Fortis Healthcare posts Q1 net profit of Rs 431 crore

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Fortis Healthcare on Friday reported a consolidated net profit of Rs 430.61 crore for the first quarter ended June 30, 2021.

The company had posted a consolidated net loss of Rs 187.88 crore in the same quarter last fiscal, Fortis Healthcare said in a regulatory filing.

Consolidated revenue from operations stood at Rs 1,410.31 crore in the first quarter of this fiscal as against Rs 605.95 crore in the year-ago period.

The consolidated results include an exceptional gain of Rs 306 crore on remeasurement of the previously held equity interest of diagnostic chain SRL (owned by Fortis Healthcare) in the SRL-DDRC joint venture at its fair value post acquisition of the balance 50 per cert stake in the JV in April 2021, the company said in a statement.

Fortis Healthcare Chairman Ravi Rajagopal said,”The second wave of the pandemic in Q1 FY22 witnessed the company reserving approximately 50 per cent of its operational bed capacity and making all efforts to provide the best possible care for its patients.” The recovery in business in the latter half of Q1 enabled the company to maintain traction in its investment plans in the hospital business, he added.

Fortis Healthcare Managing Director and CEO Ashutosh Raghuvanshi said month-on-month non-Covid occupancy