Fortis Q3 net rises 26-fold to Rs705.03 crore

Firm’s consolidated income rises to Rs1,538.60 cr for Q3 against Rs605.82 cr for the same period year ago
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First Published: Tue, Feb 12 2013. 07 59 PM IST
A file photo of Fortis hospital at Vasant Kunj Photo: Hindustan Times
A file photo of Fortis hospital at Vasant Kunj Photo: Hindustan Times
New Delhi: Fortis Healthcare on Tuesday reported 26-fold rise in consolidated net profit at Rs705.03 crore for the quarter ended December, on account of exceptional one-time gain due to listing of Religare Health Trust (RHT) on Singapore Stock Exchange.
It had posted net profit of Rs 27.02 crore for the same quarter of last fiscal, Fortis Healthcare said in a statement.
In October, the company had raised Singapore dollar 511 million (about Rs2,260 crore) through the listing of its subsidiary RHT.
Consolidated total income of the company also rose to Rs1,538.60 crore for the quarter under consideration as against Rs605.82 crore for the same period year ago.
“Our results of this quarter reflect the focus of the company in improving its operating performance both in India and Internationally. We continue to improve the margins of our India Hospital business and will retain this focus,” Fortis Healthcare Ltd, Group CEO Vishal Bali said.
He added that with the listing of RHT and the divestment of its Dental Corporation business, the company has a healthy and strengthened balance sheet.
“Subsequent to the listing, as a sponsor to the trust, the company continues to hold 28% of the common units of RHT,” the company said.
Besides, during the quarter, Fortis Healthcare International Pte Ltd, a subsidiary of Fortis Healthcare, sold 64% stake in Dental Corporation Holdings Ltd (DC), Australia, to Bupa, for 270 million Australian dollars.
The healthcare major said it plans to add another 1,000 beds in the current year as it looks to commission three new hospitals during 2013.
“During the course of the year, three new hospitals would come up, thereby adding another 1,000 beds,” Bali said in a conference call.
The three new hospitals would come up at Gurgaon, Chennai and Ludhiana, he added.
When asked if the company is looking to get into medical education, Bali said: “Getting into standalone medical education vertical is an interest area...we would like to get into the sector.”
Fortis Healthcare scrip closed at Rs101.35 on the BSE, up 1.35% from previous close.
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First Published: Tue, Feb 12 2013. 07 59 PM IST
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