Left Menu
Development News Edition

Fortis Q3 net loss narrows to Rs 69.32 cr


Fortis Q3 net loss narrows to Rs 69.32 cr

Fortis Healthcare on Friday reported narrowing of its consolidated net loss to Rs 69.32 crore for the quarter ended December 31, 2019, mainly on account of robust performance in its hospital business. The company had posted a net loss of Rs 180.11 crore for the corresponding period of the previous financial year, Fortis Healthcare said in a filing to the BSE.

Its consolidated revenue from operations stood at Rs 1,168.92 crore for the quarter under consideration. It was Rs 1,103.27 crore for the same period a year ago. The third quarter of 2019-20 continues to witness earnings growth with margin expansion in the hospitals business. Hospital business revenues stood at Rs 953.5 crore, a growth of 7.3 per cent. Hospital business contributes around 80 per cent to overall revenues and Ebitda, Fortis Healthcare said.

The diagnostic business gross revenue was Rs 249.4 crore as against Rs 242.6 crore, a growth of 2.8 per cent. This was impacted by the abnormally severe winter in north and central India especially in the month of December, it added. Net debt-to-equity ratio stood at 0.17 times. Net debt was Rs 1,237 crore in the quarter, Fortis Healthcare said.

"The Q3 results are the third successive quarter of an improved earnings performance specifically from the hospital business," Fortis Healthcare Board of Directors Chairman Ravi Rajagopal said. While the diagnostics business has shown a stable performance, the company is cognisant of the inherent potential that this business offers, he added.

In a similar vein, Fortis Healthcare MD and CEO Ashutosh Raghuvanshi said, "I am pleased with our hospital business operations having progressively improved over successive quarters as reflected in the continuous margin expansion being witnessed." The company continues to focus on the key expense line items across the network in order to ensure that "we run a leaner organisation and our balance sheet remains robust with low gearing and a more efficient working capital cycle", he added.

Shares of Fortis Healthcare on Friday closed at Rs 156.05 per scrip on the BSE, down 0.95 per cent from its previous close.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Conspiracy theories on COVID 19: Legislators, Scientists, and Journalists all joined the Caravan

Conspiracy theories are not new for virus epidemics. There have been conspiracy theories on HIV-AIDS, Polio Vaccines, Ebola Virus, and several other diseases as well. However, what makes the 2019 Novel Coronavirus different from others is ...

Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Handling fake news Infodemic in time of Coronavirus epidemic

Social media has provided a platform where everybody can disseminate his her views without any supervision. Its excellent if the message is genuine but misinformation is equally disastrous. Health is such a topic where every Tom and Harry c...

Sentiment Analysis on Budget 2020: Long shot for solution to economic worries?

Industries and individuals alike had high expectations from the government to take tangible steps but the budget 2020 seems to have failed expectations....

Videos

Latest News

Sterlite Technologies shares jump over 7 pc

Shares of Sterlite Technologies surged over 7 per cent on Thursday after the company received an order worth Rs 1,500 crore. The stock opened at Rs 111 and gained 7.2 per cent to touch a high of Rs 119 on the BSE. Later, it was trading at R...

CPI's D Raja backs Sharad Pawar's suggestion of forming trust for mosque in Ayodhya

CPI General Secretary D Raja on Thursday backed Nationalist Congress Party NCP president Sharad Pawars suggestion of forming a trust for the Mosque to be built in Ayodhya, on lines of the one constituted for construction of the Ram Temple. ...

SC to consider hearing a plea against bail granted to former BJP MP Swami Chinmayanand in a rape case.

SC to consider hearing a plea against bail granted to former BJP MP Swami Chinmayanand in a rape case....

UPDATE 2-Gunman suspected of killing nine in Germany found dead in home

A gunman suspected of shooting nine people dead at two shisha bars in a southwestern German city has been found dead at his home, police said on Thursday.Another body was discovered at the home of the man in Hanau, a city east of the financ...

Give Feedback