Group Consolidated revenues for Q3 up 10.4%, Operating EBITDA up 159.3%
Group Consolidated revenues for 9MFY17 up 9.9%, Operating EBITDA up 74%
Fortis Healthcare Ltd. (Fortis), India’s leading healthcare delivery Company, today, announced its consolidated results for the quarter and nine-month period ended December 31, 2016 (Q3FY17 and 9MFY17).
Group Consolidated Business (Q3FY17)
Hospital Business (Q3FY17)
Diagnostics Business i.e. SRL (Q3FY17)
Group Consolidated Business (9M FY17)
Hospital Business (9MFY17)
Diagnostics Business i.e. SRL (9M FY17)
Commenting on the results, Mr. Bhavdeep Singh, CEO Fortis Healthcare said “We are encouraged by the trust and faith reposed in our capabilities by our patients, illustrative of the strength of Brand ‘Fortis’. Like all other healthcare players, we have been impacted by demonetization, however we have still continued to grow on most parameters in comparison to last year and the trailing quarter. We welcome the demonetization efforts of the Government and believe the move to a cashless economy will benefit the country in the long run. Meanwhile, our hospitals continue to provide the best medical care and have geared themselves to accept alternate digital modes of payment, to minimize the hardship to patients and ensure that no one is turned away.”
In February 2017, the Company filed its Composite Scheme of Arrangement and Amalgamation with the National Company Law Tribunal, Chandigarh for approval. The Scheme pertains to the Company’s proposal to demerge its diagnostics business, including that housed in its majority owned subsidiary SRL Limited into another majority owned subsidiary, Fortis Malar Hospitals Limited.
In October 2016, the Company completed its acquisition of 51% economic interest in Fortis Hospotel Limited (FHTL). FHTL, was a subsidiary of the RHT Health Trust (RHT), and comprised 2 key clinical establishments of the Fortis Hospital Shalimar Bagh, New Delhi and the Fortis Memorial Research Institute (FMRI), Gurgaon. As a result of the acquisition of a majority stake in FHTL, it has become a subsidiary of Fortis effective mid - October and its results are being consolidated with Fortis. The transaction has also resulted in lower service fees i.e. net business trust fees that Fortis pays to RHT, thus improving the company’s operating profitability (EBITDA).
Fortis has maintained a healthy balance sheet with net debt as of 31 December 2016 at Rs 1779 Cr, representing a net debt to equity ratio of 0.30 x versus 0.15 x in the corresponding previous quarter and 0.15x in the trailing quarter.
The Company during the quarter also issued shares in lieu of the conversion notice received by it from the FCCB holders for its USD 30 Mn equivalent bonds listed on the SGX. This has increased the outstanding equity shares of the Company from 46.3 Crore shares to approx. 48.1 Crore shares. The Company has further received a conversion notice in January 2017 from the International Finance Corporation (IFC) for the USD 55 Mn equivalent FCCBs held by them for which the necessary allotment has already been done by the Board of Directors. The process for listing of the allotted shares is underway and is expected to be completed soon. The resulting capital post this conversion stands at approx. 51.7 Crore equity shares (excluding outstanding ESOPs). Post the above conversions, there are no further outstanding FCCBs / other convertible instruments.
Key Highlights for the Quarter – Hospital Business
Key Highlights for the Quarter – Diagnostics Business
CLINICAL EXCELLENCE Q3FY17
AWARDS & ACCOLADES Q3FY17
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