Fortis Healthcare has reported a 69% drop in consolidated net profit at Rs 134 crore for the June quarter of FY23. The healthcare major registered a net profit of Rs 431 crore for the quarter, including an exceptional gain of Rs 306 crore.
Revenues stood at Rs 1,488 crore, compared to Rs 1,410 crore in the year-ago period. According to the company’s chairman Ravi Rajagopal, “With COVID diminishing, hospital business has shown a strong uptrend pertaining to the diagnostics business which has seen a decline in volumes due to a higher COVID-led base in both first and fourth of FY22.
The chairman further said that Fortis continues strengthening the business by adding beds, onboarding clinical talent and expanding medical programmes. The next growth stage would be driven by a brownfield expansion strategy which would see around 1,500 beds coming on stream in the next few years, mainly in key existing Fortis facilities.
This, accompanied by an emphasis on digital initiatives in medical and non-medical related aspects, should enable the healthcare firm to fortify its longer-term business prospects.