Fortis Healthcare net profit rises 59% to Rs 138 cr in March quarter

Fortis Healthcare said on Tuesday that its consolidated net profit increased by 59% to Rs.138 crore for the March quarter, on the back of strong performance in its hospital business.

The major healthcare company reported a net profit of Rs 87 crore in the January-March quarter of the 2021-22 financial year.

Total income rose to Rs 1,656 crore in the fourth quarter above Rs 1,384 crore in the fourth quarter of 2021 to 22 fiscal year, Fortis Healthcare said in a statement.

For the year ended 31st March 2023, the company’s net profit fell to Rs.633 crore as against Rs.790 crore in 2021-22 financial year.

However, the company’s adjusted profit after tax was Rs. 559 crore for the last financial year compared to Rs. 475 crore in FY22, the company added.

Ravi Rajagopal, Chairman, Fortis Healthcare, said the hospital business continues to perform well across all financial and operational parameters.

He added, “We remain well positioned for our next phase of growth which includes expanding manufactured beds for expansion and building larger facilities. This will enable us to gain higher operating leverage from the business.”

He pointed out that the company’s diagnostics business was affected by the decline in Covid volumes and the challenging industry environment that remains.

“We remain keen to participate in consolidation opportunities in the healthcare landscape. While our balance sheet allows us comfortable leverage capacity, we may also consider raising capital so as not to miss out on larger growth opportunities that may present themselves,” said Rajagopal. .

The company said its board of directors has recommended a final dividend of Re 1 per share for the 2022-23 fiscal year.