Apollo Hospitals group income rises 7.26%, profit up 13.65%

Chennai: Apollo Hospitals Enterprise Ltd has announced its financial results for the quarter ended 30 June 2003. While the total income has increased by 7.26 per cent from Rs 1,064.46 million to Rs 1,141.72 million, the profit after tax showed an increase of 13.65 per cent, up from Rs 69.06 million to Rs 78.48 million.

The board of directors, in the meeting held on 21 July 2003, conferred the appointment of Haskins & Sells as auditors of the company, particularly in view of the fact that the company has global ambitions and an international auditing firm will help to achieve Apollo's ambitions to list internationally.

But, in view of the recent debate among Indian auditing firms on the legality of international auditing firms entering the Indian market, the company has decided to defer its decisions until such time as the controversy is resolved. Therefore, S Viswanathan & Co, the current auditors, will continue as the auditing firm of the company, subject to approvals from the shareholders.

The group has been aggressive in its international marketing initiatives, capitalising on the medical skills and world-class facilities that the group hospitals offer at a fraction of the international costs. As part of these initiatives, Apollo Hospitals has identified seven locations with access to international airports to target international patients (Hyderabad, Chennai, Delhi, Kolkata, Ahmedabad, Colombo and Dubai).

The priority high-end specialities which are being focused on include cardiology, interventional, pediatric and cardio thoracic surgery, neurology and neurosurgery, orthopedics focused on hip and knee replacements, medical, surgical and radiation oncology, organ transplants specifically liver and bone marrow transplants, cosmetic and plastic surgery among others.

The international patients will primarily be from the South Asian region (Bangladesh, Myanmar, Nepal and Bhutan) Southeast Asian region (Indonesia, Malaysia, Maldives and Mauritius), African region (Kenya, Tanzania, Ethiopia, Sudan and Somalia) Middle East and Gulf region (Oman, Kuwait, Qatar and Saudi Arabia) and the Confederation of Independent States region (Kazakhstan, Uzbekistan, Kyrgztan, Tajikistan and Turkmenistan).