Apollo Hospitals Enterprise Ltd has posted a nearly three-fold surge in its consolidated net profit in January-March to ₹219.3 crore from ₹81.6 crore in the corresponding period last year as the healthcare chain received a boost from its stake sale in health insurance subsidiary.In the final quarter of 2019-20, Apollo Hospitals received 198.3 crore in one-time gain from the sale of its stake in Apollo Munich Health Insurance to mortgage lender Housing Development Finance Corp.HDFC had in June announced the acquisition of Apollo Hospitals’ entire 50.8% stake in Apollo Munich for ₹1,336 crore.
Apollo Munich was a joint venture firm of the Prathap C. Reddy-led hospital chain and German reinsurer Munich Re Group. The transaction was completed.