Fortis Q4 net loss at Rs 91cr; board to consider SRL demerger

Fortis Healthcare today reported a consolidated net loss of Rs 90.86 crore for the quarter ended March 31, 2016 even as the company's board decided to consider demerger of diagnostics business in addition to other options to monetise its inherent value.
The company had posted a net loss after taxes, minority interest and share of profit of associates of Rs 17.53 crore in the corresponding period of the preceding fiscal, Fortis Healthcare said in a filing on BSE.
Consolidated total income from operations stood at Rs 1,088.29 crore for the quarter under consideration. It was Rs 1,063.73 crore for the same period a year ago.

In a separate filing, the company said that its "board has decided to assess and evaluate a demerger of the diagnostics business of the company in addition to other options that may be available to unlock and monetize value inherent in this business".
The same is subject to finalisation by the Board and other stakeholders, it added.
The results for FY16 and Q4 FY16 are not comparable with the corresponding previous period due to progressive divestments of the company's international businesses, Fortis Healthcare said.

Fortis Healthcare CEO Bhavdeep Singh said: "Our focus during the year has been on delivering clinical excellence and superior patient care... I am confident that we are moving in the right direction and will continue to record gains as we go forward."

In the conference call, Singh said: "The company plans to add 250 to 300 beds during the fiscal year in the existing hospitals".
For the fiscal year ended March 31, 2016 the consolidated net loss of the company stood at Rs 24.85 crore. It was Rs 143.70 crore for the year ago fiscal.
Consolidated total income from operations of the company for the recently concluded fiscal year were at Rs 4,275.75 crore. It was Rs 4,140.13 crore for the previous fiscal year.
Shares of Fortis Healthcare today closed 2.99 per cent up at Rs 173.70 per scrip on BSE.