Fortis Q3 net zooms 26-fold to Rs 705.03 cr on RHT listing

Written by PTI | New Delhi | Updated: Feb 13 2013, 06:39am hrs
Fortis Healthcare today reported 26-fold rise in consolidated net profit at Rs 705.03 crore for the quarter ended December, on account of exceptional one-time gain due to listing of Religare Health Trust (RHT) on Singapore Stock Exchange.

It had posted net profit of Rs 27.02 crore for the same quarter of last fiscal, Fortis Healthcare said in a statement.

In October, the company had raised SGD 511 million (about Rs 2,260 crore) through the listing of its subsidiary RHT.

Consolidated total income of the company also rose to Rs 1,538.60 crore for the quarter under consideration as against Rs 605.82 crore for the same period year ago.

"Our results of this quarter reflect the focus of the company in improving its operating performance both in India and Internationally. We continue to improve the margins of our India Hospital business and will retain this focus," Fortis Healthcare Ltd, Group CEO Vishal Bali said.

He added that with the listing of RHT and the divestment of its Dental Corporation business, the company has a healthy and strengthened balance sheet.

"Subsequent to the listing, as a sponsor to the trust, the company continues to hold 28 per cent of the common units of RHT," the company said.

Besides, during the quarter, Fortis Healthcare International Pte Ltd, a subsidiary of Fortis Healthcare, sold 64 per cent stake in Dental Corporation Holdings Ltd (DC), Australia, to Bupa, for 270 million Australian dollars.

The healthcare major said it plans to add another 1,000 beds in the current year as it looks to commission three new hospitals during 2013.

"During the course of the year, three new hospitals would come up, thereby adding another 1,000 beds," Bali said in a conference call.

The three new hospitals would come up at Gurgaon, Chennai and Ludhiana, he added.

When asked if the company is looking to get into medical education, Bali said: "Getting into standalone medical education vertical is an interest area...we would like to get into the sector."

Fortis Healthcare scrip closed at Rs 101.35 on the BSE, up 1.35 per cent from previous close.