Fortis Healthcare revenues go up by 21%

Fortis Healthcare Ltd, one of India’s leading chain of private hospitals, has reported a better performance with revenues growing up by 21 per cent during the second quarter of the financial year, as per the consolidated results.

The group having a network of 29 hospitals (including 13 satellite and heart command centres) with a capacity of 3300 beds, had operating revenues at Rs 190.5 crore, registering a growth of 21 compared to the same quarter last year. Operating EBIDTA grew by 44 per cent at Rs 29.8 crore, recording an increase of 250 bps in operating margin (as % to operating revenue). Consolidated net profit before exceptional items grew by 255 per cent to Rs. 13 crore, according to the release.

The company executed an Agreement for acquisition of 10 hospitals (including two under construction) from Wockhardt Hospitals Ltd for Rs 909 crore during the quarter and raised Rs. 997 crore through its recently concluded rights Issue. The proceeds from the issue will be used for acquisition of 10 hospitals from Wockhardt, funding for the construction of ongoing Greenfield projects and repayment/redemption of debts and preference shares.