Fortis Healthcare's web revenue fell 5.6% in Q3 2024
Indian personal hospital community Fortis Healthcare has reported a web revenue of Rs1.34 billion ($16.14 million) for the third quarter (Q3) of fiscal yr 2024 (FY24), down 5.6% from Rs1.42 billion in Q3 2023.
For the three months ended December 31, 2023, the corporate's consolidated revenues stood at Rs16.8 billion, which was 7.7% greater than the Rs15.6 billion reported a yr earlier.
Consolidated earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) for Q3FY24 stood at Rs2.84 billion, up from Rs2.76 billion in Q3FY23.
Income from Fortis' hospital enterprise stood at Rs13.9 billion this quarter, up 9.6% from the identical interval final yr, whereas the corporate's working EBITDA rose 18.8% to Rs2 from Rs2.11 billion .51 billion yearly.
Fortis's Diagnostics enterprise reported product sales of Rs3.31 billion within the interval beneath evaluate, down from Rs3.32 billion in Q3FY23.
The corporate's occupancy fee decreased from 66.1% within the third quarter of 2023 to 64% within the third quarter of 2024, attributable to a rise of roughly 100 operational beds, whereas the variety of occupied beds remained fixed year-on-year .
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Regardless of this, Fortis mentioned occupancy charges have been comparable on a like-for-like foundation.
For the 9 months by way of December, Fortis' consolidated revenues stood at Rs51.07 billion, up 9.7% from Rs46.54 billion a yr in the past.
The corporate's hospital enterprise noticed its revenues develop by 11.7% over the nine-month interval, from Rs37.57 billion to Rs41.96 billion year-on-year.
Gross revenues from the diagnostics enterprise for a similar interval stood at Rs10.34 billion, in comparison with Rs10.15 billion within the earlier yr.
Dr. Ashutosh Raghuvanshi, managing director of Fortis Healthcare, mentioned: “The wholesome efficiency of our hospital enterprise, which contributes 88% to our whole consolidated EBITDA, has largely offset the weak efficiency of the diagnostic enterprise.
“Our growth technique continues to deal with deepening our cluster presence with the launch of a brand new 70-bed facility in Ludhiana.
“Our digital transformation efforts are progressing properly, with the implementation of the Digital Medical Information program underway and digital channel revenues witnessing sturdy progress of over 30%.”