Fortis logs in seven-fold rise in Q1 net

On the back of improved cost management, Fortis Healthcare (FHL) has recorded more than seven-fold growth in net profit at Rs 7.55 crore during the first quarter 2009-10, as against Rs 94 lakh during the same quarter last fiscal.

Consolidated Q1 sales of FHL, which operates a network of 28 hospital in India and abroad, were up 27 per cent at Rs 188.54 crore as against the same period in 2008-09.

It had sales of Rs 148.35 crore in Q1 2008-09.

The company said all the hospitals of FHL performed "exceedingly well" with Escorts Heart Institute and Research Centre (EHIRC), Delhi, and Fortis Escorts, Jaipur, recording a 50 per cent jump in revenue.

"The revenue growth was because of better cost management. Also, our continued focus on medical programmes and strengthening of the Fortis brand across the country helped us achieve good results," FHL Chief Financial Officer Yogesh Sareen said.

During the quarter, FHL assumed the charge of S L Raheja Hospital in Mumbai, adding a capacity of adding 280 beds. In all, Sareen said FHL now has 3,300 beds and it plans to have 6,000 by 2011.

Besides, the company's key specialties -- cardiac sciences, orthopedics, and neuro and gastro sciences -- grew over 40 per cent.