Fortis Healthcare, which had been struggling with mammoth debt and dropping profits, has jumped back in the September quarter of this fiscal. The company posted a net profit of Rs 32.06 crore during the quarter.
It reported a loss of Rs 28.43 crore in the same quarter of the previous fiscal.
The company sold off three of its major international businesses this year – Australia’s Dental Corp Holding for A$270 million (Rs 1,452 crore) in May, Vietnam-based chain Fortis Hoan My Medical Corporation for $80 million in August and Hong Kong-based Quality Healthcare for $355 million last month – to pare off its rising debts.
“The proceeds from the divestitures and the fund raising activities are being primarily utilised to reduce debt and strengthen the Balance Sheet. These will also enable the company to fund its growth and expansion plans for the foreseeable future,” Fortis said in a statement.
The company’s India business revenues rose by 22 per cent at Rs 879 crore, while its India hospital business showed a robust revenue growth of 24 per cent at Rs 708 crore.
Vishal Bali, Group CEO, Fortis Healthcare, said, “Our results for the quarter strongly reflect the focus of the company on the India business. The operating performance of the company continues to show margin improvement alongside the deleveraging of the balance sheet, which has been achieved simultaneously.”