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Higher expenses and an acquisition-related one-time cost dragged Max Healthcare Institute Ltd.'s net profit for the December quarter down despite the company posting its highest revenue growth in 13 quarters. The healthcare services provider paid INR 736.3 million to the Yamuna Expressway Industrial Development Authority to secure approval to change the shareholding of Jaypee Healthcare Ltd., which it has acquired. The company's consolidated net profit for the quarter fell 17.5% on year to INR 2.39 billion, missing the Street's estimate of INR 3.61 billion.
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