Fortis posts ₹14 cr loss, revenue up 70%

The company attributed the loss to higher interest costs due to incremental borrowings and unfavourable foreign exchange movements related to its foreign currency convertible bonds.

File photo

The hospital chain, promoted by the Singh brothers, Malvinder and Shivinder, said operating profit rose 75% to ₹ 87 crore primarily as it added capacity.

“Our revenue growth was mainly due to new facilities, which were commissioned this quarter, in addition to our existing facilities and programmes," chief executive Aditya Vij said in a conference call after the results were announced.

The group’s newly added diagnostic arm, Super Religare Laboratories Ltd, contributed ₹ 127 crore to the overall revenue, growing at 15%.

During the quarter, Fortis opened four facilities, adding 600 beds. It now has a network with a capacity of more than 10,000 beds across 66 hospitals in 17 states.

Fortis India, which in September agreed to buy its promoters’ privately-held overseas unit, Fortis Healthcare International Pte Ltd, for ₹ 3,265.15 crore, said operating income from hospital business grew 46% over a year ago.

Fortis’ shares fell 4.19% to close at ₹ 123.40 on the Bombay Stock Exchange on Monday; the Sensex shed 0.43% to 17,118.74 points.

moulishree.s@livemint.com

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!