Shares of Apollo Hospital Enterprises surged 5% on Wednesday even as the company reported a 33% year-over-year decline in consolidated net profit at ₹153.46 crore. Profits also dropped 24.77% sequentially.

What Happened: The healthcare giant posted its Q3 results on Tuesday. The company's total revenue surged over 17% YoY to ₹4,289.9 crore in line with street estimates. The company's healthcare division contributed the major chunk of revenue at ₹2,194.4 crore with an EBITDA margin of 24.7%. 

SSee Also: HDFC Life Shares Recoup From 52-Week Low To Surge 5%: Is Budget-Related Selloff Over?

However, the company's consolidated EBITDA margin shrunk to 11.9% from the 16.1% it reported in the corresponding quarter. The company's net profit of ₹153.46 crore also missed the consensus estimate of over ₹200 crore. 

Despite all this, the company's dividend announcement seems to have cheered up the investors. The omnichannel healthcare provider declared an interim dividend of ₹6 per share for FY23. The record date for the dividend payment is fixed on Feb.24. The company said that dividend payments would be made by March 10.

Price Action: Apollo Hospitals traded 4.83% higher at ₹4,471.60 in the late hours of trading on Wednesday.

Read Next: LIC Shares Jump Up As Multi-Fold Q3 Profit Growth Brings Investors Cheer Amid Adani Worries