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Piramal Healthcare sees rev down by a third in FY11

Piramal Healthcare sees rev down by a third in FY11
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First Published: Fri, Oct 15 2010. 12 05 PM IST
Updated: Fri, Oct 15 2010. 12 05 PM IST
Mumbai: Piramal Healthcare, which sold its healthcare solutions business to Abbott Laboratories for $3.72 billion this year, expects revenue to fall by 12-13 billion rupees in FY11, its Chairman said on Friday.
“It (revenue) will obviously come down as formulations business was with us for only five months in the current year,” Ajay Piramal told Reuters in an interview adding that the margins will also be affected.
In FY10, Piramal Healthcare reported revenue of Rs3,671 crore, of which about Rs1,900 crore came from the healthcare solutions business, he added.
The company may go for further business diversification only in the next fiscal, using the Rs10, 271 crore that it received cash it received from Abbot, as the first tranche from the sale, Piramal said.
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First Published: Fri, Oct 15 2010. 12 05 PM IST