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Fortis announces increased EBIDTA for Q4FY17 v/s Q3FY17

Date : May 30, 2017

FORTIS CONSOLIDATED REVENUES FOR FY17 AT RS 4,574 CR, UP 8.7%
OPERATING EBITDA GROWS A ROBUST 75% TO RS 362 CR

HOSPITAL BUSINESS REVENUES FOR FY17 AT RS 3,712 CR, UP 8.3%
OPERATING EBITDA INCREASES 3.6x TO RS 173 CR

SRL NET REVENUES FOR FY17 AT RS 795 CR, UP 10.6%
OPERATING EBITDA AT RS 175 CR, 21.9% MARGINS

CONSOLIDATED REVENUES FOR Q4FY17 AT RS 1,123 CR, UP 5%
OPERATING EBITDA UP 79% AT RS 84 CR

HOSPITAL BUSINESS REVENUES FOR Q4 AT RS 913 CR, UP 5%; OPERATING EBITDA UP 2.8x TO RS 46 CR
SRL NET REVENUES AT RS 203 CR, UP 12.3%; OPERATING EBITDA AT RS 40 CR, 19.9% MARGINS

Fortis Healthcare Ltd. (Fortis), India’s leading healthcare delivery Company, today, announced its consolidated results for the quarter and year ended March 31, 2017 (Q4FY17 and FY17).

Consolidated Business - Key Financial Highlights for the year (FY17)

  • Consolidated Revenues at Rs 4,574 Cr, up 8.7%. This is despite the impact of demonetization witnessed in H2FY17. Revenue growth in H1FY 17 (versus the corr. previous period) was at 9.7%, while in H2FY17 revenue growth stood at 7.6% largely as a result of demonetization.
  • Consolidated Operating EBITDAC (EBITDA before net business trust costs) was at Rs 734 Cr, +10.5%, representing a margin of 16.1% versus 15.8% in the previous year. EBITDAC margins in H1FY 17 were at 17.2%, while in H2FY17 EBITDAC margins were at 14.8% largely as a result of demonetization.
  • Consolidated Operating EBITDA was at Rs 362 Cr, up 75%, representing a margin of 7.9% versus a margin of 4.9% in the previous year.
  • PBT before exceptional and foreign exchange gain/(loss) witnessed significant improvement at Rs 76.6 Cr versus Rs (52.5) Cr in the previous year
  • PAT after Minority Interest and Share in Associates ( PATMI) was at Rs 426.1 Cr versus Rs 27.7 Cr in the previous year. PATMI includes a one-time gain in Share in Associates. This is the Company’s share in the profits of RHT which includes the exceptional gain arising from the FHTL transaction recorded in Q3FY17.
  • FY17 revenues for the India hospital business were at Rs 3,712 Cr, up 8.3%. Operating EBITDAC was at Rs 545 Cr, a growth of 7.9%. The EBITDAC for the India hospital business represents a margin of 14.7%, similar to previous year margins.
  • Key operational parameters in the Company’s hospital business continued to see a healthy uptrend. ARPOB (Average Revenue per Occupied Bed) grew to Rs 1.45 Cr compared to Rs 1.37 Cr in FY16, an increase of 6%. ALOS (Average length of stay) was at 3.56 days similar to previous year, while Occupancy improved to 75% versus 72% in FY16 respectively.
  • FMRI, the Company’s flagship facility recorded revenues of Rs 479 Cr in FY17, a healthy growth of 16% over the previous year. The flagship facility has become the highest ARPOB generating hospital in the Company’s network of multi-specialty hospitals. The ARPOB at FMRI stood at Rs 2.58 Cr in FY17 (FY16: Rs 2.50 Cr). The hospital continues to record a strong improvement in operating profitability.
  • Revenue at the Fortis Escorts facility, continued to ramp up. It recorded a revenue of Rs 402 Cr in FY17, an increase of 17% over the corresponding previous period and also continued to witness a steady improvement in its operating profitability.
  • The India diagnostics business recorded revenues (net of inter company elimination) of Rs 795 Cr, up 10.6%. The operating profitability of the diagnostics business .i.e. EBITDA was at Rs 174.6 Cr, similar to the previous year. EBITDA margins stood at 21.9% against 24.3% in FY16.

*EBITDAC refers to EBITDA before net business trust costs

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