Fortis Healthcare slips after dismal Q4 performance

Fortis Healthcare fell 1.06% to Rs 121.50 after the company reported a consolidated net loss of Rs 44.51 crore in Q4 FY20 as compared to a net profit of Rs 135.60 crore in Q4 FY19.

Net sales in the March quarter contracted by 6% year-on-year (YoY) to Rs 1112.92 crore. PBT before exceptional items for the quarter stood at Rs 7.1 crore from Rs 0.3 crore in Q4 FY19.

Q4 March 2019 PAT after minority interest includes share in profit of associate companies amounting Rs 333 crore on account of profit recognized by RHT Health Trust pursuant to the RHT transaction in January 2019.

Hospital business revenues remained flat at Rs 913.30 crore while the diagnostic business gross revenues declined 7.6% YoY to Rs 231.9 crore.

Fortis Healthcare said that the company continues to face challenges in the current quarter, impacting its financial performance. While revenues saw a sharp reduction in April 2020, beginning May business is exhibiting signs of an early and gradual recovery. The impact of the pandemic is however expected to continue through the April-June quarter and beyond till visible and sustainable signs of stabilization and normalization can be seen.

The company reported a consolidated net profit of Rs 57.94 crore in the year ended March 2020 (FY20) as against a net loss of Rs 298.93 crore in the year ended March 2019 (FY19). Net sales rose 3.6% to Rs 4,632.32 crore in FY20 over FY19.

Fortis Healthcare is a integrated healthcare delivery service provider. The healthcare verticals of the company primarily comprise hospitals, diagnostics and day care specialty facilities. Currently, the company operates its healthcare delivery services in India, Dubai and Sri Lanka with 36 healthcare facilities (including projects under development), approximately 4,000 operational beds and over 400 diagnostics centres.

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