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 13,480 Cr.
  • Current Price 179
  • High / Low 185 / 113
  • Stock P/E
  • Book Value 86.0
  • Dividend Yield 0.00 %
  • ROCE 4.54 %
  • ROE 0.88 %
  • Face Value 10.0

Pros

  • Company has reduced debt.

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 3.16% over past five years.
  • Company has a low return on equity of -1.77% for last 3 years.
  • Promoter holding has decreased over last 3 years: -3.26%

Peer comparison

Sector: Healthcare Industry: Healthcare

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
1,086 1,042 1,140 1,103 1,184 1,138 1,212 1,169 1,113 606 995 1,177
1,074 1,034 1,076 1,065 1,069 996 1,028 1,012 987 709 875 987
Operating Profit 13 8 64 38 115 142 184 157 126 -103 120 190
OPM % 1% 1% 6% 3% 10% 12% 15% 13% 11% -17% 12% 16%
Other Income -812 39 -80 -67 344 32 65 9 20 8 34 28
Interest 64 76 85 111 65 51 49 48 57 41 42 42
Depreciation 60 57 56 60 60 71 71 70 80 72 74 73
Profit before tax -923 -87 -157 -201 334 52 130 48 9 -208 38 103
Tax % 1% 39% 9% 10% 55% -49% 4% 244% 549% 10% 59% 48%
Net Profit -932 -71 -167 -197 136 68 111 -76 -45 -179 -4 30
EPS in Rs -17.97 -1.36 -3.21 -2.61 1.80 0.90 1.47 -1.01 -0.59 -2.37 -0.05 0.40
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
631 938 1,496 2,618 3,042 3,492 3,966 4,199 4,574 4,561 4,469 4,632 3,891
545 797 1,436 2,281 2,805 3,445 3,857 4,106 4,222 4,294 4,243 4,023 3,558
Operating Profit 86 141 60 337 237 47 109 92 351 267 226 610 333
OPM % 14% 15% 4% 13% 8% 1% 3% 2% 8% 6% 5% 13% 9%
Other Income 35 49 446 191 1,147 167 92 299 652 -682 233 127 91
Interest 44 57 250 251 461 250 152 133 229 258 337 205 182
Depreciation 49 60 104 175 229 183 235 225 222 239 233 292 299
Profit before tax 28 73 152 102 694 -219 -185 34 552 -912 -110 239 -58
Tax % 15% 5% 10% 36% 25% -5% -2% -24% 13% -2% -103% 62%
Net Profit 21 69 124 72 500 -219 -144 18 422 -1,009 -299 58 -197
EPS in Rs 0.66 3.07 1.78 12.34 -4.73 -3.10 0.40 8.14 -19.46 -3.96 0.77 -2.61
Dividend Payout % 0% 0% 0% 0% 0% -0% -1% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years:17%
5 Years:3%
3 Years:0%
TTM:-17%
Compounded Profit Growth
10 Years:-0%
5 Years:19%
3 Years:-48%
TTM:-207%
Stock Price CAGR
10 Years:2%
5 Years:1%
3 Years:3%
1 Year:16%
Return on Equity
10 Years:-1%
5 Years:1%
3 Years:-2%
Last Year:1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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
239 322 412 410 1,080 1,133 463 463 518 519 755 755 755
Reserves 832 1,565 2,879 2,847 3,301 3,820 3,585 3,698 4,626 3,543 5,846 5,906 5,735
Borrowings 479 5,471 985 6,863 6,471 1,880 1,784 1,513 2,217 1,962 2,010 1,594 1,570
281 358 496 2,304 3,336 1,688 1,760 1,557 2,227 2,455 2,875 2,781 3,051
Total Liabilities 1,819 7,711 4,765 12,419 13,514 7,851 7,592 7,232 9,588 8,479 11,486 11,036 11,112
1,217 2,102 2,524 9,180 9,274 4,147 4,218 3,642 5,419 4,992 8,477 8,802 8,826
CWIP 184 426 258 566 244 147 228 226 268 226 450 204 184
Investments 54 3,448 98 241 1,187 1,817 1,464 1,452 1,878 1,732 270 175 182
364 1,735 1,885 2,432 2,808 1,739 1,682 1,913 2,023 1,529 2,290 1,856 1,920
Total Assets 1,819 7,711 4,765 12,419 13,514 7,851 7,592 7,232 9,588 8,479 11,486 11,036 11,112

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
48 132 -82 298 1,644 479 24 195 966 493 -179 172
-98 -4,501 2,178 -745 -1,490 2,503 213 122 -1,001 -333 -3,279 63
92 5,616 -3,240 691 -74 -3,217 -304 -354 259 -672 4,257 -862
Net Cash Flow 43 1,247 -1,144 244 80 -235 -66 -37 225 -513 799 -627

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 % 4% 3% 1% 5% 1% 0% -0% 3% 12% 3% 6% 5%
Debtor Days 77 61 47 76 80 46 38 39 38 38 44 36
Inventory Turnover 16.49 15.57 17.35 13.31 10.02 12.63 16.48 16.92 18.06 17.07 16.70 15.86

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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