Chennai, Feb 11 () : Apollo Pharmacy posted profit in the third quarter ending December when other pharma businesses are losing.
Apollo Pharmacy has posted a Rs 7.5 crore after interest, depreciation and taxes. For the same period it was Rs 2.8 crore.
This is a major development since there were talks that Apollo was planning to hive off its pharmacy wing. Now the pharmacy wing is planning to expand by adding 200 shops across the country. The profits came after Apollo Pharmacy took a review of the shops functioning. It closed down those that were not making profits especially in Mumbai and Delhi where the rentals were high. The idea is to increase the brand value and then look for an international pharmacy group to invest. Apollo is waiting for clarity in FDI in multi brand retail.
Apollo Hospitals with HQ in Chennai posted a Rs 909 crore profit for the quarter ending December 2012. It has decided to open 14 hospitals in two years. The profit is without taking into account the revenue from the pharmacy wing.
Apollo Hospital, the largest chain has formed a seven-member council consisting of the founder Pratap Reddy’s daughters and their children. This is to make a smooth transition for next generation to take active interest in the company activities.
Third generation of Reddy’s family have taken up full-time jobs. Eldest daughter Preetha Reddy’s son, Karthik looks after finance and project management, and another grand daughter Sindoori, daughter of Suneeta Reddy, who developed the children’s hospital has joined full-time.
As per succession plan, Reddy’s eldest daughter Preetha, is the managing director of the hospital, who will succeed him and the succession has been accepted by other sisters.
Yet another daughter (second) Suneeta is the joint managing director, and the third daughter Shobana Kamineni is executive director designated for new initiatives. Sangita, the fourth youngest, is the executive director in-charge of operations.