Fortis Healthcare Q2 Net Profit Grows 5% On Hospital Strength

Fortis Healthcare has reported a 5 per cent year-on-year rise in its consolidated net profit, reaching Rs 193 crore for the quarter ending September 30, 2024. The healthcare provider attributed the growth to a strong performance within its hospital segment, which accounted for a significant share of the company’s revenue.

In the same quarter last fiscal year, Fortis Healthcare recorded a net profit of Rs 184 crore. For the latest quarter, the company’s revenue rose to Rs 1,988 crore, up from Rs 1,770 crore in the year-ago period, according to a regulatory filing.

“We have maintained positive momentum in Q2 with the hospital business contributing around 82 per cent to our consolidated EBITDA,” Fortis Healthcare MD and CEO Ashutosh Raghuvanshi commented. He noted that the healthcare provider is advancing its expansion plans, aiming to add nearly 700 beds across its key facilities in Faridabad, Anandpur, Shalimar Bagh, and Noida by the end of this fiscal year.

Raghuvanshi further highlighted the recent commissioning of Fortis’s 350-bed Manesar facility, which was acquired earlier in FY24. “With our solid balance sheet, we are well-positioned to explore further growth opportunities within our focus geographic clusters,” he added.

In the July-September period, Fortis Healthcare’s hospital business revenue grew by 14 per cent to Rs 1,655 crore, compared to Rs 1,453 crore during the same period last year.

On the BSE, Fortis Healthcare shares closed 0.42 per cent lower on Friday, ending at Rs 620.90 per share.