Philips India reports 70 percent profit growth

Philips India Thursday reported a net profit growth of 70.9 percent in 2013-14 driven both by adding more products and expanding the retail network across the country, while the turnover was up nearly 10 percent.

The Dutch company's consumer lifestyle business in the country particularly reported a robust growth of 28 percent notably in domestic appliances, garment care and personal care products. The lighting sector grew 6 percent.

Even though the healthcare business in India grew by just around 2 percent, the patient monitoring segment registered a growth of 9.6 percent, while that for cardiology surged 16.9 percent.

The Philips Innovation Campus here, among the handful of this Eindhoven-based group, delivering more than 10 products last year for India and growth geographies like Africa and Indonesia. These included consultative critical care solution, a low-cost ECG device and a USB-based tablet ultrasound system.

Philips was also chosen to revamp the Lighting of two iconic landmarks in India -- the India Gate in New Delhi and the Gateway of India in Mumbai.

The company also formally announced the addition of Vikram Limaye, managing director and chief executive of IDFC, and Vivek Gambhir, managing director of Godrej Consumer Products to the company's board in the a non-executive capacity.

With this, the company's board comprises five directors, three in non- executive capacity.

"The new independent directors will work closely with the board and the management team as we transform into an agile health and well-being company that will play a greater role in improving the lives of people," said S.M. Datta, non-executive director and chairman of Philips India.

"Among the emerging markets, India offers prospects for solid long term economic growth," he said, adding: "I am certainly optimistic about the medium- to long-term growth prospects for India."

Headquartered in the Netherlands, Philips Global posted 2013 sales of 23.3 billion euros and employs 113,000 employees with sales and services in more than 100 countries.