Fortis Healthcare Q2 net up by 23% on expansion

Fortis Healthcare Q2 net up by 23% on expansion

New Delhi: Driven by robust growth in its larger units, hospital chain Fortis Healthcare today reported a 23.4% increase in net profit at Rs12.9 crore for the second quarter ended on 30 September.

The company had reported a net profit of Rs10.5 crore in the similar period last year, Fortis Healthcare said in a statement.

“During the quarter, our larger hospitals located in Delhi, Noida, Jaipur and Bangalore have reported robust growth which has pushed the net profit," Fortis Healthcare president strategy and organisation Daljit Singh told PTI.

During the quarter, in terms of the total income it has reported an increase of 20.9% at Rs190.49 crore as compared to Rs157.54 crore in the corresponding quarter last fiscal.

In the second quarter, it has executed an agreement for acquisition of 10 hospitals (including two under construction) from Wockhardt Hospitals Ltd for Rs909 crore, which will add 1,902 beds to its capacity and enlarge its footprint in southern, western and eastern regions of India.

Singh, however, declined to comment on queries related to contribution from Wockhardt hospitals in its total income. The company expects the acquistion to be completed by December 2009.