Fortis Healthcare earmarks 400 crore as capex in FY12

Fortis Healthcare earmarks 400 crore as capex in FY12

Mumbai: Indian hospital chain Fortis Healthcare plans to spend about 400 crore to raise its bed capacity by a quarter in a year, its finance chief said on Friday.

Fortis Healthcare has about 4,100 operational beds across a network of hospitals countrywide and plans to add 1,000 beds by March 2012, Yogesh Sareen told reporters on a conference call.

Earlier in the day, Fortis reported 8% jump in consolidated net profit to 29.4 crore for Jan-March on 26% jump in total income to 415 crore.

The operating margin for the quarter shrank to 13.5% from 14.6% as new hospitals came into operation. Sareen said margins would improve in the coming quarters as the new hospitals stabilise.

Diagnostic services firm Super Religare Laboratories (SRL), in which Fortis agreed to buy 86% stake last month, will refile the draft prospectus for an initial share sale by June, Sareen said.

Billionaire borthers Malvinder and Shivinder Singh, the controlling shareholders of Fortis, also own Super Religare Lab.

After the stake purchase agreements with Fortis and two private equity firms Avigo Capital and Sabre Partners in the past two months, SRL withdrew its earlier-filed draft prospectus and will refile it now.

Shares in Fortis, valued at $1.4 billion, rose 1.94% to 160.60 on Friday in a Mumbai market that closed up 1.18%.