New Delhi: Fortis Healthcare Ltd. on Tuesday reported a consolidated net profit of ₹78 crore for the quarter ended June, bringing some cheer to the company that has been caught in a crossfire in the Daiichi case. The company has posted a net loss of ₹52.8 crore for the corresponding period of the previous fiscal, Fortis healthcare said in a BSE filing.
Consolidated revenue from operations st stood at ₹1,138 crore for the quarter under review as against ₹1,042 crore a year ago.
While calling it an “encouraging start" during the earnings call, Dr Ashutosh Raghuvanshi MD and CEO of Fortis healthcare said that the latest numbers will play out in a healthy start. When asked if the deal between Fortis and IHH Bhd, which is stuck in the Supreme court, has impacted the growth, Raghuvanshi said that the RHT acquisition strengthens the balance sheet of Fortis. “It doesn’t affect the functioning of the company and day to day operations," he said.
Raghuvanshi also said the company has started the process to recover the dues of ₹445 crore from the erstwhile promoters. As reported by Mint in February Fortis Healthcare Ltd had asked the markets regulator to order the arrest of its former promoters, after they failed to return diverted money as directed by the regulator. On 17 October, Securities and Exchange Board of India (Sebi) directed Fortis’s former promoters Singh brothers and various promoter companies to return within 90 days the ₹472 crore that had gone out of Fortis as secured inter-corporate loans.
Ravi Rajagopal, Chairman, Board of Directors, Fortis Healthcare stated: “Fortis today is at an inflexion point with all the building blocks in place for the next phase of growth. We have achieved the much-needed stability in the business and have witnessed an encouraging start to the fiscal year. With IHH as the Company’s largest shareholder and a new management team at the helm, I believe that there is a greater potential for the Company to enhance value for all stakeholders. The Board will continue to support the management to drive performance and accelerate the Company’s growth momentum and at the same time ensure further strengthening of its systems and processes."
On Tuesday, the company's stock on BSE closed 3.79% higher at ₹120.45.
