Fortis Healthcare Q1 net profit at Rs 25.26 cr

Fortis Healthcare today reported a consolidate net profit of Rs 25.26 crore for the first quarter ended June 30, 2016.
The company had posted a net profit of Rs 97.40 crore for the corresponding period of the previous fiscal, Fortis Healthcare said in a filing to BSE.
"The reported results for the quarter are not comparable with the corresponding previous period due to progressive divestments of the company's international businesses," Fortis Healthcare said in a statement.
Consolidated total income from operations of the company stood at Rs 1,121.16 crore during the quarter under review as against Rs 1,034.27 crore for the year ago period.

Commenting on the results, Fortis Healthcare CEO Bhavdeep Singh said: "In the coming quarters, we will drive further substantive gains as we further accelerate our efforts across all focus areas."
The company's diagnostic business revenues were also up 7 per cent to Rs 192 crore, the company said.

In a separate filing to BSE, the company said its board has approved an "enabling fund raising option up to Rs 5,000 crore including but not limited to QIP, FCCB, convertible securities or any other method and to recommend the same to the shareholders for their approval at ensuing AGM..."
The board at meeting held today also provided an in-principle approval to demerge the company's diagnostic business which includes operations of SRL Ltd, Fortis Healthcare said.

The board has formed a restructuring committee to detail the nuances of the demerger structure, including valuation, share entitlement ratio and other incidental matters and to present the same before it on August 19, 2016 for final approval, it added.
Shares of Fortis Healthcare were today closed 2 per cent down at Rs 186 ascrip on BSE.