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Fortis Healthcare net profit drops 41% to Rs.389 cr Revenue fell to Rs.1,019 crore in the three months from Rs.1,540 crore a year ago

Fortis Healthcare net profit drops 41% to `389 cr

Fortis Healthcare’s India revenue rose 17% to Rs869 crore. Photo: Pradeep Gaur/ Mint
Mumbai: India’s largest healthcare services group Fortis Healthcare Ltd on Tuesday posted a 41% drop in net profit to Rs.389 crore in the December quarter as revenue declined because of a restructuring of its overseas business.
Revenue fell to Rs.1,019 crore in the three months from Rs.1,540 crore a year ago.
Fortis, which divested its hospital assets in Australia and Vietnam in 2013 to repay debt, posted an 82% drop in overseas revenue in the quarter to Rs.149 crore from Rs.819 crore a year ago. India revenue rose 17% to Rs.869 crore.
Fortis Healthcare shares dropped 1.78% to close at Rs.99.15 on Tuesday on the BSE, while the benchmark Sensex gained 0.14% to 20,363.37 and the BSE Healthcare index dropped 0.32% to 10,361.63 points.

The company said results for Q3 of FY 2013-14 are not comparable to the corresponding period of last fiscal due to progressive divestments of its international businesses inAustralia, Vietnam and Hong Kong.

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Its consolidated revenue from Indian operations was Rs 869.49 crore in this quarter. The figure stood at Rs 720.92 crore in the same quarter last fiscal.

Meanwhile, the private hospital chain posted a decline of 45 per cent in its consolidated net profit for fiscal third quarter ended on December 31, 2013, to Rs 389.09 crore from Rs 705.03 crore in the year ago period, despite one-time gain of Rs 424.16 crore due to stake dilution in Quality Healthcare primary care business in Hong Kong.

While consolidated revenue of the company stood at Rs 1,019 crore during the quarter, India revenue grew 21 per cent to Rs 870 crore.

At present, Fortis Healthcare runs its healthcare delivery services in India, Singapore, Dubai, Mauritius and Sri Lanka with 66 healthcare facilities (including projects under development), over 10,000 potential beds and approx. 260 diagnostic centres.

Shares of Fortis Healthcare closed the day at Rs 99.15 per share, down 1.78 per cent from its previous close on BSE.

 

“Our India business continues to show positive momentum. Our focus on operational performance is reflected in the strong results at FMRI, our new flagship hospital, in Gurgaon.

“The diagnostics business at SRL is also expanding rapidly and remains robust. We will continue to build on our strong foundation and intensify our pace of growth in India ,” said Fortis Healthcare CEO Aditya Vij.

Shares of Fortis Healthcare today closed at Rs 99.15 apiece on the BSE, down 1.78 per cent from their previous close.

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