Fortis Healthcare Ltd

About [ edit ]

FHL was incorporated in February 1996. The company’s first healthcare facility became operational in Mohali, Punjab in 2001. It is a leading integrated healthcare service provider in India. The healthcare verticals of the company primarily comprise hospitals, diagnostics and day care specialty facilities. Currently, the company operates its healthcare delivery services in India, Nepal, Dubai and Sri Lanka with 36 healthcare facilities with approximately 4,000 operational beds. #

Company controls its diagnostics business through its 57% owned subsidiary SRL Limited. It is amongst the largest private diagnostics chains. It has a presence in over 600 cities and towns, with an established strength of 415 laboratories, 8,200 direct clients and 1,400 Collection Centers. #

Key Points [ edit ]
  • Market Cap 15,167 Cr.
  • Current Price 201
  • High / Low 227 / 113
  • Stock P/E
  • Book Value 118
  • Dividend Yield 0.00 %
  • ROCE 9.07 %
  • ROE 7.15 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 66.60% CAGR over last 5 years

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 2.82% over past five years.
  • Company has a low return on equity of 3.87% for last 3 years.
  • Earnings include an other income of Rs.290.70 Cr.
  • Promoter holding has decreased over last 3 years: -3.26%

Peer comparison

Sector: Healthcare Industry: Healthcare

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
155 156 163 170 168 179 181 174 168 101 153 184
160 179 184 204 215 157 156 161 160 111 138 157
Operating Profit -6 -23 -21 -34 -47 22 25 13 8 -11 15 27
OPM % -4% -15% -13% -20% -28% 12% 14% 8% 5% -11% 10% 15%
Other Income -34 37 64 71 352 631 58 58 63 104 54 69
Interest 17 29 44 70 49 44 38 37 42 35 36 36
Depreciation 8 7 7 7 6 24 24 24 25 27 28 28
Profit before tax -64 -22 -8 -40 249 584 21 11 4 31 6 32
Tax % 1% 35% 17% -22% 23% 19% 163% -335% -85% 36% 27% 34%
Net Profit -64 -14 -6 -49 192 472 -13 46 8 20 4 21
EPS in Rs -1.23 -0.27 -0.12 -0.65 2.55 6.25 -0.18 0.61 0.11 0.26 0.05 0.28

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
174 210 265 281 353 369 611 612 645 659 656 702 606
166 188 235 277 354 449 759 741 792 704 780 633 566
Operating Profit 8 22 30 5 -1 -80 -149 -130 -147 -45 -123 69 40
OPM % 5% 11% 11% 2% -0% -22% -24% -21% -23% -7% -19% 10% 7%
Other Income 19 41 176 312 191 230 221 170 166 77 522 809 291
Interest 22 22 54 103 134 91 81 65 106 64 192 160 149
Depreciation 12 11 10 12 23 17 27 25 27 29 27 97 108
Profit before tax -7 30 142 201 32 41 -36 -50 -114 -60 180 621 74
Tax % -8% 0% 0% 0% 46% 42% 5% 19% 34% -6% 31% 17%
Net Profit -7 30 142 201 17 24 -34 -40 -75 -64 123 513 53
EPS in Rs -0.23 3.50 4.97 0.43 0.52 -0.73 -0.87 -1.44 -1.23 1.63 6.80 0.70
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years:13%
5 Years:3%
3 Years:3%
TTM:-14%
Compounded Profit Growth
10 Years:38%
5 Years:67%
3 Years:120%
TTM:-100%
Stock Price CAGR
10 Years:2%
5 Years:2%
3 Years:10%
1 Year:62%
Return on Equity
10 Years:2%
5 Years:2%
3 Years:4%
Last Year:7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
239 322 409 410 410 463 463 463 518 519 755 755 755
Reserves 561 1,261 2,610 2,795 2,796 3,247 3,217 3,284 3,754 3,708 7,608 8,122 8,146
Borrowings 285 1,242 449 1,107 1,014 1,279 1,234 1,076 647 555 1,478 1,361 1,391
136 94 110 190 264 171 246 215 242 234 279 343 297
Total Liabilities 1,209 2,914 3,574 4,498 4,478 5,160 5,159 5,039 5,161 5,016 10,120 10,581 10,589
75 72 74 85 118 146 190 172 186 203 180 906 897
CWIP 0 1 5 49 73 121 169 182 199 166 165 33 4
Investments 752 1,395 1,531 2,310 2,406 2,795 2,411 2,428 3,603 3,658 8,310 8,153 8,147
381 1,446 1,964 2,054 1,882 2,097 2,389 2,257 1,174 989 1,466 1,489 1,541
Total Assets 1,209 2,914 3,574 4,498 4,478 5,160 5,159 5,039 5,161 5,016 10,120 10,581 10,589

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
9 16 -0 100 1 -45 -144 -761 22 -15 -61 100
-44 -1,703 -436 -723 312 -521 294 394 -72 245 -4,688 810
76 1,644 469 599 -219 484 -170 370 45 -292 4,792 -972
Net Cash Flow 42 -43 32 -23 95 -82 -20 3 -5 -62 43 -62

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 2% 2% 6% 8% 4% 3% 0% 1% -0% 1% 5% 9%
Debtor Days 94 85 74 81 96 86 57 61 43 39 47 42
Inventory Turnover 22.28 20.76 24.08 22.58 23.84 24.29 26.84 24.08 28.30 23.45 22.25 19.66

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
0.77 0.74 0.24 31.33 31.33 31.17 31.17 31.17 31.17 31.17 31.17 31.17
45.63 52.42 54.47 38.59 39.72 38.77 38.69 43.24 43.13 40.98 41.04 36.83
21.91 19.15 19.35 12.10 11.23 11.62 11.79 6.31 8.45 9.80 10.10 12.19
31.69 27.69 25.94 17.99 17.73 18.44 18.35 19.28 17.25 18.06 17.69 19.81

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