You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Fortis Healthcare slips after dismal Q4 performance

Topics
Business Finance

Capital Market 

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.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, June 18 2020. 09:20 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU