Fortis Healthcare Ltd

₹ 287 -1.56%
07 Dec - close price
About

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. [1]

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. [2]

Key Points

Reduction in Shareholding Pattern
The erstwhile promoters, Shivender Singh and Malvinder Singh who started the company in 1996 owned a 34% stake in Fortis but due to huge personal debts and litigations, their shareholding reduced to less than 1%.

  • Market Cap 21,652 Cr.
  • Current Price 287
  • High / Low 325 / 220
  • Stock P/E 46.4
  • Book Value 92.0
  • Dividend Yield 0.00 %
  • ROCE 10.8 %
  • ROE 6.12 %
  • Face Value 10.0

Pros

Cons

  • Stock is trading at 3.12 times its book value
  • The company has delivered a poor sales growth of 4.57% over past five years.
  • Company has a low return on equity of 2.00% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Healthcare Industry: Healthcare

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
1,212 1,169 1,113 606 995 1,177 1,252 1,410 1,463 1,467 1,378 1,488 1,607
1,028 1,012 987 709 875 987 1,055 1,135 1,178 1,180 1,157 1,237 1,304
Operating Profit 184 157 126 -103 120 190 197 275 284 287 221 251 303
OPM % 15% 13% 11% -17% 12% 16% 16% 20% 19% 20% 16% 17% 19%
65 9 20 8 34 28 25 322 13 20 13 31 75
Interest 49 48 57 41 42 42 41 38 40 38 30 31 33
Depreciation 71 70 80 72 74 73 72 73 75 76 77 74 77
Profit before tax 130 48 9 -208 38 103 110 486 182 193 126 176 268
Tax % 4% 244% 549% 10% 59% 48% 44% 11% 28% 27% 31% 24% 19%
Net Profit 124 -69 -41 -188 15 54 62 431 131 142 87 134 218
EPS in Rs 1.47 -1.01 -0.59 -2.37 -0.05 0.40 0.57 3.49 1.42 1.55 0.90 1.62 2.71
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
1,496 2,618 3,042 3,492 3,966 4,199 4,574 4,561 4,469 4,632 4,030 5,718 5,940
1,434 2,290 3,827 3,430 3,857 4,106 4,220 4,287 4,238 4,022 3,626 4,649 4,878
Operating Profit 62 328 -785 62 109 92 354 274 231 610 404 1,069 1,062
OPM % 4% 13% -26% 2% 3% 2% 8% 6% 5% 13% 10% 19% 18%
444 200 2,169 152 92 299 649 -689 228 126 95 367 138
Interest 250 251 461 250 152 133 229 258 337 205 166 147 132
Depreciation 104 175 229 183 235 225 222 239 233 292 291 301 305
Profit before tax 152 102 694 -219 -185 34 552 -912 -110 239 43 988 764
Tax % 10% 36% 25% -5% -2% -24% 13% -2% -103% 62% 230% 20%
Net Profit 129 67 528 -218 -130 42 479 -934 -224 91 -56 790 581
EPS in Rs 3.07 1.78 12.34 -4.73 -3.10 0.40 8.14 -19.46 -3.96 0.77 -1.45 7.35 6.78
Dividend Payout % 0% 0% 0% -0% -1% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 8%
5 Years: 5%
3 Years: 9%
TTM: 12%
Compounded Profit Growth
10 Years: 19%
5 Years: -2%
3 Years: 65%
TTM: 68%
Stock Price CAGR
10 Years: 10%
5 Years: 14%
3 Years: 28%
1 Year: 5%
Return on Equity
10 Years: 0%
5 Years: 0%
3 Years: 2%
Last Year: 6%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
412 410 1,080 1,133 463 463 518 519 755 755 755 755 755
Reserves 2,879 2,847 3,301 3,820 3,585 3,698 4,626 3,543 5,846 5,906 5,365 5,423 6,193
985 6,863 6,471 1,880 1,784 1,513 2,217 1,962 2,010 1,594 1,531 1,255 1,231
496 2,304 3,336 1,688 1,760 1,557 2,227 2,455 2,875 2,781 3,216 4,082 4,099
Total Liabilities 4,765 12,419 13,514 7,851 7,592 7,232 9,588 8,479 11,486 11,036 10,866 11,516 12,278
2,524 9,180 9,274 4,147 4,218 3,642 5,419 4,992 8,477 8,802 8,799 9,416 9,555
CWIP 258 566 244 147 228 226 268 226 450 204 165 193 237
Investments 98 241 1,187 1,817 1,464 1,452 1,878 1,732 270 175 186 104 151
1,885 2,432 2,808 1,739 1,682 1,913 2,023 1,529 2,290 1,856 1,716 1,803 2,334
Total Assets 4,765 12,419 13,514 7,851 7,592 7,232 9,588 8,479 11,486 11,036 10,866 11,516 12,278

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-82 298 1,644 479 24 195 966 493 -179 172 485 865
2,178 -745 -1,490 2,503 213 122 -1,001 -333 -3,279 63 -131 -501
-3,240 691 -74 -3,217 -304 -354 259 -672 4,257 -862 -143 -517
Net Cash Flow -1,144 244 80 -235 -66 -37 225 -513 799 -627 212 -153

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 47 76 80 46 38 39 38 38 44 36 41 33
Inventory Days 24 46 43 26 25 23 23 24 22 30 29 33
Days Payable 157 432 413 200 207 218 215 279 296 226 205 178
Cash Conversion Cycle -85 -310 -290 -128 -144 -156 -155 -217 -230 -161 -135 -112
Working Capital Days 187 -24 -133 -16 -69 -24 -33 -76 -133 -119 -37 -22
ROCE % 1% 5% 1% 0% -0% 3% 12% 3% 6% 5% 3% 11%

Shareholding Pattern

Numbers in percentages

12 recently
Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
31.17 31.17 31.17 31.17 31.17 31.17 31.17 31.17 31.17 31.17 31.17 31.17
43.24 43.13 40.98 41.04 36.83 34.42 30.57 29.33 30.08 29.82 29.66 30.59
6.31 8.45 9.80 10.10 12.19 13.57 15.33 15.79 15.67 16.90 17.60 20.02
19.28 17.25 18.06 17.69 19.81 20.84 22.94 23.71 23.08 22.12 21.57 18.22

* The XBRL reporting format changed from Sep'2022 onwards. The new format added details about banks and foreign portfolio investors. These were not available earlier.
The sudden increase in FII or DII might be because of these changes.

Please click on the line-items to see the names of individual entities.

Documents

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