Healthcare sector untouched by eco crisis

Written by Press Trust of India | New Delhi | Updated: Aug 31 2009, 06:22am hrs
Indias healthcare industry, despite the global economic downturn, posted a healthy growth of 42.44% in net profit in the first quarter of the current fiscal compared to same period last year, a study said.

When the world was reeling under the heat of global slowdown, one sector which remained largely untouched from the slowdown and registered healthy growth during the first quarter of the current fiscal is healthcare industry, Assocham President Sajjan Jindal said.

India has a comparative cost advantage via which it provides better and cheap healthcare services than most of the other countries, the industry body said. The study is based on financial performance of 10 healthcare groups including Apollo Hospital, Piramal Healthcare, Cadila and Glaxosmithkline.

The groups registered a growth of 23.94% in total income and 21.37% in total expenditure in Q1 2009-10, against the same period last year, it said. Apollo Hospital registered 23.36% growth in total income and 53.06% growth in net profit in the quarter compared with same period last year, while Piramal healthcare registered 16.48% growth in total income and 45.48% in net profit.