Fortis Healthcare sees strong growth in hospital revenues in Q2FY23

Fortis Healthcare has posted 9.9 per cent growth in revenues to Rs 1,607 crore and  a 27.9 per cent rise in profit after tax (before exceptional items) to Rs 166 crore in the second quarter of the fiscal year.

Reported profit after tax has shown a higher growth of 67 per cent to Rs 218 crore. Q2FY23 and H1FY23 include an exceptional gain of Rs 51.6 crore, which pertains to reversal of impairment in an associate Company.

Q2FY23 hospital business revenues stood at Rs 1,297 crore versus Rs 1,098.5 crore in Q2FY22 and Rs 1,192.4 crore in Q1FY23. Hospital revenues increased 18.1 per cent versus the corresponding quarter led by higher occupancy, a better product mix and a 164 percent increase in international patient revenues versus the corresponding previous quarter. Covid revenue contribution to overall hospital revenues stood at 2.5% in Q2FY22. Q2 FY23 and Q1FY23 had negligible covid revenue contribution.

Q3 saw a strong momentum in international patient revenues which stood at  Rs109.3 Crs, a growth of 164 percent over Q2 FY22 and 23 percent over Q1 FY23. International patient revenue contribution increased to 8.4 percent of hospital revenues versus 3.8 percent and 7.5 percent in Q2 FY22 and Q1 FY23 respectively.

 Q2 FY23 diagnostics business gross revenues stood at Rs 351.2 crore versus Rs 402.7 crore in Q2FY22, primarily impacted by lower covid volumes (including covid allied test volumes). Revenues for the quarter (excluding covid and covid allied tests) stood at Rs 329 crore versus Rs 312.5 crore for Q2FY22 and Rs 311.8 crore in Q1FY23.