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| Fortis net profit zooms five-fold |
| BS Reporter / Mumbai May 29, 2010, 00:08 IST |
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Acquisition of Wockhardt’s hospital chain and focus on high-margin speciality therapy areas helped Malvinder Singh and Shivinder Singh-controlled Fortis Healthcare to post an over five-fold jump in the March quarter’s consolidated net profit at Rs 27.2 crore, compared to Rs 4.8 crore in the year-ago quarter. Total income rose 90.7 per cent to Rs 329.52 crore from Rs 172.75 crore.
For 2009-10, Fortis posted an over three-fold rise in consolidated profit after tax at Rs 69.5 crore, as against Rs 20.8 crore in the previous one. Total income rose 48.57 per cent to Rs 937.94 crore, compared to Rs 630.89 crore.
A combination of aggressive expansion strategy and focus on speciality healthcare helped the company to grow better than competitors in the domestic healthcare space, said Bhavdeep Singh, chief executive of Fortis Healthcare, and Vishal Bali, chief executive of Fortis Hospitals.
“We are committed to excellence in healthcare and our commitment to the healthcare business is for the long term – we are here to stay,” said Shivinder Mohan Singh, managing director of Fortis Healthcare, in a statement.
Fortis Escorts Heart Institute Delhi, Fortis Escorts Jaipur and Fortis Malar Chennai led the performance, with record growth in operating revenue of 32 per cent, 65 per cent and 47 per cent, respectively. The three key super specialties — cardiac sciences, orthopaedics and neuro sciences — grew 23 per cent, 22 per cent and 73 per cent, respectively.
The 10 hospitals acquired from Wockhardt in December 2009 underwent a brand transition exercise and have been rechristened as Fortis Hospitals. Eight of the recently-acquired Wockhardt hospitals posted a revenue of Rs 93 crore, said the executives.
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