Fortis Healthcare net profit declines 88 percent at Rs 15.47 crore in Q2

The company had posted a net profit of Rs 124.04 crore for the corresponding period of the previous fiscal, Fortis Healthcare said in a filing to BSE.

Consolidated revenue from the operations stood at Rs 994.70 crore for the quarter under consideration. It was Rs 1,212.17 crore for the same period a year ago, it added.

For the second quarter of FY21, hospital business revenues were at Rs 746.3 crore as against Rs 972.3 crore earlier, Fortis Healthcare said.

"Q2 FY21 diagnostics business gross revenues at Rs 282.4 crore, versus Rs 276.6 crore in Q2 FY20," it added.

The company in the quarter witnessed gradual signs of recovery and uptick in performance as the number of COVID-19 cases in India reflected a declining trend, Fortis said.

"Our Q2 results reiterate our belief that the Company has weathered well the current challenges. We have successfully ensured business sustainability and in parallel have continued to work towards strategic actions that would be value accretive in the medium to long term," Fortis Healthcare Board of Directors Chairman Ravi Rajagopal said.

While challenges remain, the company has maintained a healthy balance sheet and has a comfortable liquidity position to progress with its plans for bed expansion and investments in new medical equipment and technologies in key facilities, he added.

Fortis Healthcare MD and CEO Ashutosh Raghuvanshi said, "We are quite encouraged by the pick up in business momentum as reflected in the results for Q2FY21."

Given the improvement in business the company has re-initiated its growth and expansion plans, he added.

"I am hopeful that as we move forward the pandemic will continue to recede and allow the business to return to complete normalization by the start of the next fiscal," Raghuvanshi said.

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