India Tribune Times
Buisness

Fortis's Q4 net profit increased by 59% to Rs. 138 billion

On the strength of a good performance in the hospital sector, Fortis Healthcare said on Tuesday that its consolidated net profit jumped 59% to Rs 138 crore for the quarter ending in March.

In the January-March quarter of the 2021–22 fiscal year, the big healthcare company posted a net profit of Rs 87 crore.

According to a statement from Fortis Healthcare, total revenue increased to Rs 1,656 crore in the fourth quarter from Rs 1,384 crore in the third quarter of the 2021–22 fiscal.

The company's net profit decreased to Rs 633 crore for the year ending March 31, 2023, from Rs 790 crore in the fiscal year 2021–2022.

However, the business's adjusted PAT (profit after tax) for the most recent fiscal year was Rs 559 crore, up from Rs 475 crore in FY22, according to the company.

According to Ravi Rajagopal, chairman of Fortis Healthcare, the hospital sector continues to do well in terms of both financial and operational metrics.

“We continue to be well-positioned for our next phase of development, which will include brownfield bed expansion to grow and build larger-format facilities. This would allow us to get more operational leverage from the company, he said.

The fall in Covid volumes and the still-present difficult economic climate had an effect on the company's diagnostics division, he observed.

“We are still eager to take advantage of the potential for consolidation in the healthcare industry. While our financial sheet gives us a comfortable amount of leverage, we may also consider borrowing money to take advantage of potential greater growth possibilities, Rajagopal added.

For the fiscal year 2022–2023, the business indicated its board proposed a final dividend of Re 1 per share.

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