Latest News | Metropolis Healthcare Q3 Net Dips 30 Pc at Rs 41 Cr

New Delhi, Feb 11 (PTI) Metropolis Healthcare on Friday said its net profit declined 29.69 per cent to Rs 41.2 crore for the third quarter ended December 31, 2021.

The diagnostics chain had reported a net profit of Rs 58.6 core in the same period of previous fiscal.

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Revenues, however, increased to Rs 293.1 crore in the period under review as against Rs 274.7 crore in the same period of 2020-21 fiscal, Metropolis Healthcare said in a statement.

"We have been able to grow our non-COVID revenue despite a sharp drop in volumes from a government contract. We have made increased investments in digital and marketing, manpower & customer experience initiatives in order to strengthen our brand. This has impacted margins which we believe is a short-term phenomenon," Metropolis Healthcare Promoter and Managing Director Ameera Shah noted.

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The company has been able to successfully complete the acquisition of Hitech Diagnostics during the third quarter which will enable it to scale up business, improve the B2C revenue contribution and tap the value end of the market, she added.

The company said its board has declared an interim dividend of Rs 8 per share for the financial year 2021-22.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)