Fortis Malar Hospitals Reports Profit of Rs 417.65 Crore in Q1 After Business Sale
Fortis Malar Hospitals Limited reported a profit after tax of Rs 417.65 crore for the quarter ended June 30, primarily due to other income of Rs 460.72 crore following the sale of its business operations. The company has no current business operations but maintains a strong financial position with cash and cash equivalents of approximately Rs 3,232.39 crore. Management is evaluating corporate restructuring options for future action. The company's subsidiary, Malar Stars Medicare Limited, converted to a Section 8 Company. Fortis Malar has filed appeals against various tax demands and reversed a provision of Rs 408.20 crore towards earlier minimum wages payable.