Fortis Healthcare Q2FY22 Results: Net profit at Rs 131 crore

Fortis Healthcare on Friday reported a consolidated net profit of Rs 130.60 crore for the second quarter ended September 30, driven by robust growth in the non-COVID business.

The company had posted a net profit of Rs 15.47 crore for the corresponding period of the previous fiscal, Fortis Healthcare said in a regulatory filing.

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Its consolidated revenue from operations stood at Rs 1,462.54 crore for the quarter under consideration. It was Rs 994.70 crore for the same period a year ago, it added.

"Net debt was at Rs 869 crore as of September 30, 2021, reflecting a net debt to equity of 0.13x. Net debt stood at Rs 849 crore as of March 31, 2021," Fortis Healthcare said.

The hospital business revenues grew 47.2 per cent for the second quarter of FY22 year-on-year to Rs 1,098.5 crore, against Rs 746.4 crore in the year-ago period, it added.

COVID revenue contribution to overall hospital revenues declined to 3 per cent compared to 21 per cent in the second quarter of FY21, the filing said.

"Q2 FY22 diagnostics business gross revenues grew 42.6 per cent year-on-year to Rs 402.7 crore versus Rs 282.4 crore in Q2FY21," it added.

Overall occupancy in the quarter under consideration was at 64 per cent against 57 per cent a year earlier, the filing said.

"The quarter gone by has seen a healthy improvement in our operations led by robust growth in the non-COVID business. With operations returning to near normal, we have refocussed on our strategic priorities to further strengthen our medical programmes in key facilities in Delhi- NCR and Mumbai," Fortis Healthcare Board of Directors Chairman Ravi Rajagopal said.

Investments for brownfield expansion should augment the company's existing operational bed capacity of close to 3,900 beds by another approximately 250-300 beds in FY22, he added.

The diagnostics business performance has been aided by its network expansion strategy coupled with the successful integration of the DDRC acquisition, Rajagopal added.

Fortis Healthcare MD and CEO Ashutosh Raghuvanshi said, "We are quite pleased with our performance in Q2, having witnessed a healthy business momentum with operations returning rapidly to normal".

As COVID has abated significantly, and the probability of an impactful third wave seems lower, business is expected to progressively strengthen, he added.

Shares of Fortis Healthcare closed at Rs 257.10 per scrip on BSE, up 1.04 per cent from its previous close.