Fortis Healthcare’s losses have more than doubled to Rs 28 crore during the third quarter ending September 30, compared with the corresponding period in 2011. The company’s net loss in the third quarter of 2011 was Rs 12.32 crore.
The total income of the company, however, increased to Rs 1,493.45 crore for the quarter under consideration from Rs 614.22 crore for the same period in 2011.
India business of the company recorded revenue of Rs 724 crore, a growth of 18 per cent over the corresponding quarter, the company said in a statement. “Operating EBITDA for the India business stood at Rs 100 crore, a margin of 13.8 per cent,” it claimed.
Commenting on the results, Fortis Healthcare Group CEO Vishal Bali said there was a sustained improvement in the operating performance of the company over the three sequential quarters. “India hospital business posted an 18 per cent revenue growth to touch Rs 573 crore and recorded an EBITDA margin of 13.2 per cent. Excluding the start up costs, the hospital business witnessed a 14.1 per cent EBITDA margin,” the release added. The international business of the healthcare major contributed to 52 per cent of the consolidated revenues and stood at Rs 770 crore, it said.
Bali said, in October, the company witnessed the listing of the Religare Health Trust (RHT). “The listing is the largest IPO of a business trust sponsored by an Indian company in Singapore and signifies the company’s intent to pursue an asset-light strategy,” he said. Bali added that the Fortis continues to hold a 28 per cent stake in RHT, which allows the company to enhance its focus on its core activity of providing medical healthcare services.