home | investor relations | pressroom | careers | contact us emergency services
  News & Events  
 
home > about us > news & events > news releases
 
 
News Releases

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th JUNE, 2007

FORTIS HEALTHCARE LIMITED
Regd. Office: Piccadily House, 275-276 4th Floor, Captain Gour Marg
Srinivas Puri, New Delhi – 110065
Consolidated- Total Income: 10% EBITDA: 40% Operating margins: 2.55%
(Rs. In Lacs)
  Particulars Consolidated Stand-Alone
Quarter Ended June 30th Year Ended Quarter Ended June 30th Year Ended
2007 2006 March 31st, 2007 2007 2006 March 31st, 2007
(Unaudited) (Unaudited) (Audited) (Unaudited) (Unaudited) (Audited)
1. Net Sales/income from operations 12,678.46 12,013.71 51,235.39 3437.55 2909.19 12302.21
2. Other income 785.64 189.48 1,305.12 807.63 110.41 979.31
  Total Income 13,464.10 12,203.19 52,540.51 4,245.18 3,019.60 13,281.52
3. Total expenditure            
  a) Consumption of Materials 4,261.75 4,051.69 17,610.70 1,269.74 1,085.22 4,837.91
  b) Staff cost 3,302.81 3,326.68 13,744.75 731.67 791.72 2,809.83
  c) Operating Expenses 2,940.21 2,658.94 10,559.47 860.38 721.81 3,086.60
  d) Other Expenditure 1,347.17 1016.10 4,656.30 334.20 389.73 1,361.71
  Total expenditure 11,851.94 11,053.41 46,571.22 3,195.99 2,988.48 12,096.05
4. Profit before Interest, Depre-ciation and Tax 1,612.16 1,149.78 5,969.29 1049.19 31.12 1185.47
5. Interest - Including Financial Expenses 1,704.31 1,462.97 6,600.43 1,102.96 1,141.08 4,964.82
6. Cash Profit(+)/ Loss(-) before Tax (92.15) (313.19) (631.14) (53.77) (1,109.96) (3,779.35)
7. Depreciation & Amortization 2,064.20 1,988.31 8,380.42 267.87 265.43 1,057.04
8. Profit(+)/Loss(-) before Tax (2,156.35) (2,301.50) (9,011.56) (321.64) (1,375.39) (4,836.36)
9. Provision for taxation            
  a) Current tax 14.57 182.40 868.37 - - -
  b) Deferred Tax Credit / (Charge) 192.19 (49.67) (263.82) - - -
  c) Fringe benefit tax 30.76 21.11 123.39 8.50 5.76 32.47
10. Net Profit(+)/Loss(-) before reversal of Deferred Tax Asset of earlier years (2,393.87) (2,455.34) (9,739.50) (330.14) (1381.15) (4,868.86)
11. Reversal of Deferred Tax Assets created in previous years 1,278.22 - - - - -
12. Net Profit / (Loss) before minority interest and share in losses of associates (3,672.09) 2,455.34 (9,739.50) (330.14) (1381.15) (4,868.86)
13. Minority interest in current year profits / (losses) (184.52) 29.16 62.32 - - -
14. Share in current year losses / (profits) of an associate company 3.49 4.40 9.77 - - -
15. Net Profit / (Loss) attributable to the shareholders of the Company (3,491.06) 2,488.90 (9,811.59) (330.14) (1381.15) (4,868.86)
16. Paid-up Equity Share Capital (Face value Rs.10 per Share) 22,666.65 16,999.99 18,067.01 22,666.65 16,999.99 18,067.01
17. Reserves excluding revaluation reserves - - 16,118.76 - - 23,598.84
18. Basic and Diluted EPS ( in Rs.) (not annualised) (6.45) (5.87) (5.73) (0.61) (3.26) (2.85)
19. Aggregate of non-promoter shareholding            
  - Number of Shares 57,917,111 - - 57,917,111 - -
  -Percentage of shareholding 25.55% - - 25.55% - -
               
Notes:
1. The results for the quarter ended June 30th, 2007 have been subjected to limited review by the Auditors of the Company and were taken on record by the Board of Directors at its meeting held on July 31st, 2007.
2. As the Group’s business activities primarily fall within a single business and geographical segment, there are no additional disclosures to be provided in terms of Accounting Standard 17 'Segmental Reporting'.
3. As on 31st March, 2007, the Company was an Unlisted Public Company, and accordingly, the provisions of Clause 40A with respect to maintenance of minimum public shareholding were not applicable to the Company. As on 31st March, 2007, the public shareholding in the Company was 11,977,706 (6.63%) Equity Shares of Rs. 10 each.
4. The consolidated financial results comprise the results of the Company and its subsidiaries and an associate.
5. Number of Investors Complaints received and disposed of during the quarter ended June 30th, 2007: (i) Pending at the beginning of the quarter – Nil. (ii) Received during the quarter – 1581. (iii) Disposed of during the quarter – 1573 (iv) Lying unresolved at the end of the quarter – 8.
6. In the last audited annual accounts of the Company, the auditors had qualified the recognition of deferred tax assets of Rs. 1104.74 lacs in respect of a step subsidiary. The same has been reversed and charged to profit and loss account during the current quarter.
7. The auditors are unable to express an opinion on the position of the land under leasehold arrangements with the Delhi Development Authority and certain demands raised by the income tax authorities in respect of a subsidiary aggregating to Rs. 20,600 lacs. Last Audited Annual accounts also carried a qualification by the auditors in respect of these matters. As the matters are sub-judice, with appeals against the demands pending at various stages and based on the advice received from legal counsels, the Management is of the view that the matters shall get resolved in its favour.
8. Pursuant to the filing of Red Herring Prospectus on March 29th, 2007 with Securities Exchange Board of India (SEBI) in respect of the Public Issue and after filing of other necessary information with the regulatory authorities, the Company has allotted 45,996,439 Equity Shares at Rs. 108 per Share (including premium of Rs. 98 per Share) on April 20, 2007. As a result, the Paid- up Share Capital of the Company has increased from Rs. 18,067.01 lacs divided into 180,670,100 Equity Shares of Rs. 10 each, to Rs. 22,666.65 lacs divided into 226,666,500 Equity Shares of Rs. 10 each. The Company got listed at BSE and NSE on 9th May, 2007.
9. The fund utilization out of IPO proceeds during the quarter ended June 30th, 2007 is as follows:

    Rs in Lacs
Sr.no. Expenditure Program Expenditure during quarter ended June 30th, 2007
1. Construction and development of the planned hospital to be located at Shalimar Bagh, New Delhi by Oscar Biotech Pvt Ltd 248.00
2. Refinancing of funds availed for the acquisition of Escorts Heart Institute & Research Centre Limited 35,231.15
3. Issue Expenses 3,177.65
  Total 38,656.81

The Company was having unutilized funds of Rs. 11,019.35 as on June 30th, 2007 out of IPO Proceeds. These unutilized funds have been invested as Inter Corporate Deposits, in Mutual funds and Bank deposits as on June 30th, 2007.
10. Since the Company was not listed in the previous year, it was not required to publish quarterly results. Hence, the information furnished above for the standalone and consolidated results for the quarter ended June 30th, 2006 is based on management estimates and has not been subjected to limited review by the auditors.
11. Previous year figures have been regrouped, wherever considered necessary.
Date: July 31st, 2007
Place: New Delhi		 For and on behalf of the
Board of Directors
   
  SHIVINDER MOHAN SINGH
Managing Director