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Wednesday, Sep 15, 2004

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Apollo Hospitals prunes income info

Our Bureau

Chennai , Sept. 14

APOLLO Hospitals' annual report has reduced disclosures related to income to safeguard the interests of the company and shareholders from competition, said a company official on Tuesday at the annual general meeting.

Its 2003-04 annual report did not give details of the year's income unlike the earlier years, and a shareholder asked the management to explain the absence of details. The aim was to block competitors from getting more information than necessary, was the response.

Shareholders were informed that the move was in the interests of shareholders and the company.

The management said that shareholders could, however, go to the company's office and get details on the break-up of the income. Business analysts would also be given a break-up, said the company.

Shareholders were also told that the audit committee, which is made up of three of its directors, had debated the issue. Apollo Hospitals' earlier annual reports had given details of the year's income in both the profit and loss account, and related schedules.

The Executive Chairman of Apollo Hospitals, Dr Prathap C. Reddy, said the company was close to formally signing a deal with Temasek to place 5 per cent of its equity shares. The inflow of equity capital could bring down the financial cost from the current level of 8.5 per cent, he added.

In 2003-04, Apollo Hospitals recorded a profit after tax of Rs 37.14 crore (Rs 27.49 crore) on an income of Rs 499.76 crore (Rs 448.55 crore).

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