Fortis Healthcare, leading chain of private hospitals with a network of 28 hospitals with 3300 bed capacity, has recorded consolidated net profit of Rs 20.82 crore during the year ended March 2009 as against a net loss of Rs 55.48 crore in the previous year. Its consolidated income from operations went up by 24.7 per cent to Rs 620.02 crore from Rs 497.15 crore. Fortis Escorts Amritsar and Fortis Escorts Heart Institute led the performance during 2008-09. The cardiac sciences, orthopaedics and neuro sciences segments grew by 36 per cent, 45 per cent and 37 per cent respectively.

The company added three hospitals to its network and entered into international market with acquiring 29 per cent stake in Clinique Darne (now known as Fortis Clinique Darne) in Mauritius. It has strengthen presence in Southern and Western India through addition of Fortis Hospital Seshadripuram, Bengaluru and Fortis Modi Hospital, Kota. Fortis Hiranandani Hospitals at Vashi commenced IPD operations during the last quarter. Recently, the company has taken over management of 280 bedded super specialty S L Raheja Hospital in Mumbai.

Commenting on the results, Shivinder M Singh, managing director said, "The results are testimony to the capabilities built in the company for achieving impressive growth, with a competence to grow and turnaround new additions to our network without losing focus on costs and operating efficiencies. The result reaffirms our faith in our underlying strategy and gives us the confidence that we shall progressively return even better performance."

Its four hospitals got accreditations by NABH. During the year 2008-09, it added new medical programs viz, cardiac, orthopaedics, oncology and IVF in Malar, Mohali, Noida and La femme respectively.

Fortis Healthcare is now planning to raise funds by way of issue of equity shares with warrants on a rights basis aggregating upto Rs 1000 crore. The company so far spends Rs 458.12 crore from its initial public offer proceedings and invested unutilized funds of Rs 38.64 crore in banks fixed deposits. The construction of new oncology block in Noida and super specialty hospital in Gurgaon is underway. The hospital in Shalimar Bagh is in advanced stage of completion.

Though the company recorded better consolidated performance, it incurred a standalone net loss of Rs 7.15 crore during the year ended March 2009 as against the profit of Rs 2.02 crore. Its standalone income improved only by 10.6 per cent to Rs 166.63 crore from Rs 150.64 crore in the 2007-08.