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Fortis announces yet another buoyant quarter

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Fortis Healthcare Ltd., one of India’s leading chain of private hospitals with a network of 26 hospitals (including 11 satellite and heart command centres)* with a capacity of ~ 3000 beds, today announced its unaudited consolidated results for the 3rd quarter and 9 months ended 31st December 2008.

Quarter ended 31st December 2008 (Q3 FY09)

  • For the third quarter, the Company reported 33% growth in operating revenue as compared to corresponding quarter in the last fiscal. Aggressive strategies adopted to increase number of facilities and specialties across Fortis network have lead to the buoyant growth.
  • EBIDTA margins for the quarter stood at 18%, up from 15% in the corresponding quarter. On absolute basis the EBIDTA grew by 47%.
  • The net profit stood at Rs 5.1 Crore as compared to a loss of Rs 6.8 Crore in the corresponding quarter last year. On a trailing quarter basis, the net profit before exceptional items grew by 38%.
  • Escorts Delhi completed 20 years in providing tertiary care in the field of Cardiac Sciences. Earlier during the financial year, Escorts was awarded “Super Brand” status by Super Brand India, as acknowledgement of its strong brand equity.

Commenting on the results, Mr. Shivinder Mohan Singh, Managing Director, Fortis Healthcare Ltd., said, “A continuous strong focus on delivering consistent quality care and operating efficiencies across the network is leading to a higher level of patient trust and FORTIS brand recognition. This brand recognition has also led us to expand our network aggressively”.

9 Months ended 31st December 2008 (9MFY09)

  • Operating revenues of the company grew by 22% over the corresponding period to Rs 458 Crore. All the hospitals recorded increase in revenues ranging from 13% to 53%, with notable performance by Amritsar, Mohali, Noida and Escorts Delhi.
  • For the same period, the operating revenues for the entire network hospitals stood at Rs 542 Crore, registering a growth of 24%.
  • EBIDTA grew by 77% from Rs 47 Crore to Rs 83 Crore. EBIDTA margins for the period stood at 17%, up from 12% for the corresponding period.
  • Growth in revenues together with expanded gross margins and optimization of operating costs has resulted into a net profit of Rs 16 Crore as compared to a loss of Rs 45.6 Crore in the corresponding period last year.

The company, in line with its vision to become a globally respected Healthcare Organization, continues to add new hospitals to its network in an aggressive manner. Fortis Clinique Darne a 120 bedded hospital in Mauritius, the first international foray of the Company is expected to provide firsthand experience of managing healthcare delivery in developed market and will go a long way in attracting Medical Value Travel to India.

Consequent to acquisition of majority stake, Fortis Hospital Seshadripuram has started to re-position its medical program in order to add new specialties and elevate the level of medical care. This is Fortis’s second venture in South. With the strategy to expand its network rapidly and to strengthen presence in west, Fortis recently took over the operation and management of a 200 bedded hospital (now known as Fortis Modi Hospital) in Kota.

The overall performance for the period has been encouraging and tracking as per plan with most of the hospitals constantly setting new milestones in terms of operating and financial parameters. The continuous endeavour to deliver high quality medical care coupled with patient centric approach shall remain the core foundation for strengthening the FORTIS Brand