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Fortis Health Q2 net up 5-fold on Parkway Holding stake sale
Shivinder and Malvinder Mohan Singh promoted Fortis Healthcare registered a net profit of Rs 74.8 crore for the second quarter of the current financial year, a jump of 481.4%.
Shivinder and Malvinder Mohan Singh promoted Fortis Healthcare registered a net profit of Rs 74.8 crore for the second quarter of the current financial year, a jump of 481.4%.
The healthcare major had reported a net profit of Rs 13.0 crore in the corresponding period of the previous fiscal. The hospital’s net profit for the second quarter was bolstered by Rs 53.9 crore that the company earned by selling its stake in the Singapore-based hospital chain Parkway investments.
The company’s total income during the July-September period increased to Rs 357.86 crore from Rs 190.49 crore in the corresponding period of the previous fiscal — an 87.9% increase.
“The last quarter has been very exciting for us with increasing footholds in both Indian and overseas markets,” Shivinder Mohan Singh, managing director, Fortis Healthcare said.
The company also said the impressive performance at its facilities in Noida, Mohali and Malar among other centers has helped in boosting profits.
The company also plans to invest around R650 crore in the next one and a half years, part of the sum would help in adding another 2,000 beds.
At present, the company, which is planning to expand in the smaller cities, has 6,000 operational beds across its 49 healthcare centres in the country. The hospital major said it would open seven to eight new healthcare centers in the next two years.
