Fortis Healthcare Ltd has registered a profit of Rs 705 crore in the third quarter of 2012-13, as the company’s decision to sell its stakes in Religare Health Trust has started paying off.

The company said its India business revenue grew 19 per cent over the corresponding quarter to touch Rs 720 crore.

Commenting on the results, the hospital chain’s CEO Vishal Bali said it reflects the focus of the company in improving its operating performance in India and overseas.

“We continue to improve the margins of our India Hospital business and will retain this focus. With the listing of the Religare Business Trust and the divestment of our Dental Corporation business, the company has a healthy and strengthened balance sheet,” he said.

The company said in a release that its consolidated global revenues have increased 154 per cent at Rs 1,539 crore. The consolidated operating EBITDAC witnessed a 151 per cent increase at Rs 212 crore, representing a margin of 13.8 per cent.

The global profit after tax was Rs 705 crore, which was Rs 29 crore in the corresponding quarter of 2011-12. “This includes one-time gain arising from the business trust transaction involving 11 clinical establishments, two operating hospitals and four greenfield projects,” the statement said.

During October 2012, the company raised 511 million Singapore dollars through the listing of the Religare Health Trust. The company still holds 28 per cent of the common units of RHT.

“The majority of the proceeds are being utilised by the company to pare down its debt and strengthen its balance sheet,” the release added.It said gross proceeds of approximately Rs 2,200 crore will be used to deleverage balance sheet.

jigeesh.am@thehindu.co.in

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