Fortis Healthcare Q1 profit falls to ₹134 cr

PTI | | Updated on: Aug 06, 2022
Ravi Rajagopal, Chairman, Fortis Helthcare Ltd.

Ravi Rajagopal, Chairman, Fortis Helthcare Ltd. | Photo Credit: KAMAL NARANG

The diagnostics business has seen a decline in volumes due to a higher Covid-led base in both Q1 and Q4 of FY22

Fortis Healthcare has reported 69 per cent decline in consolidated net profit at ₹134 crore for the first quarter ended June 30, 2022.

The healthcare major had logged a net profit of ₹431 crore, which included an exceptional gain of ₹306 crore, in April-June 2021-22.

Revenues in the period stood at ₹1,488 crore as compared with ₹1,410 crore in the year-ago period, the company said in a late evening regulatory filing on Friday.

"With COVID abating, our hospital business has shown a strong uptrend relative to the diagnostics business which has seen a decline in volumes due to a higher Covid-led base in both Q1 and Q4 of FY22," Fortis Healthcare Chairman Ravi Rajagopal said.

Brownfield expansion

The company continues to further strengthen the business in terms of adding beds, expanding medical programmes, and onboarding clinical talent, he added.

"Our next phase of growth would be led by our brownfield expansion strategy which would see around 1,500 beds coming onstream in the next few years, largely in key existing Fortis facilities such as the likes of FMRI, Mohali, Shalimar Bagh, BG Road and Noida," Rajagopal said.

This coupled with focus on digital initiatives in both the medical and non-medical related aspects should enable the healthcare  firm to further fortify its longer-term business prospects, he added.

Published on August 06, 2022
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