Fortis Healthcare Q1 PAT rises 40 percent to Rs 174 crore

Fortis Healthcare has reported a 40 percent increase in its consolidated profit after tax to Rs 174 crore for the first quarter ended June 30, 2024, aided by strong performance in the hospital business. The healthcare major had reported a profit after tax PAT of Rs 124 crore in the April-June quarter of last fiscal.

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 late-night filing on Tuesday. "The mainstay of our performance continues to be the hospital business which presently contributes around 84 percent to our consolidated EBITDA," Fortis Healthcare Chairman Ravi Rajagopal stated.

The company is progressing well on its plans to add nearly 700 beds in this fiscal year across key facilities, including Faridabad, Anandpur, Shalimar Bagh, and Noida, and will also be shortly commissioning the 350-bed in Manesar facility, he added. "In addition, given the company's strong Balance Sheet, we continue to evaluate inorganic growth opportunities in our key focus clusters," Rajagopal said.

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, he noted. The new brand is being well accepted and gaining prominence; placing the business in a better position to further scale up its performance, said Rajagopal.