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Fortis Healthcare Q1 profit increases to Rs 67.8 crore

Fortis Healthcare has reported a profit after tax of Rs 67.8 crore in the first quarter ended June 30, 2019, through a strong uptick in operational profitability for both the hospitals and the diagnostics businesses. Fortis reported a net loss of Rs 70.9 crore in the same period last year. The net profit in 1QFY20 was also aided by a reduction in the cost of borrowings and the elimination of hospital service fee due to the acquisition of RHT assets. Revenues grew 9.2 percent to Rs 1138 crore in 1QFY20, compared to last year’s Rs 1042 crore. Hospitals’ business revenues grew 11.3 percent year-on-year (YoY) to Rs 913 crore, while the diagnostic business sales grew 4.2 percent to Rs 258.4 crore. Fortis reduced its gross debt to Rs 1388 crore in 1QFY20 from Rs 1657 crore in 1QFY19, with a debt-equity ratio of 0.14 times. The EBITDA margin stood at 12.5 percent in 1QFY20.

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