Healthcare major Fortis Healthcare Ltd on Friday (March 22) said Fortis Hospitals Ltd, a material subsidiary of the company, has received an income tax assessment order, demanding ₹89.53 crore (including interest of ₹9.54 crore).
“This is to inform you that Fortis Hospitals Limited, a material subsidiary of the company has today received an Income tax assessment order dated March 21, 2024, wherein a demand of ₹89.53 crores (including interest of ₹9.54 crore) has been raised. The Company is evaluating the said order and will take appropriate actions in due course,” according to a stock exchange filing.
Fortis Healthcare reported a 3.9% year-on-year (YoY) increase in net profit at ₹135 crore for the third quarter that ended December 31, 2023. In the corresponding quarter last year, Fortis Healthcare posted a net profit of ₹129.6 crore.
The hospital business revenue increased 9.6% versus the corresponding previous quarter, led by a 10.6% increase in ARPOB (average revenue per operating bed) to ₹2.23 crore. ARPOB grew 10.6% to ₹2.23 crore for Q3 of FY24 from ₹2.02 crore in Q3 of FY23.
The company’s revenue from operations increased 7.7% to ₹1,679.7 crore as against ₹1,559.9 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA grew 2.4% to ₹283 crore in the third quarter of this fiscal over ₹276.5 crore in the corresponding period in the previous fiscal. The EBITDA margin stood at 16.9% in the reporting quarter as compared to 17.7% in the corresponding period in the previous fiscal.
Shares of Fortis Healthcare Ltd ended at ₹404.50, up by ₹3.35, or 0.84% on the BSE.
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