Hospital chain Fortis Healthcare Ltd on Wednesday (February 7) reported a 3.9% year-on-year (YoY) increase in net profit at ₹135 crore for the third quarter that ended December 31, 2023.
In the corresponding quarter last year, Fortis Healthcare posted a net profit of ₹129.6 crore, the company said in a regulatory filing. The company's revenue from operations increased 7.7% to ₹1,679.7 crore as against ₹1,559.9 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA grew 2.4% to ₹283 crore in the third quarter of this fiscal over ₹276.5 crore in the corresponding period in the previous fiscal. EBITDA margin stood at 16.9% in the reporting quarter as compared to 17.7% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
The hospital business revenue increased 9.6% versus the corresponding previous quarter, led by a 10.6% increase in ARPOB (average revenue per operating bed) to ₹2.23 crore. ARPOB grew 10.6% to ₹2.23 crore for Q3 of FY24 from ₹2.02 crore in Q3 of FY23.
For the third quarter, hospital business revenues were at ₹1,389.5 crore versus ₹1,267.4 crore in Q3 of FY23 and ₹1,452.6 crore in Q2 of FY24. Occupancy stood at 64.0% in Q3 of FY24 versus 66.1% in Q3 of FY23, owing to an increase in the operational beds by 100, while the occupied beds remained flat year-on-year.
For the third quarter of FY24, the diagnostics business gross revenues were at ₹330.7 crore versus ₹331.5 crore in Q3 of FY23. The net debt to EBITDA was at 0.45 vs 0.41 (basis annualized EBITDA of Q3 of FY24 and Q3 of FY23, respectively). Net debt was at ₹518 crore as of December 31, 2023, versus ₹471 crore as of December 31, 2022.
The results came after the close of the market hours. Shares of Fortis Healthcare Ltd ended at ₹453.85, down by ₹1.65, or 0.36%, on the BSE.
First Published: Feb 7, 2024 9:38 PM IST
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