February 11, 2010

Hospital chain Fortis aims to be $1-bn entity in 3-4 yrs

Hospital chain Fortis Healthcare today said it aims to become a billion dollar company in the next three to four years on the back on ongoing expansions.

"Our targets should now shift from number of hospitals in cities and states to revenue based-targets and we hope that over the next couple of years, we get to billion dollar revenue as a company," Fortis Healthcare Managing Director Shivinder Mohan Singh said in a conference call while announcing the results.

The company, which is currently undergoing expansion across the country besides adding bed capacities through the acquisitions of Wockhardt Hospitals and Malar Hospitals, has a network of 45 hospitals with a capacity of 6,600 beds.

Singh, however, did not specify by how much the hospital chain's bed capacity will rise in the next three-four years.

In the nine month-period of the ongoing fiscal, Fortis Healthcare has reported a revenue of Rs 608.4 crore with a profit of Rs 43.3 crore.

Last fiscal, the firm's total revenues stood at Rs 630 crore.

Earlier in 2007, Fortis had set a target of having 6,000 beds and 40 hospitals by 2012. However, with the help of the acquisition of 10 hospitals from Wockhardt, it has achieved the target.

"As a company, Fortis has always met the target ahead of schedules and this time also we would try to do it in the next three-four years," Singh said.

Last year, making a largest ever deal in the India's healthcare segment, Fortis acquired 10 hospitals, including two under-construction units from the debt-ridden Wockhardt Group for Rs 909 crore. In 2008, it had acquired the Chennai-based Malar hospitals for Rs 34.6 crore.

Speaking about the company's plans for Wockhardt hospitals, Singh said, in the next three-four months, these would be branded as Fortis group hospitals.

"We would form a subsidiary as Fortis Hospitals, which would be headed by Malvinder Mohan Singh and all the 10 hospitals would be placed under this subsidiary," he said.

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