A PROJECT REPORTON
A STUDY ON DIAGNOSTIC CENTRE IN AHMEDABAD
PROJECT GUIDED BY Mr. MIKIN SHAH MS. CHARMI SHAH
SUBMITTED TOSHRI CHIMANBHAI PATEL INSTITUTE OF MANAGEMENT AND
RESEARCH
SUBMISSION DATE 15TH MARCH 2010
SUBMITTED BY DHRUVI SHAH (100) FARNAZ SAIYED (92) MBA
(SEM-IV)
A STUDY ON DIAGNOSTIC CENTRE IN AHMEDABAD
PREFACE
Knowledge and human power are synonyms, Once said the great
philosopher Francis Bacon. However based on the experience within
todays global market, he would probably say, The ability to
capture, communicate & leverage knowledge to solve problems is
human power. This raises the question how exactly one can best
capture, communicate & leverage knowledge, especially within
world of system engineering.
As a part of this MBA degree, students have to undergo a
project, which is designed keeping the prerogative and preferences
of industry in mind. This particular project allows a student to
implement what they have learned within organization.
Practically study, knowledge and learning can only be useful to
become more eligible and competitive. Due to this point of view
each and every student of M.B.A. has to prepare MEGA PROJECT as per
Gujarat University norms, which is really helpful to the students
for making their bright career.
We consider our self very fortunate that we got an opportunity
to work on a study of Diagnostic Centre in Ahmedabad. Under the
guidance of Ms Charmi Shah, Faculty of CPIMR.
ACKNOWLEDGEMENT
It is said success is a journey. The same is applicable to us
during the success completion of our project. We have come across
many persons who helped us all possible ways. We would like to
express as immense sense of gratitude to all of them.
We heartily, thank college who has provided us this wonderful
opportunity of making a project report. This opportunity has made
us have a deep insight of the practical use of financial models
that we have studied during the course of MBA.
We are very grateful to Ms. Chami Shah, faculty of CPIMR, whose
guidance, suggestions and help boost the interest for this work.
The valuable ideas, recommendation and response are simply
adorable.
Sincere efforts have been made to make our endeavours worth
studying and interpreting. However we welcome helpful
suggestions.
DHRUVI SHAH (100)FARNAZ SAIYED (92)
TABLE OF CONTENT
SR.NO.TOPICPAGE NO.
1EXECUTIVE SUMMARY7
2Introduction9
3History17
4Five force model21
5SWOT analysis24
6Research methodology26
7Data analysis29
7.1Primary data30
-Findings 40
7.2Secondary data41
-Common size statement42
-Trend analysis 52
-Horizontal analysis57
-Findings77
-Ratio analysis78
8Future forecasting95
9Recommendation98
10Conclusion100
11Bibliography102
12Annexure104
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
There are many Diagnostic Centre in Ahmedabad that provides
various services to the patients. Some of these services are
computed radiology, ultrasoundand full body computed tomography
scanning including cardiac immiging. Earlier laboratories were
helpful for such diagnostic services, but from last two or three
years there has been a sudden change and that is because of new
concept that is Diagnostic Centre. The Diagnostic Centre gives
instant and better services to the patients. Diagnostic Centre is
modernized and has different equipment and technology from which
the people can be benefited. We have done the study of 5 Diagnostic
Centres of which 3 are public and 2 are private centres. We have
done a comparative study between the centres for financials,
services provided, analysis of reports, etc. We have considered the
advantages of the Diagnostic Centre and the limitations of the
study. We have prepared horizontal analysis, common size statement,
trend analysis of Balance Sheet and Profit and Loss Account of
Piramal, Religare and Apollo Diagnostic Centre.Our study is based
on primary as well as secondary data. Based on the data available
we have done comparative analysis for different Diagnostic
Centre.Through the study, we are trying to find out the current
market scenario of the Diagnostic Centre, and we have tried to find
out which Diagnostic Centre is profitable for the year.
INTRODUCTION
INTRODUCTIONDiagnostic Services Industry
Since health care is dependent on the people served, Indias huge
population of a billion people represents a big opportunity. And
its the middle income group, which forms a large 250 million that
the international groups are targeting, besides patients due to
medical tourism. Estimates say that while the proportion of
households in the low income group has declined significantly,
middle and higher income group has increased from 14 to20percent.
With the demand for health care far exceeding supply, the industry
has transformed to a USD 23million industry, which is surging ahead
with a growth rate of 13percent a year. While the general belief is
that private health care spending in India contributes to 60
percent of the countries health care services, the World Bank
report, 2004 has pegged it at 82 percent. Besides, the unmet
demand, labour comes cheap in India. CII-Mckinsey report on Indias
health care industry, opines the world stand up and take notice of
the immense opportunities that were lying unutilised in the Indian
health care industry.
Diagnostic services: Radiology:Radiography is the term for a
general x-ray exam that captures clear, precise images using
radiation. Radiation, a form of energy, exists in nature and
emanates from the atmosphere and earth. As with many
naturally-occurring substances, radiation, in moderation, is
considered harmless. X-ray beams can pass through the human body.
When they strike a detector, they produce a picture. Traditional
film-based exams have been replaced by digital imaging in many
cases. Digital radiography requires no film processing. Test
results can be viewed seconds after the exposure is made. 64 Slice
CT:As the first in the Mid-South to introduce the Light Speed VCT
64-Slice Scanner, this impressive technology's incredible speed and
high quality images provide significant advancements in diagnostics
as the most advanced CT or "Cat" scan technology in the world.This
new imaging tool is important in diagnosing and pinpointing heart
attack, stroke and other neurological problems. Scans allow doctors
to quickly and clearly see coronary artery blockages and the motion
and pumping action of a patient's heart. In just one second this
scanner can non-invasively capture the image of an organ, scan the
entire body in ten seconds and produce images of the heart and
coronary arteries in less than five heartbeats. The scanner offers
a multitude of other uses including scans for cancer, trauma and
other internal injuries.Available only by physician referral,
bothMethodist North and Methodist South offer the following
innovative procedures through the Light Speed VCT Scanner: 5-Beat
Cardiac TM - Captures images of the whole heart and coronary
arteries in just five heartbeatsproviding clearer images of
cardiovascular anatomy and a shorter breath hold for the sick and
elderly. Stroke Work-Up - Delivers the speed and resolution
required for rapid imaging of blood vessels in the brain because
ance a stroke occurs, treatment must be delivered as quickly as
possible to ensure the best outcome for the patient. Physicians can
make a quick diagnosis and determine the best course of treatment
using less exams.Additional 64-Slice CT scanner procedures include:
brain, kidney, liver and lung exams, colonography, oncology/cancer
care, inner ear ailments and abdominal and spinal injuries.
UltrasoundUltrasound at Riverview, sometimes called a sonogram, is
a type of imaging that visualizes internal structures by recording
the pulsating "echoes" of harmless and painless sound waves that
are directed to a specific area of the body. A computer converts
the electrical impulses into images that are displayed onto a
monitor and recorded so that a radiologist can view them and
interpret the results. Riverview also has a Registered Vascular
Technologist who performs and administers various vascular tests
such as screening for PDV and aortic aneurisms PathologyPathology
is the study and diagnosis of disease through examination of
organs, tissues, bodily fluids, and whole bodies (autopsies).
Pathology also encompasses the related scientific study of disease
processes, called general pathology.Medical pathology is divided
into two main branches, anatomical pathology and clinical
pathology.In clinical psychology or psychiatry, the focus is on
mental experience and functioning so the term psychopathology is
used. Neurological disorders are studied within neurology, where
the term neuropathy is generally reserved for cases of peripheral
nerve pathology.Veterinary pathology is concerned with animal
disease, whereas phytopathology is the study of plant diseases.
1.5 TMI1.5 TMI full body high definition magnetic resonance
imaging, including new technology to perform breast biopsy
Diagnostic laboratory market in India:
Increasing participation by the private sector in healthcare
services is stimulating change in the Indian healthcare industry.
The in-vitro diagnostic (IVD) industry is experiencing rapid
technological developments. The need for a highly inaccurate and
wider test menu has resulted in the introduction of new test
parameters. The majority of diagnostic laboratories are restricted
to routine biochemistry tests (e.g., enzymes and substrates) due to
the low level of automation.
Though the demand for these tests is high, laboratories remain
subject to low profitability and intense competition. Laboratories
are trying to differentiate themselves by offering specialized
tests such as drug screenings, extended lipid profile, and
therapeutic drug monitoring.
According to a 2005 ICFA report on Indian medical care industry,
India spends 5.10 percent of its GDP on healthcare. While Indias
overall expenditure on health care is comparable to most developing
countries, Indias per capita health care expenditure is low due its
large billion plus population and low per capita income. This
scenario is not likely to improve because of rising health care
cost and Indias ever growing population (estimated to increase from
1 billion to 1.2billion by 2012
Current Scenario in India
Both the government and the private sector provide health care
in India, but patients increasingly turn to private hospitals and
clinics for quality treatment and better facilities. According to
the estimates provided by the industry sources, there are
approximately 30000 laboratories that service 1 to 1.25 million
patients per day. This includes specialise laboratory facilities in
hospital and nursing homes, and small testing centres with basic
facilities. The equality of services and facilities provided by
these laboratories varies widely. The national Accreditation Board
of Laboratories (NABL) has been established to accredit the
laboratories, yet the numbers of accredit laboratories remains
minimal. Currently, there are only a few large national players
including SRL Ranbaxy, Apollo clinics
It is estimated that the total market for IVD equipment and
reagents is Rs.6.75 billion ($147 million). Equipment constitutes
40 % of the total IVD market while reagents account for 60% of the
market. The market for IVD is segmented into biochemistry
(including microbiology), hematology, immunoassays, hispathology
and cytology, and consumables.
Changing Diagnostic Services market Over past years the
diagnostic market has undergone a change. Though stratification
exists in the laboratories, there are a growing number of corporate
players. The high-end laboratories, which offer automated chemistry
and hematology systems, cater to approximately 30 percent of the
national workload while the second tier regional laboratories cater
to 40 percent of the patients. The manual laboratories account for
the remaining 30 percent patients.
MAJOR PLAYERS IN AHMEDABAD: SRL RANBAXY Diagnostics Apollo
Clinic Piramal Diagnostic Centre Scientific Diagnostic Centre Green
Cross Supratech Micro path Kunal Diagnostic Centre Micro Aid
Diagnostic Laboratory Sapphire Medicare services
Emerging Trends and completion:The emerging trend of corporate
players establishing Diagnostic Centre in small towns and rural
areas will provide opportunities for the import of automated
systems and imported reagents. The market for Diagnostic equipment
is highly competitive. Equipment is often leased or rented, and
revenue is generated through consumables. Increasing competition
pressures the laboratories to continuously improve quality and
provide rapid results; this demand drives the need for equipment
and reagents that perform multiple functions efficiently. There are
opportunities for technologically superior products. With growing
completion laboratories are trying to distinguish themselves by
using better reagents and instrumentation.
Several Indian and foreign companies are active in the equipment
and reagent market:Transia, Bio Medical, Roche Diagnostics,
Accurex, Bayer Healthcare, Becton and Dickinson, bio Merieux,
India, Nicholas Piramal, Wipro Biomed, Johnson and Johnson, Olympus
Diagnostics, Sigma Aldrich, Hitachi, ortho Clinical Diagnostic,
Ranbaxy diagnostics, and Bio-Rad Laboratories.
Regulation:The government of India does not require a license to
import equipment and reagents. In fact, imports provide
approximately 60 percent of the diagnostic medical equipment and
supplies market. In cases where government hospitals directly
import equipment, the government levies a 5 percent duty.Government
laboratories procure equipment and supplies through tenders where
price plays a major role in the decision making process. Private
hospitals and laboratories, however, make their own purchase
decisions and consider both quality and price while making
procurement decisions.In India, medical equipment is distributed
through regional distributors who have a network of
sub-distributors. Use of a local well-qualifies distributor helps
to establish good relationships and often influences buying
decisions. The distributor should have a sales network and provide
after sales service.
Impact on Indian healthcare sector:Exposure to international
quality standards will imply that completely Indian owned
operations will have to benchmark their operations against the
international groups. The international groups promise to usher in
standards and disciplined approach towards work, along with
accountability to Indian healthcare industry.
Avers Vishal Bali, VP, Wockhardt hospitals group Bangalore and
members of CIIs healthcare groups, this is a welcome trend, which
will professionalize the Indian healthcare sector. This is a step
towards globalizing health care, making Indian healthcare industry
in sync with international standards.
HISTORY
HistoryThe history of medical diagnosis began in earnest from
the days of Imhotep in ancient Egypt and Hippocrates in ancient
Greece but is far from perfect despite the enormous bounty of
information made available by medical research including the
sequencing of the human genome. The practice of diagnosis continues
to be dominated by theories set down in the early 20th
century.Ancient ChinaIn Traditional Chinese Medicine, there are
four diagnostic methods: inspection, auscultation-olfaction,
interrogation, and palpation.[1]Ancient EgyptAn Egyptian medical
textbook, the Edwin Smith Papyrus written by Imhotep (fl. 2630-2611
BC), was the first to apply the method of diagnosis to the
treatment of disease.[2]Ancient BabyloniaA Babylonian medical
textbook, the Diagnostic Handbook written by Esagil-kin-apli (fl.
1069-1046 BC), introduced the use of empiricism, logic and
rationality in the diagnosis of an illness or disease.[3] The book
made use of logical rules in combining observed symptoms on the
body of a patient with its diagnosis and prognosis.[4] He described
the symptoms for many varieties of epilepsy and related ailments
along with their diagnosis and prognosis.[5]Ancient GreeceOver two
thousand years ago, Hippocrates recorded the association between
disease and heredity. In similar fashion, Pythagoras noted the
association between metabolism and heredity (allergy to Fava
beans). The medical community, however, has only recently
acknowledged the importance of genetics and its relevance to
mainstream medicine.Medieval Islamic worldThe Arabic physician, Abu
al-Qasim al-Zahrawi (Abulcasis), wrote on hematology in his
Al-Tasrif (1000). He provided the first description on haemophilia,
a hereditary genetic disorder, in which he wrote of an Andalusian
family whose males died of bleeding after minor injuries.[6]The
Persian physician, Ibn Sina (Avicenna, 980-1037), in The Canon of
Medicine (1025), pioneered the idea of a syndrome in the diagnosis
of specific diseases.[7]The Oslerian idealThe ideals of William
Osler, who transformed the practice of medicine in the early 1900s,
were based on the principles of the diagnosis and treatment of
disease. According to Osler, the functions of a physician were to
be able to identify disease and its manifestations and to
understand its mechanisms and how it may be prevented or cured. For
his medical students he believed that the best textbook was the
patient himselfanalysis of morbid anatomy and pathology were the
keys. The Oslerian ideal continues today as the basis of the
doctor's strategy is, "What disease does this patient have, and
what is the best way for treatment?" The emphasis is on the
classification of the disease in order to use the remedies
available for its effects to be reversed or ameliorated. The human
being in question is representative of a class of people with this
type of disease; this person's biological individuality is not
given any great weight.Garrod's viewThe successor to William Osler
as Regius Professor at Oxford was Archibald Garrod. Garrod echoed
the observations of his Greek counterparts of two millennia ago,
...our chemical individualities are due to our chemical merits as
well as our chemical shortcomings; and it is more nearly true to
say that the factors which confer upon us our predispositions to
and immunities from various mishaps which are spoken of as
diseases, are inherent in our very chemical structure; and even in
the molecular groupings which confer upon us our individualities,
and which went into the making of the chromosomes from which we
sprang. Because Garrod practiced in the early 1900s, well before
the knowledge of DNA encoding genes that in turn encoded proteins
responsible for bodily structure and functions were discovered, it
took some time before medicine could fully appreciate the
fundamental importance of his concept of diagnosis Present-day
Oslerian practiceWhereas Osler laid the founding principles by
which medicine should be practiced, Garrod placed these principles
in a greater context of a chemical individuality that is inherited
and is subject to the mechanisms of evolutionary selection. The
Oslerian ideal of medical practice continues to dominate medical
philosophy today. The patient is a collective of symptoms to be
characterized and analyzed algorithmically in order to draw a
diagnosis and subsequently produce a strategy of treatment.
Medicine is about problems based solutions. In keeping with this
philosophy, today's pathology reports provide a momentary snapshot
of the patient's biochemical profile, highlighting the end result
of the disease process.Influence of DNA technologyGarrod's
conception of biological individuality was confirmed with the
advent of the sequencing of the human genome. Finally the subtle
relationship between inheritance, individuality and environment
became apparent via the variations detected in DNA. In each
patient's DNA lies a script for how their bodies will change and
become ill as well as how they will handle the assaults of the
environment from the beginning of their life to its end. It is
hoped that by knowing a patient's genes that the biological
strengths and weaknesses in respect to these assaults will be
revealed and disease processes can be predicted before they have
the opportunity to manifest. Although knowledge in this area is far
from complete, there are already medical interventions based on
this. More importantly, the physician, forewarned with this
knowledge can guide the patient towards appropriate lifestyle
changes to anticipate and mitigate disease processes.
FIVE FORCE ANALYSIS OF DIAGNOSTIC CENTRE
THREAT OF RIVAL: There are large numbers of players in
Diagnostic industry. There is an intense competition among the
centres. Because of this intense competition, each centre tries to
provide better services. For this reason as well as the Diagnostic
Centres have huge amount of investment in Research and Development
department.
BARGAINING POWER OF SUPPLIERS:Heavy equipments are purchased by
Diagnostic Centre, for which they have to incur huge fixed cost. As
for Diagnostic Centre the equipments are purchased from foreign
countries, which requires huge capital. Injections, needles, gel,
etc is also required day to day. The suppliers therefore have high
bargaining power.
BARGAINING POWER OF CUSTOMERS:Bargaining power of customers are
high because there are many major players providing similar
services at a affordable rate. The switching cost is low.
THREAT OF NEW ENTRANT:Market for Diagnostic Centres is new a
concept and is being accepted in exchange of laboratories. It is
very difficult for a new player to enter because it requires huge
investment for fixed assets and to carry out day to day
expenses.
THREAT OF SUBSTITUTE:Not all are aware about what is Diagnostic
Centre? What is done in Diagnostic Centre? The major threat of
substitute for Diagnostic Centre is laboratories. They are wide
spread and are less expensive as compared to Diagnostic Centre.
SWOT ANALYSIS
STRENGHT Advance technology Fast evaluation of reports
Availability of all tests at one place Easy availability of test
from any collection centre WEAKNESS Expensive
OPPORTUNITY Availability of new market New concept THREATS
Laboratories Hospitals
RESEARCH METHODLOGY
RESEARCH METHODOLOGY
A) Topic: A study on Diagnostic Centre of AhmedabadB) Objective
of the study:a) The main objective of the study is to see the
profitability of Diagnostic Centre.b) To make a comparative study
of Diagnostic Centre.c) To know the working of the Diagnostic
Centre.
C) Secondary Objective of the study:To study the different
services of various Diagnostic Centre as specially Piramal, Apollo,
Religare, Scientific and Green Cross.
D) Research design a) Type of research: Descriptive b) Scope of
Research:The scope of the study is limited to Ahmedabad c) Data
collection sources: Primary data: Questionnaire Secondary data:
Journals, Books, internet d) Research Instrument: Structured
questionnaire E) Sampling design: a) Target population: Doctors of
Diagnostic Centre in Ahmedabadb) Sample Size: Total sample size is
5.c) Sampling area: Ahmedabadd) Sampling technique: convenience
sampling F) Limitation of Research: a) Sample size is small as
compared to area. b) Less co-operation from Diagnostic Centre as
regard to filling up the questionnaire. c) Financial details are
not provided by private Diagnostic Centre.
G) Contribution of study: Proper guidance of services to
patients Awareness of diagnostics services with compared to
laboratories services.
H) Beneficiary of study: Students who want to study the report
for the reference People will come to know about various diagnostic
services through this study.
DATA ANALYSISPIRMARY DATA
1. What are the services provided by the Diagnostic
Centre?ServicesPiramalReligareApolloScientificGreen cross
Radiology11101
Ultrasound11110
1.5 TMI10100
64 slice CT10000
Pathology11111
In the survey we found that pathology service is provided by all
Diagnostic Centres and Piramal is only Diagnostic Centre which is
provided all services.
2. How many branches are there of your centre in Ahmedabad?
CentrePiramalReligareApolloScientificGreen cross
00 0000
1 01000
2 10000
300100
400010
500001
From the survey we found that green cross have maximum branches
and Religare has only 1 branch.
3. How many collection centres are there of your Diagnostic
Centre?
CentrePiramalReligareApolloScientificGreen cross
1-510111
6-1001000
11-1500000
More than 1500000
We see that no. of branches is less of Religare but no. of
collection centre is more in Religare
4. How many employees are working in your centre?
EmployeesPiramalReligareApolloScientificGreen cross
1-1000000
11-2500100
26-3500000
36-5001000
More than 5010011
From the survey we found that Piramal, scientific and Apollo
have more than 50 employees, they have large organization
5. Recently, have your centre introduced any new services?
PiramalReligareApolloScientificGreen cross
Yes Yes
INTREPRETATION: There are average two or three Diagnostic Centre
introducing new services every year. But during the current year
Piramal, Religare and scientific Diagnostic Centre has not
introduced any new services.
6. How much time does it take for your Centre to analyze one
Report?
less than a day24 hours48 hoursmore than 48 hours
Piramal1000
Religare0000
Apollo0000
Scientific0000
Green cross1000
We got mixed opinion from Apollo, scientific, Religare regarding
analysis of their reports as that depend upon the type of test.
Whereas, Green cross and Piramal takes less than a day
7. How much Expenditure was incurred on new Machine by the
Centre for the year?
We found mixed approach in this question also. Because all
Diagnostic Centre are do not purchase machines every year. Besides
that, some of them are having full kit of latest technology.
8. What is the maintenance cost for the Equipments during the
year?
less than 10lakh10--5050--1croremore than 1 crore
Piramal0010
Religare0000
Apollo0100
Scientific0000
Green cross0000
As this question was found quite confidential, we could not get
answer from green cross, scientific and Religare Diagnostic Centre
but Apollo incurred cost of10-50 lakhs, Piramal incurred
50-1crore.
9. What is the revenue of the centre for the year?
less than 10lakh10--30308080--1croremore than 1 crore
Piramal00001
Religare00000
Apollo00010
Scientific00000
Green cross00001
Piramal and Green cross has revenue of more than 1 crore. Apollo
has a revenue of 80-1crore. Other centres could not provide details
about revenue earned.
FINDINGS
From the survey of 5 Diagnostic Centre, we come to know that all
Diagnostic Centre do not provide all services they are known for
their special service.
In the survey we found that every Diagnostic Centre does not
introduce new services every year, but in 2009 among 5 centre ,2
Diagnostic Centre introduced new services where, Apollo provided
the thyroid service & there is a tie up with the other Apollo
clinic for the service of Memography.
From the survey of 5 Diagnostic Centres Piramal Diagnostic
Centre is the only centre that provides 100% diagnostic
services.
From the survey we also come to know that average monthly
revenue of one Diagnostic Centre is between 6 lakhs to 8 lakhs.
From the survey we also found out that some Diagnostic Centre
purchase a kit for the maintenance of the equipments whereas, some
Diagnostic Centre take a annual maintenance contract for the
machinery.
SECONDARY DATA
COMMON SIZE STATEMENT PROFIT AND LOSS ACCOUNT
PIRAMAL HEALTHCARE
APOLLO CLINIC
RELIGARE
COMMON SIZED PROFIT AND LOSS ACCOUNT OF THE PIRAMAL HEALTH
CARE
PIRAMAL HEALTH CARE
200920082007
(RS in Million)Common Size % (RS in Million)Common Size %(RS in
Million)Common Size %
INCOME
Sales23839.4102.9219974.2104.46517032.8106.36
less: excise duty676.82.92852.94.4610196.36
Net Sales23162.610019121.310016013.8100.00
Other Income284.41.23259.41.353852.40
23447101.2219380.7101.3516398.8102.40
EXPENDITURE
Materials9551.441.237805.340.816683.841.74
staff cost2515.510.862359.912.341857.911.60
research and development Expenses411.61.77275.91.44878.95.49
Other Expenses6755.529.164710.324.634154.125.94
(Increase)/Decrease in WIP/Finished
Goods-149.9-0.6423.90.12-214.3-1.34
19084.182.3915175.379.3613360.483.43
PROFIT BEFORE INTREST,DEPRICIATION AND
TAX4362.918.834205.421.993038.418.97
Less: interest (net)3791.631730.91090.68
PROFIT BEFORE DEPRICIATION AND
TAX3983.917.194032.421.082929.418.29
less: depreciation838.13.61704.83.687054.40
PROFIT BEFORE TAX3145.813.583327.617.42224.413.89
less : Provision for taxation-Current and wealth tax Provision
rs 1.0 Million357.21.54400.32.09265.51.66
less :MAT credit
Entitlement-320.4-1.38-170.2-0.89-111.6-0.70
less: Deferred tax107.34.6352.70.271661.04
less: Fringe Benefits tax248.51.07300.1521.70.14
392.61.69312.81.63341.62.13
PROFIT FOR THE YEAR2753.211.883014.815.761882.811.76
Balance profit brought
forward3208.613.853208.616.783039.318.98
NET PROFIT AVAILABLE FOR
APPROPRIATION5961.825.736223.432.544922.130.74
proposed dividend on equity
shares877.93.79877.94.59877.95.48
distribution tax 149.20.644149.20.78105.70.66
dividend paid on preferences shares-13.40.073.70.02
proposed dividend on preference shares19.20.12
distribution tax -2.30.0123.30.02
transfer to general reserve1401.16.041626.78.57004.37
transfer to capital redemption reserve-345.31.8-
transfer to debenture redemption reserve3251.4-1500.94
2753.211.883014.815.761713.510.70
BALANCE CARRIED TO BALANCE
SHEET3208.613.853208.616.783208.620.04
earning per share (basic/diluted)13.214.38.9
Common Sized Profit And Loss Account
APPOLO CLINIC
200920082007
RS Common Size%RSCommon Size %RSCommon size %
INCOME
Sales14,57,97,76,42410011,25,39,41,778100 9,00,24,09,352
94.81
Add: share holder profit 49,21,29,422 5.18
less: excise duty
Net Sales14,57,97,76,42410011,25,39,41,778100 9,49,45,38,774
100
Other Income22,37,25,5821.5326,25,25,8912.33714809920.75
Total 14,80,35,02,006 101.5311516467669102.33 9,56,60,19,766
100.75
EXPENDITURE
Materials8,09,65,09,72255.536,20,73,39,08155.155,09,81,17,37853.69
staff
cost2,21,05,10,00815.161,68,48,18,88114.971,42,19,03,36514.97
Administrative
expense2,06,57,38,37214.161,59,81,76,91214.201,42,68,89,25315.02
Financial
expense22,31,60,4371.5319,89,75,7551.7627,00,70,0262.84
Other Expenses21,78,3470.01421,75,0000.0191,55,13,7800.16
Deferred Revenue Expenditure
36,25,7040.0265,48,1370.0581,15,05,1370.12
Total12,60,17,22,59086.439,69,80,33,76686.178,24,39,98,93986.83
PROFIT BEFORE DEPRICIATION AND
TAX2,20,17,79,41615.101,81,84,33,90316.151,32,20,20,82713.92
less:
depreciation43,92,03,7993.0136,74,60,6953.2640,75,36,1974.29
PROFIT BEFORE EXTRAORDINARY ITEM AND
TAX1,76,25,75,61712.081,45,09,73,20812.8991,44,84,6309.63
less: extraordinary item4,01,88,5250.27 -30,97,87,8183.26
PROFIT BEFORE
TAX1,72,23,87,09211.811,45,09,73,20812.89122427244812.89
less : Provision for taxation-Current and wealth tax Provision
rs 1.0 Million47,97,89,2813.2938,11,19,1983.3829,04,62,8033.06
less: Deferred
tax3,68,63,3260.251,90,61,4070.163,41,02,8240.36
less: Fringe Benefits
tax250409220.17200663700.171,52,96,2800.16
less: income tax paid relating to earlier
years3,34,78,1700.35
add: deferred tax assets-4,83,92,214-0.51
PROFIT AFTER TAX11806935638.0910174521109.048986945859.47
Add: shares in associates5,48,84,2610.58
Balance profit brought
forward12479263808.5589,24,27,5927.922,60,80,0890.27
NET PROFIT AVAILABLE FOR
APPROPRIATION242861724316.65190987970216.9797965893510.32
Dividend40,16,01,5842.7535,21,14,2123.1225,81,92,9152.72
Dividend tax
payable6,82,52,1900.465,98,41,8100.533,93,14,8880.41
transfer to general
reserve75,00,00,0005.1425,00,00,0002.2215,00,00,0001.58
BALANCE CARRIED TO BALANCE
SHEET12087634698.29124792368011.0853,21,51,1925.60
TOTAL242861724316.65190987970216.9797965893510.32
COMMON SIZED PROFIT AND LOSS ACCOUNT OF THE RELIGARE SUPER
RELIGARE
200920082007
(RS in Million)Common Size %(RS in Million)Common Size %(RS in
Million)Common Size %
INCOME
sales12,54,91,48210034,14,12,813100100
less: excise duty--
Net Sales12,54,91,48210034,14,12,813100153831768100
Other Income14,89,56,82654.274,84,7610.142
TOTAL27,44,48,308218.6934,18,97,574100.142153831768100
EXPENDITURE
less: depreciation31,25,0102.494,55,6320.1374200.0048
personal
expenses10,73,28,75585.524,46,41,95813.0741197982.67
interest 20,16,87,990160.714,03,14,56011.801608333110.45
Other Expenses6,21,52,67649.522,34,09,5426.8568982894.48
TOTAL37,42,94,431298.2610,88,21,69231.872710883817.62
PROFIT/(LOSE) BEFORE
TAX(9,98,46,123)-79.5623,30,75,88268.2612672293082.37
less : Provision for taxation-Current and wealth tax Provision
Rs 1.0 Million5,54,11,71744.15(42,688)-0.01287379105.68
less: Deferred tax16,75,1981.33(13,87,584)-0.40-53296-0.03
less: Fringe Benefits tax26,64,7422.1223,6260.0069267000.017
Profit before prior period items11801161676.71
prior period adjustment60000003.90
PROFIT/(LOSE) AFTER
TAX(15,95,97,780)-127.1723,44,82,52868.6811201161672.81
balance brought forward to previous
year9,45,63,43575.357,27,34,52921.304345602128.25
NET PROFIT AVAILABLE FOR
APPROPRIATION(6,50,34,345)-51.8230,72,17,05789.98155467637101.06
APPROPRIATION
interim dividend51,4470.04117,38,83,42350.936738217743.80
distribution tax 1,53,21,9434.4894503506.14
transfer to general reserve2,34,48,2536.8659005813.83
BALANCE CARRIED TO BALANCE
SHEET(6,50,85,792)-60.649,45,63,43527.697273452947.28
TOTAL(6,50,34,345)-51.8230,72,17,05789.98155467637101.06
COMMON SIZE ANALYSIS OF PIRAMAL DIAGNOSTIC CENTRE& APOLLO
HEALTHCARE & RELIGARE
PROFIT AND LOSS ACCOUNT
PIRAMALAPOLLORELIGARE
200720082009200720082009200720082009
PBDT 2,92,94,00,000.00 4,03,24,00,000.00 3,98,39,00,000.00
1,32,20,20,827.00 1,81,84,33,903.00 2,20,17,79,416.00
PBT 2,22,44,00,000.00 3,32,76,00,000.00 3,14,58,00,000.00
1,22,42,72,448.00 1,72,23,87,092.00 1,72,23,87,092.00
12,67,22,930.00 23,30,75,882.00 -9,98,46,123.00
PAT 1,88,28,00,000.00 3,01,48,00,000.00 2,75,32,00,000.00
89,86,94,585.00 1,01,74,52,110.00 1,18,06,93,563.00 11,20,11,616.00
23,44,82,528.00 -15,95,97,780.00
PIRAMALAPOLLORELIGARE
% 200720082009200720082009200720082009
PBDT 18.29 21.0817.1913.92 16.15 15.1
PBT 13.58 17.413.8912.8912.8911.8182.3768.26-79.56
PAT11.8815.7611.769.479.048.0972.8168.68-127.17
COMMANSIZE BALANCESHEET
COMMON SIZED BALANCE SHEET OF THE PIRAMAL HEALTH CARE
PIRAMAL HEALTH CARE
200920082007
(RS in Million)Common Size %(RS in Million)Common Size %(RS in
Million)Common Size %
SOURCES OF FUNDS
share holders fund
share capital4181.854182.60801.75.20
reserve and surplus11472.250.709746.760.659762.263.40
11809.252.1910164.763.2510563.968.60
Loan funds
secured funds4480.119.801511.79.411793.311.64
unsecured funds5288.523.373531.221.972168.814.08
9768.643.175042.931.383962.125.73
Deferred tax liabilities
Deferred tax liabilities1180.25.221031.96.421033.66.71
less: Deferred tax assets210.50.93169.51.05162.11.05
969.74.29862.45.37871.55.66
TOTAL22628.5100.0016070110015397.5100
APPLICATION OF FUNDS
Fixed Assets
Gross Block14278.163.1011372.370.7611525.674.85
Less: Depreciation4090.918.08329020.472824.118.34
Net Block10187.245.028082.350.298701.556.51
Capital Wip463.32.05478.22.97459.72.98
10650.547.078560.553.279161.259.49
INVESTMENT1299.85.741282.67.9812658.21
Current Assets, Loans and Advances
Inventories288012.732524.915.712264.814.70
Sundry Debtors3618.815.993021.418.802298.814.92
Cash and Bank Balance174.70.77340.72.12220.51.43
Other Current Assets78.80.3577.90.4886.50.56
Loans and Advances837036.994258.526.492677.617.38
15122.366.8310223.463.617548.249.02
Less: Current Liabilities And Provisions
Current Liabilities3271.814.46280717.462328.715.12
Provisions1172.35.181189.57.40248.21.61
4444.119.643996.524.862576.916.73
Net Current Assets10678.247.196226.938.744971.332.28
TOTAL22628.5100.001607010015397.5100
Common Sized Balance Sheet
APPOLO CLINIC
20092008 2007
RSCommon Size %RSCommon Size %RSCommon Size %
SOURCES OF FUNDS
share holders fund
share
capital60,23,57,0203.1958,68,57,0204.7951,63,85,8306.93
reserve and
surplus13,02,91,12,29669.1911,64,78,20,00772.676,93,30,61,65557.50
13,63,14,69,31672.3912,23,46,77,02776.347,44,94,47,48561.79
Loan funds
secured
funds4,36,55,24,96323.182,92,19,52,42318.233,27,12,57,33027.13
unsecured
funds12,92,91,0000.6813,43,96,0000.8330,78,57,8362.55
4,49,48,15,96323.873,05,63,48,42319.073,57,91,15,16629.68
Deferred tax liabilities
Deferred tax
liabilities62,65,60,1163.3258,96,96,7903.6759,40,14,0804.92
less: Deferred tax assets---
62,65,60,1163.3258,96,96,7903.6759,40,14,0804.92
TOTAL18,82,99,45,39010016,02,64,17,48510012,05,57,39,857100
APPLICATION OF FUNDS
goodwill on consolidation24,56,24,409
Fixed Assets
Gross
Block9,40,66,66,74849.957,59,17,84,17547.378,34,30,03,30269.20
Less:
Depreciation2,77,99,15,72714.762,34,83,23,00514.652,37,22,29,20719.67
Net
Block6,62,67,51,02135.195,24,34,61,17032.715,97,07,74,09549.52
Capital
Wip2,37,26,42,09512.6070,83,19,51611.901,84,47,56,18915.30
8,99,93,93,11647.795,95,17,80,68637.137,81,55,30,28464.82
INVESTMENT6,29,27,95,16533.417,06,01,08,86444.052,23,03,40,16218.50
deferred tax asset7,51,99,4430.62
Current Assets, Loans and Advances
Inventories1,08,84,17,3015.7879,08,90,4634.9359,14,81,8034.90
Sundry
Debtors1,60,73,54,9608.531,26,15,86,0267.871,08,87,65,6519.03
Cash and Bank
Balance64,61,60,3893.431,04,55,72,8626.5270,59,97,9985.85
Other Current Assets
Loans and
Advances3,69,32,23,78119.612,72,10,98,39316.971,77,25,45,47414.70
7,03,51,56,43137.365,81,91,47,74436.304,15,87,90,92634.49
Less: Current Liabilities And Provisions
Current
Liabilities1,52,70,05,8368.101,40,29,34,3658.751,55,61,57,80312.90
Provisions1,97,08,51,06110.461,40,47,55,4448.7692,13,92,4647.64
3,49,78,56,89718.572,80,76,89,80917.512,47,75,50,26720.55
Net Current
Assets3,53,72,99,53418.783,01,14,57,93518.791,68,12,40,55913.94
MISCLLENIOUS
EXPENCES4,57,5750.002430,70,0000.0278,05,0000.06
TOTAL18,82,99,45,39010016,02,64,17,48510012,05,57,39,857100
COMMON SIZED BALANCE SHEET OF THE RELIGARE
SUPER RELIGARE
200920082007
(RS)Common Size %(RS)Common Size %(RS)Common Size %
SOURCES OF FUNDS
share holders fund
share
capital1,01,28,97,6004.0276,08,33,57013.6664,39,68,64022.06
Share application money18,00,16,15,18071.37
reserve and
surplus6,20,75,95,07424.614,05,23,75,95272.792,23,89,14,71076.73
25,22,21,07,85499.994,81,32,14,54286.452,88,28,83,35098.80
Loan funds
secured funds
unsecured funds75,39,86,91713.543,50,00,0001.19
75,39,86,91713.543,50,00,0001.19
Deferred tax liabilities
Deferred tax liabilities2,34,3180.0009
less: Deferred tax assets
TOTAL25,22,23,42,1721005,56,72,01,4591002,91,78,83,350100
APPLICATION OF FUNDS
Fixed Assets
Gross Block3,73,02,9270.1455,95,0520.1082,6620.0028
Less: Depreciation35,66,4720.0144,63,0520.00837,4200.00025
Net Block3,37,36,4550.1351,32,0000.0975,2420.0025
Capital Wip59,5730.00027,46,1660.013-
3,37,96,0280.1358,78,1660.1075,2420.0025
INVESTMENT20,23,54,65,23180.225,45,27,65,82397.942,89,81,08,96399.32
Deferred tax assets14,40,8800.0353,2960.0018
Current Assets, Loans and Advances
Inventories
Sundry Debtors92,08,5070.0366,36,1910.0119,25,9750.06
Cash and Bank
Balance4,73,20,06,82218.761,76,83,5190.3130,25,9750.10
Other Current
Assets10,93,91,1430.4312,98,18,7312.333,57,72,9941.22
Loans and
Advances11,34,44,9540.456,43,93,0141.1572,65,8760.24
4,96,40,51,42619.6821,25,31,4553.817,52,22,0122.57
Less: Current Liabilities And Provisions
Current
Liabilities3,54,50,9460.141,67,15,0840.303,09,60,8591.06
Provisions1,12,56,5250.048,86,99,7811.592,46,15,3040.84
4,67,07,4710.1810,54,14,8651.895,55,76,1631.90
Net Current
Assets4,91,73,43,95519.4910,71,16,5901.921,96,45,8490.67
Less: Balance in general reserve3,57,36,9580.14-
TOTAL25,22,23,42,1721005,56,72,01,4591002,91,78,83,350100
COMMON SIZED ANALYSED OF BALANCESHEET
Piramal equity went down to 52.18% of its total revenue in 2009
as against 63.25% in 2008 and 68.60% in 2007 due to increase in
loan funds. Apollo still went up 99.99% in 2009 from 86.45% in 2008
& 98.8% in 2007.
Primal differed tax liability is 4.29%in 2009 & 5.37% in
2008Apollo differed tax liability is 3.32%in 2009 & 3.67% in
2008
Net fixed assets45.02% in 2009 & 50.29% in 2008 of Piramal
and 35.19% in 2009 & 32.71% in 2008 of Apollo and 0.13% in 2009
& 0.09% in 2008 of S.R.L.
Investment 5.74% in 2009 & 7.98% in 2008 of Piramal and
33.41% in 2009 & 44.05% in 2008 of Apollo and 80.22% in 2009
& 97.93% in 2008 of S.R.L
TRENDS ANALYSIS
Trend Analysis Data Of Piramal Diagnostic Centre
PARTICULARS200720082009
RESULT FOR THE YEAR
Sales & other income16398.819380.723447
Index11.1818364761.429799741
Profit before tax2224.43327.63145.8
Index11.4959539651.41422406
Profit after tax1882.83014.82753.2
Index11.6012322071.462290206
Equity Dividend731.6877.9877.9
Index11.1999726631.199972663
Dividend (%)
POSITION AT THE YEAR END
Gross Block11525.611372.314278.1
Index10.9866991741.2388162
Net Block8701.58082.310187.2
Index10.9288398551.170740677
Net current Assets4971.36226.910678.2
Index11.252569752.147969344
Net Worth
Index
Share Capital801.7418418
Reserve And Surplus9762.29746.711472.2
Book Value
No of Employees
Trend Analysis Data Of Apollo Diagnostic Centre
PARTICULARS200720082009
RESULT FOR THE YEAR
Sales & other income 9,56,60,19,766 11516467669
14,80,35,02,006
Index11.2038933591.547509034
Profit before tax12242724481,45,09,73,2081,72,23,87,092
Index11.1851718221.406865845
Profit after tax89869458510174521101180693563
Index11.1321444761.313787334
Equity Dividend25,81,92,91535,21,14,21240,16,01,584
Index11.3637640371.555432239
Dividend (%)
POSITION AT THE YEAR END
Gross Block 8,34,30,03,302 7,59,17,84,175 9,40,66,66,748
Index10.9099581891.127491673
Net Block 5,97,07,74,095 5,24,34,61,170 6,62,67,51,021
Index10.8781878341.109864637
Net current Assets 1,68,12,40,559 3,01,14,57,935
3,53,72,99,534
Index11.7912118042.103981798
Net Worth
Index
Share Capital 51,63,85,830 58,68,57,020 60,23,57,020
Reserve And Surplus 6,93,30,61,655 11,64,78,20,007
13,02,91,12,296
Trend Analysis Data Of RELIGARE Diagnostic Centre
PARTICULARS200720082009
RESULT FOR THE YEAR
Sales & other income153831768341412813125491482
Index12.2193908150.815770914
Profit before tax126722930233075882-99846123
Index11.839255784-0.787908889
Profit after tax112011616234482528-159597780
Index12.093376887-1.424832403
Equity Dividend67382177 17,38,83,423 51,447
Index12.5805551370.000763511
Dividend (%)
POSITION AT THE YEAR END
Gross Block 82,662 55,95,052 3,73,02,927
Index167.68590162451.2705596
Net Block 75,242 51,32,000 3,37,36,455
Index168.20658675448.3726509
Net current Assets 1,96,45,849 10,71,16,590 4,91,73,43,955
Index15.452377752250.2993867
Net Worth
Index
Share Capital 64,39,68,640 76,08,33,570 1,01,28,97,600
Reserve And Surplus 2,23,89,14,710 4,05,23,75,952
6,20,75,95,074
TREND ANALYSIS
1. Result for the yeari) Piramal: Consistent rise in sales from
year2007 to 2009Apollo: Consistent rise in sales from year2007 to
2009Religare: Constant growth in Sales in year 2007 to 2008 but in
2008 to 2009 declined from 2.21 to 0.81ii) Piramal: PBT growth is
always much lower than the sales growth, but in year 2008 it is
more.Apollo: PBT growth is always much lower than the sales growth,
there is heavy pressure on marginsReligare: PBT growth is always
much lower than the sales growth, there is heavy pressure on
marginsiii) Piramal: The same applies to PAT. Apollo: The same
applies to PAT Religare: The same applies to PAT
2. Position at the year endi) Piramal: Growth in gross block and
sales near to each other.Apollo: Growth in gross block and sales
neck to neck.Religare: There is a vast difference in gross block
and sales and high ratio of gross block. ii) Piramal: Net current
assets up in every year Religare: Net current assets up in every
year Apollo: Net current assets up in every year
HORIZONTAL ANALYSIS
PIRAMAL HEALTH CAREHORIZONTAL BALANCE SHEET OF PIRAMAL HEALTH
CARE
20092008INCREASE/DECREASE %
(RS in Million)(RS in Million)(RS in Million)
SOURCES OF FUNDS
share holders fund
share capital41841800
reserve and surplus11472.29746.71725.517.70343
11809.210164.71644.516.17854
Loan funds
secured funds4480.11511.72968.4196.3617
unsecured funds5288.53531.21757.349.76495
9768.65042.94725.793.70997
Deferred tax liabilities
Deferred tax liabilities1180.21031.9148.314.37155
Less :Deferred tax assets210.5169.54124.18879
969.7862.4107.312.44202
TOTAL22628.5160706558.540.81207
APPLICATION OF FUNDS
Fixed Assets
Gross Block14278.111372.32905.825.55156
Less: Depreciation4090.93290800.924.34347
Net Block10187.28082.32104.926.04333
Capital Wip463.3478.2-14.9-3.11585
10650.58560.5209024.41446
INVESTMENT1299.81282.617.21.341026
Current Assets, Loans and Advances
Inventories28802524.9355.114.06392
Sundry Debtors3618.83021.4597.419.77229
Cash and Bank Balance174.7340.7-166-48.7232
Other Current Assets78.877.90.91.155327
Loans and Advances83704258.54111.596.54808
15122.310223.44898.947.9185
Less: Current Liabilities And Provisions
Current Liabilities3271.82807464.816.5586
Provisions1172.31189.5-17.2-1.44599
4444.13996.5447.611.1998
Net Current Assets10678.26226.94451.371.48501
TOTAL22628.5160706558.540.81207
HORIZONTAL BALANCE SHEET OF PIRAMAL HEALTH CARE
20082007INCREASE/DECREASE%
(RS in Million)(RS in Million)(RS in Million)
SOURCES OF FUNDS
share holders fund
share capital418801.7-383.7-47.86
reserve and surplus9746.79762.2-15.5-0.15
10164.710563.9-399.2-3.77
Loan funds
secured funds1511.71793.3-281.6-15.70
unsecured funds3531.22168.81362.462.81
5042.93962.11080.827.27
Deferred tax liabilities
Deferred tax liabilities1031.91033.6-1.7-0.16
less: Deferred tax assets169.5162.17.44.56
862.4871.5-9.1-1.04
TOTAL1607015397.5672.54.36
APPLICATION OF FUNDS
Fixed Assets
Gross Block11372.311525.6-153.3-1.33
Less: Depreciation32902824.1465.916.49
Net Block8082.38701.5-619.2-7.11
Capital Wip478.2459.718.54.02
8560.59161.2-600.7-6.55
INVESTMENT1282.6126517.61.39
Current Assets, Loans and Advances
Inventories2524.92264.8260.111.48
Sundry Debtors3021.42298.8722.631.43
Cash and Bank Balance340.7220.5120.254.51
Other Current Assets77.986.5-8.6-9.94
Loans and Advances4258.52677.61580.959.04
10223.47548.22675.235.44
Less: Current Liabilities And Provisions
Current Liabilities28072328.7478.320.53
Provisions1189.5248.2941.3379.25
3996.52576.91419.655.08
Net Current Assets6226.94971.31255.625.25
TOTAL1607015397.5672.54.36
APOLLOHORIZONTAL BALANCE SHEET OF APOLLO CLINIC
SOURCES OF FUNDS20092008INCREASE/DECREASE %
share holders fund
share capital60,23,57,02058,68,57,0201,55,00,0002.64
reserve and
surplus13,02,91,12,29611,64,78,20,0071,38,12,92,29011.86
13,63,14,69,31612,23,46,77,0271,39,67,92,29011.42
Loan funds
secured funds4,36,55,24,9632,92,19,52,4231,44,35,72,54049.40
unsecured funds12,92,91,00013,43,96,000-51,05,000-3.80
4,49,48,15,9633,05,63,48,4231,43,84,67,54047.06
Deferred tax liabilities
Deferred tax
liabilities62,65,60,11658,96,96,7903,68,63,3266.25
less: Deferred tax assets--
62,65,60,11658,96,96,7903,68,63,3266.25
TOTAL18,82,99,45,39016,02,64,17,4852,80,35,27,91017.49
APPLICATION OF FUNDS
goodwill on consolidation
Fixed Assets
Gross Block9,40,66,66,7487,59,17,84,1751,81,48,82,57323.91
Less:
Depreciation2,77,99,15,7272,34,83,23,00543,15,92,72218.38
Net Block6,62,67,51,0215,24,34,61,1701,38,32,89,85126.38
Capital Wip2,37,26,42,09570,83,19,5161,66,43,22,579234.97
8,99,93,93,1165,95,17,80,6863,04,76,12,43051.21
INVESTMENT6,29,27,95,1657,06,01,08,864-76,73,13,699-10.87
deferred tax asset
Current Assets, Loans and Advances
Inventories1,08,84,17,30179,08,90,46329,75,26,83837.62
Sundry Debtors1,60,73,54,9601,26,15,86,02634,57,68,93427.41
Cash and Bank
Balance64,61,60,3891,04,55,72,862-39,94,12,473-38.20
Loans and
Advances3,69,32,23,7812,72,10,98,39397,21,25,38835.73
7,03,51,56,4315,81,91,47,7441,21,60,08,68720.90
Less: Current Liabilities And Provisions
Current
Liabilities1,52,70,05,8361,40,29,34,36512,40,71,4718.84
Provisions1,97,08,51,0611,40,47,55,44456,60,95,61740.30
3,49,78,56,8972,80,76,89,80969,01,67,08824.58
Net Current
Assets3,53,72,99,5343,01,14,57,93552,58,41,59917.46
MISCLLENIOUS EXPENCES4,57,57530,70,000-26,12,425-85.10
TOTAL18,82,99,45,39016,02,64,17,4852,80,35,27,90517.49
HORIZONTAL BALANCE SHEET OF APOLLO CLINIC
SOURCES OF FUNDS20082007INCREASE/DECREASE %
share holders fund
share capital58,68,57,02051,63,85,8307,04,71,19013.65
reserve and
surplus11,64,78,20,0076,93,30,61,6554,71,47,58,35268.00
12,23,46,77,0277,44,94,47,4854,78,52,29,54264.24
Loan funds
secured funds2,92,19,52,4233,27,12,57,330-34,93,04,907-10.68
unsecured funds13,43,96,00030,78,57,836-17,34,61,836-56.34
3,05,63,48,4233,57,91,15,166-52,27,66,743-14.61
Deferred tax liabilities
Deferred tax
liabilities58,96,96,79059,40,14,080-43,17,290-0.73
Less :Deferred tax assets--
58,96,96,79059,40,14,080-43,17,290-0.73
TOTAL16,02,64,17,48512,05,57,39,8573,97,06,77,62832.94
APPLICATION OF FUNDS
Goodwill on consolidation24,56,24,409-24,56,24,409-100.
Fixed Assets
Gross Block7,59,17,84,1758,34,30,03,302-75,12,19,127-9.00
Less:
Depreciation2,34,83,23,0052,37,22,29,207-2,39,06,202-1.01
Net Block5,24,34,61,1705,97,07,74,095-72,73,12,925-12.18
Capital Wip70,83,19,5161,84,47,56,189-1,13,64,36,673-61.60
5,95,17,80,6867,81,55,30,284-1,86,37,49,598-23.85
INVESTMENT7,06,01,08,8642,23,03,40,1624,82,97,68,702216.55
deferred tax asset7,51,99,443-7,51,99,443-100.00
Current Assets, Loans and Advances
Inventories79,08,90,46359,14,81,80319,94,08,66033.71
Sundry Debtors1,26,15,86,0261,08,87,65,65117,28,20,37515.87
Cash and Bank
Balance1,04,55,72,86270,59,97,99833,95,74,86448.10
Other Current Assets
Loans and
Advances2,72,10,98,3931,77,25,45,47494,85,52,91953.51
5,81,91,47,7444,15,87,90,9261,66,03,56,81839.92
Less: Current Liabilities And Provisions
Current
Liabilities1,40,29,34,3651,55,61,57,803-15,32,23,438-9.85
Provisions1,40,47,55,44492,13,92,46448,33,62,98052.46
2,80,76,89,8092,47,75,50,26733,01,39,54213.33
Net Current
Assets3,01,14,57,9351,68,12,40,5591,33,02,17,37679.12
MISCLLENIOUS EXPENCES30,70,00078,05,000-47,35,000-60.67
TOTAL16,02,64,17,48512,05,57,39,8573,97,06,77,62832.94
RELIGAREHORIZONTAL BALANCE SHEET OF RELIGARE
20092008INCREASE/DECREASE%
(RS in Million)(RS in Million)
SOURCES OF FUNDS
share holders fund
share capital1,01,28,97,60076,08,33,57025,20,64,03033.12
Share application money18,00,16,15,180-18,00,16,15,180
reserve and
surplus6,20,75,95,0744,05,23,75,9522,15,52,19,12253.18
25,22,21,07,8544,81,32,14,54220,40,88,93,312424.01
Loan funds
secured funds
unsecured funds75,39,86,917(75,39,86,917)-100
75,39,86,917(75,39,86,917)-100
Deferred tax liabilities
Deferred tax liabilities2,34,3182,34,318
less: Deferred tax assets
TOTAL25,22,23,42,1725,56,72,01,45919,65,51,40,713353.05
APPLICATION OF FUNDS
Fixed Assets
Gross Block3,73,02,92755,95,0523,17,07,875566.71
Less: Depreciation35,66,4724,63,05231,03,420670.20
Net Block3,37,36,45551,32,0002,86,04,455557.37
Capital Wip59,5737,46,166(6,86,593)-92.01
3,37,96,02858,78,1662,79,17,862474.94
INVESTMENT20,23,54,65,2315,45,27,65,82314,78,26,99,408271.10
Deferred tax assets14,40,880(14,40,880)-100
Current Assets, Loans and Advances
Inventories
Sundry Debtors92,08,5076,36,19185,72,3161347.44
Cash and Bank
Balance4,73,20,06,8221,76,83,5194,71,43,23,30326659.41
Other Current
Assets10,93,91,14312,98,18,731(2,04,27,588)-15.73
Loans and Advances11,34,44,9546,43,93,0144,90,51,94076.17
4,96,40,51,42621,25,31,4554,75,15,19,9712235.67
Less: Current Liabilities And Provisions
Current Liabilities3,54,50,9461,67,15,0841,87,35,862112.08
Provisions1,12,56,5258,86,99,781(7,74,43,256)-87.30
4,67,07,47110,54,14,865(5,87,07,394)-55.69
Net Current
Assets4,91,73,43,95510,71,16,5904,81,02,27,3654490.64
Less: Balance in general reserve3,57,36,958-3,57,36,958
TOTAL25,22,23,42,1725,56,72,01,45919,65,51,40,713353.05
HORIZONTAL BALANCE SHEET OF RELIGARE
20082007INCREASE/DECREASE%
(RS in Million)(RS in Million)
SOURCES OF FUNDS
share holders fund
share capital76,08,33,57064,39,68,64011,68,64,93018.14
Share application money-
reserve and
surplus4,05,23,75,9522,23,89,14,7101,81,34,61,24280.99
4,81,32,14,5422,88,28,83,3501,93,03,31,19266.95
Loan funds
secured funds-
unsecured funds75,39,86,9173,50,00,00071,89,86,9172054.24
75,39,86,9173,50,00,00071,89,86,9172054.24
Deferred tax liabilities
Deferred tax liabilities-
less: Deferred tax assets
TOTAL5,56,72,01,4592,91,78,83,3502,64,93,18,10990.79
APPLICATION OF FUNDS
Fixed Assets
Gross Block55,95,05282,66255,12,3906668.59
Less: Depreciation4,63,0527,4204,55,6326140.59
Net Block51,32,00075,24250,56,7586720.65
Capital Wip7,46,166-7,46,166
58,78,16675,24258,02,9247712.34
INVESTMENT5,45,27,65,8232,89,81,08,9632,55,46,56,86088.14
Deferred tax assets14,40,88053,29613,87,5842603.54
Current Assets, Loans and Advances
Inventories-
Sundry Debtors6,36,19119,25,975(12,89,784)-66.96
Cash and Bank Balance1,76,83,51930,25,9751,46,57,544484.39
Other Current Assets12,98,18,7313,57,72,9949,40,45,737262.89
Loans and Advances6,43,93,01472,65,8765,71,27,138786.23
21,25,31,4557,52,22,01213,73,09,443182.53
Less: Current Liabilities And Provisions
Current Liabilities1,67,15,0843,09,60,859(1,42,45,775)-46.01
Provisions8,86,99,7812,46,15,3046,40,84,477260.34
10,54,14,8655,55,76,1634,98,38,70289.67
Net Current Assets10,71,16,5901,96,45,8498,74,70,741445.23
Less: Balance in general reserve-
TOTAL5,56,72,01,4592,91,78,83,3502,64,93,18,10990.79
HORIZONTAL ANALYSED OF BALANCESHEET
1. 2008-09:Piramal: Net worth down by 16.17% as against high
growth in loan funds by 93.70% shows a very weak position of the
centre.
2008-07: Net worth down by -3.77% as against high growth in loan
funds by 27.27% shows a very weak position of the centre
2008-09 Apollo: Net worth down by 11.42% as against a very high
growth In loan funds by 46.06% shows weak position of the centre.
2008-07: Net worth down by 64.24% as against a very high growth In
loan funds by -14.61% shows a strong position of the centre.
2008-09:Religare: Net worth down by 424.01% as against very high
growth in loan funds by -100% shows a strong position of the
centre. 2008-07: Net worth down by 66.95% as against very high
growth in loan funds by 2054.24% shows a weak position of the
centre
2. 2009-08:Piramal: Net fixed assets higher by 24.42% where as
net sales grew by 21.13% are not efficient fixed assets
utilization. 2008-07: Net fixed assets lower by-6.55 % where as net
sales grew by 29.55% are efficient fixed assets utilization
2009-08 Apollo:: Net fixed assets higher by 51.21% where as net
sales grew by 29.55% are not efficient fixed assets utilization
2008-07: Net fixed assets higher by -23.85% where as net sales grew
by 18.53% are efficient fixed assets utilization 2009-08Religare:
Net fixed assets higher by 51.21% where as net sales grew by 29.55%
are not efficient fixed assets utilization2008-07: Net fixed assets
higher by 7712.34% where as net sales grew by 121.93% are not
efficient fixed assets utilization
3. 2009-08Piramal: Inventory management is very efficient.
Growth in inventory is only 14.06% despite of 21.13% growth in
sales.2007-08: Inventory management is very efficient. Growth in
inventory is only 11.48% despite of 19.40% growth in sales.
2009-08Apollo: Inventory management is not very efficient.
Growth in inventory is only 37.62% despite of 29.55% growth in
sales 2007-08: Inventory management is not very efficient. Growth
in inventory is only 33.71% despite of 18.53 % growth in sales
4. 2008-09Piramal: Management of receivables is efficient as
sundry debtors grows high by 19.77% against growth in sales
2007-08: Management of receivables is efficient as sundry debtors
grows high by 31.43% against growth in sales
2008-09Apollo: Management of receivables is efficient as sundry
debtors grows high by 27.41% against growth in sales. 2007-08:
Management of receivables is efficient as sundry debtors grows high
by 15.87% against growth in sales 2008-09. Religare: Management of
receivables is efficient as sundry debtors grows high by 26659.41%
against growth in sales in the year 2007-08: Management of
receivables is efficient as sundry debtors grows high by 484.39%
against growth in sales5. 2008-09Piramal: Current liabilities
growth is 16.55% lower than rise in materials cost. Companys paying
its suppliers faster to avail cash discounts. 2007-08: Current
liabilities growth is 55.08% higher than rise in materials
cost.2008-09Apollo: Current liabilities growth is 8.84% lower than
rise in materials cost. May be company paying its suppliers faster
to avail cash discounts. 2008-07: Current liabilities growth
is13.33% lower than rise in materials cost. Companys paying its
suppliers faster to avail cash discounts. 2008-09 Religare: Current
liabilities growth is 11.19 % lower than rise in materials cost.
Companys paying its suppliers faster to avail cash discounts.
2008-07: Current liabilities growth is 55.08% higher than rise in
materials cost. Companys paying its suppliers faster to avail cash
discounts.
HORIZONTAL ANALYSISPROFIT AND LOSS
HORIZONTAL PROFIT AND LOSS OF PIRAMAL HEALTH CARE
20092008INCREASE/DECREASE%
(RS in Million)(RS in Million)
INCOME
Sales23839.419974.23865.219.35
less: excise duty676.8852.9-176.1-20.64
Net Sales23162.619121.34041.321.13
Other Income284.4259.4259.63
2344719380.74066.320.98
EXPENDITURE
materials9551.47805.31746.122.37
staff cost2515.52359.9155.66.59
research and development Expenses411.6275.9135.749.18
Other Expenses6755.54710.32045.243.41
(Increase)/Decrease in WIP/Finished
Goods-149.923.9-173.8-727.19
19084.115175.33908.825.75
PROFIT BEFORE INTREST,DEPRICIATION AND
TAX4362.94205.4157.53.74
Less: interest (net)379173206119.07
PROFIT BEFORE DEPRICIATION AND TAX3983.94032.4-48.5-1.20
less: depreciation838.1704.8133.318.91
PROFIT BEFORE TAX3145.83327.6-181.8-5.46
less : Provision for taxation-Current and wealth tax Provision
rs 1.0 Million357.2400.3-43.1-10.76
less :MAT credit Entitlement-320.4-170.2-150.288.24
less: Deferred tax107.352.754.6103.60
less: Fringe Benefits tax248.530218.5728.33
392.6312.879.825.51
PROFIT FOR THE YEAR2753.23014.8-261.6-8.67
Balance profit brought forward3208.63208.600
NET PROFIT AVAILABLE FOR
APPROPRIATION5961.86223.4-261.6-4.20
proposed dividend on equity shares877.9877.900
distribution tax 149.2149.200
dividend paid on preference shares-13.4-13.4-100
distribution tax -2.3-2.3-100
transfer to general reserve1401.11626.7-225.6-13.83
transfer to capital redemption reserve-345.3-345.3-100
transfer to debenture redemption reserve325-325
2753.23014.8-261.6-8.67
BALANCE CARRIED TO BALANCE SHEET3208.63208.600
HORIZONTAL PROFIT AND LOSS OF PIRAMAL HEALTH CARE
20092008INCREASE/DECREASE%
(RS in Million)(RS in Million)
INCOME
sales23839.419974.23865.219.35
less: excise duty676.8852.9-176.1-20.64
Net Sales23162.619121.34041.321.13
Other Income284.4259.4259.63
2344719380.74066.320.98
EXPENDITURE
materials9551.47805.31746.122.37
staff cost2515.52359.9155.66.59
research and development Expenses411.6275.9135.749.18
Other Expenses6755.54710.32045.243.41
(Increase)/Decrease in WIP/Finished
Goods-149.923.9-173.8-727.19
19084.115175.33908.825.75
PROFIT BEFORE INTREST,DEPRICIATION AND
TAX4362.94205.4157.53.74
Less: interest (net)379173206119.07
PROFIT BEFORE DEPRICIATION AND TAX3983.94032.4-48.5-1.20
less: depreciation838.1704.8133.318.91
PROFIT BEFORE TAX3145.83327.6-181.8-5.46
less : Provision for taxation-Current and wealth tax Provision
rs 1.0 Million357.2400.3-43.1-10.76
less :MAT credit Entitlement-320.4-170.2-150.288.24
less: Deferred tax107.352.754.6103.60
less: Fringe Benefits tax248.530218.5728.33
392.6312.879.825.51
PROFIT FOR THE YEAR2753.23014.8-261.6-8.67
Balance profit brought forward3208.63208.600
NET PROFIT AVAILABLE FOR
APPROPRIATION5961.86223.4-261.6-4.20
proposed dividend on equity shares877.9877.900
distribution tax 149.2149.200
dividend paid on preference shares-13.4-13.4-100
distribution tax -2.3-2.3-100
transfer to general reserve1401.11626.7-225.6-13.86
transfer to capital redemption reserve-345.3-345.3-100
transfer to debenture redemption reserve325-325
2753.23014.8-261.6-8.67
BALANCE CARRIED TO BALANCE SHEET3208.63208.600
HORIZONTAL PROFIT AND LOSS OF APOLLO CLINIC
20092008INCREASE/DECREASE%
RS RS
INCOME
Sales14,57,97,76,42411,25,39,41,7783,32,58,34,64629.55
Add: share holder profit
less: excise duty
Net Sales14,57,97,76,42411,25,39,41,7783,32,58,34,64629.55
Other Income22,37,25,58226,25,25,891-3,88,00,309-14.78
Total14803502006115164676693,28,70,34,33728.54
EXPENDITURE
Materials8,09,65,09,7226,20,73,39,0811,88,91,70,64130.43
staff cost2,21,05,10,0081,68,48,18,88152,56,91,12731.20
Administrative
expense2,06,57,38,3721,59,81,76,91246,75,61,46029.26
financial expense22,31,60,43719,89,75,7552,41,84,68212.15
Other Expenses21,78,34721,75,0003,3470.15
Deferred Revenue Expenditure
36,25,70465,48,137-29,22,433-44.63
Total12,60,17,22,5909,69,80,33,7662,90,36,88,82429.94
PROFIT BEFORE DEPRICIATION AND
TAX2,20,17,79,4161,81,84,33,90338,33,45,51321.08
less: depreciation43,92,03,79936,74,60,6957,17,43,10419.52
PROFIT BEFORE EXTRAORDINARY ITEM AND
TAX1,76,25,75,6171,45,09,73,20831,16,02,40921.48
less: extraordinary item4,01,88,525-4,01,88,525
PROFIT BEFORE
TAX1,72,23,87,0921,45,09,73,20827,14,13,88418.71
less : Provision for taxation-Current and wealth tax Provision
rs 1.0 Million47,97,89,28138,11,19,1989,86,70,08325.89
less: Deferred tax3,68,63,3261,90,61,4071,78,01,91993.39
less: Fringe Benefits tax250409222006637049,74,55224.79
less: income tax paid relating to earlier years
add: deferred tax assets
PROFIT AFTER TAX1180693563101745211016,32,41,45316.04
Add: shares in associates
Balance profit brought
forward124792638089,24,27,59235,54,98,78839.84
NET PROFIT AVAILABLE FOR
APPROPRIATION2428617243190987970251,87,37,54127.16
Dividend40,16,01,58435,21,14,2124,94,87,37214.05
Dividend tax payable6,82,52,1905,98,41,81084,10,38014.05
transfer to general
reserve75,00,00,00025,00,00,00050,00,00,000200.00
BALANCE CARRIED TO BALANCE
SHEET12087634691247923680-3,91,60,211-3.14
TOTAL2428617243190987970251,87,37,54127.16
HORIZONTAL PROFIT AND LOSS OF APOLLO CLINIC
20082007INCREASE/DECREASE%
RSRS
INCOME
Sales11,25,39,41,7789,00,24,09,3522,25,15,32,42625.01
Add: share holder profit49,21,29,422-49,21,29,422-100.00
less: excise duty
Net Sales11,25,39,41,7789,49,45,38,7741,75,94,03,00418.53
Other Income26,25,25,8917148099219,10,44,899267.27
Total115164676699,56,60,19,7661,95,04,47,90320.39
EXPENDITURE
Materials6,20,73,39,0815,09,81,17,3781,10,92,21,70321.76
staff cost1,68,48,18,8811,42,19,03,36526,29,15,51618.49
Administrative
expense1,59,81,76,9121,42,68,89,25317,12,87,65912.00
financial expense19,89,75,75527,00,70,026-7,10,94,271-26.32
Other Expenses21,75,0001,55,13,780-1,33,38,780-85.98
Deferred Revenue Expenditure
65,48,1371,15,05,137-49,57,000-43.09
Total9,69,80,33,7668,24,39,98,9391,45,40,34,82717.64
PROFIT BEFORE DEPRICIATION AND
TAX1,81,84,33,9031,32,20,20,82749,64,13,07637.55
less: depreciation36,74,60,69540,75,36,197-4,00,75,502-9.83
PROFIT BEFORE EXTRAORDINARY ITEM AND
TAX1,45,09,73,20891,44,84,63053,64,88,57858.67
less: extraordinary item-30,97,87,818-30,97,87,818-100.00
PROFIT BEFORE TAX1,45,09,73,208122427244822,67,00,76018.52
less : Provision for taxation-Current and wealth tax Provision
rs 1.0 Million38,11,19,19829,04,62,8039,06,56,39531.21
less: Deferred tax1,90,61,4073,41,02,824-1,50,41,417-44.11
less: Fringe Benefits tax200663701,52,96,28047,70,09031.18
less: income tax paid relating to earlier
years3,34,78,170-3,34,78,170-100.00
add: deferred tax assets-4,83,92,2144,83,92,214-100.00
PROFIT AFTER TAX101745211089869458511,87,57,52513.21
Add: shares in associates5,48,84,261-5,48,84,261-100.00
Balance profit brought
forward89,24,27,5922,60,80,08986,63,47,5033321.87
NET PROFIT AVAILABLE FOR
APPROPRIATION190987970297965893593,02,20,76794.95
Dividend35,21,14,21225,81,92,9159,39,21,29736.38
Dividend tax payable5,98,41,8103,93,14,8882,05,26,92252.21
transfer to general
reserve25,00,00,00015,00,00,00010,00,00,00066.67
BALANCE CARRIED TO BALANCE
SHEET124792368053,21,51,19271,57,72,488134.51
TOTAL190987970297965893593,02,20,76794.95
HORIZONTAL PROFIT AND LOSS ACCOUNT OF RELIGARE
20092008INCREASE/DECREASE%
(RS in Million)(RS in Million)
INCOME
sales12,54,91,48234,14,12,813(21,59,21,331)-63.24
less: excise duty
Net Sales12,54,91,48234,14,12,813(21,59,21,331)-63.24
Other Income14,89,56,8264,84,76114,84,72,06530627.89
TOTAL27,44,48,30834,18,97,574(6,74,49,266)-19.72
EXPENDITURE
less: depreciation31,25,0104,55,63226,69,378585.86
personal expenses10,73,28,7554,46,41,9586,26,86,797140.42
interest20,16,87,9904,03,14,56016,13,73,430400.28
Other Expenses6,21,52,6762,34,09,5423,87,43,134165.50
TOTAL37,42,94,43110,88,21,69226,54,72,739243.95
PROFIT/(LOSE) BEFORE
TAX(9,98,46,123)23,30,75,882(33,29,22,005)-142.83
less : Provision for taxation-Current and wealth tax Provision
rs 1.0 Million5,54,11,717(42,688)5,54,54,405-129906
less: Deferred tax16,75,198(13,87,584)30,62,782-220.72
less: Fringe Benefits tax26,64,74223,62626,41,11611178.85
Profit before prior period items
prior period adjustment
PROFIT/(LOSE) AFTER
TAX(15,95,97,780)23,44,82,528(39,40,80,308)-168.06
balance brought forward to previous
year9,45,63,4357,27,34,5292,18,28,90630.01
NET PROFIT AVAILABLE FOR
APPROPRIATION(6,50,34,345)30,72,17,057(37,22,51,402)-121.16
APPROPRIATION
interim dividend51,44717,38,83,423(17,38,31,976)-99.97
distribution tax1,53,21,943(1,53,21,943)-100
transfer to general reserve2,34,48,253(2,34,48,253)-100
balance carried to Balance
Sheet(6,50,85,792)9,45,63,435(15,96,49,227)-168.82
(6,50,34,345)30,72,17,057(37,22,51,402)-121.16
HORIZONTAL PROFIT AND LOSS ACCOUNT OF RELIGARE
20082007INCREASE/DECREASE%
(RS in Million)(RS in Million)
INCOME
sales34,14,12,81334,14,12,813
less:excise duty
Net Sales34,14,12,81315383176818,75,81,045121.93
Other Income4,84,7614,84,761
TOTAL34,18,97,57415383176818,80,65,806122.25
EXPENDITURE
less: depreciation4,55,63274204,48,2126040.59
personal expenses4,46,41,95841197984,05,22,160983.59
Interest4,03,14,560160833312,42,31,229150.66
Other Expenses2,34,09,54268982891,65,11,253239.35
TOTAL10,88,21,692271088388,17,12,854301.42
PROFIT/(LOSE) BEFORE
TAX23,30,75,88212672293010,63,52,95283.92
less : Provision for taxation-Current and wealth tax Provision
Rs 1.0 Million(42,688)8737910(87,80,598)-100.48
less: Deferred tax(13,87,584)-53296(13,34,288)2503.54
less: Fringe Benefits tax23,62626700(3,074)-11.51
Profit before prior period items118011616(11,80,11,616)-100
prior period adjustment6000000(60,00,000)-100
PROFIT/(LOSE) AFTER
TAX23,44,82,52811201161612,24,70,912109.33
balance brought forward to previous
year7,27,34,529434560212,92,78,50867.37
NET PROFIT AVAILABLE FOR
APPROPRIATION30,72,17,05715546763715,17,49,42097.60
APPROPRIATION
interim dividend17,38,83,4236738217710,65,01,246158.05
distribution tax1,53,21,943945035058,71,59362.13
transfer to general
reserve2,34,48,25359005811,75,47,672297.38
balance carried to Balance
Sheet9,45,63,435727345292,18,28,90630.01
30,72,17,05715546763715,17,49,42097.60
HORIZONTAL ANALYSIS OF PIRAMAL DIAGNOSTIC CENTRE& APOLLO
HEALTHCARE & RELIGARE
PROFIT AND LOSS ACCOUNT2008-09: PBDT is 17.19% in Piramal,
15.10% in Apollo, there is no PBDT in Religare.2007-08: PBDT is
21.08% in Piramal, 16.15% in Apollo, there is no PBDT in Religare.
So there is more PBDT in Piramal.
2008-09: PBT is-5.46 % in Piramal, 18.71% in Apollo, and in
Religare-(-142.83%) loss 2007-08: PBT is 17.4% in Piramal, 18.52 %
in Apollo, and in Religare 83.92% so in the year 2008-09 Piramal
has more PBT and in the year 2007-08 Religare has more PBT
2008-09: PAT is 11.88% in Piramal, 8.09% in Apollo, and in
Religare-(127.17)loss 2007-08: PAT is 15.76% in Piramal, 9.04% in
Apollo, and in Religare 68.68% so in the year 2008-09 Piramal has
more PAT
FINDINGS
In the survey we compare the common size statement of profit and
loss account of Apollo, Piramal and Religare for the year 2008-09.
And we come to know that net sales growth of Piramal 62.85%,Apollo
58.86% and Religare 54.17% . So Piramal is having a better position
as compared to Apollo and Religare.
Despite of decline in PAT, Piramals net profit margin is 11.88%,
which is ahead of Apollo clinic & Religare 8.09% & -51.82%
respectively. Piramal is more profitable company than Apollo clinic
& Religare
From the study we come to know that among three Diagnostic
Centre overall condition of Religare is good in the year 2009.
RATIO ANALYSIS
RATIO ANALYSIS OF PIRAMAL HEALTHCARESR No
RATIO
FORMULA
2009
2008
2007
Interpretation
LIQUIDITY RATIO
Result
Result
Result
1
current ratio
current assets/current liabilities
1.6
1.6
2
As per the institutional norm the bench mark is 1.33:1 and here
Piramal have the ratio above 1.33:1 in the three year so we can say
that is good liquidity condition
2
quick ratio
current assets-inventory/current liabilities
1.2
1.2
1.1
here also the ratio is above the institutional norms in three
years because the norms is 1:1 so the ratio is same in 2009 &
2008 but it is decreased in 2007
3
collection period allowed to customers
receivable*365/total sales
55.4
55.2
49.3
If the ratio is decline over previous year it is good for the
company. and here in last three years the ratio is increased it
means centre is not realises its outstanding dues timely
4
suppliers credit
payables*365/purchase
70.6
78
78.7
It is good condition for the Piramal because the days is
declined,
SR No
RATIO
FORMULA
2009
2008
2007
Interpretation
PROFITABILITY RATIO
Result
Result
Result
1gross profit ratio
gross profit*100/net sales
42.5
39.6
41.2
The gross profit ratio is declined from 2008 & increased in
2009 so centre should try to increased their gross profit
2Net profit ratio
net profit *100/net sales
11.9
15.8
11.8
The Net profit Ratio is increased from 2007 to 2008 and again it
is decreased in 2009 due to declined in net profit so the centre
should try to increased net profits
SR No
RATIO
FORMULA
2009
2008
2007
Interpretation
TURNOVER RATIO
Result
Result
Result
1fixed asset turnover ratio
net sales/net block of fixed assets
1.2
1.2
1.2The fixed assets turnover ratio is same in the last three
years even there is decreased in net block of fixed assets
2net worth turnover ratio
net sales/equity shareholders funds
23.2
29.7
17.8
net worth turnover ratio is decreased as Compare to 2008 and
increased in 2008, compare to 2007 because of declined in equity
shareholder fund in 2008.
SR No
RATIOFORMULA
2009
2008
2007
Interpretation
SOLEVENCY RATIO
Result
Result
Result
1NAVequity shareholders fund/no.of equity shares
0.2
0.2
0.2
The Centre has same NAV in every year
2debt equity ratio
long term debt/total net worth
0.8
0.5
0.4
As per the institutional norms debt-equity ratio is 1.5:1 and
Piramal has very low ratio in every year.
SR No
RATIOFORMULA
2009
2008
2007
Interpretation
CAPITAL MARKET RATIOResult
Results
Result
1P/E Ratio
market price of the equity share/EPS0.15
0.14
0.22
Earning per share is different in this three years so the ratio
is different and the ratio is decreased in 2008 &2009 as
compare to the year 2007.
2market price to NAV
market price of the equity share/ NAV13.33
13.33
13.33
Market price to NAV ratio is same in every year because Piramal
issue shares at same market price
SR No
RATIOFORMULA
2009
2008
2007
Interpretation
OthersResults
Results
Result
1Working capital to sales
working capital /sales
0.2
0.2
0.2
This ratio is same in all three years in spite of different
sales in every year but the centre has strong working capital
management
APOLLOSR No
RATIO
FORMULA
2009
2008
2007
Interpretation
LIQUIDITY RATIOResult
Result
Result
1
current ratio
current assest/current liabilities
1
1.1
1
Apollo have not current ratio as per the institutional norm, As
per the institutional norm the bench mark is 1.33:1
2
quick ratio
current assets-inventory/current liabilities
1.5
1.7
1.3
The institutional norm is in quick ratio is 1: 1 and in all
three years the ratio is above the norm, so it is good for the
centre and efficient use of resources provided by the
suppliers.
3
collection period allowed to customers
receivable*365/total sales
40.2
40.9
40.1Collection period is almost same in three years but is
compared to less Piramal
4
suppliers credit
payables*365/purchase
26.6
33.5
32.9
in this ratio supplier credit days reduced in 2009 and it is not
beneficial for the Apollo
5
inventory holding period
inventory *365/COGS
30.4
28.3
22.7
Inventory holding period is less in the year 2008 & 2007 so
it is good for Apollo & in the year 2009 it is little bit
more.
SR No
RATIO
FORMULA
2009
2008
2007
Interpretation
PROFITABILITY RATIO
Result
Result
Result
1gross profit ratio
gross profit*100/net sales
29.3
29.8
30.6
Net sales is increased proportionally and gross profit is
decreased constantly so the ratio is declined so the position is
bad for future.
2Net profit ratio
net profit *100/net sales
8.1
9
11.2
Net profit is declined in every years so the ratio is decreased
compared to each years
SR No
RATIO
FORMULA
2009
2008
2007
Interpretation
TURNOVER RATIO
Result
Result
Result
1fixed asset turnover ratio
net sales/net block of fixed assets
0.8
0.91The ratio is decreased in 2008 & 2009 as compared to
2007.
2net worth turnover ratio
net sales/equity shareholders funds
8.9
8.29Net sales and equity share holder fund is increased in every
year even though the ratio is not increased. It is decreased in
2008 as compared to 2007
SR No
RATIOFORMULA
2009
2008
2007
Interpretation
SOLEVENCY RATIO
Result
Result
Result
1NAVequity shareholders fund/no. of equity shares101010
The Centre has same NAV in every year
2debt equity ratio
long term debt/total net worth
0.3
0.20.2As per the institutional norms debt-equity ratio is 1.5:1
and Apollo has very low ratio in every year.& it is because of
unstructured capital structure.
SR No
RATIOFORMULA
2009
2008
2007
Interpretation
OthersResults
Results
Result
1Working capital to sales
working capital /sales
0.10.20.1Working capital ratio is slightly increased in 2008
because of increased in current assets
RELIGARE
SR No
RATIO
FORMULA
2009
2008
2007
Interpretation
LIQUIDITY RATIO
Result
Result
Result
1
current ratio
current assets/current liabilities
97.46
2.03
1.35
As per the institutional norm the bench mark is 1.33:1 and here
Religare have the ratio above 1.33:1 in the three year so we can
say that it is good liquidity condition
2
quick ratio
current assets-inventory/current liabilities
97.38
2.01
1.35
here also the ratio is above the institutional norms 1:1 in
three years. In 2007 the ratio is very near to benchmark.
SR No
RATIO
FORMULA
2009
2008
2007
Interpretation
PROFITABILITY RATIO
Result
Result
Result
1gross profit ratio
gross profit*100/net sales
-30.58
85.69
94.03
In 2009 the ratio is negative. The profit is declined in each
year and in 2009 the gross profit is negative
2Net profit ratio
net profit *100/net sales
-58.15
73.49
76.71
Gross profit is decline and net profit is also negative in
2009.so the ratio is negative overall condition in 2009 is very
bad
SR.NO
RATIO
FORMULA
2009
2008
2007
Interpretation
TURNOVER RATIO
Result
Result
Result
1fixed asset turnover ratio
net sales/net block of fixed assets
7.42
56.93
1,860.97
There is huge difference in the fixed turnover ratio. It is
decreased because there is huge difference in net block of fixed
assets
2net worth turnover ratio
net sales/equity shareholders funds
2.29
4.87
4.09
Net worth turnover ratio is negative in the year 2009 so it is
bad for Religare and it is increased in 2008 from 2007
SR No
RATIOFORMULA
2009
2008
2007
Interpretation
SOLEVENCY RATIO
Result
Result
1debt equity ratio
long term debt/total net worth
0.03
0.15
0.01
As per the institutional norms debt-equity ratio is 1.5:1 and
Religare has very low ratio in every year.& it is because of
unstructured capital structure.
SR No
RATIOFORMULA
2009
2008
2007
Interpretation
OthersResults
Results
Result
1Working capital to sales
working capital /sales
39.180.310.13Working capital ratio has increased in 2009 because
of increased in current assets
FUTURE FORECASTING
FUTURE FORECASTINGThe healthcare industry will witness presence
of more international groups in the future as only ten percent of
the market has been tapped so far, say analysts.
Besides, allowing 100 percent FDI subject to approval by the
foreign investment Promotion Board under the department of
industrial policy and promotion in the Ministry of Commerce and
Industry is a sign of the market opening up for international
investors, say experts.
For Singapore, the Indian government has gone a step ahead and
inked the comprehensive Economic Cooperation Agreement (CECA) in
June, this year, paving the way for increased business and
investment opportunities between the two countries for health
sector.
Under the CECA, Singapore companies receive the most favoured
nation (MFN) treatment for trade in health products and services as
well as national treatment, which means they are treated on par
with domestic companies; tariff concessions for exports originating
from Singapore, including exports of pharmaceuticals and medical
equipment. Most importantly, it allows easier access for
investments, joint ventures and collaborations in the health
sector. And its not just Indian market that the investors are
gunning for. After the saturation of Singapore, the US and European
health care markets, the investors are also eyeing middle east,
china, Vietnam, some African states and Thailand. However, Indians
bureaucracy and lack of discipline workforce do peeve the
international groups. in India, one has to seek 80 to 100 licenses,
while in the western world one does not have to procure more then
10 sighs an official of an international group. The IVD market is
estimated to grow 25% annually. Contributing factors to the growth
of IVD market are Increasing health awareness and demand for
quality healthcare Changing demographics and prevalence of diseases
Increasing corporate presences Expansion of diagnostic market to
towns and rural areas Growing number of insured lives Changes in
medical liability legislation Developing clinical research
market
RECOMMENDATION
RECOMMENDATIONS
Super Religare Laboratories should increase their net profit,
because their profit are consistently diminishing.
As there is no awareness about healthcare in low income groups ,
the focus should be more on low income group rather than high
income group.
Piramal should try to reduce the expenditure cost, because of
which net profit has been affected.
As per the study, Apollos liquidity position is not good. So
they should try to use more resources efficiently which are
provided by supplier. Apollo should try to improve working capital
management.
Diagnostic Centre should reduce their charges up to some extent
rather than providing costly services, so that low income group can
afford it.
CONCLUSION
CONCLUSION
With constantly growing population and economy, India provides
huge opportunities in its healthcare sector. Due to cheap labour,
many international pharmaceutical companies are outsourcing
research to our country. And clinical research is the heart of any
new research in healthcare. At the same time due to increasing per
capita income, standard of living and awareness there is constantly
rising demand of quality health services. Thus, diagnostic services
are attractive industries to lookout for bright opportunity. From
overall conclusion we find that Piramal has better profitability
than Apollo, Religare
BIBLIOGRAPHY
BIBLIOGRAPHYBook: book: Financial Accounting for management by
Ambrish GuptaJournal: Journal of clinical oncology no 22, no
6,(march 15), 2004 pp 1126-1135Websites: http://jco.ascopubs.org
www.Piramaldiagnostics.com [email protected]
http://www.sdslab.net/profile.php www.clickindia.com
www.greenhosp.org www.methodisthealth.org www.greencrossvet.com
www.search.conduit.com
ANNEXURE
QUESTIONNAIREFOR THE STUDY ON DAIGNOSTIC CENTER IN AHMEDABAD
NAME:______________________________
ADDRESS:______________________________