Fortis Healthcare reported a 22% year-on-year decline in net profit to Rs 197 crore for the third quarter, reflecting margin pressures and higher operating costs despite stable patient volumes. The hospital chain faced elevated input expenses and normalization effects following a strong prior-year performance. While revenues remained resilient, profitability was tempered by rising manpower costs and investment in clinical infrastructure. Analysts suggest the earnings dip highlights the sector’s sensitivity to cost inflation and competitive intensity.