Fortis Healthcare falls 2% as net profit declines in Q1

The decline in Q1 bottomline for Fortis Healthcare came on the back of lower occupancy and an unfavourable payor mix.

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Shares of Fortis Healthcare fell 2 percent in early trade on August 7 after the company reported a decline in its net profit for the April-June quarter.

The hospital chain’s net profit for the quarter recorded an 8.6 percent decline to Rs 122.5 crore during the June quarter, down from Rs 134.3 crore seen in the same period last fiscal.

The company registered an exceptional loss of Rs 1.5 crore in the quarter gone by, which along with a fall in occupancy and a comparatively less favourable payor mix dragged its bottomline lower. Occupancy of the hospital business was down to 64 percent in Q1 FY24 from 65 percent in Q1 FY23.

The same factors also resulted in a contraction in EBITDA margin to 15.2 percent as against 16.2 percent in the base period.

At 09.17 am, shares of Fortis Healthcare were trading at Rs 334.60 on the National Stock Exchange, down 1.15 percent from the previous close.

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Nonetheless, despite the weak operational and bottomline numbers, the company’s topline continued to grow, rising 11.4 percent on year to Rs 1,657 crore as against Rs 1,488 crore in the year-ago period.

Also, the company’s management remains hopeful of seeing improved occupancy rates and a better payor mix in the upcoming quarter.

“On the merger and acquisition front, we signed definitive agreements to acquire a 350 bedded facility in Manesar Gurugram which complements well with our FMRI flagship facility. Given our healthy balance sheet, we would continue to pursue and evaluate opportunities for inorganic growth in our key geographic clusters,” Dr Ashutosh Raghuvanshi, MD and CEO,
Fortis Healthcare said in a press release.

“Further, the divestment of our Arcot Road facility in July 2023 would also help improve our hospital margins,” Raghuvanshi added.

Meanwhile, the hospital major also announced that its diagnostics business has been renamed Agilus Diagnostics Ltd, and the boards of the two firms have granted approval for the latter to initiate an initial public offer (IPO) process, by way of an offer for the sale of its equity shares.

Also Read: Fortis Healthcare Q1 results: PAT falls 8.6% to Rs 122.5 crore, revenue grows 11.4%

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