APOLLO HOSPITALS GROUP - IN POOR HEALTH
Article Abstract:
The Apollo Hospitals group's flagship, Apollo Hospitals Enterprise (AHEL) is the only group company which is registering a good performance. During 1997-98, AHEL posted a turnover of Rs897.8 million (Rs769.6 million in 1996-97) with its net profit at Rs85.6 million (Rs115.8 million). Group company, Deccan Hospital Corporation (DHCL) earned a profit of Rs28.6 million turnover of Rs386.5 million on a turnover of Rs476 million. While its projected earnings per share (EPS) was Rs9.99 the actual EPS was Rs1.97 Indraprastha Medical CorporationLtd (IMCL), another group company, posted a turnover of only Rs959.9 million and a net profit of only Rs20.4 million against pre issue projections of Rs1,145.8 million and Rs199.7 million respectively for 1997-98 Om Sindhoori Capital Investments posted a turnover of Rs38.8 million and net profits of Rs8.5 million for 1996-97 against a projected turnover of Rs105.2 million and net profits of Rs26.2 million. AHEL has enhanced its authorised capital during 1997-98 from Rs200 million to Rs500 million to implement its expansion plans. It has acquired Orient Hospitals in Madurai and Pinakini Hospitals in Nellore with a total capacity of 300 beds. It plans to set up a life style clinic and a Heart Scan Centre in Mumbai with an investment of Rs269 million under the banner, The Apollo Mumbai Hospital. The group also proposes to acquire a 71 percent stake in Sterling (Gujarat) Hospitals. (tsm)
Publication Name: Financial Express Investment Week
Subject: Business, international
ISSN: 0015-2005
Year: 1998
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MEHTA GROUP: EVEN FIs HAVE LOST HOPE
Article Abstract:
Mehta Sulphites (India) Ltd (MSIL) is a 100 percent export oriented unit (EoU) and is the largest manufacturer of sulphite products in India. MSIL went in for its maiden public offer for a premium of Rs40 a share in 1995 to raise Rs115.2 million. The group had earlier ventured into the capital market under Mehta Rubber Chemicals Ltd (MRCL) in 1994 to raise Rs13.6 million at par. In about a year's time the group managed to pick up Rs128.8 million from the public. When MSIL got a chance to export 12,000 tonnes per annum (tpa) of its sulphites, it decided to expand production to 16,000 tpa. However, the proposed expansion did not take place due to the failure of the premium public issue. MSIL turned to Industrial Development Bank of India (IDBI). The 24,000 tpa project was appraised at Rs200 million and IDBI gave a loan of Rs46 million. The company paid a 10 percent dividend in 1996 and 1997. Sales turnover in 1997 was at Rs108.3 million against the promised Rs73.3 million in 1998, sales stood at Rs120.3 against Rs77.9 million projected. Net profit however was at Rs5.8 million against Rs11.5 million in 1997 and Rs6.2 million against a promised Rs14.4 million in 1998. It is not clear if the group has finally completed its expansion project. The IDBI and SICOM have not been of much help in disclosing the true picture of the Mehta group. (uh)
Publication Name: Financial Express Investment Week
Subject: Business, international
ISSN: 0015-2005
Year: 1998
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