Fortis Healthcare Ltd

Fortis Healthcare Ltd

₹ 445 3.39%
22 Apr 11:33 a.m.
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

Network[1]
Fortis operates 27 hospitals (including JVs) with ~4,500 operational beds, 5,500+ Doctors, 6,500+ Nurses and ~24,000 employees (including Agilus). 4 facilities are JCI accredited and 21 NABH Accredited.
**State-wise Beds Split - **
NCR - 1722
West Bengal - 335
Chattisgarh - 70
Karnataka - 620
Maharashtra - 770
Rajasthan - 275
Punjab - 774

  • Market Cap 33,581 Cr.
  • Current Price 445
  • High / Low 470 / 254
  • Stock P/E 62.8
  • Book Value 101
  • Dividend Yield 0.23 %
  • ROCE 9.83 %
  • ROE 7.77 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 41.4% CAGR over last 5 years

Cons

  • Stock is trading at 4.42 times its book value
  • The company has delivered a poor sales growth of 6.67% over past five years.
  • Company has a low return on equity of 4.39% 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

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
1,177 1,252 1,410 1,463 1,467 1,378 1,488 1,607 1,560 1,643 1,657 1,770 1,680
987 1,055 1,135 1,178 1,180 1,157 1,237 1,304 1,283 1,372 1,386 1,440 1,396
Operating Profit 190 197 275 284 287 221 251 303 276 271 272 330 284
OPM % 16% 16% 20% 19% 20% 16% 17% 19% 18% 16% 16% 19% 17%
28 25 322 13 20 13 31 75 26 26 10 18 19
Interest 42 41 38 40 38 30 31 33 33 32 31 32 33
Depreciation 73 72 73 75 76 77 74 77 83 82 79 84 87
Profit before tax 103 110 486 182 193 126 176 268 186 183 171 233 183
Tax % 48% 44% 11% 28% 27% 31% 24% 19% 24% 25% 27% 21% 27%
54 62 431 131 142 87 134 218 142 138 124 184 134
EPS in Rs 0.40 0.57 3.49 1.42 1.55 0.90 1.62 2.71 1.72 1.76 1.48 2.30 1.78
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
2,618 3,042 3,492 3,966 4,199 4,574 4,561 4,469 4,632 4,030 5,718 6,298 6,750
2,290 3,827 3,430 3,857 4,106 4,220 4,287 4,238 4,022 3,626 4,649 5,196 5,593
Operating Profit 328 -785 62 109 92 354 274 231 610 404 1,069 1,101 1,157
OPM % 13% -26% 2% 3% 2% 8% 6% 5% 13% 10% 19% 17% 17%
200 2,169 152 92 299 649 -689 228 126 95 367 157 73
Interest 251 461 250 152 133 229 258 337 205 166 147 129 128
Depreciation 175 229 183 235 225 222 239 233 292 291 301 316 332
Profit before tax 102 694 -219 -185 34 552 -912 -110 239 43 988 814 770
Tax % 36% 25% -5% -2% -24% 13% -2% -103% 62% 230% 20% 22%
67 528 -218 -130 42 479 -934 -224 91 -56 790 633 580
EPS in Rs 1.78 12.34 -4.73 -3.10 0.40 8.14 -19.46 -3.96 0.77 -1.45 7.35 7.80 7.32
Dividend Payout % 0% 0% -0% -1% 0% 0% 0% 0% 0% 0% 0% 13%
Compounded Sales Growth
10 Years: 8%
5 Years: 7%
3 Years: 11%
TTM: 12%
Compounded Profit Growth
10 Years: 16%
5 Years: 41%
3 Years: 107%
TTM: 12%
Stock Price CAGR
10 Years: 16%
5 Years: 25%
3 Years: 27%
1 Year: 62%
Return on Equity
10 Years: 1%
5 Years: 2%
3 Years: 4%
Last Year: 8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 405 405 463 463 463 518 519 755 755 755 755 755 755
Reserves 2,847 3,301 3,820 3,585 3,998 4,626 3,543 5,846 5,906 5,365 5,423 6,487 6,855
Preference Capital 4 674 670 0 0 0 0 0 0 0 0 0
6,863 6,471 1,880 1,784 1,513 2,217 1,962 2,010 1,594 1,531 1,255 926 1,033
2,304 3,336 1,688 1,760 1,257 2,227 2,455 2,875 2,781 3,216 4,082 3,921 4,142
Total Liabilities 12,419 13,514 7,851 7,592 7,232 9,588 8,479 11,486 11,036 10,866 11,516 12,089 12,785
9,180 9,274 4,147 4,218 3,642 5,419 4,992 8,477 8,802 8,799 9,416 9,426 9,637
CWIP 566 244 147 228 226 268 226 450 204 165 193 228 525
Investments 241 1,187 1,817 1,464 1,452 1,878 1,732 270 175 186 104 210 214
2,432 2,808 1,739 1,682 1,913 2,023 1,529 2,290 1,856 1,716 1,803 2,225 2,409
Total Assets 12,419 13,514 7,851 7,592 7,232 9,588 8,479 11,486 11,036 10,866 11,516 12,089 12,785

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
298 1,644 479 24 195 966 493 -179 172 485 865 822
-745 -1,490 2,503 213 122 -1,001 -333 -3,279 63 -131 -501 -372
691 -74 -3,217 -304 -354 259 -672 4,257 -862 -143 -517 -471
Net Cash Flow 244 80 -235 -66 -37 225 -513 799 -627 212 -153 -21

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 76 80 46 38 39 38 38 44 36 41 33 34
Inventory Days 46 43 26 25 23 23 24 22 30 29 33 31
Days Payable 432 413 200 207 218 215 279 296 226 205 178 179
Cash Conversion Cycle -310 -290 -128 -144 -156 -155 -217 -230 -161 -135 -112 -115
Working Capital Days -24 -133 -16 -69 -24 -33 -76 -133 -116 -37 -21 -12
ROCE % 5% 1% 0% -0% 3% 11% 3% 6% 4% 2% 10% 10%

Shareholding Pattern

Numbers in percentages

3 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
31.17% 31.17% 31.17% 31.17% 31.17% 31.17% 31.17% 31.17% 31.17% 31.17% 31.17% 31.17%
30.57% 29.33% 30.08% 29.82% 29.66% 30.59% 31.01% 31.22% 30.03% 26.31% 23.72% 23.24%
15.33% 15.79% 15.67% 16.90% 17.60% 20.02% 20.38% 20.69% 22.17% 26.55% 29.42% 31.14%
22.94% 23.71% 23.08% 22.12% 21.57% 18.22% 17.44% 16.92% 16.65% 15.97% 15.71% 14.44%
No. of Shareholders 1,44,6341,66,7431,54,5721,56,8811,60,7621,58,4551,43,5191,37,8941,35,0471,31,5161,35,6641,57,165

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

Concalls