Contraction in margins of new hospitals (dip of 148bps QoQ) and losses of 24/7 division (INR 1.75bn) depressed Apollo Hospitals’ EBITDA in Q1FY24. It has reduced the discounts offered on online 24/7 platform to ~14% from 17-18% in Q4FY23 leading to 8% dip in losses QoQ (up 24% YoY) and this division may be EBITDA breakeven by Q4FY24.