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Fortis Healthcare posts Q4 net profit of Rs 62.36 crore

Fortis Healthcare on Saturday reported a consolidated net profit of Rs 62.36 crore for the quarter ended March 31, 2021 on account of healthy performance in both the hospital and the diagnostics segments.

The company had posted a net loss of Rs 41.24 crore for the corresponding period of the previous fiscal, Fortis Healthcare said in a regulatory filing.

Consolidated revenue from operations of the company stood at Rs 1,252.44 crore for the quarter under consideration. It was Rs 1,112.92 crore for the same period a year ago, it added.

For the fiscal year ended March this year, the company posted a net loss of Rs 56.17 crore. It had posted a net profit of 91.49 crore for the previous fiscal year, the filing said.

Revenue from operations of the company stood at Rs 4,030.12 crore for the financial year ended March 2021. It was Rs 4,632.32 crore for the year ago fiscal year, it added.

“On the quarter, as the business returned to normalcy in Q4, we have seen a healthy performance in both the hospitals and the diagnostics business. Our focus was to ensure sustainability and continuity of operations in these difficult times; something that we have successfully managed to do over the past year,” Fortis Healthcare Board of Directors Chairman Ravi Rajagopal said.

Despite the current intense second wave of Covid, “which we are now seeing
signs of ebbing; our investments in business over the past two quarters have gathered pace in terms of medical programs and infrastructure expansion,” he added.

Q4FY21 Hospital Business revenues grew 7.5 per cent to Rs 982 crore as against Rs 913 crore in the fourth quarter of FY 20, the filing said.

The Diagnostics Business gross revenues for the Q4 FY21 increased 32 percent to Rs 306 crore as against Rs 232 crore in the same period a year ago, it added.

On the results, Fortis Healthcare MD and CEO Ashutosh Raghuvanshi said, “On the year gone by and specifically Q4; the quarter has given us a sense of confidence that the building blocks of the business are in place and the company is well poised to capitalise on the opportunity once the current covid wave abates and the environment normalises.”

The company’s plans for portfolio rationalisation and bed expansion in select geographies are also underway in the current fiscal, he added.

Regarding the issue of open offer by Malaysian firm IHH Healthcare for the company, Fortis Healthcare said, “The Supreme Court matter pertaining to the open offer witnessed a number of hearings in the Honorable Supreme Court since February 2021. These now stand concluded and the order has been reserved by the Honorable Court.” Moneycontrol