Fortis Healthcare, a prominent player in the healthcare sector, reported a significant 46.9 percent year-on-year increase in consolidated net profit for the fourth quarter of fiscal year 2024 (Q4 FY24), reaching Rs 203.14 crore, compared to Rs 138.30 crore in the same period the previous year, as per data from the Bombay Stock Exchange (BSE).
The company's operational revenue saw an 8.7 percent year-on-year rise in Q4 FY24, amounting to Rs 1,786 crore, up from Rs 1,643 crore reported in Q4 FY23.
Fortis Healthcare's operational Ebitda margin for the March quarter improved to 21.3 percent, up from 16.5 percent in the same quarter of the previous fiscal year.
Sequentially, the company showcased a 51 percent increase in net profits, with revenue rising by 6 percent.
For the entire FY24, Fortis Healthcare recorded a 1.9 percent year-on-year increase in consolidated net profit and a 9.5 percent rise in revenue, reaching Rs 645 crore and Rs 6,893 crore, respectively.
In Q4 FY24, the hospital business revenues surged by 10.3 percent year-on-year to Rs 1,490 crore, while diagnostic business revenues experienced a modest 1.3 percent increase year-on-year, totaling Rs 296 crore.
Fortis Healthcare reported a 10.3 percent increase in average revenue per occupied bed (ARPOB) in Q4 FY24. Revenue from international patients grew by 9 percent year-on-year to Rs 124 crore during the March quarter, making up 7.9 percent of the overall hospital business revenue, slightly down from 8.1 percent in the same quarter last year.
The company's board has recommended a final dividend of Re 1 per equity share of the face value of Rs 10 each for FY24, pending shareholder approval at the upcoming annual general meeting.
Commenting on the annual results, Dr. Ashutosh Raghuvanshi, Managing Director and CEO of Fortis Healthcare, highlighted the strong performance driven by the hospital business. "Our consolidated topline increased by 9.5 percent to Rs 6,893 crore, and our operating profitability, represented by Ebitda, rose by 15.1 percent to Rs 1,268 crore for FY24," he stated.
Discussing expansion plans, Ravi Rajagopal, Chairman of the Board, noted the addition of 246 beds across their network in FY24 and the strategic divestment of two underperforming assets in Chennai. "We are on track with plans to increase our current bed capacity, which could bring the total to 5,948 beds in the next few years," he added.
The financial results were announced post-market hours. On Thursday, Fortis Healthcare's stock dipped by 0.07 percent, closing at Rs 469.15 per share on the BSE.
Read also | SAIL's Q4 Profit Slips 2%, Reaches Rs 1,126 Cr; FY24 Net Profit Climbs to Rs 3,066 Cr
Read also | Vodafone Idea Secures Rs 2,075 Crore Through Preferential Share Allotment to AB Group
