Diagnostics Center Market in Ahmedabad

A
PROJECT REPORT
ON
A STUDY ON DIAGNOSTIC CENTRE IN
AHMEDABAD
PROJECT GUIDED BY
Mr. MIKIN SHAH
MS. CHARMI SHAH
SUBMITTED TO
SHRI CHIMANBHAI PATEL INSTITUTE OF MANAGEMENT AND
RESEARCH
SUBMISSION DATE
15TH MARCH 2010
SUBMITTED BY
DHRUVI SHAH (100)
FARNAZ SAIYED (92)
MBA (SEM-IV)
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A STUDY ON DIAGNOSTIC
CENTRE IN AHMEDABAD
2 | Page
PREFACE
Knowledge and human power are synonyms, Once said the great
philosopher Francis Bacon. However based on the experience within todays
global market, he would probably say, The ability to capture, communicate &
leverage knowledge to solve problems is human power. This raises the
question how exactly one can best capture, communicate & leverage
knowledge, especially within world of system engineering.
As a part of this MBA degree, students have to undergo a project,

which is designed keeping the prerogative and preferences of industry in mind.
This particular project allows a student to implement what they have learned
within organization.
Practically study, knowledge and learning can only be useful to become

more eligible and competitive. Due to this point of view each and every student
of M.B.A. has to prepare MEGA PROJECT as per Gujarat University norms,
which is really helpful to the students for making their bright career.
We consider our self very fortunate that we got an opportunity to work

on a study of Diagnostic Centre in Ahmedabad. Under the guidance of Ms
Charmi Shah, Faculty of CPIMR.
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ACKNOWLEDGEMENT
It is said success is a journey. The same is applicable to us during
the success completion of our project. We have come across many persons who
helped us all possible ways. We would like to express as immense sense of
gratitude to all of them.
We heartily, thank college who has provided us this wonderful

opportunity of making a project report. This opportunity has made us have a
deep insight of the practical use of financial models that we have studied during
the course of MBA.
We are very grateful to Ms. Chami Shah, faculty of CPIMR,

whose guidance, suggestions and help boost the interest for this work. The
valuable ideas, recommendation and response are simply adorable.
Sincere efforts have been made to make our endeavours worth

studying and interpreting. However we welcome helpful suggestions.
DHRUVI SHAH (100)

FARNAZ SAIYED (92)
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TABLE OF CONTENT
SR.NO. TOPIC
PAGE NO.
EXECUTIVE SUMMARY
Introduction
History
17
Five force model
21
SWOT analysis
24
Research methodology
26
Data analysis
29
7.1
Primary data
30
-Findings
40
Secondary data
41
-Common size statement
42
-Trend analysis
52
-Horizontal analysis
57
-Findings
77
-Ratio analysis
78
Future forecasting
95
Recommendation
98
10
Conclusion
100
11
Bibliography
102
12
Annexure
104
7.2
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EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
There are many Diagnostic Centre in Ahmedabad that provides
various services to the patients. Some of these services are computed radiology,
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ultrasound and full body computed tomography scanning including cardiac

immiging. Earlier laboratories were helpful for such diagnostic services, but
from last two or three years there has been a sudden change and that is because
of new concept that is Diagnostic Centre. The Diagnostic Centre gives instant
and better services to the patients. Diagnostic Centre is modernized and has
different equipment and technology from which the people can be benefited.
We have done the study of 5 Diagnostic Centres of which 3 are public
and 2 are private centres. We have done a comparative study between the
centres for financials, services provided, analysis of reports, etc. We have
considered the advantages of the Diagnostic Centre and the limitations of the
study. We have prepared horizontal analysis, common size statement, trend
analysis of Balance Sheet and Profit and Loss Account of Piramal, Religare and
Apollo Diagnostic Centre.
Our study is based on primary as well as secondary data. Based on the
data available we have done comparative analysis for different Diagnostic
Centre.
Through the study, we are trying to find out the current market scenario
of the Diagnostic Centre, and we have tried to find out which Diagnostic Centre
is profitable for the year.
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INTRODUCTION
INTRODUCTION
Diagnostic Services Industry
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Since health care is dependent on the people served, Indias huge

population of a billion people represents a big opportunity. And its the middle
income group, which forms a large 250 million that the international groups are
targeting, besides patients due to medical tourism. Estimates say that while the
proportion of households in the low income group has declined significantly,
middle and higher income group has increased from 14 to20percent. With the
demand for health care far exceeding supply, the industry has transformed to a
USD 23million industry, which is surging ahead with a growth rate of
13percent a year. While the general belief is that private health care spending in
India contributes to 60 percent of the countries health care services, the World
Bank report, 2004 has pegged it at 82 percent.
Besides, the unmet demand, labour comes cheap in India. CII-Mckinsey report
on Indias health care industry, opines the world stand up and take notice of
the immense opportunities that were lying unutilised in the Indian health care
industry.
Diagnostic services:
Radiology:
Radiography is the term for a general x-ray exam that captures clear, precise
images using radiation.
Radiation, a form of energy, exists in nature and emanates from the atmosphere
and earth. As with many naturally-occurring substances, radiation, in
moderation, is considered harmless.
X-ray beams can pass through the human body. When they strike a detector,
they produce a picture.
Traditional film-based exams have been replaced by digital imaging in many
cases. Digital radiography requires no film processing. Test results can be
viewed seconds after the exposure is made.
64 Slice CT:
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As the first in the Mid-South to introduce the Light Speed VCT 64-Slice
Scanner, this impressive technology's incredible speed and high quality images
provide significant advancements in diagnostics as the most advanced CT or
"Cat" scan technology in the world.
This new imaging tool is important in diagnosing and pinpointing heart attack,
stroke and other neurological problems. Scans allow doctors to quickly and
clearly see coronary artery blockages and the motion and pumping action of a
patient's heart. In just one second this scanner can non-invasively capture the
image of an organ, scan the entire body in ten seconds and produce images of
the heart and coronary arteries in less than five heartbeats. The scanner offers a
multitude of other uses including scans for cancer, trauma and other internal
injuries.
Available only by physician referral, both Methodist North and Methodist
South offer the following innovative procedures through the Light Speed VCT
Scanner:
5-Beat Cardiac TM - Captures images of the whole heart and coronary
arteries in just five heartbeatsproviding clearer images of
cardiovascular anatomy and a shorter breath hold for the sick and elderly.
Stroke Work-Up - Delivers the speed and resolution required for rapid
imaging of blood vessels in the brain because ance a stroke occurs,
treatment must be delivered as quickly as possible to ensure the best
outcome for the patient. Physicians can make a quick diagnosis and
determine the best course of treatment using less exams.
Additional 64-Slice CT scanner procedures include: brain, kidney, liver and
lung exams, colonography, oncology/cancer care, inner ear ailments and
abdominal and spinal injuries.
Ultrasound
Ultrasound at Riverview, sometimes called a sonogram, is a type of imaging
that visualizes internal structures by recording the pulsating "echoes" of
harmless and painless sound waves that are directed to a specific area of the
body. A computer converts the electrical impulses into images that are
displayed onto a monitor and recorded so that a radiologist can view them
and interpret the results. Riverview also has a Registered Vascular
Technologist who performs and administers various vascular tests such as
screening for PDV and aortic aneurisms
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Pathology
Pathology is the study and diagnosis of disease through examination of organs,
tissues, bodily fluids, and whole bodies (autopsies). Pathology also
encompasses the related scientific study of disease processes, called general
pathology.
Medical pathology is divided into two main branches, anatomical pathology
and clinical pathology.
In clinical psychology or psychiatry, the focus is on mental experience and
functioning so the term psychopathology is used. Neurological disorders are
studied within neurology, where the term neuropathy is generally reserved for
cases of peripheral nerve pathology.
Veterinary pathology is concerned with animal disease, whereas
phytopathology is the study of plant diseases.
1.5 TMI
1.5 TMI full body high definition magnetic resonance imaging, including
new technology to perform breast biopsy
Diagnostic laboratory market in India:
Increasing participation by the private sector in healthcare services is

stimulating change in the Indian healthcare industry. The in-vitro diagnostic
(IVD) industry is experiencing rapid technological developments. The need for
a highly inaccurate and wider test menu has resulted in the introduction of new
test parameters. The majority of diagnostic laboratories are restricted to routine
biochemistry tests (e.g., enzymes and substrates) due to the low level of
automation.
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Though the demand for these tests is high, laboratories remain subject
to low profitability and intense competition. Laboratories are trying to
differentiate themselves by offering specialized tests such as drug screenings,
extended lipid profile, and therapeutic drug monitoring.
According to a 2005 ICFA report on Indian medical care industry, India

spends 5.10 percent of its GDP on healthcare. While Indias overall expenditure
on health care is comparable to most developing countries, Indias per capita
health care expenditure is low due its large billion plus population and low
per capita income. This scenario is not likely to improve because of rising
health care cost and Indias ever growing population (estimated to increase
from 1 billion to 1.2billion by 2012
Current Scenario in India
Both the government and the private sector provide health care in
India, but patients increasingly turn to private hospitals and clinics for quality
treatment and better facilities. According to the estimates provided by the
industry sources, there are approximately 30000 laboratories that service 1 to
1.25 million patients per day. This includes specialise laboratory facilities in
hospital and nursing homes, and small testing centres with basic facilities. The
equality of services and facilities provided by these laboratories varies widely.
The national Accreditation Board of Laboratories (NABL) has been

established to accredit the laboratories, yet the numbers of accredit laboratories
remains minimal. Currently, there are only a few large national players
including SRL Ranbaxy, Apollo clinics
It is estimated that the total market for IVD equipment and reagents is
Rs.6.75 billion ($147 million). Equipment constitutes 40 % of the total IVD
market while reagents account for 60% of the market. The market for IVD is
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segmented into biochemistry (including microbiology), hematology,

immunoassays, hispathology and cytology, and consumables.
Changing Diagnostic Services market

Over past years the diagnostic market has undergone a change.
Though stratification exists in the laboratories, there are a growing number of
corporate players. The high-end laboratories, which offer automated chemistry
and hematology systems, cater to approximately 30 percent of the national
workload while the second tier regional laboratories cater to 40 percent of the
patients. The manual laboratories account for the remaining 30 percent patients.
MAJOR PLAYERS IN AHMEDABAD:

SRL RANBAXY Diagnostics
Apollo Clinic
Piramal Diagnostic Centre
Scientific Diagnostic Centre
Green Cross
Supratech Micro path
Kunal Diagnostic Centre
Micro Aid Diagnostic Laboratory
Sapphire Medicare services
Emerging Trends and completion:

The emerging trend of corporate players establishing Diagnostic Centre
in small towns and rural areas will provide opportunities for the import of
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automated systems and imported reagents. The market for Diagnostic

equipment is highly competitive. Equipment is often leased or rented, and
revenue is generated through consumables. Increasing competition pressures
the laboratories to continuously improve quality and provide rapid results; this
demand drives the need for equipment and reagents that perform multiple
functions efficiently. There are opportunities for technologically superior
products. With growing completion laboratories are trying to distinguish
themselves by using better reagents and instrumentation.
Several Indian and foreign companies are active in the equipment and reagent
market:
Transia, Bio Medical, Roche Diagnostics, Accurex, Bayer Healthcare, Becton
and Dickinson, bio Merieux, India, Nicholas Piramal, Wipro Biomed, Johnson
and Johnson, Olympus Diagnostics, Sigma Aldrich, Hitachi, ortho Clinical
Diagnostic, Ranbaxy diagnostics, and Bio-Rad Laboratories.
Regulation:
The government of India does not require a license to import equipment and
reagents. In fact, imports provide approximately 60 percent of the diagnostic
medical equipment and supplies market. In cases where government hospitals
directly import equipment, the government levies a 5 percent duty.
Government laboratories procure equipment and supplies through tenders
where price plays a major role in the decision making process. Private hospitals
and laboratories, however, make their own purchase decisions and consider
both quality and price while making procurement decisions.
In India, medical equipment is distributed through regional distributors who
have a network of sub-distributors. Use of a local well-qualifies distributor
helps to establish good relationships and often influences buying decisions. The
distributor should have a sales network and provide after sales service.
Impact on Indian healthcare sector:

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Exposure to international quality standards will imply that completely

Indian owned operations will have to benchmark their operations against the
international groups. The international groups promise to usher in standards
and disciplined approach towards work, along with accountability to Indian
healthcare industry.
Avers Vishal Bali, VP, Wockhardt hospitals group Bangalore and

members of CIIs healthcare groups, this is a welcome trend, which will
professionalize the Indian healthcare sector. This is a step towards globalizing
health care, making Indian healthcare industry in sync with international
standards.
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HISTORY
History
The history of medical diagnosis began in earnest from the days of Imhotep in
ancient Egypt and Hippocrates in ancient Greece but is far from perfect despite
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the enormous bounty of information made available by medical research

including the sequencing of the human genome. The practice of diagnosis
continues to be dominated by theories set down in the early 20th century.
Ancient China
In Traditional Chinese Medicine, there are four diagnostic methods: inspection,
auscultation-olfaction, interrogation, and palpation.[1]
Ancient Egypt
An Egyptian medical textbook, the Edwin Smith Papyrus written by Imhotep
(fl. 2630-2611 BC), was the first to apply the method of diagnosis to the
treatment of disease.[2]
Ancient Babylonia
A Babylonian medical textbook, the Diagnostic Handbook written by Esagilkin-apli (fl. 1069-1046 BC), introduced the use of empiricism, logic and
rationality in the diagnosis of an illness or disease.[3] The book made use of
logical rules in combining observed symptoms on the body of a patient with its
diagnosis and prognosis.[4] He described the symptoms for many varieties of
epilepsy and related ailments along with their diagnosis and prognosis.[5]
Ancient Greece
Over two thousand years ago, Hippocrates recorded the association between
disease and heredity. In similar fashion, Pythagoras noted the association
between metabolism and heredity (allergy to Fava beans). The medical
community, however, has only recently acknowledged the importance of
genetics and its relevance to mainstream medicine.
Medieval Islamic world
The Arabic physician, Abu al-Qasim al-Zahrawi (Abulcasis), wrote on
hematology in his Al-Tasrif (1000). He provided the first description on
haemophilia, a hereditary genetic disorder, in which he wrote of an Andalusian
family whose males died of bleeding after minor injuries.[6]
The Persian physician, Ibn Sina (Avicenna, 980-1037), in The Canon of
Medicine (1025), pioneered the idea of a syndrome in the diagnosis of specific
diseases.[7]
The Oslerian ideal
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The ideals of William Osler, who transformed the practice of medicine in the
early 1900s, were based on the principles of the diagnosis and treatment of
disease. According to Osler, the functions of a physician were to be able to
identify disease and its manifestations and to understand its mechanisms and
how it may be prevented or cured. For his medical students he believed that the
best textbook was the patient himselfanalysis of morbid anatomy and
pathology were the keys. The Oslerian ideal continues today as the basis of the
doctor's strategy is, "What disease does this patient have, and what is the best
way for treatment?" The emphasis is on the classification of the disease in order
to use the remedies available for its effects to be reversed or ameliorated. The
human being in question is representative of a class of people with this type of
disease; this person's biological individuality is not given any great weight.
Garrod's view
The successor to William Osler as Regius Professor at Oxford was Archibald
Garrod. Garrod echoed the observations of his Greek counterparts of two
millennia ago, ...our chemical individualities are due to our chemical merits as
well as our chemical shortcomings; and it is more nearly true to say that the
factors which confer upon us our predispositions to and immunities from
various mishaps which are spoken of as diseases, are inherent in our very
chemical structure; and even in the molecular groupings which confer upon us
our individualities, and which went into the making of the chromosomes from
which we sprang. Because Garrod practiced in the early 1900s, well before the
knowledge of DNA encoding genes that in turn encoded proteins responsible
for bodily structure and functions were discovered, it took some time before
medicine could fully appreciate the fundamental importance of his concept of
diagnosis
Present-day Oslerian practice
Whereas Osler laid the founding principles by which medicine should be
practiced, Garrod placed these principles in a greater context of a chemical
individuality that is inherited and is subject to the mechanisms of evolutionary
selection. The Oslerian ideal of medical practice continues to dominate medical
philosophy today. The patient is a collective of symptoms to be characterized
and analyzed algorithmically in order to draw a diagnosis and subsequently
produce a strategy of treatment. Medicine is about problems based solutions. In
keeping with this philosophy, today's pathology reports provide a momentary
snapshot of the patient's biochemical profile, highlighting the end result of the
disease process.
Influence of DNA technology
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Garrod's conception of biological individuality was confirmed with the advent

of the sequencing of the human genome. Finally the subtle relationship between
inheritance, individuality and environment became apparent via the variations
detected in DNA. In each patient's DNA lies a script for how their bodies will
change and become ill as well as how they will handle the assaults of the
environment from the beginning of their life to its end. It is hoped that by
knowing a patient's genes that the biological strengths and weaknesses in
respect to these assaults will be revealed and disease processes can be predicted
before they have the opportunity to manifest. Although knowledge in this area
is far from complete, there are already medical interventions based on this.
More importantly, the physician, forewarned with this knowledge can guide the
patient towards appropriate lifestyle changes to anticipate and mitigate disease
processes.
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FIVE FORCE ANALYSIS OF

DIAGNOSTIC CENTRE
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THREAT OF RIVAL:
There are large numbers of players in Diagnostic industry. There is an
intense competition among the centres. Because of this intense competition,
each centre tries to provide better services. For this reason as well as the
Diagnostic Centres have huge amount of investment in Research and
Development department.
BARGAINING POWER OF SUPPLIERS:

Heavy equipments are purchased by Diagnostic Centre, for which they
have to incur huge fixed cost. As for Diagnostic Centre the equipments are
purchased from foreign countries, which requires huge capital. Injections,
needles, gel, etc is also required day to day. The suppliers therefore have high
bargaining power.
BARGAINING POWER OF CUSTOMERS:

Bargaining power of customers are high because there are many
major players providing similar services at a affordable rate. The
switching cost is low.
THREAT OF NEW ENTRANT:
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Market for Diagnostic Centres is new a concept and is being accepted in

exchange of laboratories. It is very difficult for a new player to enter because it
requires huge investment for fixed assets and to carry out day to day expenses.
THREAT OF SUBSTITUTE:
Not all are aware about what is Diagnostic Centre? What is done in
Diagnostic Centre? The major threat of substitute for Diagnostic Centre is
laboratories. They are wide spread and are less expensive as compared to
Diagnostic Centre.
SWOT ANALYSIS
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STRENGHT
Advance technology
WEAKNESS
Expensive
Fast evaluation of reports

Availability of all tests at one
place
Easy availability of test from any
collection centre
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OPPORTUNITY
THREATS
Availability of new market
Laboratories
New concept
Hospitals
RESEARCH METHODLOGY
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RESEARCH METHODOLOGY
A)Topic:
A study on Diagnostic Centre of Ahmedabad
B) Objective of the study:

a)
The main objective of the study is to see the profitability of

Diagnostic Centre.
b)
To make a comparative study of Diagnostic Centre.
c)
To know the working of the Diagnostic Centre.
C)Secondary Objective of the study:

To study the different services of various Diagnostic Centre as
specially Piramal, Apollo, Religare, Scientific and Green Cross.
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D) Research design
a) Type of research:
Descriptive
b) Scope of Research:
The scope of the study is limited to Ahmedabad
c) Data collection sources:
Primary data:
Questionnaire
Secondary data: Journals, Books, internet

d) Research Instrument:
Structured questionnaire
E) Sampling design:
a) Target population: Doctors of Diagnostic Centre in Ahmedabad
b) Sample Size: Total sample size is 5.
c) Sampling area: Ahmedabad
d) Sampling technique: convenience sampling
F) Limitation of Research:
a) Sample size is small as compared to area.
b) Less co-operation from Diagnostic Centre as regard to filling up the
questionnaire.
c) Financial details are not provided by private Diagnostic Centre.
G) Contribution of study:
Proper guidance of services to patients
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Awareness of diagnostics services with compared to

laboratories services.
H) Beneficiary of study:
Students who want to study the report for the reference
People will come to know about various diagnostic services
through this study.
DATA ANALYSIS
PIRMARY DATA
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1. What are the services provided by the Diagnostic Centre?

Services
Piramal
Religare
Apollo
Scientific
Green
cross
Radiology
Ultrasound
1.5 TMI
64 slice CT
Pathology
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In the survey we found that pathology service is provided by all

Diagnostic Centres and Piramal is only Diagnostic Centre which is
provided all services.
2. How many branches are there of your centre in Ahmedabad?

Centre
Piramal
Religare
Apollo
Scientifi
c
Green
cross
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From the survey we found that green cross have maximum branches and
Religare has only 1 branch.
3. How many collection centres are there of your Diagnostic Centre?

Centre
Piramal
Religare
Apollo
Scientific
Green
cross
1-5
6-10
11-15
More than
15
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We see that no. of branches is less of Religare but no. of collection centre is
more in Religare
4. How many employees are working in your centre?

Employees
Piramal
Religar
e
Apollo
Scientifi
c
Green
cross
1-10
11-25
26-35
36-50
More than 50
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From the survey we found that Piramal, scientific and Apollo have more
than 50 employees, they have large organization
5. Recently, have your centre introduced any new services?

Piramal
Religare
Apollo
Yes
Scientific
Green cross
Yes
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INTREPRETATION:
There are average two or three Diagnostic Centre introducing new

services every year. But during the current year Piramal, Religare and
scientific Diagnostic Centre has not introduced any new services.
6. How much time does it take for your Centre to analyze one Report?
less than a
day
Piramal
Religare
Apollo
Scientific
1
0
0
0
24
48
more than 48
hours hours hours
0
0
0
0
0
0
0
0
0
0
0
0
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Green cross
We got mixed opinion from Apollo, scientific, Religare regarding analysis

of their reports as that depend upon the type of test.
Whereas, Green cross and Piramal takes less than a day
7. How much Expenditure was incurred on new Machine by the Centre for the
year?
We found mixed approach in this question also. Because all Diagnostic Centre
are do not purchase machines every year. Besides that, some of them are having
full kit of latest technology.
8. What is the maintenance cost for the Equipments during the year?
less than
10--
50--
more than 1
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10lakh
Piramal
Religare
Apollo
Scientific
Green cross
50
0
0
0
0
0
0
0
1
0
0
1crore crore
1
0
0
0
0
0
0
0
0
0
As this question was found quite confidential, we could not get answer from
green cross, scientific and Religare Diagnostic Centre but Apollo incurred cost
of10-50 lakhs, Piramal incurred 50-1crore.
9. What is the revenue of the centre for the year?

less than
10lakh
Piramal
Religare
Apollo
Scientific
Green cross
10-30
0
0
0
0
0
30
80
0
0
0
0
0
80--1crore
0
0
0
0
0
0
0
1
0
0
more than 1
crore
1
0
0
0
1
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Piramal and Green cross has revenue of more than 1 crore. Apollo has a
revenue of 80-1crore. Other centres could not provide details about revenue
earned.
FINDINGS
From the survey of 5 Diagnostic Centre, we come to know that all
Diagnostic Centre do not provide all services they are known for their
special service.
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In the survey we found that every Diagnostic Centre does not introduce
new services every year, but in 2009 among 5 centre ,2 Diagnostic
Centre introduced new services where, Apollo provided the thyroid
service & there is a tie up with the other Apollo clinic for the service of
Memography.
From the survey of 5 Diagnostic Centres Piramal Diagnostic Centre is
the only centre that provides 100% diagnostic services.
From the survey we also come to know that average monthly revenue of
one Diagnostic Centre is between 6 lakhs to 8 lakhs.
From the survey we also found out that some Diagnostic Centre purchase
a kit for the maintenance of the equipments whereas, some Diagnostic
Centre take a annual maintenance contract for the machinery.
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SECONDARY DATA
COMMON SIZE STATEMENT

PROFIT AND LOSS ACCOUNT
PIRAMAL HEALTHCARE
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APOLLO CLINIC
RELIGARE
COMMON SIZED PROFIT AND LOSS ACCOUNT OF THE PIRAMAL HEALTH CARE
PIRAMAL HEALTH CARE
(RS in
Million)
INCOME
Sales
less: excise duty
Net Sales
Other Income
EXPENDITURE
Materials
staff cost
2009
Common
Size %
(RS in
Million)
2008
Common Size
%
(RS in
Million)
2007
Common Size
%
23839.4
676.8
23162.6
284.4
23447
102.92
2.92
100
1.23
101.22
19974.2
852.9
19121.3
259.4
19380.7
104.465
4.46
100
1.35
101.35
17032.8
1019
16013.8
385
16398.8
106.36
6.36
100.00
2.40
102.40
9551.4
2515.5
41.23
10.86
7805.3
2359.9
40.81
12.34
6683.8
1857.9
41.74
11.60
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research and development Expenses

Other Expenses
(Increase)/Decrease in WIP/Finished
Goods
PROFIT BEFORE
INTREST,DEPRICIATION AND
TAX
Less: interest (net)
PROFIT BEFORE DEPRICIATION
AND TAX
less: depreciation
PROFIT BEFORE TAX
less : Provision for taxation-Current
and wealth tax Provision rs 1.0 Million
less :MAT credit Entitlement
less: Deferred tax
less: Fringe Benefits tax
PROFIT FOR THE YEAR
Balance profit brought forward
NET PROFIT AVAILABLE FOR
APPROPRIATION
proposed dividend on equity shares
distribution tax
dividend paid on preferences shares
proposed dividend on preference shares
distribution tax
transfer to general reserve
transfer to capital redemption reserve
transfer to debenture redemption
reserve
BALANCE CARRIED TO
BALANCE SHEET
earning per share (basic/diluted)
411.6
6755.5
1.77
29.16
275.9
4710.3
1.44
24.63
878.9
4154.1
5.49
25.94
-149.9
19084.1
-0.64
82.39
23.9
15175.3
0.12
79.36
-214.3
13360.4
-1.34
83.43
4362.9
379
18.83
1.63
4205.4
173
21.99
0.9
3038.4
109
18.97
0.68
3983.9
838.1
3145.8
17.19
3.61
13.58
4032.4
704.8
3327.6
21.08
3.68
17.4
2929.4
705
2224.4
18.29
4.40
13.89
357.2
-320.4
107.3
248.5
392.6
2753.2
3208.6
1.54
-1.38
4.63
1.07
1.69
11.88
13.85
400.3
-170.2
52.7
30
312.8
3014.8
3208.6
2.09
-0.89
0.27
0.15
1.63
15.76
16.78
265.5
-111.6
166
21.7
341.6
1882.8
3039.3
1.66
-0.70
1.04
0.14
2.13
11.76
18.98
5961.8
877.9
149.2
-
25.73
3.79
0.644
6223.4
877.9
149.2
13.4
32.54
4.59
0.78
0.07
30.74
5.48
0.66
0.02
0.12
0.02
4.37
1401.1
-
6.04
2.3
1626.7
345.3
0.012
8.5
1.8
4922.1
877.9
105.7
3.7
19.2
3.3
700
-
325
2753.2
1.4
11.88
3014.8
15.76
150
1713.5
0.94
10.70
3208.6
13.2
13.85
3208.6
14.3
3208.6
8.9
20.04
16.78
Common Sized Profit And Loss Account
APPOLO CLINIC
2009
RS
INCOME
Sales
Add: share holder profit
less: excise duty
Net Sales
Other Income
2008
Comm
on Size
%
RS
2007
Comm
on Size
%
RS
Com
mon
size
%
14,57,97,76,424
100
11,25,39,41,778
100
9,00,24,09,352
49,21,29,422
94.8
5.1
14,57,97,76,424
22,37,25,582
100
1.53
11,25,39,41,778
26,25,25,891
100
2.33
9,49,45,38,774
71480992
10
0.7
43 | P a g e
Total
EXPENDITURE
Materials
staff cost
Administrative expense
Financial expense
Other Expenses
Deferred Revenue Expenditure
Total
PROFIT BEFORE
DEPRICIATION AND TAX
less: depreciation
PROFIT BEFORE
EXTRAORDINARY ITEM AND
TAX
less: extraordinary item
PROFIT BEFORE TAX
less: Deferred tax
less: income tax paid relating to earlier
years
add: deferred tax assets
PROFIT AFTER TAX
Add: shares in associates
APPROPRIATION
Dividend
Dividend tax payable
BALANCE CARRIED TO
BALANCE SHEET
TOTAL
14,80,35,02,00
6
101.53
11516467669
102.33
9,56,60,19,766
100.7
8,09,65,09,722
2,21,05,10,008
2,06,57,38,372
22,31,60,437
21,78,347
36,25,704
12,60,17,22,590
55.53
15.16
14.16
1.53
0.014
0.02
86.43
6,20,73,39,081
1,68,48,18,881
1,59,81,76,912
19,89,75,755
21,75,000
65,48,137
9,69,80,33,766
55.15
14.97
14.20
1.76
0.019
0.058
86.17
5,09,81,17,378
1,42,19,03,365
1,42,68,89,253
27,00,70,026
1,55,13,780
1,15,05,137
8,24,39,98,939
53.6
14.9
15.0
2.8
0.1
0.1
86.8
2,20,17,79,416
43,92,03,799
15.10
3.01
1,81,84,33,903
36,74,60,695
16.15
3.26
1,32,20,20,827
40,75,36,197
13.9
4.2
1,76,25,75,617
4,01,88,525
1,72,23,87,092
12.08
0.27
11.81
1,45,09,73,208
1,45,09,73,208
12.89
12.89
91,44,84,630
30,97,87,818
1224272448
9.6
3.2
12.8
47,97,89,281
3,68,63,326
25040922
3.29
0.25
0.17
38,11,19,198
1,90,61,407
20066370
3.38
0.16
0.17
29,04,62,803
3,41,02,824
1,52,96,280
3.0
0.3
0.1
0.3
-0.5
9.4
0.5
0.2
1180693563
8.09
1017452110
9.04
1247926380
8.55
89,24,27,592
7.92
3,34,78,170
-4,83,92,214
898694585
5,48,84,261
2,60,80,089
2428617243
40,16,01,584
6,82,52,190
75,00,00,000
16.65
2.75
0.46
5.14
1909879702
35,21,14,212
5,98,41,810
25,00,00,000
16.97
3.12
0.53
2.22
979658935
25,81,92,915
3,93,14,888
15,00,00,000
10.3
2.7
0.4
1.5
1208763469
8.29
1247923680
11.08
53,21,51,192
5.6
2428617243
16.65
1909879702
16.97
979658935
10.3
COMMON SIZED PROFIT AND LOSS ACC

2009
(RS in Million)
2008
Common
Size %
(RS in
Million)
Common
Size %
(RS in
Million)
44 | P a g e
INCOME
sales
less: excise duty
12,54,91,482
-
100
34,14,12,813
-
100
Net Sales
Other Income
12,54,91,482
14,89,56,826
100
54.27
34,14,12,813
4,84,761
100
0.142
153831768
100
TOTAL
27,44,48,308
218.69
34,18,97,574
100.142
153831768
100
EXPENDITURE
less: depreciation
personal expenses
interest
Other Expenses
31,25,010
10,73,28,755
20,16,87,990
6,21,52,676
2.49
85.52
160.71
49.52
4,55,632
4,46,41,958
4,03,14,560
2,34,09,542
0.13
13.07
11.80
6.85
7420
4119798
16083331
6898289
0.0048
2.67
10.45
4.48
TOTAL
37,42,94,431
298.26
10,88,21,692
31.87
27108838
17.62
(9,98,46,123)
-79.56
23,30,75,882
68.26
126722930
82.37
5,54,11,717
16,75,198
26,64,742
44.15
1.33
2.12
(42,688)
(13,87,584)
23,626
-0.012
-0.40
0.0069
8737910
-53296
26700
5.68
-0.03
0.017
118011616
6000000
76.71
3.90
PROFIT/(LOSE) BEFORE
TAX
less : Provision for taxationCurrent and wealth tax
Provision Rs 1.0 Million
less: Deferred tax
100
Profit before prior period items

prior period adjustment
PROFIT/(LOSE) AFTER
TAX
(15,95,97,780)
-127.17
23,44,82,528
68.68
112011616
72.81
balance brought forward to

previous year
9,45,63,435
75.35
7,27,34,529
21.30
43456021
28.25
NET PROFIT AVAILABLE

FOR APPROPRIATION
(6,50,34,345)
-51.82
30,72,17,057
89.98
155467637
101.06
51,447
0.041
17,38,83,423
1,53,21,943
2,34,48,253
50.93
4.48
6.86
67382177
9450350
5900581
43.80
6.14
3.83
(6,50,85,792)
(6,50,34,345)
-60.64
-51.82
9,45,63,435
30,72,17,057
27.69
89.98
72734529
155467637
47.28
101.06
APPROPRIATION
interim dividend
distribution tax
BALANCE CARRIED TO
BALANCE SHEET
TOTAL
COMMON SIZE ANALYSIS OF PIRAMAL DIAGNOSTIC CENTRE&

APOLLO HEALTHCARE & RELIGARE

45 | P a g e
PIRAMAL
APOLLO
2007
2008
2009
2007
2008
2009
PBDT
2,92,94,00,000.00
4,03,24,00,000.00
3,98,39,00,000.00
1,32,20,20,827.00
1,81,84,33,903.00
2,20,17,79,416.00
PBT
2,22,44,00,000.00
3,32,76,00,000.00
3,14,58,00,000.00
1,22,42,72,448.00
1,72,23,87,092.00
1,72,23,87,092.00
PAT
1,88,28,00,000.00
3,01,48,00,000.00
2,75,32,00,000.00
89,86,94,585.00
1,01,74,52,110.00
1,18,06,93,563.00
PIRAMAL
%
2007
APOLLO
2008
2009
2007
2008
2009
PBDT
18.29
21.08
17.19
13.92
PBT
13.58
17.4
13.89
12.89
12.89
11.81
15.76
11.76
9.47
9.04
8.09
PAT
11.88
16.15
46 | P a g e
15.1
COMMANSIZE BALANCESHEET
COMMON SIZED BALANCE SHEET OF THE PIRAMAL HEALTH CARE

PIRAMAL HEALTH CARE
SOURCES OF FUNDS
share holders fund
share capital
reserve and surplus
Loan funds
secured funds
unsecured funds
Deferred tax liabilities
less: Deferred tax assets
TOTAL
APPLICATION OF FUNDS
Fixed Assets
Gross Block
Less: Depreciation
Net Block
Capital Wip
INVESTMENT
2009
(RS in Common
Million)
Size %
2008
(RS in Common
Million)
Size %
418
11472.2
11809.2
1.85
50.70
52.19
418
9746.7
10164.7
2.60
60.65
63.25
801.7
9762.2
10563.9
5.20
63.40
68.60
4480.1
5288.5
9768.6
19.80
23.37
43.17
1511.7
3531.2
5042.9
9.41
21.97
31.38
1793.3
2168.8
3962.1
11.64
14.08
25.73
1180.2
210.5
969.7
22628.5
5.22
0.93
4.29
100.00
1031.9
169.5
862.4
16070
6.42
1.05
5.37
1100
1033.6
162.1
871.5
15397.5
6.71
1.05
5.66
100
14278.1
4090.9
10187.2
463.3
10650.5
1299.8
63.10
18.08
45.02
2.05
47.07
5.74
11372.3
3290
8082.3
478.2
8560.5
1282.6
70.76
20.47
50.29
2.97
53.27
7.98
11525.6
2824.1
8701.5
459.7
9161.2
1265
74.85
18.34
56.51
2.98
59.49
8.21
2880
3618.8
174.7
12.73
15.99
0.77
2524.9
3021.4
340.7
15.71
18.80
2.12
2264.8
2298.8
220.5
14.70
14.92
1.43
(RS in
Million)
2007
Common Size
%
Current Assets, Loans and Advances

Inventories
Sundry Debtors
Cash and Bank Balance
47 | P a g e
Other Current Assets

Loans and Advances
78.8
8370
15122.3
0.35
36.99
66.83
77.9
4258.5
10223.4
0.48
26.49
63.61
86.5
2677.6
7548.2
0.56
17.38
49.02
3271.8
14.46
2807
17.46
2328.7
15.12
1172.3
4444.1
10678.2
22628.5
5.18
19.64
47.19
100.00
1189.5
3996.5
6226.9
16070
7.40
24.86
38.74
100
248.2
2576.9
4971.3
15397.5
1.61
16.73
32.28
100
Less: Current Liabilities And Provisions

Current Liabilities
Provisions
Net Current Assets
TOTAL
Common Sized Balance Sheet
APPOLO CLINIC
2009
RS
SOURCES OF FUNDS
share holders fund
share capital
reserve and surplus
Loan funds
secured funds
unsecured funds
TOTAL
goodwill on consolidation
Fixed Assets
Gross Block
Less: Depreciation
Net Block
Capital Wip
INVESTMENT
deferred tax asset
Current Assets, Loans and
Advances
Inventories
Sundry Debtors
Loans and Advances
2008
Common
Size %
RS
2007
Common
Size %
RS
Common
Size %
60,23,57,020
13,02,91,12,296
13,63,14,69,316
3.19
69.19
72.39
58,68,57,020
11,64,78,20,007
12,23,46,77,027
4.79
72.67
76.34
51,63,85,830
6,93,30,61,655
7,44,94,47,485
6.93
57.50
61.79
4,36,55,24,963
12,92,91,000
4,49,48,15,963
23.18
0.68
23.87
2,92,19,52,423
13,43,96,000
3,05,63,48,423
18.23
0.83
19.07
3,27,12,57,330
30,78,57,836
3,57,91,15,166
27.13
2.55
29.68
62,65,60,116
62,65,60,116
18,82,99,45,390
3.32
58,96,96,790
58,96,96,790
16,02,64,17,485
3.67
59,40,14,080
59,40,14,080
12,05,57,39,857
4.92
3.32
100
3.67
100
4.92
100
24,56,24,409
9,40,66,66,748
2,77,99,15,727
6,62,67,51,021
2,37,26,42,095
8,99,93,93,116
49.95
14.76
35.19
12.60
47.79
7,59,17,84,175
2,34,83,23,005
5,24,34,61,170
70,83,19,516
5,95,17,80,686
47.37
14.65
32.71
11.90
37.13
8,34,30,03,302
2,37,22,29,207
5,97,07,74,095
1,84,47,56,189
7,81,55,30,284
69.20
19.67
49.52
15.30
64.82
6,29,27,95,165
33.41
7,06,01,08,864
44.05
2,23,03,40,162
7,51,99,443
18.50
0.62
1,08,84,17,301
1,60,73,54,960
64,61,60,389
5.78
8.53
3.43
79,08,90,463
1,26,15,86,026
1,04,55,72,862
4.93
7.87
6.52
59,14,81,803
1,08,87,65,651
70,59,97,998
4.90
9.03
5.85
3,69,32,23,781
7,03,51,56,431
19.61
37.36
2,72,10,98,393
5,81,91,47,744
16.97
36.30
1,77,25,45,474
4,15,87,90,926
14.70
34.49
48 | P a g e
Less: Current Liabilities

And Provisions
Current Liabilities
Provisions
Net Current Assets

MISCLLENIOUS
EXPENCES
TOTAL
1,52,70,05,836
1,97,08,51,061
3,49,78,56,897
8.10
10.46
18.57
1,40,29,34,365
1,40,47,55,444
2,80,76,89,809
8.75
8.76
17.51
1,55,61,57,803
92,13,92,464
2,47,75,50,267
12.90
7.64
20.55
3,53,72,99,534
18.78
3,01,14,57,935
18.79
1,68,12,40,559
13.94
4,57,575
18,82,99,45,390
0.0024
100
30,70,000
16,02,64,17,485
0.02
100
78,05,000
12,05,57,39,857
0.06
100
COMMON SIZED BALANCE SHEET OF THE RELIGARE

SUPER RELIGARE
2009
(RS)
SOURCES OF FUNDS
share holders fund
share capital
1,01,28,97,600
18,00,16,15,18
Share application money 0

reserve and surplus
6,20,75,95,074
25,22,21,07,85
4
Loan funds
secured funds
unsecured funds
2,34,318
25,22,23,42,17
TOTAL
2
Fixed Assets
Gross Block
3,73,02,927
Less: Depreciation
35,66,472
Net Block
3,37,36,455
Capital Wip
59,573
3,37,96,028
20,23,54,65,23
INVESTMENT
1
Deferred tax assets
Advances
Inventories
Sundry Debtors
92,08,507
4,73,20,06,822
10,93,91,143
Loans and Advances
11,34,44,954
2008
Common
Size %
(RS)
2007
Common
Size %
(RS)
Common
Size %
4.02
76,08,33,570
13.66
64,39,68,640
22.06
71.37
24.61
4,05,23,75,952
72.79
2,23,89,14,710
76.73
99.99
4,81,32,14,542
86.45
2,88,28,83,350
98.80
75,39,86,917
75,39,86,917
13.54
13.54
3,50,00,000
3,50,00,000
1.19
1.19
100
5,56,72,01,459
100
2,91,78,83,350
100
0.14
0.014
0.13
0.0002
0.13
55,95,052
4,63,052
51,32,000
7,46,166
58,78,166
0.10
0.0083
0.09
0.013
0.10
82,662
7,420
75,242
75,242
0.0028
0.00025
0.0025
80.22
5,45,27,65,823
14,40,880
97.94
0.03
2,89,81,08,963
53,296
99.32
0.0018
0.036
18.76
0.43
0.45
6,36,191
1,76,83,519
12,98,18,731
6,43,93,014
0.01
0.31
2.33
1.15
19,25,975
30,25,975
3,57,72,994
72,65,876
0.06
0.10
1.22
0.24
0.0009
49 | P a g e
0.0025
Less: Current Liabilities And

Provisions
Current Liabilities
Provisions
Net Current Assets
Less: Balance in general
reserve
TOTAL
4,96,40,51,426
19.68
21,25,31,455
3.81
7,52,22,012
2.57
3,54,50,946
1,12,56,525
4,67,07,471
4,91,73,43,955
0.14
0.04
0.18
19.49
1,67,15,084
8,86,99,781
10,54,14,865
10,71,16,590
0.30
1.59
1.89
1.92
3,09,60,859
2,46,15,304
5,55,76,163
1,96,45,849
1.06
0.84
1.90
0.67
3,57,36,958
25,22,23,42,17
0.14
100
5,56,72,01,459
100
2,91,78,83,350
100
COMMON SIZED ANALYSED OF BALANCESHEET
Piramal equity went down to 52.18% of its total revenue in 2009 as

against 63.25% in 2008 and 68.60% in 2007 due to increase in loan
funds. Apollo still went up 99.99% in 2009 from 86.45% in 2008 &
98.8% in 2007.
Primal differed tax liability is 4.29%in 2009 & 5.37% in 2008

Apollo differed tax liability is 3.32%in 2009 & 3.67% in 2008
Net fixed assets

45.02% in 2009 & 50.29% in 2008 of Piramal and
35.19% in 2009 & 32.71% in 2008 of Apollo and
0.13% in 2009 & 0.09% in 2008 of S.R.L.
Investment
5.74% in 2009 & 7.98% in 2008 of Piramal and
33.41% in 2009 & 44.05% in 2008 of Apollo and
80.22% in 2009 & 97.93% in 2008 of S.R.L
50 | P a g e
TRENDS ANALYSIS
51 | P a g e
Trend Analysis Data Of Piramal Diagnostic Centre

PARTICULARS
RESULT FOR THE YEAR
Sales & other income
Index
Profit before tax
Index
Profit after tax
Index
Equity Dividend
Index
Dividend (%)
POSITION AT THE YEAR END

Gross Block
Index
Net Block
Index
Net current Assets
Index
Net Worth
Index
Share Capital
Reserve And Surplus
Book Value
No of Employees
2007
2008
2009
16398.8
1
2224.4
1
1882.8
1
731.6
1
19380.7
1.181836476
3327.6
1.495953965
3014.8
1.601232207
877.9
1.199972663
23447
1.429799741
3145.8
1.41422406
2753.2
1.462290206
877.9
1.199972663
11525.6
1
8701.5
1
4971.3
1
11372.3
0.986699174
8082.3
0.928839855
6226.9
1.25256975
14278.1
1.2388162
10187.2
1.170740677
10678.2
2.147969344
801.7
9762.2
418
9746.7
418
11472.2
52 | P a g e
Trend Analysis Data Of Apollo Diagnostic Centre

PARTICULARS
RESULT FOR THE YEAR
Index
Profit before tax
Index
Profit after tax
Index
Equity Dividend
Index
Dividend (%)
POSITION AT THE YEAR

END
Gross Block
Index
Net Block
Index
Net current Assets
Index
Net Worth
Index
Share Capital
Reserve And Surplus
2007
2008
2009
9,56,60,19,766
1
1224272448
1
898694585
1
25,81,92,915
1
11516467669
1.203893359
1,45,09,73,208
1.185171822
1017452110
1.132144476
35,21,14,212
1.363764037
14,80,35,02,006
1.547509034
1,72,23,87,092
1.406865845
1180693563
1.313787334
40,16,01,584
1.555432239
8,34,30,03,302
1
5,97,07,74,095
1
1,68,12,40,559
1
7,59,17,84,175
0.909958189
5,24,34,61,170
0.878187834
3,01,14,57,935
1.791211804
9,40,66,66,748
1.127491673
6,62,67,51,021
1.109864637
3,53,72,99,534
2.103981798
51,63,85,830
6,93,30,61,655
58,68,57,020
11,64,78,20,007
60,23,57,020
13,02,91,12,296
53 | P a g e
Trend Analysis Data Of RELIGARE Diagnostic Centre

PARTICULARS
RESULT FOR THE YEAR
Index
Profit before tax
Index
Profit after tax
Index
Equity Dividend
Index
Dividend (%)
POSITION AT THE YEAR

END
Gross Block
Index
Net Block
Index
Net current Assets
Index
Net Worth
Index
Share Capital
Reserve And Surplus
2007
2008
2009
153831768
1
126722930
1
112011616
1
67382177
1
341412813
2.219390815
233075882
1.839255784
234482528
2.093376887
17,38,83,423
2.580555137
125491482
0.815770914
-99846123
-0.787908889
-159597780
-1.424832403
51,447
0.000763511
82,662
1
75,242
1
1,96,45,849
1
55,95,052
67.68590162
51,32,000
68.20658675
10,71,16,590
5.452377752
3,73,02,927
451.2705596
3,37,36,455
448.3726509
4,91,73,43,955
250.2993867
64,39,68,640
2,23,89,14,710
76,08,33,570
4,05,23,75,952
1,01,28,97,600
6,20,75,95,074
54 | P a g e
TREND ANALYSIS
1. Result for the year

i) Piramal: Consistent rise in sales from year2007 to 2009
Apollo: Consistent rise in sales from year2007 to 2009
Religare: Constant growth in Sales in year 2007 to 2008
but in 2008 to 2009 declined from 2.21 to 0.81
ii) Piramal: PBT growth is always much lower than the sales
growth, but in year 2008 it is more.
Apollo: PBT growth is always much lower than the sales
growth, there is heavy pressure on margins
Religare: PBT growth is always much lower than the sales
growth, there is heavy pressure on margins
iii) Piramal: The same applies to PAT.
Apollo: The same applies to PAT
Religare: The same applies to PAT
2. Position at the year end

i) Piramal: Growth in gross block and sales near to each other.
Apollo: Growth in gross block and sales neck to neck.
Religare: There is a vast difference in gross block and sales
and high ratio of gross block.
ii) Piramal: Net current assets up in every year
55 | P a g e
Religare: Net current assets up in every year

Apollo: Net current assets up in every year
HORIZONTAL ANALYSIS
56 | P a g e
PIRAMAL HEALTH CARE
HORIZONTAL BALANCE SHEET OF PIRAMAL HEALTH CARE

2009
(RS in
Million)
2008
(RS in
Million)
INCREASE/DECREAS
E
(RS in Million)
SOURCES OF FUNDS
share holders fund
share capital
418
418
reserve and surplus
11472.2
9746.7
1725.5
11809.2
10164.7
1644.5
secured funds
4480.1
1511.7
2968.4
unsecured funds
5288.5
3531.2
1757.3
9768.6
5042.9
4725.7
1180.2
1031.9
148.3
Less :Deferred tax assets
210.5
169.5
41
969.7
862.4
107.3
TOTAL
Fixed Assets
22628.5
16070
6558.5
Gross Block
14278.1
11372.3
2905.8
Less: Depreciation
4090.9
3290
Net Block
10187.2
8082.3
Capital Wip
463.3
478.2
-14.9
10650.5
8560.5
2090
1299.8
1282.6
17.2
25.5515
6
24.3434
7
26.0433
3
3.11585
24.4144
6
1.34102
6
2880
2524.9
355.1
14.0639
0
17.7034
3
16.1785
4
Loan funds
196.361
7
49.7649
5
93.7099
7
INVESTMENT
Inventories
800.9
2104.9
14.3715
5
24.1887
9
12.4420
2
40.8120
7
57 | P a g e
Sundry Debtors
3618.8
3021.4
597.4
174.7
340.7
-166
78.8
77.9
Loans and Advances
8370
15122.3
4258.5
10223.4
3271.8
2807
464.8
Provisions
1172.3
4444.1
1189.5
3996.5
-17.2
447.6
Net Current Assets
10678.2
6226.9
4451.3
TOTAL
22628.5
16070
6558.5

Provisions
Current Liabilities
0.9
4111.5
4898.9
2
19.7722
9
48.7232
1.15532
7
96.5480
8
47.9185
16.5586
1.44599
11.1998
71.4850
1
40.8120
7
HORIZONTAL BALANCE SHEET OF PIRAMAL HEALTH CARE

INCREASE/DECREASE
2008
2007
(RS in Million)
(RS in Million)
(RS in Million)
SOURCES OF FUNDS
share holders fund
-383.7
share capital
418
801.7
-15.5
reserve and surplus
9746.7
9762.2
-399.2
10164.7
10563.9
Loan funds
-281.6
secured funds
1511.7
1793.3
1362.4
unsecured funds
3531.2
2168.8
1080.8
5042.9
3962.1
-1.7
1031.9
1033.6
7.4
169.5
162.1
-9.1
862.4
871.5
672.5
TOTAL
16070
15397.5
Fixed Assets
-153.3
Gross Block
11372.3
11525.6
465.9
Less: Depreciation
3290
2824.1
-619.2
Net Block
8082.3
8701.5
18.5
Capital Wip
478.2
459.7
-600.7
8560.5
9161.2
-47.86
-0.15
-3.77
-15.70
62.81
27.27
-0.16
4.56
-1.04
4.36
-1.33
16.49
-7.11
4.02
-6.55
58 | P a g e
INVESTMENT
Inventories
Sundry Debtors
Loans and Advances
Provisions
Current Liabilities
Provisions
Net Current Assets
TOTAL
17.6 1.39
1282.6
1265
2524.9
3021.4
340.7
77.9
4258.5
10223.4
2264.8
2298.8
220.5
86.5
2677.6
7548.2
260.1
722.6
120.2
-8.6
1580.9
2675.2
11.48
31.43
54.51
-9.94
59.04
35.44
2807
1189.5
3996.5
6226.9
16070
2328.7
248.2
2576.9
4971.3
15397.5
478.3
941.3
1419.6
1255.6
672.5
20.53
379.25
55.08
25.25
4.36
APOLLO
HORIZONTAL BALANCE SHEET OF APOLLO CLINIC
SOURCES OF FUNDS
share holders fund
share capital
reserve and surplus
Loan funds
secured funds
unsecured funds
TOTAL
goodwill on consolidation
Fixed Assets
Gross Block
Less: Depreciation
Net Block
Capital Wip
INVESTMENT
deferred tax asset
Inventories
Sundry Debtors
2009
2008
INCREASE/DECREASE
60,23,57,020
13,02,91,12,296
13,63,14,69,316
58,68,57,020
11,64,78,20,007
12,23,46,77,027
1,55,00,000
1,38,12,92,290
1,39,67,92,290
2.64
11.86
11.42
4,36,55,24,963
12,92,91,000
4,49,48,15,963
2,92,19,52,423
13,43,96,000
3,05,63,48,423
1,44,35,72,540
-51,05,000
1,43,84,67,540
49.40
-3.80
47.06
62,65,60,116
62,65,60,116
18,82,99,45,390
58,96,96,790
58,96,96,790
16,02,64,17,485
3,68,63,326
6.25
3,68,63,326
2,80,35,27,910
6.25
17.49
9,40,66,66,748
2,77,99,15,727
6,62,67,51,021
2,37,26,42,095
8,99,93,93,116
7,59,17,84,175
2,34,83,23,005
5,24,34,61,170
70,83,19,516
5,95,17,80,686
1,81,48,82,573
43,15,92,722
1,38,32,89,851
1,66,43,22,579
3,04,76,12,430
23.91
18.38
26.38
234.97
51.21
6,29,27,95,165
7,06,01,08,864
-76,73,13,699
-10.87
1,08,84,17,301
1,60,73,54,960
79,08,90,463
1,26,15,86,026
29,75,26,838
34,57,68,934
37.62
27.41
59 | P a g e

Loans and Advances
Less: Current Liabilities And Provisions
Current Liabilities
Provisions
64,61,60,389
3,69,32,23,781
7,03,51,56,431
1,04,55,72,862
2,72,10,98,393
5,81,91,47,744
-39,94,12,473
97,21,25,388
1,21,60,08,687
-38.20
35.73
20.90
1,52,70,05,836
1,97,08,51,061
3,49,78,56,897
1,40,29,34,365
1,40,47,55,444
2,80,76,89,809
12,40,71,471
56,60,95,617
69,01,67,088
8.84
40.30
24.58
52,58,41,599
-26,12,425
2,80,35,27,905
TOTAL
HORIZONTAL BALANCE SHEET OF APOLLO CLINIC
Net Current Assets

MISCLLENIOUS EXPENCES
SOURCES OF FUNDS
share holders fund
share capital
reserve and surplus
12,23,46,77,027
51,63,85,830
6,93,30,61,655
7,44,94,47,485
7,04,71,190
4,71,47,58,352
4,78,52,29,542
13.65
68.00
64.24
2,92,19,52,423
13,43,96,000
3,05,63,48,423
3,27,12,57,330
30,78,57,836
3,57,91,15,166
-34,93,04,907
-17,34,61,836
-52,27,66,743
-10.68
-56.34
-14.61
58,96,96,790
58,96,96,790
16,02,64,17,485
59,40,14,080
-43,17,290
-0.73
59,40,14,080
12,05,57,39,857
-43,17,290
3,97,06,77,628
-0.73
32.94
24,56,24,409
-24,56,24,409
-100.
7,59,17,84,175
2,34,83,23,005
5,24,34,61,170
70,83,19,516
5,95,17,80,686
8,34,30,03,302
2,37,22,29,207
5,97,07,74,095
1,84,47,56,189
7,81,55,30,284
-75,12,19,127
-2,39,06,202
-72,73,12,925
-1,13,64,36,673
-1,86,37,49,598
-9.00
-1.01
-12.18
-61.60
-23.85
7,06,01,08,864
2,23,03,40,162
7,51,99,443
4,82,97,68,702
-7,51,99,443
216.55
-100.00
79,08,90,463
1,26,15,86,026
1,04,55,72,862
59,14,81,803
1,08,87,65,651
70,59,97,998
19,94,08,660
17,28,20,375
33,95,74,864
33.71
15.87
48.10
2,72,10,98,393
5,81,91,47,744
1,77,25,45,474
4,15,87,90,926
94,85,52,919
1,66,03,56,818
53.51
39.92
58,68,57,020
11,64,78,20,007

Less :Deferred tax assets
TOTAL
Goodwill on consolidation
Fixed Assets
Gross Block
Less: Depreciation
Net Block
Capital Wip
17.46
-85.10
17.49
3,01,14,57,935
30,70,000
16,02,64,17,485
INCREASE/DECREASE
2008
Loan funds
secured funds
unsecured funds
INVESTMENT
deferred tax asset
Current Assets, Loans
Advances
Inventories
Sundry Debtors
Loans and Advances
3,53,72,99,534
4,57,575
18,82,99,45,390
2007
and
60 | P a g e

Provisions
Current Liabilities
Provisions
Net Current Assets

MISCLLENIOUS EXPENCES
TOTAL
1,40,29,34,365
1,40,47,55,444
2,80,76,89,809
1,55,61,57,803
92,13,92,464
2,47,75,50,267
-15,32,23,438
48,33,62,980
33,01,39,542
-9.85
52.46
13.33
3,01,14,57,935
30,70,000
16,02,64,17,485
1,68,12,40,559
78,05,000
12,05,57,39,857
1,33,02,17,376
-47,35,000
3,97,06,77,628
79.12
-60.67
32.94
RELIGARE
HORIZONTAL BALANCE SHEET OF RELIGARE
INCREASE/DECREAS
2009
2008
E
(RS in Million)
(RS in Million)
SOURCES OF FUNDS
share holders fund
share capital
Share application money
reserve and surplus
1,01,28,97,600
18,00,16,15,180
6,20,75,95,074
25,22,21,07,854
Loan funds
secured funds
unsecured funds
TOTAL
Fixed Assets
Gross Block
Less: Depreciation
Net Block
Capital Wip
INVESTMENT
Deferred tax assets
Advances
Inventories
Sundry Debtors
Loans and Advances
76,08,33,570
4,05,23,75,952
4,81,32,14,542
25,20,64,030
18,00,16,15,180
2,15,52,19,122
20,40,88,93,312
75,39,86,917
75,39,86,917
(75,39,86,917)
(75,39,86,917)
2,34,318
33.12
53.18
424.01
-100
-100
2,34,318
25,22,23,42,172
5,56,72,01,459
19,65,51,40,713
353.05
3,73,02,927
35,66,472
3,37,36,455
59,573
3,37,96,028
20,23,54,65,231
55,95,052
4,63,052
51,32,000
7,46,166
58,78,166
5,45,27,65,823
14,40,880
3,17,07,875
31,03,420
2,86,04,455
(6,86,593)
2,79,17,862
14,78,26,99,408
(14,40,880)
566.71
670.20
557.37
-92.01
474.94
271.10
-100
92,08,507
6,36,191
85,72,316
4,73,20,06,822
10,93,91,143
11,34,44,954
4,96,40,51,426
1,76,83,519
12,98,18,731
6,43,93,014
21,25,31,455
4,71,43,23,303
(2,04,27,588)
4,90,51,940
4,75,15,19,971
1347.44
26659.4
1
-15.73
76.17
2235.67

Provisions
61 | P a g e
Current Liabilities
Provisions
Net Current Assets
Less: Balance in general reserve
TOTAL
3,54,50,946
1,12,56,525
4,67,07,471
4,91,73,43,955
3,57,36,958
25,22,23,42,172
1,67,15,084
8,86,99,781
10,54,14,865
10,71,16,590
5,56,72,01,459
1,87,35,862
(7,74,43,256)
(5,87,07,394)
4,81,02,27,365
3,57,36,958
19,65,51,40,713
112.08
-87.30
-55.69
4490.64
353.05
HORIZONTAL BALANCE SHEET OF RELIGARE

INCREASE/DECREAS
2008
2007
E
(RS in
(RS in
Million)
Million)
SOURCES OF FUNDS
share holders fund
share capital
Share application money
reserve and surplus
Loan funds
secured funds
unsecured funds
TOTAL
Fixed Assets
Gross Block
Less: Depreciation
Net Block
Capital Wip
INVESTMENT
Deferred tax assets
Inventories
Sundry Debtors
Loans and Advances
Provisions
Current Liabilities
76,08,33,570
4,05,23,75,952
4,81,32,14,542
64,39,68,640
11,68,64,930
18.14
2,23,89,14,710
2,88,28,83,350
1,81,34,61,242
1,93,03,31,192
80.99
66.95
3,50,00,000
3,50,00,000
71,89,86,917
71,89,86,917
5,56,72,01,459
2,91,78,83,350
2,64,93,18,109
90.79
55,95,052
4,63,052
51,32,000
7,46,166
58,78,166
5,45,27,65,823
14,40,880
82,662
7,420
75,242
75,242
2,89,81,08,963
53,296
55,12,390
4,55,632
50,56,758
7,46,166
58,02,924
2,55,46,56,860
13,87,584
6668.59
6140.59
6720.65
6,36,191
1,76,83,519
12,98,18,731
6,43,93,014
21,25,31,455
19,25,975
30,25,975
3,57,72,994
72,65,876
7,52,22,012
(12,89,784)
1,46,57,544
9,40,45,737
5,71,27,138
13,73,09,443
-66.96
484.39
262.89
786.23
182.53
1,67,15,084
3,09,60,859
(1,42,45,775)
-46.01
75,39,86,917
75,39,86,917
2054.24
2054.24
7712.34
88.14
2603.54
62 | P a g e
Provisions
Net Current Assets
Less: Balance in general reserve
TOTAL
8,86,99,781
10,54,14,865
10,71,16,590
5,56,72,01,459
2,46,15,304
5,55,76,163
1,96,45,849
6,40,84,477
4,98,38,702
8,74,70,741
2,91,78,83,350
2,64,93,18,109
260.34
89.67
445.23
90.79
HORIZONTAL ANALYSED OF BALANCESHEET
1. 2008-09:
Piramal: Net worth down by 16.17% as against high growth in loan
funds by 93.70% shows a very weak position of the centre.
2008-07:
Net worth down by -3.77% as against high growth in loan funds by
27.27% shows a very weak position of the centre
2008-09
Apollo: Net worth down by 11.42% as against a very high growth
In loan funds by 46.06% shows weak position of the centre.
2008-07:
Net worth down by 64.24% as against a very high growth
In loan funds by -14.61% shows a strong position of the centre.
2008-09:
Religare: Net worth down by 424.01% as against very high growth in
loan funds by -100% shows a strong position of the centre.
63 | P a g e
2008-07:
Net worth down by 66.95% as against very high growth in loan funds by
2054.24% shows a weak position of the centre
2. 2009-08:
Piramal: Net fixed assets higher by 24.42% where as net sales grew by
21.13% are not efficient fixed assets utilization.
2008-07: Net fixed assets lower by-6.55 % where as net sales grew by
29.55% are efficient fixed assets utilization
2009-08
Apollo:: Net fixed assets higher by 51.21% where as net sales grew by
29.55% are not efficient fixed assets utilization
2008-07: Net fixed assets higher by -23.85% where as net sales grew by
18.53% are efficient fixed assets utilization
2009-08
Religare: Net fixed assets higher by 51.21% where as net sales grew by
29.55% are not efficient fixed assets utilization
2008-07: Net fixed assets higher by 7712.34% where as net sales grew
by 121.93% are not efficient fixed assets utilization
3. 2009-08
Piramal: Inventory management is very efficient. Growth in inventory is
only 14.06% despite of 21.13% growth in sales.
64 | P a g e
2007-08: Inventory management is very efficient. Growth in inventory

is only 11.48% despite of 19.40% growth in sales.
2009-08
Apollo: Inventory management is not very efficient. Growth in inventory
is only 37.62% despite of 29.55% growth in sales
2007-08: Inventory management is not very efficient. Growth in
inventory is only 33.71% despite of 18.53 % growth in sales
4. 2008-09
Piramal: Management of receivables is efficient as sundry debtors grows
high by 19.77% against growth in sales
2007-08: Management of receivables is efficient as sundry debtors grows
high by 31.43% against growth in sales
2008-09
Apollo: Management of receivables is efficient as sundry debtors grows
high by 27.41% against growth in sales.
2007-08: Management of receivables is efficient as sundry debtors
grows high by 15.87% against growth in sales
2008-09.
Religare: Management of receivables is efficient as sundry debtors
grows high by 26659.41% against growth in sales in the year
2007-08: Management of receivables is efficient as sundry debtors
grows high by 484.39% against growth in sales
5. 2008-09
Piramal: Current liabilities growth is 16.55% lower than rise in materials
cost. Companys paying its suppliers faster to avail cash discounts.
65 | P a g e
2007-08: Current liabilities growth is 55.08% higher than rise in

materials cost.
2008-09
Apollo: Current liabilities growth is 8.84% lower than rise in materials
cost. May be company paying its suppliers faster to avail cash discounts.
2008-07: Current liabilities growth is13.33% lower than rise in
materials cost. Companys paying its suppliers faster to avail cash
discounts.
2008-09
Religare: Current liabilities growth is 11.19 % lower than rise in
discounts.
2008-07: Current liabilities growth is 55.08% higher than rise in
discounts.
66 | P a g e
HORIZONTAL ANALYSIS
PROFIT AND LOSS
67 | P a g e
HORIZONTAL PROFIT AND LOSS OF PIRAMAL HEALTH CARE

2009
(RS in
Million)
INCOME
Sales
less: excise duty
Net Sales
Other Income
EXPENDITURE
materials
staff cost
Other Expenses
(Increase)/Decrease in WIP/Finished Goods
PROFIT BEFORE INTREST,DEPRICIATION
AND TAX
PROFIT BEFORE DEPRICIATION AND TAX
less: depreciation
PROFIT BEFORE TAX
less : Provision for taxation-Current and wealth tax
Provision rs 1.0 Million
less: Deferred tax
PROFIT FOR THE YEAR
APPROPRIATION
distribution tax
dividend paid on preference shares
2008
(RS in
Million)
INCREASE/DECREASE %
23839.4
676.8
23162.6
284.4
23447
19974.2
852.9
19121.3
259.4
19380.7
3865.2
-176.1
4041.3
25
4066.3
19.35
-20.64
21.13
9.63
20.98
9551.4
2515.5
411.6
6755.5
-149.9
19084.1
7805.3
2359.9
275.9
4710.3
23.9
15175.3
1746.1
155.6
135.7
2045.2
-173.8
3908.8
22.37
6.59
49.18
43.41
-727.19
25.75
4362.9
379
3983.9
838.1
3145.8
4205.4
173
4032.4
704.8
3327.6
157.5
206
-48.5
133.3
-181.8
3.74
119.07
-1.20
18.91
-5.46
357.2
-320.4
107.3
248.5
392.6
2753.2
3208.6
400.3
-170.2
52.7
30
312.8
3014.8
3208.6
-43.1
-150.2
54.6
218.5
79.8
-261.6
0
-10.76
88.24
103.60
728.33
25.51
-8.67
0
5961.8
877.9
149.2
-
6223.4
877.9
149.2
13.4
-261.6
0
0
-4.20
0
0
-100
-13.4
68 | P a g e
distribution tax
transfer to debenture redemption reserve
1401.1
325
2753.2
3208.6
BALANCE CARRIED TO BALANCE SHEET
2.3
1626.7
345.3
3014.8
3208.6
-2.3
-225.6
-345.3
-100
-13.83
-100
325
-261.6
0
-8.67
0
HORIZONTAL PROFIT AND LOSS OF PIRAMAL HEALTH CARE

2009
(RS in
Million)
2008
(RS in
Million)
INCREASE/DECREASE
INCOME
sales
23839.4
19974.2
676.8
852.9
23162.6
19121.3
284.4
259.4
23447
19380.7
materials
9551.4
7805.3
staff cost
2515.5
2359.9
411.6
275.9
Other Expenses
(Increase)/Decrease in WIP/Finished
Goods
6755.5
4710.3
-149.9
23.9
19084.1
15175.3
4362.9
4205.4
379
173
3983.9
4032.4
less: excise duty

Net Sales
Other Income
3865.2
-176.1
4041.3
25
4066.3
19.3
-20.6
21.1
9.6
20.9
1746.1
155.6
135.7
2045.2
22.3
6.5
49.1
43.4
-173.8
3908.8
-727.1
25.7
157.5
206
3.7
119.0
-48.5
133.3
-181.8
-1.2
18.9
-5.4
-43.1
-150.2
54.6
218.5
79.8
-261.6
0
-10.7
88.2
103.6
728.3
25.5
-8.6
-4.2
-10
-10
-13.8
EXPENDITURE
PROFIT BEFORE
INTREST,DEPRICIATION AND
TAX
PROFIT BEFORE
DEPRICIATION AND TAX
less: depreciation
838.1
704.8
PROFIT BEFORE TAX

3145.8
3327.6
357.2
400.3
-320.4
-170.2
less: Deferred tax
107.3
52.7
248.5
30
392.6
312.8
PROFIT FOR THE YEAR
2753.2
3014.8

APPROPRIATION
3208.6
3208.6
5961.8
6223.4
877.9
877.9
149.2
149.2
-261.6
0
0
dividend paid on preference shares
13.4
-13.4
distribution tax
2.3
-2.3
1401.1
1626.7
-225.6
distribution tax
69 | P a g e

transfer to debenture redemption
reserve
BALANCE CARRIED TO
BALANCE SHEET
-345.3
345.3
325
-10
325
2753.2
3014.8
-261.6
3208.6
3208.6
-8.6
HORIZONTAL PROFIT AND LOSS OF APOLLO CLINIC

2009
2008
RS
RS
INCREASE/DECREASE
INCOME
Sales
14,57,97,76,424
11,25,39,41,778
3,32,58,34,646
29.5
Net Sales
14,57,97,76,424
11,25,39,41,778
3,32,58,34,646
29.5
Other Income
22,37,25,582
26,25,25,891
-3,88,00,309
Total
14803502006
11516467669
3,28,70,34,337
28.5
Materials
8,09,65,09,722
6,20,73,39,081
1,88,91,70,641
30.4
staff cost
2,21,05,10,008
1,68,48,18,881
52,56,91,127
31.2
2,06,57,38,372
1,59,81,76,912
46,75,61,460
29.2
financial expense
22,31,60,437
19,89,75,755
2,41,84,682
12.1
Other Expenses
21,78,347
21,75,000
3,347
36,25,704
65,48,137
-29,22,433
Total
PROFIT BEFORE DEPRICIATION
AND TAX
12,60,17,22,590
2,20,17,79,416
9,69,80,33,766
1,81,84,33,903
2,90,36,88,824
38,33,45,513
29.9
21.0
less: depreciation
PROFIT BEFORE EXTRAORDINARY
ITEM AND TAX
43,92,03,799
1,76,25,75,617
36,74,60,695
1,45,09,73,208
7,17,43,104
31,16,02,409
19.5
21.4
4,01,88,525
4,01,88,525
PROFIT BEFORE TAX

less : Provision for taxation-Current and
wealth tax Provision rs 1.0 Million
1,72,23,87,092
47,97,89,281
1,45,09,73,208
38,11,19,198
27,14,13,884
9,86,70,083
18.7
25.8
less: Deferred tax
3,68,63,326
1,90,61,407
1,78,01,919
93.3

less: income tax paid relating to earlier
years
25040922
20066370
49,74,552
24.7
1180693563
1017452110
16,32,41,453
16.0

APPROPRIATION
1247926380
2428617243
89,24,27,592
1909879702
35,54,98,788
51,87,37,541
39.8
27.1
Dividend
40,16,01,584
35,21,14,212
4,94,87,372
14.0

less: excise duty
-14.7
EXPENDITURE
0.1
-44.6

PROFIT AFTER TAX
70 | P a g e
6,82,52,190
5,98,41,810
84,10,380
14.0

BALANCE CARRIED TO BALANCE
SHEET
75,00,00,000
25,00,00,000
50,00,00,000
200.0
1208763469
1247923680
-3,91,60,211
-3.1
TOTAL
2428617243
1909879702
51,87,37,541
27.1
HORIZONTAL PROFIT AND LOSS OF APOLLO CLINIC
INCREASE/DECREASE
2008
2007
RS
RS
11,25,39,41,778
9,00,24,09,352
2,25,15,32,426
49,21,29,422
-49,21,29,422
INCOME
Sales
25.0
-100.0
less: excise duty

Net Sales
11,25,39,41,778
9,49,45,38,774
1,75,94,03,004
18.5
Other Income
26,25,25,891
71480992
19,10,44,899
Total
11516467669
9,56,60,19,766
1,95,04,47,903
20.3
Materials
6,20,73,39,081
5,09,81,17,378
1,10,92,21,703
21.7
staff cost
1,68,48,18,881
1,42,19,03,365
26,29,15,516
18.4
1,59,81,76,912
1,42,68,89,253
17,12,87,659
12.0
financial expense
19,89,75,755
27,00,70,026
-7,10,94,271
-26.3
Other Expenses
21,75,000
1,55,13,780
-1,33,38,780
-85.9
65,48,137
1,15,05,137
-49,57,000
-43.0
Total
PROFIT BEFORE DEPRICIATION AND
TAX
9,69,80,33,766
8,24,39,98,939
1,45,40,34,827
17.6
1,81,84,33,903
1,32,20,20,827
49,64,13,076
37.5
less: depreciation
PROFIT BEFORE EXTRAORDINARY
ITEM AND TAX
36,74,60,695
40,75,36,197
-4,00,75,502
-9.8
1,45,09,73,208
91,44,84,630
53,64,88,578
58.6
30,97,87,818
-30,97,87,818
PROFIT BEFORE TAX

less : Provision for taxation-Current and wealth
tax Provision rs 1.0 Million
1,45,09,73,208
1224272448
22,67,00,760
38,11,19,198
29,04,62,803
9,06,56,395
31.2
less: Deferred tax
1,90,61,407
3,41,02,824
-1,50,41,417
-44.1
20066370
1,52,96,280
47,70,090
31.1
less: income tax paid relating to earlier years
3,34,78,170
-3,34,78,170
-100.0
-4,83,92,214
4,83,92,214
-100.0
898694585
11,87,57,525
13.2
5,48,84,261
-5,48,84,261
-100.0
267.2
EXPENDITURE
PROFIT AFTER TAX
1017452110
-100.0
18.5

APPROPRIATION
89,24,27,592
2,60,80,089
86,63,47,503
3321.8
1909879702
979658935
93,02,20,767
94.9
Dividend
35,21,14,212
25,81,92,915
9,39,21,297
36.3
5,98,41,810
3,93,14,888
2,05,26,922
52.2
25,00,00,000
15,00,00,000
10,00,00,000
66.6
71 | P a g e
BALANCE CARRIED TO BALANCE

SHEET
1247923680
53,21,51,192
71,57,72,488
134.5
TOTAL
1909879702
979658935
93,02,20,767
94.9
HORIZONTAL PROFIT AND LOSS ACCOUNT OF RELIGARE

INCREASE/DECREAS
2009
2008
E
(RS in Million)
(RS in Million)
INCOME
sales
less: excise duty
Net Sales
12,54,91,482
34,14,12,813
(21,59,21,331)
-63.24
12,54,91,482
34,14,12,813
(21,59,21,331)
Other Income
TOTAL
14,89,56,826
27,44,48,308
4,84,761
34,18,97,574
14,84,72,065
(6,74,49,266)
-63.24
30627.8
9
-19.72
EXPENDITURE
less: depreciation
personal expenses
interest
Other Expenses
TOTAL
31,25,010
10,73,28,755
20,16,87,990
6,21,52,676
37,42,94,431
4,55,632
4,46,41,958
4,03,14,560
2,34,09,542
10,88,21,692
26,69,378
6,26,86,797
16,13,73,430
3,87,43,134
26,54,72,739
585.86
140.42
400.28
165.50
243.95
PROFIT/(LOSE) BEFORE TAX

wealth tax Provision rs 1.0 Million
less: Deferred tax
(9,98,46,123)
23,30,75,882
(33,29,22,005)
-142.83
5,54,11,717
16,75,198
(42,688)
(13,87,584)
5,54,54,405
30,62,782
26,64,742
23,626
26,41,116
-129906
-220.72
11178.8
5

PROFIT/(LOSE) AFTER TAX
(15,95,97,780)
23,44,82,528
(39,40,80,308)
-168.06
balance brought forward to previous year
9,45,63,435
7,27,34,529
2,18,28,906

APPROPRIATION
(6,50,34,345)
30,72,17,057
(37,22,51,402)
-121.16
51,447
17,38,83,423
1,53,21,943
2,34,48,253
9,45,63,435
30,72,17,057
(17,38,31,976)
(1,53,21,943)
(2,34,48,253)
(15,96,49,227)
(37,22,51,402)
-99.97
-100
-100
-168.82
-121.16
APPROPRIATION
interim dividend
distribution tax
balance carried to Balance Sheet
(6,50,85,792)
(6,50,34,345)
30.01
72 | P a g e
HORIZONTAL PROFIT AND LOSS ACCOUNT OF RELIGARE

2008
2007 INCREASE/DECREASE
(RS in Million)
(RS in Million)
INCOME
sales
less:excise duty
Net Sales
Other Income
TOTAL
34,14,12,813
34,14,12,813
121.93
153831768
18,75,81,045
4,84,761
18,80,65,806
4,55,632
4,46,41,958
4,03,14,560
2,34,09,542
10,88,21,692
7420
4119798
16083331
6898289
27108838
4,48,212
4,05,22,160
2,42,31,229
1,65,11,253
8,17,12,854
6040.59
983.59
150.66
239.35
301.42
23,30,75,882
126722930
10,63,52,952
(42,688)
(13,87,584)
23,626
8737910
-53296
26700
(87,80,598)
(13,34,288)
(3,074)

PROFIT/(LOSE) AFTER TAX
23,44,82,528
118011616
6000000
112011616
(11,80,11,616)
(60,00,000)
12,24,70,912
balance brought forward to previous year
7,27,34,529
43456021
2,92,78,508
67.37

APPROPRIATION
30,72,17,057
155467637
15,17,49,420
97.60
17,38,83,423
1,53,21,943
2,34,48,253
9,45,63,435
30,72,17,057
67382177
9450350
5900581
72734529
155467637
10,65,01,246
58,71,593
1,75,47,672
2,18,28,906
15,17,49,420
158.05
62.13
297.38
30.01
97.60
EXPENDITURE
less: depreciation
personal expenses
Interest
Other Expenses
TOTAL
PROFIT/(LOSE) BEFORE TAX
wealth tax Provision Rs 1.0 Million
less: Deferred tax
APPROPRIATION
interim dividend
distribution tax
balance carried to Balance Sheet
34,14,12,813
4,84,761
34,18,97,574
153831768
122.25
83.92
-100.48
2503.54
-11.51
73 | P a g e
-100
-100
109.33
HORIZONTAL ANALYSIS OF PIRAMAL DIAGNOSTIC CENTRE&

APOLLO HEALTHCARE & RELIGARE

2008-09: PBDT is 17.19% in Piramal, 15.10% in Apollo, there is no PBDT
in Religare.
2007-08: PBDT is 21.08% in Piramal, 16.15% in Apollo, there is no PBDT
in Religare. So there is more PBDT in Piramal.
2008-09: PBT is-5.46 % in Piramal, 18.71% in Apollo, and in Religare-(142.83%) loss

2007-08: PBT is 17.4% in Piramal, 18.52 % in Apollo, and in Religare 83.92%
so in the year 2008-09 Piramal has more PBT and in the year 2007-08
Religare has more PBT
2008-09: PAT is 11.88% in Piramal, 8.09% in Apollo, and in Religare(127.17)loss

2007-08: PAT is 15.76% in Piramal, 9.04% in Apollo, and in Religare
68.68% so in the year 2008-09 Piramal has more PAT
74 | P a g e
FINDINGS
In the survey we compare the common size statement of profit and loss
account of Apollo, Piramal and Religare for the year 2008-09. And we
come to know that net sales growth of Piramal 62.85%,Apollo 58.86%
and Religare 54.17% . So Piramal is having a better position as
compared to Apollo and Religare.
Despite of decline in PAT, Piramals net profit margin is 11.88%, which

is ahead of Apollo clinic & Religare 8.09% & -51.82% respectively.
Piramal is more profitable company than Apollo clinic & Religare
From the study we come to know that among three Diagnostic Centre
overall condition of Religare is good in the year 2009.
75 | P a g e
RATIO ANALYSIS
76 | P a g e
RATIO ANALYSIS OF PIRAMAL HEALTHCARE

SR
No
RATIO
FORMULA
LIQUIDI
TY
RATIO
2009
2008
2007
Result
Result
Result
Interpretation
current
ratio
current
assets/current
liabilities
1.6
1.6
As per the institutional norm the bench

mark is 1.33:1 and here Piramal have
the ratio above 1.33:1 in the three year
so we can say that is good liquidity
condition
quick ratio
current assets- 1.2

inventory/curr
ent liabilities
1.2
1.1
here also the ratio is above the

institutional norms in three years
because the norms is 1:1 so the ratio is
same in 2009 & 2008 but it is
decreased in 2007
collection
period
allowed to
customers
receivable*36
5/total sales
55.4
55.2
49.3
If the ratio is decline over previous year

it is good for the company. and here in
last three years the ratio is increased it
means centre is not realises its
outstanding dues timely
suppliers
credit
payables*365
/purchase
70.6
78
78.7
It is good condition for the Piramal

because the days is declined,
SR
RATIO
FORMUL
2009
2008
2007
Interpretation
77 | P a g e
No
PROFIT
ABILITY
RATIO
SR
No
Result
Result
Result
gross
profit
ratio
gross
profit*100/n
et sales
42.5
39.6
41.2
The gross profit ratio is declined

from 2008 & increased in 2009 so
centre should try to increased their
gross profit
Net profit
ratio
net profit
*100/net
sales
11.9
15.8
11.8
The Net profit Ratio is increased

from 2007 to 2008 and again it is
decreased in 2009 due to declined in
net profit so the centre should try to
increased net profits
RATIO
FORMULA
2009
2008
2007
Interpretation
78 | P a g e
TURNOVER
RATIO
Result
Result
Result
fixed asset
turnover ratio
net sales/net
block of
fixed assets
1.2
1.2
1.2
The fixed assets turnover ratio is

same in the last three years even
there is decreased in net block of
fixed assets
net worth
turnover ratio
net
sales/equity
shareholder
s funds
23.2
29.7
17.8
net worth turnover ratio is decreased

as Compare to 2008 and increased in
2008, compare to 2007 because of
declined in equity shareholder fund
in 2008.
SR RATIO
FORMULA
2009
2008
2007
Interpretation
79 | P a g e
No
SOLEVENC
Y RATIO
Result
Result
Result
NAV
equity
shareholders
fund/no.of
equity shares
0.2
0.2
0.2
The Centre has

same NAV in every
year
debt equity
ratio
long term
debt/total net
worth
0.8
0.5
0.4
As per the
institutional norms
debt-equity ratio is
1.5:1 and Piramal
has very low ratio
in every year.
SR RATIO
No
FORMULA
2009
2008
2007
Interpretation
80 | P a g e
CAPITAL
MARKET
RATIO
Result
Results
Result
P/E Ratio
market price of the equity

share/EPS
0.15
0.14
0.22
Earning per share is

different in this three
years so the ratio is
different and the
ratio is decreased in
2008 &2009 as
compare to the year
2007.
market price
to NAV
market price of the equity

share/ NAV
13.33
13.33
13.33
Market price to NAV

ratio is same in
every year because
Piramal issue shares
at same market price
2008
2007
Interpretation
SR RATIO
No
FORMULA
2009
81 | P a g e
Others
Working
capital to
sales
working capital /sales
Results
Results
Result
0.2
0.2
0.2
This ratio is same in

all three years in
spite of different
sales in every year
but the centre has
strong working
capital management
APOLLO
SR RATIO
No
FORMULA
2009
2008
2007
Interpretation
82 | P a g e
LIQUIDITY
RATIO
Result
Result
Result
current ratio
current
assest/current
liabilities
1.1
Apollo have not current ratio as

per the institutional norm, As per
the institutional norm the bench
mark is 1.33:1
quick ratio
current assetsinventory/curr
ent liabilities
1.5
1.7
1.3
The institutional norm is in quick

ratio is 1: 1 and in all three years
the ratio is above the norm, so it is
good for the centre and efficient
use of resources provided by the
suppliers.
collection
period allowed
to customers
receivable*36
5/total sales
40.2
40.9
40.1
suppliers credit
payables*365/ 26.6
purchase
33.5
32.9
in this ratio supplier credit days

reduced in 2009 and it is not
beneficial for the Apollo
inventory
holding period
inventory
*365/COGS
28.3
22.7
Inventory holding period is less in

the year 2008 & 2007 so it is good
for Apollo & in the year 2009 it is
little bit more.
SR
No
RATIO
PROFITABILI
TY RATIO
FORMULA
30.4
2009
2008
2007
Result
Result
Result
Collection period is almost same

in three years but is compared to
less Piramal
Interpretation
83 | P a g e
gross profit
ratio
gross
profit*100/net
sales
29.3
29.8
30.6
Net sales is increased proportionally

and gross profit is decreased
constantly so the ratio is declined so
the position is bad for future.
Net profit ratio
net profit
*100/net sales
8.1
11.2
Net profit is declined in every years

so the ratio is decreased compared
to each years
SR RATIO
No
TURNOVE
R RATIO
FORMULA
2009
2008
2007
Result
Result
Result
Interpretation
84 | P a g e
fixed asset
turnover ratio
net sales/net
block of fixed
assets
net worth
turnover ratio
net
sales/equity
shareholders
funds
SR RATIO
No
FORMULA
0.8
0.9
8.9
8.2
2009
2008
2007
The ratio is decreased

in 2008 & 2009 as
compared to 2007.
Net sales and equity

share holder fund is
increased in every
year even though the
ratio is not increased.
It is decreased in 2008
as compared to 2007
Interpretation
85 | P a g e
SOLEVEN
CY RATIO
Result
Result
Result
NAV
equity
shareholders
fund/no. of
equity shares
10
10
10
The Centre has same

NAV in every year
debt equity
ratio
long term
debt/total net
worth
0.3
0.2
0.2
As per the institutional

norms debt-equity ratio
is 1.5:1 and Apollo has
very low ratio in every
year.& it is because of
unstructured capital
structure.
SR RATIO
No
FORMULA
Others
Working
capital to
2009
2008
2007
Results
Results
Result
0.1
0.2
0.1
Interpretation
Working
capital ratio is
86 | P a g e
sales
slightly
increased in
2008 because
of increased in
current assets
RELIGARE
SR RATIO
No
FORMULA
LIQUIDITY
RATIO
current ratio
current
assets/current
2009
2008
2007
Result
Result
Result
97.46
2.03
1.35
Interpretation
As per the institutional norm the

bench mark is 1.33:1 and here
87 | P a g e
liabilities
SR
No
quick ratio
current assetsinventory/curr
ent liabilities
RATIO
FORMUL
A
PROFITABILI
TY RATIO
Religare have the ratio above 1.33:1

in the three year so we can say that
it is good liquidity condition
97.38
2.01
1.35
2009
2008
2007
Result
Result
Result
here also the ratio is above the

institutional norms 1:1 in three
years. In 2007 the ratio is very near
to benchmark.
Interpretation
gross profit
ratio
gross
profit*100/n
et sales
-30.58
85.69
94.03
In 2009 the ratio is

negative. The profit is
declined in each year
and in 2009 the gross
profit is negative
Net profit ratio
net profit
*100/net
sales
-58.15
73.49
76.71
Gross profit is decline

and net profit is also
negative in 2009.so the
ratio is negative overall
88 | P a g e
condition in 2009 is very

bad
SR
.N
O
RATIO
FORMULA
TURNOVER
RATIO
2009
2008
2007
Resu
lt
Result
Result
Interpretation
fixed asset
turnover ratio
net sales/net
block of
fixed assets
7.42
56.93
1,860.97
There is huge
difference in the
fixed turnover ratio.
It is decreased
because there is
huge difference in
net block of fixed
assets
net worth
turnover ratio
net
sales/equity
shareholders
funds
2.29
4.87
4.09
Net worth turnover

ratio is negative in
the year 2009 so it is
bad for Religare
and it is increased in
89 | P a g e
2008 from 2007
SR
No
RATIO
FORMULA
2009
SOLEVEN
CY RATIO
debt equity
ratio
long term
debt/total net
worth
0.03
2008
2007
Result
Result
0.15
0.01
Interpretation
As per the institutional norms debtequity ratio is 1.5:1 and Religare has
very low ratio in every year.& it is
because of unstructured capital
structure.
90 | P a g e
SR RATIO
No
FORMULA
Others
Working
capital to
sales
2009
2008
2007
Results
Results
Result
39.18
0.31
0.13
Interpretation
Working capital
ratio has increased
in 2009 because of
increased in current
assets
91 | P a g e
FUTURE FORECASTING
92 | P a g e
FUTURE FORECASTING
The healthcare industry will witness presence of more international
groups in the future as only ten percent of the market has been tapped so far,
say analysts.
Besides, allowing 100 percent FDI subject to approval by the foreign

investment Promotion Board under the department of industrial policy and
promotion in the Ministry of Commerce and Industry is a sign of the market
opening up for international investors, say experts.
For Singapore, the Indian government has gone a step ahead and inked
the comprehensive Economic Cooperation Agreement (CECA) in June, this
year, paving the way for increased business and investment opportunities
between the two countries for health sector.
Under the CECA, Singapore companies receive the most favoured nation
(MFN) treatment for trade in health products and services as well as national
treatment, which means they are treated on par with domestic companies; tariff
93 | P a g e
concessions for exports originating from Singapore, including exports of

pharmaceuticals and medical equipment. Most importantly, it allows easier
access for investments, joint ventures and collaborations in the health sector.
And its not just Indian market that the investors are gunning for. After the
saturation of Singapore, the US and European health care markets, the
investors are also eyeing middle east, china, Vietnam, some African states and
Thailand. However, Indians bureaucracy and lack of discipline workforce do
peeve the international groups. in India, one has to seek 80 to 100 licenses,
while in the western world one does not have to procure more then 10 sighs an
official of an international group.
The IVD market is estimated to grow 25% annually.
Contributing factors to the growth of IVD market are
Increasing health awareness and demand for quality healthcare
Changing demographics and prevalence of diseases
Increasing corporate presences
Expansion of diagnostic market to towns and rural areas
Growing number of insured lives
Changes in medical liability legislation
Developing clinical research market
94 | P a g e
RECOMMENDATION
95 | P a g e
RECOMMENDATIONS
Super Religare Laboratories should increase their net profit, because

their profit are consistently diminishing.
As there is no awareness about healthcare in low income groups , the

focus should be more on low income group rather than high income
group.
Piramal should try to reduce the expenditure cost, because of which net
profit has been affected.
As per the study, Apollos liquidity position is not good. So they should
try to use more resources efficiently which are provided by supplier.
Apollo should try to improve working capital management.
96 | P a g e
Diagnostic Centre should reduce their charges up to some extent rather

than providing costly services, so that low income group can afford it.
CONCLUSION
97 | P a g e
CONCLUSION
With constantly growing population and economy, India provides

huge opportunities in its healthcare sector. Due to cheap labour, many
international pharmaceutical companies are outsourcing research to our
country. And clinical research is the heart of any new research in healthcare. At
the same time due to increasing per capita income, standard of living and
awareness there is constantly rising demand of quality health services. Thus,
diagnostic services are attractive industries to lookout for bright opportunity.
From overall conclusion we find that Piramal has better profitability than
Apollo, Religare
98 | P a g e
BIBLIOGRAPHY
99 | P a g e
BIBLIOGRAPHY
Book:
book: Financial Accounting for management by Ambrish Gupta
Journal:
Journal of clinical oncology no 22, no 6,(march 15), 2004 pp 1126-1135
Websites:
http://jco.ascopubs.org
www.Piramaldiagnostics.com
www.supratech@supra.com
http://www.sdslab.net/profile.php
www.clickindia.com
100 | P a g e
www.greenhosp.org
www.methodisthealth.org
www.greencrossvet.com
www.search.conduit.com
ANNEXURE
101 | P a g e
QUESTIONNAIRE
FOR THE STUDY ON DAIGNOSTIC CENTER IN
AHMEDABAD
NAME:______________________________
ADDRESS:___________________________
___________________________________
___________________________________
___________________________________
CONTACT NO.:______________________________
102 | P a g e
1. WHAT ARE THE SERVICES PROVIDED BY THE DAIGNOSTIC

CENTER?
2.
) RADIOLOGY
) ULTRASOUND
) 1.5 TMI
) 64 SLICE CT
) PATHALOGY
RECENTLY, HAVE YOUR CENTER INTRODUCED ANY NEW

SERVICES?
(
) YES
) NO
3. IF YES THEN PLEASE SPECIFY.

___________________________________________
___________________________________________
4. HOW MANY BRANCHES ARE THERE OF YOUR CENTER IN

AHMEDABAD?
(
)0
)1
)2
)3
) OR MORE
103 | P a g e
5 HOW MANY COLLECTION CENTERS ARE THERE OF YOUR

DAIGNOSTIC CENTER?
(
) 1-5
) 6-10
) 11-15
) MORE THAN 15
6 HOW MANY EMPLOYEES ARE WORKING IN YOUR CENTER?

(
) 1-10
) 11-25
) 26-35
) 36-50
) MORE THAN 50
7 HOW MUCH TIME DOES IT TAKE FOR YOUR CENTER TO

ANALYSE ONE REPORT?
(
) LESS THAN A DAY
) 24 HOURS
) 48 HOURS
) MORE THAN 48 HOURS
8 HOW MUCH EXPENDITURE WAS INCURRED ON NEW MACHINE

BY THE CENTER FOR THE YEAR?
(
) LESS THAN 10 LAKH

104 | P a g e
) 10-30 LAKH
) 30-80 LAKH
) 80-1 CRORE
) MORE THAN 1 CRORE
9 WHAT IS THE MAINTANCE COST FOR THE EQUIPMENTS

DURING THE YEAR?
(
) LESS THAN 10 LAKH
) 10-50 LAKH
) 50-1 CRORE
) MORE THAN 1 CRORE
10 WHAT IS THE REVENUE OF THE CENTER FOR THE YEAR?

(
) LESS THAN 10 LAKH
) 10-30 LAKH
) 30-80 LAKH
) 80-1 CRORE
) MORE THAN 1 CRORE
105 | P a g e
106 | P a g e

Diagnostics Center Market in Ahmedabad

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Diagnostics Center Market in Ahmedabad

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A

As a part of this MBA degree, students have to undergo a project,

Practically study, knowledge and learning can only be useful to become

We consider our self very fortunate that we got an opportunity to work

We heartily, thank college who has provided us this wonderful

We are very grateful to Ms. Chami Shah, faculty of CPIMR,

Sincere efforts have been made to make our endeavours worth

DHRUVI SHAH (100)

Five force model

-Common size statement

ultrasound and full body computed tomography scanning including cardiac

Since health care is dependent on the people served, Indias huge

Diagnostic laboratory market in India:

Increasing participation by the private sector in healthcare services is

According to a 2005 ICFA report on Indian medical care industry, India

Current Scenario in India

The national Accreditation Board of Laboratories (NABL) has been

segmented into biochemistry (including microbiology), hematology,

Changing Diagnostic Services market

MAJOR PLAYERS IN AHMEDABAD:

Emerging Trends and completion:

automated systems and imported reagents. The market for Diagnostic

Impact on Indian healthcare sector:

Exposure to international quality standards will imply that completely

Avers Vishal Bali, VP, Wockhardt hospitals group Bangalore and

the enormous bounty of information made available by medical research

Garrod's conception of biological individuality was confirmed with the advent

FIVE FORCE ANALYSIS OF

BARGAINING POWER OF SUPPLIERS:

BARGAINING POWER OF CUSTOMERS:

THREAT OF NEW ENTRANT:

Market for Diagnostic Centres is new a concept and is being accepted in

Fast evaluation of reports

Availability of new market

B) Objective of the study:

The main objective of the study is to see the profitability of

To make a comparative study of Diagnostic Centre.

To know the working of the Diagnostic Centre.

C)Secondary Objective of the study:

Secondary data: Journals, Books, internet

Awareness of diagnostics services with compared to

1. What are the services provided by the Diagnostic Centre?

In the survey we found that pathology service is provided by all

2. How many branches are there of your centre in Ahmedabad?

3. How many collection centres are there of your Diagnostic Centre?

4. How many employees are working in your centre?

5. Recently, have your centre introduced any new services?

There are average two or three Diagnostic Centre introducing new

We got mixed opinion from Apollo, scientific, Religare regarding analysis

9. What is the revenue of the centre for the year?

COMMON SIZE STATEMENT

research and development Expenses

Common Sized Profit And Loss Account

COMMON SIZED PROFIT AND LOSS ACC

Profit before prior period items

balance brought forward to

NET PROFIT AVAILABLE

COMMON SIZE ANALYSIS OF PIRAMAL DIAGNOSTIC CENTRE&

PROFIT AND LOSS ACCOUNT

COMMON SIZED BALANCE SHEET OF THE PIRAMAL HEALTH CARE

Current Assets, Loans and Advances

Other Current Assets

Less: Current Liabilities And Provisions

Common Sized Balance Sheet