Fortis Healthcare has posted a net profit of ₹453.29 crore for the third quarter ended December 31, 2016. The company had recorded a net loss of ₹29.16 crore for the same period last year.

The company’s strategy to demerge its diagnostic business, and consolidate the hospital business is a significant contributor to this massive gain.

Fortis decided to demerge its diagnostics business, including SRL Ltd, into another majority-owned subsidiary, Fortis Malar Hospitals.

Further, in October last year it acquired 51 per cent economic interest in Fortis Hospotel Ltd (FHTL), which was a subsidiary of the RHT Health Trust (RHT). FHTL had the Fortis Hospital Shalimar Bagh, New Delhi, and the Fortis Memorial Research Institute (FMRI), Gurgaon, under its banner.

Meanwhile, Fortis’ total income also saw witnessed a 10.4 per cent increase to stand at ₹1,133.38 crore against ₹1,026.52 crore posted in the third quarter of the previous fiscal.

Bhavdeep Singh, Chief Executive Officer, Fortis Healthcare, said: “Like all other healthcare players, we have been impacted by demonetisation, however, we have still continued to grow on most parameters in comparison to last year and the trailing quarter.”

The company’s top 10 hospital facilities grew 9 per cent to reach revenues of ₹703 crore, contributing 77 per cent to total revenues. Across hospitals, the company has witnessed occupancy rates of 73 per cent.

Further, international patients have been a key contributor to the companies revenues, with revenues from these patients growing 20 per cent to stand at ₹96 crore.

Related Topics