Fortis Healthcare Q3 results: Net profit declines 5.6% to Rs 134 crore

Fortis Healthcare Ltd reported a 15.7 percent year-on-year (YoY) fall in net profit at Rs 183.9 crore for the July-September quarter.

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Fortis Healthcare Ltd on February 7 reported a 5.6 percent year-on-year (YoY) fall in net profit at Rs 134 crore for the October-December quarter of the current financial year.

Fortis had reported a net profit of Rs 142 crore in the year-ago period.

The hospital operator reported a consolidated revenue of Rs 1,680 crore, up 7.7 percent from Rs 1,560 crore last year.

Its earnings before interest, taxes, depreciation, and amortisation (EBITDA) came in at Rs 284 crore, as against Rs 276 crore in the same period of the previous year, the company said in a statement.

The EBITDA margin was at 16.9 percent, lower than 17.7 percent for the same period a year ago.

Occupancy stood at 64 percent in, lower than 66.1 percent in Q3FY23. Average Revenue Per Operating Bed (ARPOB) grew  10.6 percent to Rs 2.23 crore for Q3FY24 from Rs 2.02 crore last year.

In November, Fortis Healthcare said it has signed definitive agreements to sell Fortis Malar Hospital in Chennai, to MGM Healthcare Private Limited for about Rs 128 crore.

The company commissioned a 70-bed state of the art facility in Ludhiana. This is the second facility in Ludhiana and the fourth in the state of Punjab. The Company’s brownfield bed expansion plans continue and are expected to add close to ~2,200 beds to its current bed capacity in the next 4 years, the company said in an exchange filing.

Commenting on the results for the quarter, Dr Ashutosh Raghuvanshi, MD and CEO, Fortis Healthcare stated, “The healthy performance in the hospital business which contributes approx. 88 percent to overall consolidated EBITDA has largely offset the muted performance of the
diagnostics business."

The revenue contribution from the company’s key medical specialties viz. oncology, orthopedics, renal sciences, cardiac sciences, neurosciences and gastroenterology to overall hospital revenues increased to 61.4 percent in Q3 FY24 from 60.9 percent in Q3 FY23.