Fortis Healthcare Q2 Profit Rises 5% to Rs 193 cr

New Delhi, Nov 8 (PTI) Fortis Healthcare on Friday said its consolidated net profit increased by 5 per cent year on year to Rs 193 crore for the second quarter ended September 30, 2024, aided by strong performance by the hospital segment.

The healthcare provider had reported a net profit of Rs 184 crore in the July-September quarter of last fiscal.

Revenue increased to Rs 1,988 crore for the September quarter as against Rs 1,770 crore in the year-ago period, Fortis Healthcare said in a regulatory filing.

"We have continued our positive momentum in Q2 with the hospital business contributing approximately 82 per cent to our consolidated EBITDA," Fortis Healthcare MD and CEO Ashutosh Raghuvanshi stated.

The healthcare provider is making good progress in its plans to add nearly 700 beds this fiscal year across key facilities, including Faridabad, Anandpur, Shalimar Bagh, and Noida, he added.

"Commensurate with our expansion plans, our 350-bed Manesar facility which we acquired in FY24 was commissioned recently. Leveraging our robust balance sheet, we would actively pursue further inorganic growth opportunities in our focus geographic clusters," Raghuvanshi said.

In July-September period, the company said its hospital business revenues grew 14 per cent to Rs 1,655 crore as compared with Rs 1,453 crore in the year-ago period.

Shares of the company on Friday ended 0.42 per cent down at Rs 620.90 apiece on BSE.