Dialysis ESOP 10 Assam Hospitals Limited India 65.52 62.32
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Scheme 2016, which vest over a period of four years commencing from the respective date of grant. 11 Apollo Lavasa Health Corporation Limited India 51 51
12 Apollo Rajshree Hospitals Private Limited India 54.63 54.63
13 Total Health India 100 100
388 389
Country of % of Holding as at % of Holding as at Country of % of Holding as at % of Holding as at

S.No Name of the company S.No Name of the company
Incorporation March 31, 2020 March 31, 2019 Incorporation March 31, 2020 March 31, 2019
14 Apollo Home Healthcare Limited India 70.75 58.12 F) Directors
15 Apollo Healthcare Technology Solutions Limited India 40 40 1 Shri. Vinayak Chatterjee
16 Apollo Hospitals International Limited India 50 50 2 Dr. T. Rajgopal
17 Future Parking Private Limited India 49 49 3 Dr. Murali Doraiswamy
18 Apollo Hospitals Singapore Private Limited Singapore 100 100 4 Smt. V. Kavitha Dutt
19 Apollo Medicals Private Limited India 100 100 5 Shri. MBN Rao
B) Step Down Subsidiary Companies 6 Shri. N.Vaghul (Refer note i)
1 Alliance Dental Care Limited India 69.24 69.54 7 Shri. Deepak Vaidya (Refer note ii)
2 Apollo Dialysis Private Limited India 59.3 59.53 8 Shri. BVR Mohan Reddy (Refer note iii)
3 Apollo Sugar Clinics Limited India 80 80 9 Shri. G. Venkatraman (Refer note iv)
4 Apollo Specialty Hospitals Pvt Ltd India 100 100 10 Shri. Sanjay Nayar (Refer note v)
5 Apollo CVHF Limited India 66.67 66.67 H) Enterprises over which key managerial personnel
6 Apollo Bangalore Cradle Limited India 100 100 and their relatives are able to exercise significant
influence / control / joint control
7 Kshema Health Private Limited India 100 100
1 Adeline Pharma Private Limited India
8 Apollo Pharmacies Limited India 100 100
2 AMG healthcare Destination Private Limited India
9 AHLL Diagnostics Limited India 100 100
3 Apollo CVHF Limited India
10 AHLL Risk Management Private Limited India 100 100
4 Apollo Education Research Foundation India
C) Joint Ventures
5 Apollo Health Resources Limited India
1 Apollo Gleneagles Hospital Limited India 50 50
6 Apollo Hospital Educational Trust India
2 Apollo Gleneagles PET-CT Private Limited India 50 50
7 Apollo Hospitals Health Research Foundation India
3 Apokos Rehab Private Limited India 50 50
8 Apollo Institute of Medical Science and Research India
4 Medics International Lifesciences Ltd India 50 50
9 Apollo Medical Centre LLC India
D) Associates
10 Apollo Medskills Limited India
1 Family Health Plan Insurance TPA Limited India 49 49
11 Apollo Shine Foundation India
2 Indraprastha Medical Corporation Limited India 22.03 22.03
12 Apollo Sindoori Hotels Limited India
3 Apollo Munich Health Insurance Company Limited* India - 9.96
13 Apollo Tele Health Services Private Limited India
4 Stemcyte India Therapautics Private Limited India 24.50 24.50
14 Apollo Teleradiology Private Limited India
5 Apollo Amrish Oncology Services Private Limited India 50 50
15 Apeejay Surrendra Park Hotels Limited India
*The Group has ceased to have significant influence in this associate company with effect from January 1, 2020 in which date
16 ATC Pharma Private Limited India
the closing conditions required to complete the sale have been completed and consideration for the sale has been received, the
investment has been de-recognised from the books with effect from January 1, 2020 17 Bona Sera Hotels Limited India
18 Cadila Pharmacuticals Limited India
E) Key Management Personnel 19 Dasve Convention Center Limited India
1 Dr. Prathap C Reddy 20 Dhruvi Pharma Private Limited India

2 Smt. Suneeta Reddy 21 Dr. GSK Velu India
3 Smt. Preetha Reddy 22 Dynavision Limited India
4 Smt. Sangita Reddy 23 Ecomotel Hotel Limited India
Apollo 24 / 7
5 Smt. Shobana Kamineni 24 Emedlife Insurance Broking services Limited India

6 Shri. Krishnan Akhileswaran 25 Faber Sindoori Management Services Private Limited India
7 Shri. S M Krishnan 26 Focus Medisales Private Limited India
390 391
Country of % of Holding as at % of Holding as at Country of % of Holding as at % of Holding as at

S.No Name of the company S.No Name of the company
Incorporation March 31, 2020 March 31, 2019 Incorporation March 31, 2020 March 31, 2019
27 Full Spectrum Adventure Limited India 68 Vasu Vaccines & Speciality Drugs Private Limited India
28 Green Channel Travels Services Private Limtied India 69 Warasgaon Power Supply Limited. India
29 Healthnet Global Limited India 70 Whistling Thrust Facility Service India
30 Indian Hospital Corporation Limited India (i) Shri N. Vaghul ceased to be a director wef 1st April 2019
31 Indian Hospitex Private Limited India (ii) Shri Deepak Vaidya resigned wef 5th September 2018
32 Indo - National limited India (iii) Shri BVR Mohan Reddy resigned wef 20th August 2018
33 IRIS Healthcare Technologies Private Limited India (iv) Shri G. Venkatraman ceased to be a director wef 1st April 2019
34 IRM Enterprises Private Limited India (v) Shri Sanjay Nayar resigned wef 9th February 2019
35 Jugnu Jain India
60.1 Related Party Transactions
36 Keimed Private Limited India
37 Kurnool Hospitals Enterprise Limited India As at and for the As at and for the
Name of related parties Nature of Balance/Transactions year ended year ended
38 Lavasa Corporation Limited India
March 31, 2020 March 31, 2019
39 Lifetime Wellness Rx International Limited India
40 Lucky pharmaceuticals Private Limited India Apollo Gleneagles Hospitals Limited Revenue from operations during the year 1,507 1,125
41 Matrix Agro Private Limited India Reimbursement of expenses during the year 42 50
42 Maxivision Laser Centre Private Limited India Other receivable as at year end 74 85
43 Medics International Lifesciences Limited India Trade receivable as at year end 806 906
44 Medihauxe Healthcare Private Limited India Apollo Gleneagles PET-CT Private Revenue from Operation during the year 3 3
Limited
45 Medihauxe International Private Limited India
Reimbursement of expenses during the year 17 5
46 Medihauxe Pharma Private Limited India
47 Medvarsity Online Limited India
Apollo Munich Health Insurance Company Investment in debentures 80 80
48 Meher Distributors Private Limited India
Limited
49 My City Technology Limited India
Group mediclaim expense incurred 267 116
50 Neelkanth Drugs Private Limited India
Revenue 115 87
51 Olive & Twist Hospitality Private Limited India
Interest income - 7
52 P Obul Reddy & Sons India
For GPI and GMC Insurance 6 5
53 Palepu Pharma Private Limited India
54 PCR Investments Limited India
55 Rajshree Catering Services India
Family Health Plan Insurance TPA Limited TPA Fees 11 10
56 Reasonable Housing Limited India
Revenue from operations during the year 305 239
57 Sahyadri City Management Limited India
58 Sanjeevani Pharma Distributors Private Limited India
Indraprastha Medical Corporation Limited Reimbursement of expenses during the year 25 62
59 Sanofi Synthelabo (India) Limited India
Licence Fee 12 12
60 Searchlight Health Private Limited India
Revenue from operations during the year 1,911 1,749

61 Shree Amman Pharma Private Limited India
62 Srinivasa Medisales Private Limited India
63 Together Against Diabetic Foundation Trust India
Apollo 24 / 7
Stemcyte India Therapautics Private Limited Revenue from operations during the year 13 7
64 Trivitron Healthcare Private Limited India
Services availed - -
65 Vardhman Pharma Distributors Private Limited India
66 Vasu Agencies Hyd Private Limited India
Receivables as at year end 8 2
67 Vasu Pharma Distributors Hyd Private Limited India
392 393
As at and for the As at and for the As at and for the As at and for the
Name of related parties Nature of Balance/Transactions year ended year ended Name of related parties Nature of Balance/Transactions year ended year ended
Apollo Sindoori Hotels Limited Food and Beverage expense Incurred during 1,135 1,044 Vardhaman Pharma Distributors Private Medicine purchases during the year 70 140
the year Limited Payables as at year end 28 -
Reimbursement of expenses during the year 14 2 Focus Medisales Private Limited Medicine purchases during the year 1 39
Services availed 43 59 Payables as at year end 0.01 0.08
Rent Paid 4 - Srinivasa Medisales Private Limited Medicine purchases during the year 3,402 2,814
Payables as at year end 292 115 Payables as at year end 131 137
Faber Sindoori Management Services Private Outsourcing expense of housekeeping 1,119 963 Medicine purchases during the year 1,001 780
Limited incurred during the year
Payables as at year end 77 35
Lucky pharmaceuticals Private Limited Medicine purchases during the year 1,215 1,057
Lifetime Wellness Rx International Limited Outsourcing expense during the year 1 15
Neelkanth Drugs Private Limited Medicine purchases during the year 2,097 1,823
Dhruvi Pharma Private Limited Medicine purchases during the year 1,328 850
Loan receivable 148 92
Apokos Rehab Private Limited Investment in equity 85 85
Apollo Health Resources Limited Revenue from operations during the year 1 2
Payable as at year end (0.44) 0.29
P Obul Reddy & Sons Purchase of furniture and fixtures 20 -
Rent Expense 17 16
Keimed Private Limited Purchases during the year 6,552 6,111
Payables at the year end 80 156
Apollo Tele Health Services Private Limited Reimbursement of expenses during the year 23 26
Reimbursement of expenses during the year 4 -
Revenue 5 14
Consultancy fee to doctors - 0.22
Receivables as at year end 4 0.01
Kurnool Hospitals Enterprises Limited Investment in Equity 2 2
Apollo Medskills Limited Reimbursement of expenses during the year 0.23 0.21
Loans given 77 -
Apollo Hospitals Educational Trust Rent Income 4 17
Investigation Income 0.22 -
Receivables as at year end 5 0.13
Apollo Education Research Foundation Reimbursement of expenses during the year 22 34
Sanjeevani Pharma Distributors Private Purchases 3,277 2,799
Other receivable as at year end 52 21 Limited
Palepu Pharma Private Limited Medicine purchases during the year 5,625 5,253 Payable as at Year end 127 237
Payables as at year end 83 87 Medihauxe Pharma Private Limited Purchases 297 264
Medics International Lifesciences Limited Interest income - 13 Payables as at year end 13 21

Interest receivable 12 12 Medihauxe Healthcare Private Limited Purchases 111 92
Revenue from operations 41 - Reimbursement of expenses during the year - 0.23
Receivables as at year end 40 2 Payables as at year end 6 4
Apollo 24 / 7
Medihauxe International Private Limited Medicine purchases during the year 658 580 Adeline Pharma Private Limited Purchases 584 513
394 395
Apollo Amrish Oncology Services Private Reimbursement of expenses during the year - 13 Bona Sera Hotels Limited Revenue from Operations - 0.03
Limited Revenue from operations during the year 0.02 35 Receivables as at year end 0.10 0.10
Payables as at year end - 121 Ecomotel Hotel Limited Revenue from Operations - 0.03
Matrix Agro Private Limited Power charges paid 80 67 Payables as at year end 0.03 0.03
Payables as at year end 1 3 Reasonable Housing Limited Project and Other Services - 1
Maxivision Laser Centre Private Limited Revenue from operations during the year 1 1 Advances - 0.26
Payables as at year end 0.14 0.26 Payables as at year end 2 2
Receivables as at year end 1 0.02 Whistling Thrust Facility Service Payables as at year end 1 1
Searchlight Health Private Limited Repairs & Maintenance 1 1 Cadila Pharmacuticals Limited Purchase 11 10
Advertisement Charges 29 - Income from Operations 2 2
Health record services 1 - Receivables as at year end 2 2
Healthnet Global Limited Call Centre services 28 8 Green Channel Travels Services Private Services availed 11 10
Pharmacy Expenditure - 2 Limtied
Other receivable as at year end 28 2 Payables as at year end 1 1
Trivitron Healthcare Private Limited Availing of services 2 0.28 IRM Enterprises Private Limited Services availed 0.19 0.05
Purchases 2 4 Rental Income 0.11 0.11
Annual Maintenance contract 0.04 4 Payables as at year end 0.05 -
Payables as at year end 3 4 Vasu Agencies Hyderabad Private Limited Purchases 2,586 2,263
Sanofi Synthelabo (India) Limited Availing of services 1 - Payables as at year end 160 75
Share Capital - 7 Vasu Vaccines & Speciality Drugs Private Purchases 49 26
Limited
Securities Premium Reserve - 496
Together Against Diabetic Foundation Trust Revenue from Operations 0.28 0.24
Vasu Pharma Distributors Hyd Private Limited Purchases 1 1
Payables as at year end 0.05 0.03
Indian Hospital Corporation Limited Rent Income 0.12 0.12
Apollo Shine Foundation Loan receivable 6 16
Receivables as at year end 0.01 0.01
Pharmacy Income 1 0.50
Rajshree Catering Services Food and Beveages Outsourced 13 12
Payables as at year end 2 0.50
Apollo Institute of Medical Science and Rental Income 12 13
Lavasa Corporation Limited Revenue from Operations - 1
Research
Inter Corporate Deposit Outstanding 97 97
Power charges paid - 10
Interest accrued but not due 11 100
Reimbursement of expenses during the year - 7
Interest on Inter Corporate Deposit 11 14
Revenue from Operation during the year (Lab 3 1

Security deposit - 0.05 Tests)
Rent and Advertisement 0.05 0.27 Other receivable as at year end 23 10
Receivables as at year end - 7 Emedlife Insurance Broking services Limited Receivables as at year end 0.09 0.18
Apollo 24 / 7
Payables as at year end - 0.26 Apollo Teleradiology Private Limited Services received from 0.34 6
Full Spectrum Adventure Limited Receivables as at year end 0.01 0.01 Payables as at year end 0.09 7
396 397
PCR Investments Limited Donations received - 4 Dr. GSK Velu Unsecured Loan - 24
Rent Income 0.12 0.12 Interest expenses 3 2
Receivables as at year end 0.01 0.01 Jugnu Jain Interest 0.26 0.23
ATC Pharma Private Limited Purchases 27 - Reimbursement of expenses during the year 0.37 1
Payable at year end 6 - Outstanding 1 1
Shree Amman Pharma Private Limited Purchases 11 -
61 Particulars of Loans, Guarantees & Investments
Payable at year end 2 -
Details of loans, Guarantees and Investments covered under the provisions of section 186 of the Companies Act, 2013 are
Dynavision Limited Rent 72 66
provided in notes 10,11 and 12 to the financial statements.
Payable at year end 6 6
Olive & Twist Hospitality Private Limited Oursourcing expenses 17 - 62 Scheme of Arrangement
Payable at year end 0.22 - 62.1 The Board of Directors of Apollo Hospitals Enterprise Limited, at their meeting held on November 14, 2018 had approved a
IRIS Healthcare Technologies Private Limited Supplies of Medical instruments 57 84 Scheme of Arrangement (“the Scheme”) between Apollo Hospitals Enterprise Limited (“AHEL”) and Apollo Pharmacies Limited
Payable at year end 12 -2 (“APL”) and their respective shareholders in accordance with the provisions of Sections 230 to 232 of the Companies Act,
Indo - National Limited Purchases 32 1 2013, for the transfer of the front-end retail pharmacy business carried out in the standalone pharmacy segment to APL by
Payables as at year end 6 - way of slump sale, subject to necessary approvals by stock exchanges, shareholders, the National Company Law Tribunal and
Indian Hospitex Private Limited Purchases - - all other requisite regulatory authorities.
Payables as at year end 4 3 The Company received no objection letters from National Stock Exchange of India Limited and BSE Limited. Further, the Com-
Sahyadri City Management Limited Payables as at year end 11 - pany obtained approvals from the Competition Commission of India (CCI) and from the equity shareholders in October 2019.
The petition seeking sanction of the Scheme, is pending before the National Company Law Tribunal (NCLT). The Scheme would
My City Technology Limited Payables as at year end 2 2
become effective upon filing of the Scheme as sanctioned by the NCLT, with the Registrar of Companies.
Warasgaon Power Supply Limited. Payables as at year end 0.02 0.02
Dr. Prathap C Reddy Remuneration Paid 121 97 Further, management of the Group based on the assessment carried out in accordance with Ind AS 105, Non-current assets
held for sale and discontinued operations has considered front-end retail pharmacy business does not constitute a separate
Smt. Preetha Reddy Remuneration Paid 47 40
component and hence does not qualify to be a discontinued opearations
Smt. Suneeta Reddy Remuneration Paid 47 40
Smt. Sangita Reddy Remuneration Paid 47 40 62.2 T he Board of Directors of the Apollo Hospitals Enterprise Limited at their meeting held on February 13, 2020 approved the proposal for
merger of the following wholly owned subsidiary companies with the Company.
Smt. Shobana Kamineni Remuneration Paid 47 40
Shri Krishnan Akhileswaran Remuneration Paid 25 20 a. Apollo Home Healthcare (India) Limited and
b. Western Hospitals Corporation Private Limited
Shri S M Krishnan Remuneration Paid 7 7
Shri Sanjay Nayar Remuneration paid - 1 The Company is in the process of submitting an application to the National Company Law Tribunal (NCLT), Chennai seeking
Shri Vinayak Chatterjee Remuneration paid 2 2 exemption for convening the shareholders/creditors meeting of the Company.
Shri N Vaghul Remuneration paid - 2 62.3 T he Board of Directors of the Apollo Health and Lifestyle Limited (AHLL), in its meeting held on August 17, 2018 has given an
Shri Deepak Vaidya Remuneration paid - 1 approval to the “Scheme of arrangement” of the business. Pursuant to the restructuring plan, a new wholly owned subsidiary
Shri BVR Mohan Reddy Remuneration paid - 1 AHLL Diagnostics Ltd. (ADL) has been formed and the Diagnostics division of AHLL will be sold by way of a slump sale to the

DR T.Rajgopal Remuneration paid 2 2 newly incorporated Wholly owned subsidiary. AHLL is in the process of obtaining regulatory approval from National Company Law
Shri G Venkatraman Remuneration paid - 2 Tribunal for the restructuring plan.
Dr. Murali Doraiswamy Remuneration paid 2 1
Apollo 24 / 7
Smt. V. Kavitha Dutt Remuneration paid 1 0.27

Shri. MBN Rao Remuneration paid 2 0.32
398 399
63 Intangible assets under development

As at As at
March 31, 2020 March 31, 2019
Opening Balance
Addtions 265 -
Deletions - -
Closing balance 265 -
64 Exceptional item
The Group, after meeting the closing conditions for the sale of investments in an associate, Apollo Munich Health Insurance
Company Limited (AMHI) to Housing Development Finance Corporation Limited, in the quarter ended March 31, 2020 has
recognised the sale and recorded a profit of `1,983 Million (net of transaction costs and after considering indemnity related
deductions), which has been disclosed under Exceptional Items.
65 There are no subsequent events after the reporting period

Krishnan Akhileswaran Dr. Prathap C Reddy
Chief Financial Officer Executive Chairman
S M Krishnan Preetha Reddy

Vice President - Finance Executive Vice Chairperson
& Company Secretary
Date : June 25, 2020 Managing Director
Apollo 24 / 7
400
Emergency National World-class hospitals
71 Rooms 106 6 Emergency Number 55 Specialities 71 across the country
Emergency CentrEs of
1,200 Personnel 200 Ambulances 10,2 61 Beds 12 excellence
Hospitals for
Dedicated centres
A network of women and children
with deep
clinics that that offer
functional
cater to superior clinical
expertise for
day-to-day excellence
world-class care
healthcare needs combined
and outcomes
with luxury
Centers of Apollo Apollo

Excellence Clinics Cradle
Fixed wing Single number Speciality Speciality

A network of Asia’s largest
aircrafts and access to diabetes and hospitals focused
71 superior network of
helicopters to pioneering endocrine health on minimally
hospitals, across pharmacies with
fly in patients on emergency services drinks that offer invasie surgeries
the length and 3766 outlets,
demand from across the a proven way to for faster
breadth of India 24x7 service
remote corners country-1066 fight the disease recovery
Air National
Apollo Apollo Apollo Apollo
Emergency
Ambulance Hospitals Pharmacy Sugar Spectra
Network
cy ca
en r
e
g
emer
rem
s
es
o
n te
well
Apollo Apollo Occupational Ask Apollo

Personalized Telemedicine eICU
Life Health Apollo HomeCare
Health Check
Centre
South Asia’s A state-of-the-art

The Apollo Ask Apollo World-class
Apollo’s wellness These health largest facility to manage
personalized enables online post-operative
programmes that centres give telemedicine critical care
Health Check consultation, care at home; care
build health and employees primary network, taking centres in remote
is a program appointment and for the elderly,
keep your and emergency quality healthcare locations, from
designed to catch report management and the
workforce strong care 24x7 to remote expertly manned
disease early anytime, anywhere chronically ill
locations command centres
Telemedicine Accredited
120 CentrEs 1,000,000+ 8 JCI Hospitals
Teleconsultations
Corporate Health Million preventive Electronic urban primary Accredited
3,000+ Programmes 20 health checks 183 health care centrEs 30 NABH Hospitals
[CIN : L85110TN1979PLC008035]
Regd. Office: No.19, Bishop Garden, Raja Annamalai Puram, Chennai – 600 028
Secretarial Dept: Ali Towers III Floor, No.55, Greams Road, Chennai – 600 006
E-mail: apolloshares@vsnl.net : Website: www.apollohospitals.com
Phone: +91 044 28290956, 044 28293896 Board: 28293333 Ext. 6681
designed by STAMPA—the brand communications company (chennai) (www.stampa.co.in)

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2 4 / 7

| APOLLO HOSPITALS ENTERPRISE LIMITED |

Annual Report 2019–20

into non-urban geographies to provide access to

| APOLLO HOSPITALS ENTERPRISE LIMITED |

Annual Report 2019–20

| APOLLO HOSPITALS ENTERPRISE LIMITED |

Business Overview FY 20 at Apollo Hospitals*

Admissions Out-Patients Preventive

8822 + 530 + 90 9 = 102 61

Employed + Nurses Paramedics

Largest pharmacy chain in India

Annual Report 2019–20

| APOLLO HOSPITALS ENTERPRISE LIMITED |

Standalone Financial Performance Consolidated Financial Performance

Shareholders Fund 39,883 38,834 Shareholders Fund 33,39 0 33,335

Annual Report 2019–20

Deferred Tax Liability 2,913 3,1 0 4 Liabilities

| APOLLO HOSPITALS ENTERPRISE LIMITED |

Su st a ine d G ro wth Strong Ope rational P e rf orm ance

71%† 68%† 63%† 64%† 66%† 68%† 67%†

14 new hospitals with 2,850+ beds

Annual Report 2019–20

| APOLLO HOSPITALS ENTERPRISE LIMITED |

Im prove d acce ss Improving access to care is one of the official goals

traveled abroad for such services. Those who could

not, were not be able to access such services at all.

availability of such services.

Third, from the 1990s, Apollo gradually expanded from

Annual Report 2019–20

| APOLLO HOSPITALS ENTERPRISE LIMITED |

Annual Report 2019–20

| APOLLO HOSPITALS ENTERPRISE LIMITED |

Today, healthcare is getting closer to home and away from the

Annual Report 2019–20

| APOLLO HOSPITALS ENTERPRISE LIMITED |

Annual Report 2019–20

| APOLLO HOSPITALS ENTERPRISE LIMITED |

` `31 Hospitals, ` `14 Hospitals, including

Re t a il H eal th c are — Ap o l l o Hea lt h a nd L i fest y le L i mi t ed

‘Retail’ in healthcare means creating opportunities for a clinical

Annual Report 2019–20

` `921 doctors ` `55 doctors

| APOLLO HOSPITALS ENTERPRISE LIMITED |

The Indian Retail Pharmacy market has been registering healthy

FY20 FY20 EBITDA

Annual Report 2019–20

| APOLLO HOSPITALS ENTERPRISE LIMITED |

We are thus re-engineering the way we work on and with IT to

culture as we believe that is the only sure path to success.

Our hallmark Data Access Management

Data Utilization Services

Vendor Neutral Data Repository

Data Normalization Services

Data Processing Pipeline

MedMantra | Persona | Oracle ERM |

Annual Report 2019–20

| APOLLO HOSPITALS ENTERPRISE LIMITED |

We will co-develop and provide clinical validation, and

Annual Report 2019–20