Fortis healthcare Q1 revenue Rs 135cr

Mumbai, July 31, 2007: Fortis Healthcare Limited (FHL), one of India's largest private healthcare companies, recorded consolidated total income of Rs 134.64 crore for the quarter ended June 30, 2007, an increase of 10% from Rs 122.03 crore in the corresponding previous quarter. The consolidated EBITDA stood at Rs 16.12 crore, which saw a good 25% increase over the corresponding previous quarter. The operating margins too saw an improvement to 12% as against 9.42% in Q1 FY07 and 11.36% for full fiscal 07.

The quarter recorded lower cash loss of Rs 0.92 crore as compared to cash loss of Rs 3.13 crore in the corresponding previous quarter. FHL recorded a net loss of Rs 23.94 crore in Q1 FY08, prior to the write-off of deferred tax assets of Rs 12.78 crore from Escorts Amritsar facility.

During the quarter, FHL commenced construction of its greenfield hospital at Shalimar Bagh, New Delhi. The hospital is expected to be ready by June 2009 and would add 250 in-patient beds. The hospital is to be set up over 7.32 acres of land and is proposed to provide healthcare to patients in key specialty areas such as cardiac care, gastroenterology, orthopedics, neuro-sciences, renal care and mother and child care.

In first week of August, FHL would be inaugurating the Greenfield Fortis-Escorts hospital at Jaipur, which would have a start-up capacity of 163 in-patient beds and a total of 320 beds.

Commenting on the first quarter results, Mr. Shivinder M Singh, MD, Fortis Healthcare, said "Higher occupancy and a lower length of stay have contributed to higher asset turnover which has led to better operating margins. Our continued focus on bringing down costs and improving efficiency at our existing hospitals has started to yield results. All our expansions are progressing as per schedule and we are on the way to become a national healthcare company with pan India presence".

About Fortis Healthcare Limited

Fortis Healthcare Limited, a Ranbaxy promoter group company, was incorporated in the year 1996. It was founded on the vision of creating an integrated healthcare delivery system. Based in Delhi, FHL, which acquired Escorts Heart Institute and Research Centre Limited in September 2005, has operations in Delhi, Noida, Mohali (Chandigarh), Amritsar, Faridabad, Raipur and Srinagar. It currently has a network of 11 hospitals primarily in North India and 16 satellite and heart command centres, including one heart command centre in Afghanistan. These hospitals include multi specialty hospitals, as well as super-specialty centres providing tertiary and quaternary healthcare to patients in areas such as cardiac care, orthopedics, neurosciences, oncology, renal care, gastroenterology and mother and child care. The hospitals that FHL manages include Fortis La Femme, a "boutique" style hospital that focuses on women's health and maternity care. FHL has the capacity to increase inpatient beds to approximately 1,790 beds and has performed more than 6,000 open heart surgeries, 5,000 angioplasties and 16,000 angiographies in the last fiscal year.