Fortis Healthcare profit dips to Rs 29 cr

Fortis Healthcare India today posted 15.18 per cent drop in consolidated net profit.

Written by Agencies | New Delhi | Published:February 10, 2012 12:04 pm

Fortis Healthcare India today said its consolidated net profit dipped by 15.18 per cent to Rs 29.26 crore for the third quarter ended December 31,2012 over the same period last fiscal due to investments in new verticals and losses suffered by diagnostic arm SRL.

The company had posted a net profit of Rs 34.50 crore for the quarter ended December 31,2010 Fortis Healthcare India said in a statement.

Consolidated total income of the company rose to Rs 604.55 crore for the third quarter this fiscal as against Rs 371.43 crore for the corresponding quarter previous fiscal.

Standalone net profit of the company stood at Rs 25.93 crore for the third quarter current fiscal as against Rs 42.73 crore for the quarter ended December 31,2010.

The company said it has absorbed a net loss of Rs 7.7 crore of its diagnostic arm Super Religare Laboratories (SRL) in its book which has been reflected in lesser profit for the period under review.

Commenting on the results Fortis India Business CEO Aditya Vij said: “The third quarter of the fiscal has witnessed a robust growth momentum for Fortis…. we continue to expand our presence in India and have launched new medical programmes and growth initiatives across various hospitals.”

The hospital segment continued to witness robust growth with operating revenue from the hospital business at Rs 482 crore for the quarter under consideration representing a robust growth of 30 per cent over the corresponding period last fiscal,the company said.

“The growth has been led by Fortis Escorts Jaipur,Fortis Escorts Faridabad,Fortis Mulund,Fortis BG Road,Fortis Shalimar Bagh and Fortis Anandpur,” it added.

The company,which currently has 4,100 operational beds also plans to increase its bed strength shortly.

“We will add 600 operational beds in next 6 months,” Vij said in a conference call.

During the quarter,the company also announced the integration with Fortis Healthcare International Pte Ltd,a Singapore-based company with a presence in nine countries. The deal was consummated in January 2012.

Net operating revenue of the diagnostic business for the quarter stood at Rs 122 crore. The contribution from pathology and radiology business stood at 75 per cent and 20 per cent respectively,the company said.

Shares of Fortis Healthcare India were today trading at Rs 106.40 in the afternoon trade on BSE,down 1.48 per cent from its previous close.

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