Fortis Healthcare reports 40 percent increase in PAT to Rs 174 crore for Q1

Written by Ruchika Sharma Published On 2024-08-08T10:00:54+05:30 | Updated On 8 Aug 2024 10:00 AM IST

Fortis Healthcare reports 40 percent increase in PAT to Rs 174 crore for Q1

Fortis Healthcare has announced a rise of 40 percent in its consolidated profit after tax (PAT), reaching Rs 174 crore for the first quarter ending June 30, 2024. This significant growth is attributed to robust performance in its hospital business. In comparison, the healthcare giant reported a PAT of Rs 124 crore for the same period last year.

Revenue from operations rose to Rs 1,859 crore in the year under review from Rs 1,657 crore in the year-ago period, Fortis Healthcare said in a BSE filing.

Ravi Rajagopal, Chairman, Board of Directors, Fortis Healthcare stated, “The mainstay of our performance continues to be the hospital business which presently contributes approx. 84% to our consolidated EBITDA. We are progressing well on our plans to add capacity of close to 700 beds in this fiscal year across our key facilities including Faridabad, Anandpur, Shalimar Bagh and Noida and will also be shortly commissioning the 350 bed Manesar facility which we acquired in FY24. In addition, given the Company’s strong Balance Sheet, we continue to evaluate inorganic growth opportunities in our key focus clusters. The diagnostics business performance is lower than the corresponding previous quarter, largely due to the impact of brand change but has witnessed signs of early improvement versus the trailing quarter. The new brand is being well accepted and gaining prominence; placing the business in a better position to further scale up its performance.”

Fortis Healthcare Limited is a integrated healthcare delivery service provider in India. The healthcare verticals of the company primarily comprise hospitals, diagnostics and day care specialty facilities. Currently, the company operates 28 healthcare facilities (including JVs and O&M facilities). The Company’s network comprises approximately 4,600 operational beds (including O&M beds) and ~419 diagnostics labs.

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Source : PTI

Ruchika Sharma

Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751