Healthcare industry grew 42 percent in first quarter

Monday, 31 August 2009, 02:03 Hrs
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New Delhi: India's healthcare industry registered 42.44 percent growth in net profit during April-June, according to the Associated Chambers of Commerce and Industry (Assocham).

"When the whole world was reeling under global slowdown, the domestic healthcare sector registered healthy growth during the first quarter of the current fiscal," the chamber said in a study "Financial Health of the Indian Healthcare Industry".

In the healthcare sector, the leading 10 companies posted a growth of 23.94 percent in total income and 21.37 percent in total expenditure during the quarter, the study said.

The employees' cost increased by 22.24 percent in the first quarter.

Apollo Hospitals, one of the leading healthcare groups in the country, registered 23.36 percent growth in total income and 53.06 percent growth in net profit during the April-June period.

Piramal Healthcare witnessed 16.48 percent growth in its income and 45.48 percent rise in net profit.

Cadila Pharmaceuticals, an Ahmedabad-based pharma major, posted 26.54 percent increase in income and 32.69 percent hike in net profit, while another drug maker GlaxoSmithKline's income went up by 24.15 percent and profit by 19.56 percent.

Other leading healthcare groups like Fortis Hospitals, Kovai Medical Center and Hospital, Malar Hospitals, Sharma East India Hospitals and Siemens Healthcare Diagnostics also registered growth.
Source: IANS
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