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Healthcare Global Enterprises net declines by over 76% in Q3

Our Bureau, Mumbai
Monday, February 12, 2018, 16:50 Hrs  [IST]

Healthcare Global Enterprises (HCG), a Rs. 700 crore plus leading speciality diagnostics company based in Bangalore, has received  setback during the third quarter ended December 2017 and its consolidated net profit declined by 76.2 per cent to Rs. 1.20 crore from Rs. 5.04 crore in the similar period of last year as its interest cost went up by 103 per cent to Rs. 10.39 crore from Rs. 5.11 crore. Its net sales moved up 17.1 per cent to Rs. 206.26 crore from Rs. 176.15 crore. EPS declined to Rs. 0.37 from Rs. 0.63 in the last period.

The company is spreading its presence in Maharashtra and launched centers. at Nagpur and Borivali, and undertake expansion of Nashik center. It is now setting up new unit at South Mumbai. Borivali center operationalized with commencement of comprehensive radiation, surgical and medical oncology services, all under one roof, in a large and high-realization market. Further, it is setting up new centers. in East India region. Through its network of 20 comprehensive cancer centes. across India and Africa, HCG has brought advanced cancer care to the doorstep of millions of people.

Dr B S Ajaikumar, chairman and CEO, said, “We are pleased to report Q3 FY18 results with consistent performance in a changing healthcare landscape. We welcome the announcement from the government which will potentially make high quality healthcare accessible to 500 million people. HCG given our strong presence in Tier 2 and Tier 3 cities across India through our oncology care network is very well positioned in this new landscape. Also, we are very excited about the prospects of the newest addition  to the HCG Family – created from the business combination of our Triesta unit with Strand Life Sciences – to create India's leading speciality diagnostics company. This will redefine precision medicine with end to end expertise spanning bioinformatics, genomics and research. We fill our focused approach in cancer care and fertility treatment, positions us well for the future.”

For the nine months ended December 2017, HCG's net sales increased by 17.5 per cent to Rs. 608 crore from Rs. 518 crore in the same period of last year. Its net profit went up by 14.4 per cent to Rs. 17.10 crore from Rs. 14.95 crore. Thus, EPS moved up to Rs. 2.09 from Rs. 1.79 in the last period.


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