Ravi Rajagopal, the Chairman and Non-Executive Independent Director of Fortis Healthcare, on Tuesday announced that he is stepping down from the directorship of the Company.
The company cited his expanded board commitments, in the UK and other regions, in its exchange filing on Tuesday.
“The Company further wish to mention that consequent to his resignation as Chairman of Board and Non- Executive Independent Director, Mr. Ravi Rajagopal ceases to be a member of Corporate Social Responsibility Committee of the Company,” it stated.
“I, Ravi Rajagopal, Independent Director and Chairman, hereby tender my resignation from the Board of the esteemed organization effective from closing business hours of September 30, 2024, due to my expanded board commitments, in the UK and other regions,” Rajagopal said in his resignation.
He further added:” I further confirm that there is no other reason of my resignation, other than as stated above.”
On Tuesday, the company also announced its unaudited consolidated financial results for the quarter ended June 30, 2024. Fortis Healthcare reported its fiscal first quarter earnings with profit at Rs 173.98 crore, up 40.4 per cent in comparison to Rs 123.95 crore during the corresponding quarter of FY24. It posted revenue from operations at Rs 1858.90 crore, up 12.2 per cent as against Rs 1657.41 crore recorded during the same period of previous financial year. The company EBITDA stood at Rs 342.5 crore, up 25.7 per cent on-year.
Meanwhile, the company’s net debt as of 30th June 2024 stood at Rs 308 crore with a net debt to EBITDA of 0.22x as compared to the 0.35x as on 30th June 2023 (basis Q1 annualized EBITDA). Net debt to equity was at 0.04x versus 0.05x as on 30th June 2023.
