Healthcare News

Fortis Healthcare announces Q1 results: Profit falls 69 % at ₹134 crore


Fortis Healthcare Ltd. on Friday announced its consolidated financial results for the quarter that ended June 30, 2022. It has reported a 69 percent decline in consolidated net profit at 134 crore.

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

According to the company revenues in the period under review stood at 1,488 crore as compared with 1,410 crore in the year-ago period.

“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.

The company continues to further strengthen the business in terms of adding beds, expanding medical programs, 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 on stream 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 a 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.

With the inputs from PTI

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