Indian private hospital network Fortis Healthcare has reported a net profit of Rs1.34bn ($16.14m) for the third quarter (Q3) of fiscal 2024 (FY24), a 5.6% fall from Rs1.42bn in Q3 2023.

For the three months to 31 December 2023, the company’s consolidated revenue was Rs16.8bn, which was 7.7% higher than the Rs15.6bn reported a year earlier.

Its consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) for Q3 2024 amounted to Rs2.84bn, against Rs2.76bn in Q3 2023.

Fortis’ Hospital business revenues for the quarter were Rs13.9bn, up by 9.6% from the prior-year period, while the business’ operating EBITDA rose 18.8% from Rs2.11bn to Rs2.51bn year-on-year.

Fortis’ Diagnostics business reported gross revenues of Rs3.31bn in the three months under review, down from Rs3.32bn in Q3 2023.

The company’s occupancy rates declined to 64% in Q3 2024 from 66.1% in Q3 2023, due to an increase of around 100 in operational beds, while the number of occupied beds remained constant year-on-year.

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By GlobalData

Despite this, Fortis said that its occupancy levels were similar on a like-to-like basis.

For the nine months to December, Fortis’ consolidated revenues stood at Rs51.07bn, a 9.7% increase from Rs46.54bn a year ago.

The company’s Hospital business saw its revenues for the nine-month period grow by 11.7% from Rs37.57bn to Rs41.96bn year-on-year.

Its Diagnostic business’ gross revenues for the same period were Rs10.34bn, up from Rs10.15bn in the prior year.

Fortis Healthcare managing director CEO Dr Ashutosh Raghuvanshi said: “The healthy performance in our Hospital business, which contributes 88% to overall our consolidated EBITDA, has largely offset the muted performance of the diagnostics business.

“Our expansion strategy continues to focus on deepening our cluster presence with launch of a new 70-bed facility in Ludhiana.

“Our efforts on digital transformation are progressing well, with Electronic Medical Records programme implementation underway and revenues from digital channels witnessing a robust growth in excess of 30%.”