Fortis Healthcare Q3 net profit declines 5.6% to ₹134 Crore

8 Feb 2024 , 10:27 AM

On February 7, Fortis Healthcare Ltd reported a 5.6% year-on-year (YoY) decline in net profit to ₹134 Crore for the October-December quarter of the current fiscal year.

Fortis posted a net profit of ₹142 Crore a year earlier.

The hospital operator recorded consolidated revenue of ₹1,680 Crore, a 7.70% increase from ₹1,560 Crore in the previous year.

Its profits before interest, taxes, depreciation, and amortisation (EBITDA) were ₹284 Crore, up from ₹276 Crore in the same period last year, according to a corporate statement.

The EBITDA margin was 16.90%, down from 17.70% in the same quarter a year earlier.

Occupancy stood at 64%, down from 66.10% in the third quarter of fiscal year 23. The average revenue per operating bed (ARPOB) increased by 10.60% to ₹2.23 Crore in Q3FY24 from ₹2.02 Crore in the previous year.

In November, Fortis Healthcare announced that it has inked formal agreements to sell Fortis Malar Hospital in Chennai to MGM Healthcare Private Limited for about ₹128 Crore.

The business built a 70-bed state-of-the-art facility in Ludhiana. This is Ludhiana’s second facility, and the fourth in Punjab. The business expects to expand brownfield beds by around 2,200 beds over the next four years, according to an exchange filing.

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