Fortis Healthcare Q4 results: Net profits up 46.9%, revenue rises 8.7%

Healthcare major Fortis Healthcare reported a 46.9 per cent year-on-year (Y-o-Y) increase in consolidated net profit in the March quarter (Q4 FY24) to Rs 203.14 crore, up from Rs 138.30 crore reported for the same quarter last year, according to data posted on the Bombay Stock Exchange (BSE).

The company’s revenue from operations rose to Rs 1,786 crore in Q4 FY24, an 8.7 per cent Y-o-Y rise from Rs 1,643 crore reported in Q4 FY23.

Fortis Healthcare’s operational Ebitda margin for the March quarter came in at 21.3 per cent, a rise from 16.5 per cent in Q4 FY23.

On a sequential basis, the company exhibited a 51 per cent increase in net profits, while revenue was up by 6 per cent.

For the full FY24, Fortis Healthcare posted a 1.9 per cent Y-o-Y rise in consolidated net profit and a 9.5 per cent Y-o-Y rise in revenue, reaching Rs 645 crore and Rs 6,893 crore respectively.

Q4 FY24 hospital business revenues grew by 10.3 per cent Y-o-Y to Rs 1,490 crore, while diagnostic business revenues grew by 1.3 per cent Y-o-Y to Rs 296 crore.

Fortis reported a 10.3 per cent increase in the average revenue per occupied bed (ARPOB) in Q4 FY24. International patient revenues grew by 9 per cent Y-o-Y to Rs 124 crore in the March quarter, contributing 7.9 per cent to overall hospital business revenues as against 8.1 per cent in the same quarter last fiscal.

The company said its board has recommended a final dividend of Re 1 per equity share of the face value of Rs 10 each for FY24, subject to approval of shareholders at the ensuing annual general meeting.

Commenting on the results for the full year, Dr Ashutosh Raghuvanshi, managing director and chief executive officer (CEO), Fortis Healthcare, said that the year gone by has witnessed a healthy performance led by our hospitals business.

“Our consolidated topline grew 9.5 per cent to Rs 6,893 crore, while our operating profitability, that is Ebitda, increased 15.1 per cent to Rs 1,268 crore for FY24,” he added.

Speaking on the hospital chain’s expansion plans, Ravi Rajagopal, chairman, board of directors, said that they have added 246 beds in FY24 across their network and in line with their portfolio optimisation strategy, they have also successfully divested two of their underperforming assets in Chennai.

“Plans to ramp up current bed capacity are on track and could potentially see the company reach a total of 5,948 beds over the next few years,” he added.

The company declared results post-market hours. On Thursday, Fortis Healthcare’s stock was down by 0.07 per cent, ending the day’s trade at Rs 469.15 apiece on the BSE.

First Published: May 23 2024 | 10:37 PM IST