Fortis Healthcare reports flat December quarter profit at Rs 142 crore

Fortis Healthcare on Friday reported a flat December quarter net profit at Rs 142 crore.

The healthcare provider had posted a net profit of Rs 142 crore in the October-December quarter of the last fiscal.

Revenue from operations rose to Rs 1,560 crore in the third quarter as compared to Rs 1,467 crore in the year-ago period, Fortis Healthcare said in a regulatory filing.

"Our hospital business is growing from strength to strength and today contributes to more than 75 per cent of our overall earnings (EBITDA).

"It is also pertinent to highlight that the hospital performance has by and large offset the decline we have seen in the diagnostics business primarily as a result of the decline in Covid volumes," Fortis Healthcare Chairman Ravi Rajagopal noted.

Revenues from key medical specialties are gaining traction, complimented by focus on continuing to onboard quality medical talent and investments in bed expansion in facilities such as Mulund and BG Road and in medical equipment such as Linac and MRI 3T machines are on track, he added.

Fortis Healthcare MD and CEO Ashutosh Raghuvanshi said the business is now showing initial signs of stabilisation in the aftermath of the Covid surge and the challenging industry environment.