Piramal net profit down by 5.1% in Q1 | business | Hindustan Times
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Piramal net profit down by 5.1% in Q1

business Updated: Aug 10, 2010 21:24 IST
HT Correspondent

Owing to slow growth in healthcare solution business, Piramal Healthcare’s consolidated net profit fell by 5.1 per cent to R80.7 crore in the quarter ended June, 2010, against same quarter previous year. The firm, which sold its healthcare solutions business to Abbott Labs in May, witnessed total operating income for the quarter up by 2.5 per cent at R840 crore, against same quarter previous year.

“The healthcare solutions business for the quarter was impacted due to uncertainty related to the sale of healthcare solutions business and the transition cost associated with the deal,” said Ajay Piramal, chairman, Piramal Healthcare.

Piramal’s revenue from healthcare solutions grew 4.9 per cent to R460 crore, far below the overall industry growth of 19.6 per cent. The diagnostic services grew 10.6 per cent to R53.6 crore.

“Second half of the financial year will be much better than the first half due to commencement of revenues from new contracts from the pharma solutions business and continued momentum in the critical care business,” said Piramal.