Fortis Healthcare Q2 net profit dips 37 pc to Rs 38 cr

NEW DELHI, Nov 10:  Fortis Healthcare today reported a 37.46 per cent fall in its consolidated net profit to Rs 38.24 crore for the second quarter ended September 30, 2016.
It had posted a net profit of Rs 61.15 crore in the corresponding period last fiscal, Fortis Healthcare said in a filing to BSE.
However, the company’s consolidated total income from operations rose to Rs 1,195.74 crore during the quarter under review from Rs 1,078.54 crore in the same period a year ago.
Commenting on result, Fortis Healthcare CEO Bhavdeep Singh said: “Our costs have been under strict watch and this has resulted in strong margins and the improvement in the overall profit delta.”
He further said: “We have witnessed a considerable uptick in the occupancies, utilisation and revenues of our hospitals and diagnostics business.”
When asked about the dip in the net profit during the quarter under consideration, Singh told PTI: “We had a forex gain of Rs 50 crore in the second quarter of the previous fiscal.”
Majority of the company’s hospital facilities continued to exhibit strong growth momentum. The top 10 facilities grew 12 per cent to reach revenues of Rs 748 crore.
Hospital Business revenues were at Rs 972 crore in the quarter, up 11 per cent, from Rs 876 crore in second quarter of last financial year, Fortis Healthcare said.
Its revenues from diagnostics business rose by 12 per cent to Rs 213 crore during the September quarter from Rs 191 crore in the year-ago period.
Shares of Fortis Healthcare today closed 1.43 per cent down at Rs 165.05 apiece on BSE. (PTI)

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