New Delhi: Fortis Healthcare reported that its net profit in the fourth quarter of 2023 reached Rs 138 million, up 59% year-on-year, due to improved occupancy rate of its hospital business and increased number of surgeries.
The healthcare provider reported a net profit of Rs 87 million in the same period last year.
Earnings Before Interest, Taxes, Depreciation and Amortization Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) increased by 25% year-on-year to Rs.285 million. The EBITDA margin increased by 80 basis points to 17.3%.
Hospital revenue, which accounts for over 80% of total revenue, increased by 29.7% YoY to Rs 135 billion. Revenue from diagnostics decreased by 13.3% year-on-year to Rs.
Occupancy reached 67% for both the quarter and full year, compared to 59% and 63% for the corresponding periods to date. Average Revenue Per Occupied Bed (ARPOB) increased by 11.5% in both Q4 2023 to Rs 574.76 billion.
“We remain well-positioned for our next phase of growth, including the expansion of Brownfield Beds to expand and build larger facilities, which will allow us to extract higher operating leverage from our business. is possible,” said Ravi. Rajagopalchairman, board of directors, Fortis Healthcare.
“We are also on track with our portfolio optimization strategy, which allows us to reallocate capital from non-core and underperforming assets to assets in key geographical clusters. Proven by buying a hospital. Gurugram NCR has a potential bed capacity of 350 beds.” Rajagopal Added.
“Our plan is FMRI, Shalimar Berg, Mulund, Mohali We are on track to add over 500 beds each over the next few years, adding a cumulative total of nearly 1,400 beds,” said Dr. Ashutosh Raghuvanshi, M.D. and CEO. Fortis Healthcare.
