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Fortis Healthcare cuts its net loss to Rs.17.5 cr in Q4

Our Bureau, MumbaiThursday, May 28, 2015, 17:50 Hrs  [IST]

Fortis Healthcare, a Rs.4,050 crore plus healthcare company from Gurgaon, is still under pressure during the fourth quarter ended March 2015. The company has reduced its consolidated net loss to Rs.17.53 crore from Rs.77.31 crore as it registered higher income of Rs.1,049 crore as against Rs.928 crore in the corresponding quarter of last year. Its EBIDTA, however, improved significantly to Rs.76.43 crore from Rs.12.72 crore. EPS still worked out to negative Rs.0.38 as against negative Rs.1.71 in the last period.

Fortis' consolidated net income for the full year ended March 2015 declined by 13 per cent to Rs.4,089 crore from Rs.4,702 crore in the previous year. Its other income declined to Rs.98.74 crore from Rs.170.59 crore. With lower net income, its EBIDTA also declined to Rs.233 crore from Rs.707 crore. The company incurred a net loss of Rs.143.70 crore as against a net profit of Rs.122.54 crore. Its interest cost worked out to Rs.153.34 crore as against Rs.316.33 crore. It provided total exceptional income of Rs.353.34 crore in the previous year on account of gain on dilution of stake in Quality Healthcare, Hong Kong of Rs.424.16 crore.

Fortis Healthcare's Indian consolidated business improved by 14 per cent to Rs.3,928 crore. The Average Revenue per Occupied Bed (ARPOB) stood at Rs.1.26 crore as compared to Rs.1.12 crore in the previous year. Its diagnostics business in India registered growth of 11 per cent to Rs.722 crore.

Shivinder M Singh, executive vice chairman, said, “With the improvement in margins for the fourth successive quarter and the overall enhancement in the operating and financial indices of our business, I believe we have set in motion a number of sustainable programs towards becoming PAT positive in the near future.”

The net debt of the company was at Rs.1,183 crore. The top 10 facilities contributed approx 76 per cent of the hospital business revenue. Most facilities including the larger ones at Mohali, B G Road, Mulund, FMRI, Noida, Shalimar Bagh, Anandpur and Vashi, continued to show good growth momentum both in revenues and operating margins.

 
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