Fortis Healthcare Q1 profit at Rs 78 cr

Fortis Healthcare on Tuesday reported a consolidated net profit of Rs 78.01 crore for the quarter ended June 30, 2019 mainly on account of robust growth in hospital and diagnostic verticals. The company had posted a net loss of Rs 52.80 crore in the year-ago period, Fortis Healthcare said in a filing to BSE.

Consolidated revenue from operations stood at Rs 1,138.31 crore for the quarter under review as against Rs 1,042.04 crore in the year-ago period, it added. Gross debt was reduced from Rs 1,657 crore in the first quarter of 2018-19 to Rs 1,388 crore in April-June 2019-20 reflecting a robust net debt to equity ratio of 0.14 times, Fortis Healthcare said.

"Fortis today is at an inflexion point with all the building blocks in place for the next phase of growth. We have achieved the much-needed stability in the business and have witnessed an encouraging start to the fiscal year," Fortis Healthcare Chairman Ravi Rajagopal said. MD and CEO Ashutosh Raghuvanshi said,"our Q1 results signify the momentum that we continue to see in our business with both the hospital and the diagnostic business having witnessed a healthy improvement in performance".

The company's liquidity position has further strengthened, and it continues to undertake various measures to improve cash flows, he added. In a media call on the results, Raghuvanshi said the company has started the process to recover dues of Rs 445.03 crore from erstwhile promoters and entities.

Fortis Hospitals, a subsidiary of Fortis Healthcare had given loan as inter-corporate loans to three entities linked to former promoters Malvinder Singh and Shivinder Singh. Shares of Fortis Healthcare settled at Rs 121.05 per scrip on BSE, up 4.31 per cent from the previous close.

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