Fortis Healthcare announced Q1FY24 results: Consolidated revenues for Q1FY24 at Rs 1,657 crore vs Rs 1,488 crore in Q1FY23, a growth of 11.4% Consolidated operating EBITDA at Rs 273 crore versus Rs 251 crore, a growth of 8.7% PBT before exceptional items at Rs 169 crore versus Rs 176 crore PAT before exceptional items at Rs 122 crore versus Rs 134 crore Diagnostics business of the company was renamed “Agilus Diagnostics Limited” Board of Fortis & Agilus has approved for Agilus to initiate an initial public offer process, by way of an offer for sale Company divests its hospital business at Vadapalani, Chennai, to enhance focus on key strategic clusters. Ravi Rajagopal, Chairman, Board of Directors, Fortis Healthcare stated, “For Q1FY24, our consolidated revenues grew 11.4% to Rs 1,657.4 crore while our operating margins stood at 16.5% similar to trailing quarter and marginally lower than Q1FY23. More importantly and signifying our intent to move forward, the quarter witnessed key strategic corporate actions related to both our hospitals and diagnostic business. On the hospital side, our portfolio rationalization strategy gained momentum with the divestment of our loss-making Arcot Road facility in Chennai in July 2023. With an impetus on inorganic growth, we acquired a 350 bedded hospital in Manesar, Gurugram, enabling us to further augment our presence in Delhi-NCR. This we expect to close shortly. Our plans for brownfield bed expansion of close to 1400 beds in the next 2-3 years, increasing our focus on key medical specialties such as oncology and attracting the right clinical talent remain on track. We have initiated the name change of the diagnostics business which is now known as Agilus Diagnostics Limited. I’m also pleased to share that the Board of Fortis and Agilus, today, have granted approval for Agilus to initiate an initial public offer process, by way of an offer for the sale of its equity shares, subject to receipt of requisite approvals, market conditions and other considerations.” Result PDF