Fortis Healthcare has reported a consolidated net profit of Rs 151.19 crore for the quarter ended March, as against a net loss of Rs 914.32 crore in the corresponding period of the previous fiscal. Consolidated revenue from operations increased to Rs 1,184.15 crore from Rs 1,086.38 crore in the same quarter a year ago, Fortis Healthcare said in a filing to BSE.
The company’s net loss for the fourth quarter ended March 2018 includes a loss of Rs 833.50 crore on account of exceptional items, including allowance for inter-corporate deposits and interest thereon of Rs 445.03 crore, Fortis Healthcare said. For the fiscal year ended March 2019, the company posted a consolidated net loss of Rs 223.71 crore as against a net loss of Rs 934.42 crore for the previous fiscal.
Revenue from operations for the full fiscal stood at Rs 4,469.36 crore. It was Rs 4,560.81 crore in the previous financial year. Fortis Healthcare Chairman Ravi Rajagopal said: “IHH’s preferential allotment in Fortis has re-capitalised the company’s balance sheet allowing it to refocus on its business operations and deliver what we do best i.e. patient care.”
The company has successfully stabilised operations over last six months and continues to witness an ongoing improvement in both the hospitals and diagnostics businesses, he added. Fortis Healthcare MD and CEO Ashutosh Raghuvanshi said: “Our operations are improving steadily, and we are on the path to recovery as the worst is behind us.”
The company’s priority this year is to further strengthen its liquidity position, enabling it to invest for future growth to achieve shareholder returns, he added. Financial position of the company has significantly strengthened post IHH’s investment of Rs 4,000 crore and bringing hospital assets back on balance sheet, Fortis Healthcare said.