Apollo Hospitals expects operational improvement in the financial year 2024. Credit: Marcelo Leal on Unsplash.

India-based Apollo Hospitals has announced plans to sell a 5%-6% stake in Apollo HealthCo, its healthcare platform, and raise approximately $200m in the current fiscal year, reported moneycontrol.com.

According to The Economic Times report, a top executive revealed that the hospital chain aims to sell the stake at an expected enterprise value of $2.5bn-$3bn.

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In FY23, Apollo Hospitals reported revenues of Rs67.05bn ($814.58m) and incurred a loss of Rs3.04bn ($36.93m).

The offline pharmacy distribution business experienced a 31% year-on-year growth with Rs5.34bn ($64.88m) in earnings before interest, tax, depreciation, and amortisation (EBITDA), and the digital health business faced quarterly losses averaging around Rs1.8bn ($21.87m).

Apollo Hospitals expects an operational improvement in the financial year 2024, primarily driven by the goal of Apollo 24/7, the company’s omnichannel business, to reach EBITDA break-even by the fourth quarter.

During the quarter, the gross market value (GMV) of Apollo 24/7 reached Rs16.3bn ($198.03m), surpassing expectations of Rs15bn ($182.23m).

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Last month, Pfizer India and Apollo Hospital partnered to launch a Centre of Excellence (CoE) for adult vaccination in Hyderabad, India, as reported by The Economic Times.

The centre aims to increase vaccination rates by creating an ecosystem at Apollo Hospital to protect patients against vaccine-preventable diseases and will focus on educating healthcare professionals and patients about the benefits of vaccination.